David Strahan: Greenland oil estimates over-reported

Sir, the Times incorrectly reported that Greenland has 47 billion barrels of The original USGS estimate was part of worldwide oil assessment that has now been widely discredited as wildly overoptimistic. In a further study published in 2005, the USGS was forced to acknowledge that while the original assessment implied worldwide oil discovery of 22 […]

Clinton’s Best Oil Idea: Get Tough on OPEC

…That may well be a modest price that Americans are prepared to pay to help save the planet. But if a gas holiday is a bad idea, aren’t there some other things that could be done to reverse or offset the ridiculous run-up in oil prices? Actually, there are. Hillary even hit upon one this […]

With food costs rising, ethanol benefits now questioned

WASHINGTON – Just months ago, ethanol was the Holy Grail to energy independence and a “green fuel” that would help nudge the country away from climate-changing fossil energy. Democrats and Republicans cheered its benefits as Congress directed a fivefold increase in ethanol use as a motor fuel. President Bush called it key to his strategy […]

Venezuela’s oil reserves swell to 130 bln barrels

CARACAS (AFP) – Venezuela’s proven crude oil reserves had swelled to 130 billion barrels as of late April, marking a rise of 30 billion from its prior estimate, energy and oil minister Rafael Ramirez said Thursday. Ramirez, who also runs Venezuela’s state oil giant Petroleos de Venezuela SA (PDVSA), made the announcement at a regional […]

Transit systems travel ‘green’ track

NEW YORK New York’s Metropolitan Transportation Authority, the nation’s largest public transit agency, is undertaking what some experts call the most comprehensive effort, but examples abound of bus and commuter rail systems trying to preserve the environment. “The transit industry is no different from the rest of the country,” says William Millar, president of the […]

Spanish gas use seen rising 10.1 pct in 2008

MADRID, May 8 (Reuters) – Spanish gas consumption could rise 10.1 percent this year to meet increasing demand from electricity generators to offset the impact of a drought and variations in wind power, distributor Enagas said on Thursday. Chairman Antonio Llarden told a gas industry convention that Enagas expected consumption to rise to 449,580 gigawatt-hours […]

Indonesia Vows to Work with Private Cos to Restore Oil Glory

Vowing to reverse Indonesia’s gradual decline as an oil exporter, Indonesian petroleum officials Wednesday promised to work with private oil giants to encourage new investment in East Asia’s lone member of the Organization of Petroleum Exporting Countries. “If you have any kind of suggestion, come to my office,” Luluk Sumiarso, director general of oil and […]

Global free market for food and energy faces biggest threat in decades

The global free market for food and energy is facing its biggest threat in decades as a host of countries push through draconian measures to hold down prices, raising fears of a new “resource nationalism” that could endanger world food security. India shocked the markets yesterday by suspending trading in futures contracts for a range […]

A protein possibility for the ‘oil we eat:’ the in-vitro meat beast!

Animal rights group PETA recently announced a $1 million reward for the first person to make in-vitro meat (leading Bruce Sterling to dub them “People for the Ethical Treatment of Alien Lumps of Flesh). While PETA’s aim here seems to be to be to publicise their opposition to the consumption of animals (as shown in […]

Centrica warns on wind farm costs

Centrica, one of the UK’s biggest energy generators, has warned that the prospect of making money from wind farms is looking “marginal”. The company says that the rising cost of off-shore wind farms could end up ruining the government’s renewable energy targets. The comments come a week after Shell withdrew from a project that was […]

The right price to pollute

Should governments be taking any action to encourage or discourage use of sensitive commodities? Is a federal gas-tax holiday like the one proposed by John McCain and Hillary Rodham Clinton the right way to handle a finite resource? Gary Gardner and Gregory Clark debate. Commentators have noted that a gas-tax holiday would encourage the use […]

New Energy Use in Transportation Model

To fully evaluate energy and emission impacts of advanced vehicle technologies and new transportation fuels, the fuel cycle from wells to wheels and the vehicle cycle through material recovery and vehicle disposal need to be considered. Sponsored by the U.S. Department of Energy’s Office of Energy Efficiency and Renewable Energy (EERE), Argonne has developed a […]

Gas jumps nearly 3 cents to record; oil crosses $124

NEW YORK – Gasoline and crude oil jumped to new records Thursday, with gas rising 3 cents to an average national price of nearly $3.65 a gallon and oil crossing $124 a barrel for the first time. At the pump, the average price of a gallon of regular gas nationwide rose 2.7 cents to a […]

Cane surpasses power dams in Brazil energy complex

RIO DE JANEIRO (Reuters) – Sugar cane and cane-based ethanol became a more important energy source than hydroelectric power plants in Brazil’s overall energy complex last year, topped only by petroleum and oil products. The government’s EPE energy planning agency said on Thursday sugar cane had a 16 percent share in the country’s so-called energy […]

Gunbattles break out in Beirut

‘War has started,’ Hezbollah leader says BEIRUT, Lebanon (CNN) — Gunfire broke out in downtown Beirut Thursday after Hezbollah leader Hassan Nasrallah said recent government actions amount to “a declaration of open war.” “Just in the past few minutes … things have gotten a lot worse,” CNN’s Cal Perry reported from downtown Beirut. The sound […]

