Nigeria: Nationwide Blackout Worsens As Funding Stalls Repairs

The current nationwide blackout may worsen as funding continues to be the major albatross to the maintenance of the existing electricity infrastructure in the country. THISDAY learnt that the Federal Government has not released funds for any repair work on the existing power plants. This has left the infrastructure in a state of near collapse.Added […]

Economic Slowdown Challenges Solar Industry-EPIA

The economic slowdown, regulatory conflicts and competition from China pose the main risks to future growth of the solar industry, the head of the European Photovoltaic Industry Associations told Reuters. “The two key elements for me are the regulatory conflict in Europe, particularly in Germany with the revision of the feed-in law, and globally the […]

Endless War and Iraq’s Oil

…Oil has gone from $32 per barrel just a few years ago to today A full 75% of all known world oil is in the hands of foreign governments that have nationalized those countries oil industries and reserves. The more oil is worth, the more those countries make, so why not high prices? And, what […]

Australia Coal-Mine Floods Raise Costs of Cars, Planes, Washers

(Bloomberg) — At about 1 a.m. on Jan. 19, some of the heaviest rains in a century caused the Nogoa River in Queensland to burst its banks, sending 32 billion gallons of water into one of the largest coal mines in Australia. “It was like watching Niagara Falls,” said Peter Westerhuis, 46, general manager of […]

Get Used to It — Sky-High Oil Prices Are Here to Stay

This ain’t a bubble, folks. Better get used to it. We’ve gotten a little relief in recent days, but the stubborn upward spiral of oil prices isn’t going to let up to any significant degree. Yes, there’s some debate between economists and industry analysts who fall into two camps — Bubble, Not-a-Bubble — but the […]

Insider: Peak oil

Followers of the peak oil theory argue the world has already or soon will have used up more than half the non-renewable resource. They say current crude prices are just the beginning. Skeptics insist there is no reason to believe that carbon-based capitalism has started to run out of gas. Today 10 Reasons not to […]

Mexico presents plan to help deep water oil output

MEXICO CITY (Reuters) – President Felipe Calderon sent a proposal to Congress on Wednesday aimed at boosting the Mexico’s flagging oil production by cutting taxes on crude drilled in certain hard-to-reach areas. Under the bill, state oil monopoly Pemex would pay less taxes on oil pumped out of deep-water fields in the Gulf of Mexico […]

US retail gasoline demand year-to-date down 1% – MasterCard

NEW YORK (Reuters) – U.S. retail gasoline demand year-to-date declined 1 percent from the same time last year as prices for the fuel continued to rise, MasterCard Advisors said Tuesday. “We’ve never seen prices at this level. It really seems that it’s had a material impact on consumers’ driving patterns,” said Michael McNamara, vice president […]

Oil’s Murky Math

Where are we headed: Up to $200 a barrel? Down to $80? With little good data on supply or demand, oil’s next price move is anyone’s guess At around $125 a barrel, crude oil has more than doubled in price since the end of 2006. How is it possible that the vast majority of government […]

ConocoPhillips CEO says record crude prices a foe

HOUSTON (Reuters) – The CEO of ConocoPhillips, the third-largest U.S. oil company, said on Wednesday world crude oil supplies are adequate and not to blame for record prices, which have taken a toll on the industry. “High oil prices have not really been our friend as an industry,” Chief Executive James Mulva told the company’s […]

Huge study documents changes from climate warming

A landmark new climate study released today reports that global warming is already changing the life cycles of thousands of animals and plants While previous studies have looked at single phenomena or smaller areas, this is a new analysis on a continental scale looking at data that had not been previously assembled together in one […]

Navigating The Great Turning From Empire To Earth Community

…We are all well aware of the crisis unfolding around us. The day of reckoning for our reckless human ways that many of us have for decades warned would be coming is here. The future is now. Peak oil, climate chaos, financial collapse, and spreading social disintegration are all consequences of deep cultural and institutional […]

How credit cards boost gas prices

Card companies take a percentage of sales from stations. As gas prices continue to soar, consumers may have to bear more of the costs. NEW YORK (CNNMoney.com) — Buying gasoline with a credit card could be hurting your local independent gas station owner – and you may have to pay for it. That’s because credit […]

Kurds announce major oil find

Excavators have struck three oil fields with reserves estimated at about 2 billion barrels, Kurdish regionAzzaman

Gasoline prices near ‘the pain threshold’

The price of gasoline hit a record of $1.29 a litre in major Canadian cities this week, pushed ever higher by rising oil prices, and economists say the price at the pumps appears to be pinching North American consumers. Retail sales in the U.S. in April fell 0.2 per cent, the U.S. Commerce Department said […]

Greenspan Says Oil to Keep Rising on Capacity Limits

Former Federal Reserve Chairman Alan Greenspan said oil prices will keep rising as energy companies have invested too little in production and infrastructure to cope with higher demand. Companies haven’t been reinvesting enough to keep supply growing in line with demand, Greenspan said via satellite to a conference sponsored by Deutsche Bank AG in Singapore, […]

