Southwest Airlines borrows $600 million

DALLAS The loans were secured by the first-lien mortgages on 21 of Southwest’s Boeing 737-700 aircraft. The filing didn’t give a purpose for the debt, but spokeswoman Beth Harbin said, “It’s due to uncertainty about the economy and the credit market and the high price of fuel.” AP

UK household energy bills could rise by 46pc this year

The average energy bill for a British Gas customer could rise by as much as 46pc this year, market experts warned today. If oil and wholesale gas prices continue to soar, energy bills could hit uSwitch made its prediction after British Gas gave a thinly veiled warning that bills would increase further this year. The […]

The peak oil culture wars

…Some conservatives may indeed look down their noses at rubbing shoulders with the hoi polloi on buses and subway trains. But the antipathy expressed by the right toward the peak oil camp (which is where Krugman is positioning himself, even if he doesn’t utter the magic words), goes much, much deeper than a mere distaste […]

CNN Wonders ‘What If’ Oil Hit $200 a Barrel

Segment features speculation by reporter and ‘peak oil’ analyst, with no counter-arguments from today’s reality. As if record-high gas prices weren Yes, $200 a barrel, Sesno said:

World CO2 levels at record high, scientists warn

The concentration of carbon dioxide in the atmosphere has reached a record high, according to new figures that renew fears that climate change could begin to slide out of control. Scientists at the Mauna Loa observatory in Hawaii say that CO2 levels in the atmosphere now stand at 387 parts per million (ppm), up almost […]

Why pump prices need to stay high

Driving less? More than two-thirds of car owners already are. It’s a natural reflex to $50-$70 tank fill-ups. But US drivers may also know it’s time to pay a price to curb global warming. That may be one reason they reject the campaign stunt of urging a holiday for the federal gas tax. US politicians […]

Old gas pumps can’t handle ever-rising prices

REARDAN, Wash. – Mom-and-pop service stations are running into a problem as gasoline marches toward $4 a gallon: Thousands of old-fashioned pumps can’t register more than $3.99 on their spinning mechanical dials. The pumps, throwbacks to a bygone era on the American road, are difficult and expensive to upgrade, and replacing them is often out […]

The heat is on

Centrica, the owner of British Gas, sits between a rock and a hard place. Every time it raises prices for its millions of domestic gas and electricity customers it risks a consumer backlash. This January’s price hike is the main driver for the loss of about 100,000 accounts. Another price rise will see thousands more […]

McCain Differs With Bush on Climate Change

PORTLAND, Ore. In what his campaign promoted as a major speech on climate change, the Arizona senator renewed his support for a

Output from huge Kashagan field delayed once again

Eni, Italy’s largest oil company, and partners developing the Kashagan oil field in the Caspian Sea may delay production by as much as two years, the fourth postponement at the 7 billion- to 9 billion-barrel Kazakhstan discovery. The start of commercial output may not occur until 2012 or 2013, said Dinara Shaimardanova, an aide to […]

Japan scientists warn Arctic ice melting fast

TOKYO (Reuters) – Arctic ice is melting fast and the area covered by ice sheets in ocean could shrink this summer to the smallest since 1978 when satellite observation first started, Japanese scientists warned in a report. Ice sheets in the Arctic Ocean shrank to the smallest area on record in late summer in 2007, […]

Chrysler Cancels Plan for SUV to Invest in Compact, Press Says

(Bloomberg) — Chrysler LLC, the automaker owned by private-equity firm Cerberus Capital Management LP, canceled plans for a new sport-utility vehicle and is instead investing in a compact car. The company won’t build a Chrysler brand version of the Dodge Journey SUV in 2009 and will use the savings to help pay for designing a […]

Report: Wind energy expected to grow dramatically

WASHINGTON (AP) The report envisions more than 75,000 new wind turbines, many of them larger than what is in use today, and expansion of transmission systems to move power from high-wind areas to other parts of the country.

Oil hits record high 126.40 dollars

LONDON (AFP) – The price of crude oil struck a record high 126.40 dollars a barrel on Monday amid tensions in the Middle East and ongoing supply fears in Nigeria, traders said. New York crude beat its all-time peak of 126.27 dollars, reached last Friday. Later Monday, New York’s main oil futures contract, light sweet […]

Saudi Arabia threatens to stop oil exports to Taiwan

TAIPEI – Saudi Arabia has threatened to halt oil exports to Taiwan over Taipei’s reluctance to invest in Saudi Arabia’s power and water desalination plant, a report said Monday. Saudi Arabia feels cheated by Taiwan’s delay to invest in the Independent Water & Power Provider (IWPP) project and has threatened to suspend oil exports to […]

