Brazil to turn off oil-fired power plants

RIO DE JANEIRO, May 5 (Reuters) – Brazil will turn off thermoelectric power plants working on fuel oil and diesel, which were brought on stream at the end of last year to prevent power supply problems, the energy ministry said on Monday. A total of 2,600 megawatts of thermoelectric capacity will be removed from the […]

With utility bills likely to rise another 30-40%, oil still has power to shock

Oil prices again hit new records yesterday, making the once implausible Goldman Sachs forecast of a “super-cycle” that would drive them to $200 a barrel or more seem alarmingly credible. They also provide a major headache for the Bank of England’s Monetary Policy Committee, which meets this week for its monthly deliberations on interest rates. […]

British Airways counts cost of T5 fiasco as passenger numbers fall

…Nick van den Brul, aviation analyst for Exane BNP Paribas, said: BA put up its fuel surcharge last week to cover these increased costs, but it risks losing passengers, particularly as the economies of Britain and the United States slow. Doug McVitie, managing director of Arran Aerospace, an aviation consult-ancy, said:

Iran supply problems add to fears of oil hitting $200 a barrel

The Iranian petroleum industry needs foreign investment and, despite the country’s vast oil and gas reserves, is struggling to maintain production levels, according to industry experts. Although Iran is Opec’s second-largest exporter, production at the country’s leading oil and gasfields is believed to be falling by as much as10 per cent annually because of a […]

Oil could hit $200 in ’super-spike’

Oil prices threaten to hit $200 a barrel in a final “super-spike” over coming months as producers fail to keep pace with blistering demand from China and the Middle East, according to a controversial report by Goldman Sachs. We believe the current energy crisis may be coming to a head. A ’super-spike’ end game may […]

Tullow’s shares soar 24% after discovery of hugeoil reserves off Ghana

More than It came as the oil price surged to fresh highs, reaching $122 a barrel after breaching the $120 level in New York for the first time on Monday. Independent

Fuel costs push Aer Lingus to raise check-in prices

Irish flag carrier Aer Lingus has become the latest airline to hike charges in the face of surging fuel costs, raising bag check-in fees as the global oil price hit a new record today of $120.93 a barrel. Aer Lingus announced the increase this morning in the wake of similar moves last week by British […]

$100 a barrel: Going, Going….

…In January 2006 Phoenix emailed me a spreadsheet that predicted an oil price of $100/barrel by 2008, followed by an ongoing geometric rise in oil prices. I remember immediately phoning him to point out that the scenario was impossible because it is unsustainable – $100/barrel would cause economic havoc comparable to the oil shock of […]

Food wars to shape future

…In Australia, debate on the future of agriculture has largely been about drought and climate change and has ignored the fact that the world may be entering a prolonged period of shortages and famines at a time of vastly increased demand for food. At top policy level in Australia, and in all the leading countries […]

Insects ‘will be climate change’s first victims’

Tropical insects rather than polar bears could be among the first species to become extinct as a result of global warming, a study has found. Insects in the tropics are already living at the limit of their temperature range and any further increases could quickly kill them off with huge repercussions for tropical habitats, which […]

Germany Says U.S. Must Cut Biofuel Subsidies to Help Rainforest

The U.S. is encouraging deforestation and pollution by offering incentives for plant-based oils grown in South America, German Environment Minister Sigmar Gabriel said, urging the government to stop subsidizing biofuels. “We’re struggling with the U.S. government to cut these subsidies,” Gabriel said today in an English-language interview in Berlin.Palm and soy-bean oil is regularly grown […]

Race to algae-based biodiesel heats up

A growing number of start-ups are betting against the dominant biofuel crops–corn and soy–and looking to sidestep the backlash against biofuels, which are being blamed in part for higher food prices and deforestation around the world. Melbourne, Fla.-based PetroAlgae says that it hopes to test a commercial system as early as next year.The company licensed […]

Soaring energy ups euro zone March producer prices

Soaring energy costs fuelled a steep increase in euro zone producer prices in March as expected, data showed on Tuesday, in yet another sign of high inflation in the single currency area. Prices at factory gates in the 15 countries using the euro rose 0.7 percent month-on-month, as expected by analysts, for a 5.7 percent […]

Australian Trade Deficit Narrows as Coal Exports Rise

Australia’s trade deficit narrowed in March as iron ore, coal and wheat exports jumped, stoking an economic expansion in its 17th year. The trade shortfall shrank to A$2.74 billion ($2.59 billion) from a record A$3.26 billion in February, the Bureau of Statistics said in Sydney today. The median estimate of 25 economists surveyed by Bloomberg […]

EU: Nabucco Looks To Middle East For Gas

Worried about its dependency on Russian natural gas, EU officials have met in Brussels with energy officials from Turkey and six Mideast countries in an effort to fill Nabucco, a planned gas pipeline running from Turkey to Austria and beyond. The European Union’s external relations commissioner, Benita Ferrero-Waldner, said the bloc is now “looking south” […]