Truckers slow it down to save on diesel

Simple plan expected save 86 billion gallons of fuel over the next 10 years WASHINGTON – Struggling with record diesel prices, the trucking industry’s main trade group on Thursday introduced a plan to reduce fuel consumption and emissions over the next decade mainly by having its members slow down. The American Trucking Associations, whose members […]

Peak Exports and Our Economic Future

After New York Governor Eliot Spitzer’s fall from grace in a drama worthy of Euripides, the highly popular Oil Drum website ran an article about his successor entitled: “David Paterson: First Openly Peak Oil Aware Governor.” The article highlighted the fact that political leaders are generally oblivious to the very serious problems facing our future […]

China, Japan seek common ground on energy

As global crude oil prices surge to record levels, Asia’s two biggest economies are putting aside longtime political friction to focus on their common interests, especially in energy cooperation. Chinese President Hu Jintao listed cooperation on energy and environmental protection as top priorities for the two countries during a visit to Tokyo this week focused […]

Iran predicts oil prices will rise to $200 a barrel

Iran’s oil minister has predicted the price of oil will rise to $200 per barrel in the near future. Oil prices jumped to a record near $124 a barrel for the first time this week. IRNA news agency quotes minister Gholam Hossein Nozari as saying the time when the price of oil is $200 a […]

Total Expects Saudi Refinery OK Soon

French oil major Total said on Wednesday it expects a decision soon to proceed with a new 400,000 barrels per day (bpd) refinery in Saudi Arabia. The world’s top oil exporter Saudi Arabia is planning four new plants to add as much as 1.6 million bpd to current domestic refining capacity of around 2.1 million […]

China Sinopec’s new plant to receive 1st Saudi oil

Sinopec Group’s new 200,000 barrels per day (bpd) refinery in eastern China will receive its first cargo of Saudi crude in mid-May as it prepares to come fully onstream by the end of the month, sources said on Thursday. The 2 million barrels of Arab Medium and Arab Heavy crude will be the second imported […]

Russia’s oil industry: Trouble in the pipeline

WHEN the price of oil reached another record on May 6th, of over $122 a barrel, analysts pointed to attacks on pipelines in Nigeria and turmoil in Iraq as the immediate causes. Even small disruptions to supplies from such places can cause the price to jump, since only Saudi Arabia has the capacity to replace […]

OPEC says oil market well supplied; 3 mln bpd spare capacity available if needed

OPEC announced Thursday that it believes oil markets remain well supplied with crude, despite recent record prices, but that it is willing to pump more crude if necessary to keep pace with demand. OPEC Secretary General Adbullah al-Badri said in a statement that the 13 member cartel had over 3 million barrels of spare capacity […]

Toyota’s so-called tumble

NEW YORK (Fortune) — Flag-waving American loyalists were heartened to see the announcement that Toyota’s January-to-March profit sank 28%. It provided evidence that even mighty Toyota can’t escape the Four Horsemen of the Apocalypse – the deadly combination of high fuel prices, surging raw material costs, the global credit crunch and a strong yen. …But […]

Mexico warns of energy crisis without overhaul

MEXICO CITY (Reuters) – Mexico’s will suffer a severe energy crisis before 2018 unless the oil sector is overhauled, Mexican Energy Minister Georgina Kessel warned on Thursday. President Felipe Calderon unveiled a proposal last month to let private companies participate more in the energy industry to stave off falling oil production. But the plan has […]

OPEC sees no oil shortage, would pump more if needed

LONDON (Reuters) – World oil markets have enough supply now, but OPEC is willing to pump more if needed to keep pace with demand, the group’s secretary-general said on Thursday. Adbullah al-Badri also said in a statement that the 13-member Organization of the Petroleum Exporting Countries holds more than 3 million barrels per day of […]

Democrats: Close speculation loophole

NEW YORK (CNNMoney.com) — Democratic Senators are working to combat rising oil and fuel prices by attacking what many Americans see as the heart of the problem: speculative trading. Many politicians and energy industry analysts blame oil speculators for cashing in on the fuel cost crisis and, in the process, boosting the price of oil. […]

Why $120 oil is good

Speculators are often blamed for artificially inflating crude prices, but some experts say high prices are needed to cut demand and develop new resources. NEW YORK (CNNMoney.com) — With $120 oil not seeming to follow the fundamental law of supply and demand many are wondering if the market is broken. The Federal Reserve has been […]

Arizona’s solar aspirations in peril

The state aims to tap its 325 sunny days a year, but loss of an energy tax credit threatens its big plans. Phoenix – The sun shines 325 days a year in Arizona, on average, and some here see that as the state’s biggest energy asset. But fledgling efforts to turn Arizona into the solar […]

Junkie Nation

Just imagine for a minute that you wake up one morning to learn that someone has stolen the arm off of the Statue of Liberty. And with it, her torch. No more will she Earlier in the week, I toured a scrap metal business in the Northeast Kingdom. In a startling way, the price of […]

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