High oil prices seen spurring alternative fuel shift

WASHINGTON (Reuters) – Record U.S. crude oil futures near $124 a barrel have reached a “break point” that will spur a shift away from an oil-centric transportation sector toward alternatives, energy analyst Daniel Yergin said on Wednesday. Yergin, chairman of Cambridge Energy Research Associates, told Reuters that U.S. crude oil prices — which hit a […]

Preparing for which future?

…The current round of global troubles If I

DoE announces carbon-storage funding

WASHINGTON, May 7 (UPI) — The U.S. Department of Energy announced $126.6 million in carbon-capture funding. The money will go to the West Coast Regional Carbon Sequestration Partnership and the Midwest Regional Carbon Sequestration Partnership adding two more projects to the existing four funded by the department. The two newest endeavors will conduct large volume […]

Saudi Arabia’s Ghawar Isn’t Sinking (but has apparently moved)

Analysts Neil McMahon and Ben Dell from Bernstein Research are back with more analysis. When we last heard from them, they were looking for Haradh in all the wrong places and reporting on the widespread dismantling and bulldozing of oil wells in Ghawar, the super giant oil field in Saudi Arabia. As promised, they have […]

U.S. Military Measures Climate Change

Intelligence Establishment Calling It a Major Security Problem Last April, Congress directed the National Intelligence Council to issue the first ever National Intelligence Estimate (NIE) on climate change. Expected to be completed in May, the NIE is a comprehensive analysis of national security threats prepared in concert by all 16 branches of the federal intelligence […]

Barrelling ahead

OTTAWA OPEC collectively accounts for more than a third of the world’s oil production and the lion’s share of the world’s capacity to meet rising demand. For 2008, the cartel will see its revenue jump 57 per cent to $1-trillion, based on a new forecast of an average price of $110 (U.S.) a barrel, the […]

Hedging Against $200 Oil

For the financial whizzes of Southwest Airlines, it just gets more expensive to buy protection as oil prices keep climbing Oil is getting pricier by the minute. A barrel of the benchmark West Texas Intermediate crude hit a record of $123.80 in intraday trading May 7, before settling at $123.53. And look out: on May […]

Gas prices have some thinking they can drive 55

Soaring cost has some slowing down; states discuss new speed limits ALBANY, N.Y. – As other cars zipped by at 70 mph or more, Mike Papin and his wife, Joann, kept rolling along just below the 65 mph limit as they made their way from their winter home in Florida to a summer place in […]

UK: The average family throws out

The average family throws …The Government has given WRAP, which claims its study is the most comprehensive of its kind, the task of reducing food and packaging waste. WRAP said huge amounts of energy are wasted in producing and transporting food that is never eaten. Most of the dumped food reaches sites where it emits […]

UK: 40% On Gas and Electric Bills

HOUSEHOLD energy bills will soar by up to 40 per cent this winter as oil prices continue to rise. Families could be paying a quarter more for their gas as early as this summer, experts have warned. Wholesale gas prices are already at a record high for this time of year. As investment bank Goldman […]

Stocks tumble as oil nears $124 a barrel

NEW YORK Sharp gains in commodities prices have drawn fresh attention from investors worried that consumers

Food prices soaring at fastest rate for 18 months, High Street stores admit

UK – Food prices are rising at the fastest annual rate for at least 18 months, admit High Street stores. Retail food price rises are running at 4.7per cent a year, according to the British Retail Consortium.(BRC) The organisation claims the figures would be far worse if supermarkets were not protecting shoppers from sharp increases […]

Oil surges to new highs, dealers focus on diesel

NEW YORK (Reuters) – Oil prices rose 1.4 percent on Wednesday, extending further into record territory amid intensifying worries over tight world supplies of diesel fuel. U.S. crude leapt $1.69 to settle at $123.53 a barrel, before hitting an all-time peak of $123.89. London Brent rose $2.01 to $122.32. Crude prices have doubled in a […]

US Senate Democrats unveil new energy tax plan

WASHINGTON (Reuters) – Democrats in the U.S. Senate on Wednesday unveiled a new energy package that would revoke $17 billion in tax breaks extended to big oil companies like Exxon Mobil Corp and slap a 25 percent windfall profits tax on firms that don’t invest in new energy sources. The Consumer-First Energy Act — assembled […]

Rising cost of food is wreaking havoc on Central America

MANAGUA, Nicaragua – There is no shortage of good things to eat in the open-air Wholesale Market here in Nicaragua’s capital. Canvas sacks groan with rice and lentils. White eggs are stacked neatly, 30 to a box, fresh from the hens that laid them. But talk to merchants and shoppers and they’ll tell you stories […]

Michael J. Economides – Oil at $120: Here’s Why

It would be more amusing had I not been personally involved. Three years ago I was a lone voice outrageously predicting $100 oil, debated on many occasions on national TV by those predicting $50 or even less. The tapes are still available. Now, $100 seems conservative, others have jumped on that number by the carload […]