World’s giants to alter food equation

As China and India rise, diets change and demands soar BEIJING The roots of today’s food crisis span the globe, from sky-high oil prices in the Middle East to the diversion of crops from food to biofuel in the U.S., to drought-stricken harvests in Australia. But the crisis also has focused attention on a longer-term […]

A Peek Behind the Price at the Pump

FROM Capitol Hill to Wall Street to the campaign trail, the recent surge in oil prices is quickly threatening to supplant the mortgage crisis as the countryWhile no one disputes that China and other emerging economies are craving more crude, the stunning rise of oil from $62 a year ago is hard to explain as […]

Shell’s Shale Plans…? (or Why I Am an Oil Shale Skeptic)

It isn’t hard to see why I am an oil shale skeptic. I outlined my reasons in two essays on oil shale. In those essays, I provided some history of oil shale, discussed Shell’s unique process, as well as the reasons those “trillions of barrels” remain elusive. But one of Shell’s recent moves has raised […]

Malaysia steps up subsidies to tackle food and fuel costs

KUALA LUMPUR On Saturday, state news agency Bernama reported that Mr Abdullah, calling for a review of all major projects, said the government would spend RM$45 billion ($19 billion) on fuel subsidies this year. This will exceed its annual RM$40-billion budget for major development and infrastructure projects. “It is RM$5 billion more, we need to […]

Total CEO says sharp oil price rise bad for everyone

DOHA (Reuters) – The sharp rise in oil prices is bad for everyone and tough decisions are required to both cut consumption and meet higher demand, French oil major Total’s CEO said on Monday. “There is a problem of supply and demand and this is why the price is high, even if it is exaggerated […]

Russian oil output to fall more – Lukoil tells weekly

MOSCOW (Reuters) – Russia’s oil output decline is likely to continue as its tax policy prevents oil firms from investing enough in new greenfield production, a magazine quoted the head of Russian oil major LUKOIL as saying on Monday. Vagit Alekperov, president of LUKOIL, Russia’s second-largest oil producer and biggest private oil company, said investment […]

The Oil Nonbubble

All through oil

Has Peak Oil gone Mainstream?

Of course, geologists and oil industry insiders have been familiar with it. Whiskey & Gunpowder readers are certainly familiar with it. And so is a subset of Lexus liberals who like Peak Oil because it dovetails nicely with their Malthusian and anti-capitalist worldview. But all of a sudden, awareness of Peak Oil is spreading exponentially. […]

Libya to Reassess Italy Oil Deals Amid Government Row

Libya is reassessing some of its oil deals with Italian energy company Eni SpA (E) as tensions mount between the two nations following the new Italian government’s high-level appointment of a right-wing politician who has angered the North African country in recent years. Conservative Silvio Berlusconi, the Italian billionaire, was sworn in for a third […]

Are Backyard Ethanol Brewers an Answer to High-Priced Gas?

A company banking on drivers’ weariness of skyrocketing gasoline prices unveiled a home refinery device on Thursday offering another option: ethanol. E-Fuel Corporation says its EFuel100 MicroFueler can produce up to 35 gallons (132 liters) of ethanol a week that consumers can pump directly into their cars and trucks. There is no combustion inside the […]

Tesla’s electric sports car aiming at Europe market

Earth-friendly thrill-seekers in Europe can get into the driver’s seat of their own Tesla Roadster, provided they have a trunkful of cash to buy an electric sports car that zips from zero to 100 kph (60 mph) in less than four seconds. California’s “green” governor Arnold Schwarzenegger bought one. So did actors George Clooney and […]

Law of supply and demand fuels rising oil prices

The real issue that McCain, Clinton and anyone truly serious about gas prices must confront is peak oil. Peak oil theorists do not suggest that the Earth will surrender its last drop of oil anytime soon. Rather, they contend that the world’s oil supply has, or soon will, hit its upper limit, and then shrink. […]

How artificial is the crude oil price? Have we passed peak oil?

There’s a counter-argument to the lots-of-oil faith. We’ve reached peak oil and unless we’re willing to strip mine much of the habitable earth, we’re looking at energy shortages going forward. Higher prices all around. Matthew Simmons has been saying that “oil reserves” claimed by nations like Saudi Arabia are phoney. Would the Saudis lie to […]

No gas to spare, Dhaka tells Tata

DHAKA: Bangladesh has told the Tata Group that it does not have gas to spare for the steel and fertiliser plants that form part of its $3 billion investment proposals. Instead, Tata should await the coal policy that is on the anvil. Allen Roseling, executive director of Tata Sons, responded by saying on Sunday: “If […]

Australia: Solar energy technology must be improved: G-G

Governor-General Major General Michael Jeffrey has stepped into the energy debate, saying solar power is Australia’s best prospect of securing a large-scale clean and sustainable energy source. Speaking at a Future Summit in Sydney, he suggested water, food and the environment would be among Australia’s top issues in 50 years time, and that all three […]

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