Kazakhstan lowers oil production forecast for 2008

Kazakhstan’s Economics Minister said Wednesday the government has lowered this year’s oil output forecast to 67.6 million tons. Bakhyt Sultanov said the volume has been revised downward from the Energy Ministry’s earlier projection of 70 million tons. The new estimate means output this year will be closer to that of 2007, when Kazakhstan produced around […]

Hirsch on CNBC: Peak oil problem

Robert Hirsch, author of Peaking of World Oil Production: Impacts, Mitigation, and Risk Management (a.k.a. the Hirsch Report), appeared on CNBC this morning. He said flat out that new technologies and new drilling won’t solve the peak oil problem, and that we should expect $12-15/gallon gasoline followed by rationing.Much more after the jump to The […]

Oil prices pass $132 after government reports supply drop

Oil prices bolted to a new record above $132 a barrel Wednesday after the government reported that supplies of crude oil and gasoline fell unexpectedly last week. And crude’s rise in the futures market again pressured consumers by pulling prices at the pump higher – a gallon of regular gas rose overnight to a new […]

More Peak Oil

What if we had reacted to the predictions throughout the 1970s and 80s that we would reach peak oil in about 2000? Do you think that some of these proposed changes would have slowed economic growth and prevented the world from being in the current position of paying an ever-dwindling share of total output for […]

Peak Oil and Climate Change: Re-Tooling Transportation

Powered by cheap oil, the circulatory system of our economy has globalized, expanding populations, wealth, specialization beyond all historical measure. Yet the founding assumption of our success has failed and we are coasting on the momentum of cheap oil. Increasing supply of cheap oil peaked in May 2005. Since that peak gas prices and home […]

Shortage fears push oil futures near $140

Fears of a shortage within five years propelled long-term oil futures prices to almost $140 a barrel on Tuesday, further stoking inflationary pressures in the global economy. Investors rushed to buy oil futures contracts as far forward as December 2016, pushing their prices as high as $139.50 a barrel, up more than $9.50 on the […]

The Big Question

Does Opec have too much power, and is it to blame for the high price of oil? Why are we asking this now? As consumers continue to encounter rising living costs and higher prices at the petrol pumps, Gordon Brown has heaped some of the blame on Opec, the cartel of oil producing countries which […]

Phil Flynn Talks High Oil Prices with ONN.tv

CHICAGO Flynn suggests that a shift is starting to occur that may win the argument for the peak camp. Today, as oil hits a new record high, the back month contracts for delivery up to eight years out are all trading higher. Some analysts and traders think that the market is finally recognizing the real […]

Shell ’selling suicide’ by preferring tar sands to wind

Shell was accused yesterday of “selling suicide on the forecourt” by pressing ahead with tar sands operations in Canada and continuing to flare off excess gas in Nigeria while pulling out of renewable schemes such as the London Array – the world’s largest offshore wind scheme. The accusation that Shell was irresponsibly adding to climate […]

UK: Age of cheap power is over

Nobody likes to see their household bills going up and Allan Asher, the chief executive of Energywatch, will have been widely cheered yesterday as he railed against a lack of competition in the industry. He has a point. It is indisputable that competition in a market of six major players is unlikely to be as […]

UK: Power companies are ripping off consumers

British consumers are being ripped off by a

Defying the experts

At a time of rapid price increases, our natural resources seem ever more precious and their future more uncertain. In particular, the arguments of advocates of “peak oil,” who assert that global oil production has now climaxed and will start to decline, appear increasingly plausible. Fortunately, however, a coming centenary puts their claims into a […]

Used cooking oil stolen

‘Like a war zone,’ says one victim as even alternative fuel prices soar SAN FRANCISCO – A few years ago, drums of used french fry grease were only of interest to a small network of underground biofuel brewers, who would use the slimy oil to power their souped-up antique Mercedes. Now, restaurants from Berkeley, Calif., […]

Nigeria becomes world piracy hotspot

LAGOS – Nigeria has become the world piracy ‘hotspot’, with its prized oil industry a particular target, and the raiders have exposed flaws in the country’s security. Despite the massive revenues earned from oil, officials concede Nigeria is ill equipped to combat pirates who ply the seas with speed boats, modern machine guns and radios […]

US House of Representatives votes to sue OPEC

WASHINGTON (Reuters) – The House of Representatives overwhelmingly approved legislation on Tuesday allowing the Justice Department to sue OPEC members for limiting oil supplies and working together to set crude prices, but the White House threatened to veto the measure. The bill would subject OPEC oil producers, including Saudi Arabia, Iran and Venezuela, to the […]