Big Oil Strike in Brazil has Tongues Wagging, but We Continue Towards Peak Oil

The world press, especially the Western press and specifically the financial press, has jumped all over the headlines of the discovery of a huge oil field in Brazil’s continental shelf. Naturally, if verified, it would be the greatest discovery in several decades and would skew, to a certain extent, the observed tendency toward a steady […]

India: Oil Crisis No. 4

It may be counter-intuitive to argue that oil prices will climb during a year in which most of the leading economies are slowing down. Yet, global oil prices have been climbing sharply, hitting a new high of $122 per barrel on Tuesday. What is worse, the trend of price forecasts (including from representatives of the […]

Drive out of poverty with a car

A good, reliable automobile can make the difference in getting up from the bottom, and some groups want to give a leg up. NEW YORK (CNNMoney.com) — If filling your tank with $3.60 a gallon gas is a serious economic hardship, ask yourself this: What if you didn’t have a tank to fill up? Wendy […]

Congress takes on gasoline prices

House Judiciary Committee hearing testimony on impact of record at the pump. NEW YORK (CNNMoney.com) — Gas prices are expected to keep up their record rise this spring, soaring well past $4 a gallon in some areas. Now Congress wants to know what to do about it. In an effort to better understand the nation’s […]

OPEC to earn over $1 trillion from oil exports-EIA

Thanks to record crude oil prices, OPEC members will likely earn over $1 trillion this year from oil exports, according to the U.S. government’s top energy forecasting agency. Net oil export earnings from the Organization of the Petroleum Exporting Countries are forecast to skyrocket 57 percent from last year’s $674 billion to $1.06 trillion this […]

UNDP head warns on inflation for world’s poor

Emerging markets like Turkey and Brazil will face grave problems in controlling inflation and money supply because of the expansionary economic policies of industrialised countries, Kemal Dervis the head of the UNDP said on Wednesday. “This may cause us a lot of headaches in the next two or three years,” said Kemal Dervis, United Nations […]

Squeezed airlines clip wings

Several US airlines, roiled by unrelenting fuel costs, disclosed this week that they are winnowing daily flights to certain destinations, eliminating entire routes, and in some cases withdrawing from airports – and this is just the beginning. A Goldman Sachs report issued yesterday indicated such cuts will not be enough to compensate for the cost […]

Easyjet says airlines at the mercy of oil prices

EasyJet warned that the high cost of fuel will force more airlines to the wall this year as it admitted that profits are at the mercy of the global oil price. The low-budget carrier reported a 14.7% increase in passengers but admitted that the cost of carrying them had risen by Guardian

Gas Prices Expected to Peak in June

Oil jumped to another record on Tuesday, and the government said it expected gasoline prices to peak at a national average of $3.73 a gallon in June, just as the summer driving season kicks off. The new forecast from the Energy Department came on a day oil futures rose above $122 a barrel in New […]

Oil ‘Choke Point’ Nears

As oil blasted to a new record above US$122 a barrel yesterday, a new report suggests a “choke point” of US$150 a barrel could slam growth in the United States and cause a rout in stocks similar to the early 1980s energy crunch. The report from Bank Credit Analyst (BCA) in Montreal comes as crude […]

My Plea to Republicans: It’s Time for Real Change to Avoid Real Disaster

by Newt Gingrich …Here are nine acts of real change that would begin to rebuild the American people’s confidence that Republicans share their values, understand their worries, and are prepared to act instead of just talk. The Republicans in Congress could get a start on all nine this week if they had the will to […]

A scary thought: Gasoline at $7.50 a gallon

If crude hits $150 a barrel, we could be looking at $5 a gallon or so for the retail price of gasoline. That’s based on Tuesday’s $3.61-a-gallon national average and the rule of thumb that, for every $1 increase in crude oil, the pump price rises 5 cents a gallon.

If crude hits $200, the retail price of gas jumps to $7.52 a gallon. (Plus or minus a few cents) To fill the 10-gallon gas tank on my Honda Civic would cost $75.20

MSN.com

They’re Global Citizens. They’re Hugely Rich. And They Pull the Strings.

We didn’t elect them. We can’t throw them out. And they’re getting more powerful every day. Call them the superclass. At the moment, Americans are fixated on the political campaign. In the meantime, many are missing a reality of the global era that may matter much more than their presidential choice: On an ever-growing list […]

Analyst sees oil surging to $200

…On Monday, Matthew Simmons, chairman of investment bank Simmons & Co. International, said at a conference oil prices “will go through $200 a barrel like a hot knife through butter.” Doug Porter, deputy chief economist for BMO Capital Markets, said Tuesday $200 oil would probably cause a global economic slowdown that would push the weak […]

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