Firmer dollar unlikely to upset commodities

A crumbling dollar helped spur this year’s commodity price surge, but a rebound in the U.S. currency now does not mean necessarily that prices of industrial metals or oil will fall. Increasingly the focus is on tightening supplies of raw materials and on escalating demand, particularly in China, India and other emerging economies. The only […]

Japan gasoline pump price hits record Y160.1/litre

Japan’s retail regular gasoline prices rose to a record high again this week, a research body said on Wednesday, reflecting the rally in global oil prices. The average pump price of regular gasoline in Japan climbed to 160.1 yen per litre ($5.83 a U.S. gallon) as of Monday, exceeding the previous high of 159.6 yen […]

Venezuela to sell oil to Portugal in exchange for food, technology, Chavez says

Venezuela announced plans Tuesday to ship oil to Portugal in exchange for food products and other goods that have been running short in the South American country. Venezuela, Latin America’s largest oil producer, will send as many as 30,000 barrels of crude a day to Portugal by late 2008, President Hugo Chavez told reporters after […]

China central bank sees ample room for oil product price rises

China’s central bank said that there was ample room for rises in the state-set prices of oil products. In its monetary report for the first quarter, published on its website, the central bank said that domestic oil product prices were much lower than their international counterparts, putting downstream oil refiners under heavy cost pressures. Forbes

StatoilHydro reports two oil and gas finds in Oseberg sector of North Sea

Norwegian energy major StatoilHydro ASA announced two new oil and gas discoveries in the Oseberg sector of the North Sea. The first discovery was made in a long-reach exploration well from the Oseberg C platform, StatoilHydro said in a statement. ‘The well is designed to be converted to a producer within 45 days after the […]

Money motivates Iran to consider oil output cut

DUBAI (Reuters) – Money, not politics, is behind Iran’s review of oil output levels, say refiners that buy crude from OPEC’s second biggest producer. U.S. crude jumped to a record near $127 a barrel on Tuesday after Iran’s President Ahmadinejad was quoted as saying Tehran was studying a plan to cut output. Some traders leapt […]

Saudi Aramco, Total to go ahead with new refinery

State oil giant Saudi Aramco and France’s Total (TOTF.PA: Quote, Profile, Research) have decided to go ahead with plans to build a new 400,000 barrels per day (bpd) refinery in Saudi Arabia, Aramco and Total said in a joint statement on Wednesday. The plant is one of four that the world’s top oil exporter aims […]

U.S. April jet fuel demand lowest in 5 years – API

WASHINGTON (Reuters) – U.S. jet fuel demand in April fell to the lowest level for the month in five years, after three small airlines ceased operations and thousands of flights at other carriers were canceled for safety reasons, the American Petroleum Institute said on Wednesday. Jet fuel use averaged 1.549 million barrels per day — […]

No turning back

Oil at $US200 a barrel: that was the warning from Goldman Sachs, published last week. The real price is already at an all-time high. At $US200 it would be twice as high as it was in any previous spike. Even so, it would be a mistake to focus in shock only on the short-term jump […]

It’s Official: We’re Screwed

Well, in the face of constantly-rising gas prices in the United States (good lord! They’re almost up to the levels Europe pays!), Congress has valiantly swung into action to the defense of the American consumer and done… well, nothing. With great fanfare and much bloviating and boasting, Congress passed — by huge, veto-proof margins — […]

Firms Seek Patents on ‘Climate Ready’ Altered Crops

A handful of the world’s largest agricultural biotechnology companies are seeking hundreds of patents on gene-altered crops designed to withstand drought and other environmental stresses, part of a race for dominance in the potentially lucrative market for crops that can handle global warming, according to a report being released today. Three companies — BASF of […]

Tiny Smart car gets crash test kudos

The Smart ForTwo earns the top rating for front and side impact protection in crash tests by the Insurance Institute for Highway Safety. NEW YORK (CNNMoney.com) — The ultra-tiny Smart ForTwo earned top marks in side and front crash tests, the Insurance Institute for Highway Safety said Wednesday. The two-seat car did not earn the […]

EIA: US Preliminary March Crude Imports -9.3% Vs Year Ago

NEW YORK -(Dow Jones)- U.S. crude oil imports fell 9.3%, or 963,000 barrels a day, to 9.385 million barrels a day in March, preliminary data from the Energy Information Administration show Tuesday. March crude oil imports were the lowest in any month since February 2007 and also posted the biggest year-to-year monthly decline in any […]

CO2 rise continues, but check out methane

… Methane is a potent greenhouse gas, warming the planet 25 times more, molecule-for-molecule, than CO2. It doesn’t last as long in the atmosphere, which tempers its kick, but it’s still enough to give you nightmares. As Fred Pearce has reported, thawing Arctic permafrost could give off massive amounts of methane, which would warm the […]

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