Russia police raid BP Moscow base

Russian security services have searched the Moscow headquarters of oil giant BP – the second time in two months that that firm has been targeted. The raid is reported to be linked to the firm’s involvement with Gazprom. In March, police raided BP’s Moscow office and its TNK-BP joint venture, which employs 100,000 staff in […]

At the mercy of rising food prices

Speculation in commodity markets has been blamed for adding to the recent surge in world food prices, which is painful for businesses and consumers alike. Michel Ghanjar had a tough call, as he decided when to break some extremely bad news to his boss at the headquarters of Takoradi Flour Mills, in the Ghanaian capital […]

‘Asbestos warning’ on nanotubes

Carbon nanotubes, the poster child of the burgeoning nanotechnology industry, could trigger diseases similar to those caused by asbestos, a study suggests. Specific lengths of the tiny fibres were found to cause “asbestos-like” inflammation and lesions in mice. Use of asbestos trigged a pandemic of lung disease in the 20th Century. There are high hopes […]

Fuel crops ‘pose invasion risk’

Nations should avoid planting biofuel crops that have a high risk of becoming invasive species, a report warns. A study by the Global Invasive Species Programme (GISP) said only a few countries have systems in place to assess the risk or contain an outbreak. It has listed all the crops used to produce biofuels, and […]

Food price rises ‘to hit UK hard’

The UK is “more exposed” to rising food price rises than its peers, adding to recessionary fears, according to a report by Ernst & Young. Its Item Club says “the implications for business are profound” – making it more likely firms will raise prices. Unlike the US which has a balance of food and France […]

White House denies story about attacking Iran

WASHINGTON – The White House on Tuesday denied a published report in Israel that said President Bush intends to attack Iran before the end of his term in January. A story in the Jerusalem Post quoted a “senior official” there as saying that Bush plans to attack Iran in the coming months. The story says […]

Report: U.S. Will Attack Iran

Israel A leading member of America

Solar Islands: A new concept for low-cost solar energy at very large scale

Introduction The need for large scale renewable energy sources is underlined by the global warming due to increasing CO2 levels. CO2 is an unavoidable by-product of the energy generation process using any kind of fossil fuel. The Oil Drum: Europe

Oil futures top $129 a barrel

VIENNA, Austria — Oil prices have have spiked to a new trading high, sweeping past $129 a barrel. The June contract for light, sweet crude traded as high as $129.31 in pre-opening trading on the New York Mercantile Exchange. Prices are currently being driven higher by supply concerns. This latest surge comes after OPEC’s president […]

Coal Prices May Rise If South Africa Limits Exports

Global thermal coal prices may rise if South Africa, the biggest supplier of the fuel to European electricity companies, decides to limit exports, an analyst at National Australia Bank Ltd. said. “This is going to have a fairly significant impact as South Africa is a key exporter in the thermal coal market,” Gerard Burg, a […]

China warns power plants running out of coal; US urges China to join IEA

Chinese power plants are running out of coal, with less than three days’ supply in some areas, the government said Tuesday, adding to China’s logistical headaches amid earthquake relief efforts. It is the second time in three months that Chinese power plants have run short of coal, reflecting the unintended effect of Beijing’s awkward use […]

Biofuel ‘not even a big factor’ on food costs, says Agriculture secretary

Agriculture Secretary Ed Schafer Monday played down the role biofuel production is having on food costs, saying oil prices and demand for protein-rich diets around the world are much bigger factors. “While it’s clear that bioenergy does have some effect, it is not major; it is not even a big factor,” Schafer said Monday in […]

Biofuels: A necessary evil or. . .

Famished bellies are crying from across the globe and the world’s granaries are empty. Still, developed and developing nations are busy converting foodgrains into biofuels to feed their monster automobiles. Here, there is a question of priority for the world to answer. Whose cry for food should be answered first the man or the machine. […]

America must face the harsh realities over oil

President Bush was in Saudi Arabia at the weekend, trying to get his hosts to increase oil production to take some of the pressure off rising prices. Ever willing to be seen to please their American friends, the helpful chaps at the House of Saud duly agreed to ramp up output by a few hundred […]

The Progressive Crises: Global Warming and Peak Oil

Every Progressive should recognize and incorporate, deep in their soul, the plain fact: Peak and Global Warming are the most serious threats to Progressive ideals, concepts, policies, and aspirations through the 21st century … AND today. These are not just let’s wait until tomorrow issues, that should be put in the back of the line […]

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