DuPont plans China facilities for solar energy

U.S. chemical maker DuPont Co said on Tuesday it plans to open a research and development center and a manufacturing facility in China to cater to the growing demands of the solar energy industry. The research and development facility will be based in Hong Kong, while the plant will be in Shenzhen. The company expects […]

Oil records shattered as price spike extends

NEW YORK (AFP) – Oil prices spiked to new highs Tuesday in the latest frenzied trade driven by concerns over violence in key producer Nigeria and the weak US currency. New York’s main oil futures contract, light sweet crude for June delivery, leapt as high as 122.73 dollars per barrel, an all-time intraday high, before […]

Obama is wrong about the gas tax

Think Clinton’s plan to suspend the gas tax temporarily is a bad idea? A similar measure in Illinois — which Obama backed — seems to have helped consumers. Democratic presidential candidate Barack Obama has repeatedly accused rival Hillary Clinton of “pandering” for advocating a summer gas-tax moratorium, calling it a “classic Washington gimmick” that would […]

Frustrated owners try to unload their guzzlers

After paying $75 to fill his black Dodge Ram pickup truck for the third time in a week, Douglas Chrystall couldn’t take it anymore. Feeling pinched at the pump, and guilty as well, Chrystall, a 39-year-old father from Wellesley, is putting ads online to sell the truck, and the family’s other gas-guzzler, a Jeep Grand […]

Grease bandits strike as biofuel demand rises

San Jose, Calif. – Mark Rosenzweig watched with suspicion as a tanker truck sidled up to a local Burger King’s grease bin last month. The driver plunged a hose into the 300-gallon tub of used French-fry grease and slurped it into his tank. Mr. Rosenzweig called the police, patiently citing legal codes to convince them […]

U.S. signs civilian nuclear pact with Russia

Deal provides access to state-of-the-art technology in return for spent fuel MOSCOW – Russia and the U.S. signed a key agreement on civilian nuclear power Tuesday that will give Washington access to Moscow’s nuclear technology and potentially hand Russia lucrative deals on storing spent nuclear fuel. U.S. Ambassador William Burns and Russia’s top nuclear official, […]

The Price of Oil Explained by

What do you think of the chart below? Seriously. Can you really believe spot crude oil is up 53% in the last year? The price of oil rocketed up in New York overnight, busting through US$120 before settling just below at US$119.67 by the time trading got going this morning in Sydney. It’s the great […]

World food prices may worsen Burmese disaster

As the scale of the disaster in Burma caused by Cyclone Nargis starts to emerge, relief agencies and rich countries are lining up to provide emergency aid. But with agencies already hit hard by soaring food prices, and Burma’s own rice crop devastated, it is not clear where the relief will come from. Nargis hit […]

Russian law to limit investment

Russia will start restricting foreign investment in key sectors of the economy such as energy and aviation. Investors have complained that the law limits access to more than half of Russia’s economy. However analysts have said the law should make the situation clearer for companies wanting to invest in Russia. State-run firms, such as energy […]

Warren Buffett And Charlie Munger On Peak Oil

On a day when oil went over $120 per barrel you might wonder which direction production and prices are headed. Well, the richest man in the world (Warren Buffett or WB below) asked his long time business partner (Charlie Munger or CM below) where he sees oil production in 25 years. Charlie Munger sees oil […]

Clinton pledges to smash OPEC

HILLARY Clinton has continued to raise the populist rhetoric in a pitch to blue-collar votes, vowing on the eve of crucial Democrat primaries in two states to smash the OPEC “cartel”. Senator Clinton and rival Barack Obama hop-scotched around North Carolina and Indiana yesterday as one of the US’s most epic presidential nomination fights inches […]

Bush to tell Saudis of oil price worries: White House

President George W. Bush will make US concerns about soaring oil prices “very clear” when he visits Saudi Arabia next week, White House spokesman Scott Stanzel said Monday. “Whenever the president has discussions with leaders in the region, he talks about the impacts that high oil prices do have on our economy and the impact […]

David Strahan: How do you solve a problem like jet fuel?

Say what you like about Sir Richard Branson, but you cannot fault his willingness to suffer in the cause of a photo-opportunity. At the launch of a recent Virgin Atlantic test flight to demonstrate a jet fuel made from coconut and babassu oil, the Virgin boss took a swig of the new biofuel from a […]

Taxing oil profits: Proceed with caution

Politicians are dying to get at more of Big Oil’s billions, but analysts are torn about what that will do to prices or future energy sources. NEW YORK (CNNMoney.com) — Politicians are eyeing oil profits like a fat juicy glazed ham. With all the money Big Oil is making – the top five publicly traded […]

On Quenching Our ‘Big Thirst’ for Oil

In an effort to explain the steep climb of the price of oil, a recent New York Times article looked at the increasing worldwide demand and outlined the difficulties the energy industry will face in meeting this demand, which will rise by 35 percent by 2030 according to the International Energy Agency. Halfway through the […]

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