Oil Rises Above $120 to Record on Concern Over Nigeria Attacks

(Bloomberg) — Crude oil rose above $120 a barrel to a record in New York on concern that production disruptions in Nigeria, Africa’s biggest producer, will limit supplies. Militant attacks on an oil-transfer facility in the country forced Royal Dutch Shell Plc to reduce output, the Associated Press reported May 3, citing the company. The […]

India: Camel demand up as oil price soars

As the cost of running gas-guzzling tractors soars, even-toed ungulates are making a comeback, raising hopes that a fall in the population of the desert state’s signature animal can be reversed. “It’s excellent for the camel population if the price of oil continues to go up because demand for camels will also go up,” says […]

Tired of paying through the nose, Americans try praying at the pump

WASHINGTON (AFP) “Someone’s making a lot of money and it’s really, really wrong,” added Twyman, who founded the Prayer at the Pump movement last week to seek help from a higher power to bring down fuel prices, because the powers in Washington haven’t. The half-dozen activists — Twyman, a former Miss Washington DC, the owner […]

U.S. Recovery Could Push Oil Much Higher

Yesterday on the Connie Mack show, retired Oppenheimer fund manager Bill Wilby made a very simple but very smart observation about oil that resonated with me. Essentially, he said that oil has made its way up to $120 all the while as the U.S. has struggled economically. Not to turn this into a debate about […]

America’s oil: Good to the last drop

…The Democrats want the president to stop adding to the strategic oil reserve, which is 97 percent full. So far the president has not budged. The Democrats figure that it could save Americans 5 to 24 cents per gallon. Their plan put forward in four congressional bills includes holding OPEC accountable for price fixing (HR […]

Two killed as Somalis riot over high food prices

Soldiers reportedly open fire as tens of thousands protest in Mogadishu MOGADISHU, Somalia – Troops opened fire and killed at least two people as tens of thousands of people rioted over high food prices in Somalia Prices of rice and other food staples have been rising rapidly around the world, boosted by poor weather in […]

Herman Daly: Towards A Steady-State Economy

On theoildrum.com, we discuss the particulars of our energy supply/consumption situation. Less frequently do we have content outlining potential solutions that may be necessary to mitigate macro problems facing human systems. This is such a post – adapted from a paper from last week’s Sustainable Development Commission written by Herman Daly, who popularized the term […]

Peak Oil: Alive and Well

Although it We believe only Peak Oil can explain this phenomenon, and as such are writing this article as an update to what we

Ryanair increases travel charges

Ryanair is to increase its check-in charges by Rising oil prices and an economic slowdown have raised concerns about the profitability of airlines. BBC

McCain Calls for 700+ New Nuclear Plants (and 7 Yucca Mountains) Costing $4 Tril

Sen. John McCain (R-AZ) made a stunning statement on the radio show of climate change denier Glenn Beck this week: … the French are able to generate 80% of their electricity with nuclear power. There’s no reason why America shouldn’t. The Wonk Room, which has the audio, writes of the interview, “McCain Seemingly Agrees With […]

This oil squeeze may be permanent

Whether it is rising cost of the commute to work or operating a second car for the family, Canadians are justifiably stressed out by the sky-high price of oil. We are all nervously wondering if current prices are a once-in-a-generation spike, or if $1.20-per-litre gas will seem like a bargain a year from now. On […]

Shell Execs Briefed on Peak Oil in 1956

When did Shell executives first learn that the world would one day face the moment of peak oil, known to many as Hubbert Before embarking on an ambitious plan to rebuild the bombed-out cities of Europe, the U.S. built more than 2 million homes on the home front, mostly to meet the unprecedented demand of […]

Japan: The Wind-Power Problem

In the country that hosted the Kyoto Protocol and wrote the book on solar policy, the wind-power industry has ground almost to a halt. Among the culprits: policy, cost and technology challenges. Yokohama’s wind turbine is one of the tallest in Japan. It was meant to symbolize a commitment to wind power, but now seems […]

Multinationals make billions in profit out of growing global food crisis

Giant agribusinesses are enjoying soaring earnings and profits out of the world food crisis which is driving millions of people towards starvation, The Independent on Sunday can reveal. And speculation is helping to drive the prices of basic foodstuffs out of the reach of the hungry. The prices of wheat, corn and rice have soared […]

As oil prices soar, crofters return to the old ways and get their heat from peat

The soaring price of fuel is leading cash-conscious crofters in the Outer Hebrides to revive the ancient tradition of cutting peat to fire their kitchen stoves and central heating. Over the past few months the steep surge in the price of oil, now routinely used by residents on islands such as Lewis, has led to […]

Oilsands suck dollars from cleaner oil and gas

There’s a giant sucking noise emanating from northeast Alberta that gets louder as oil prices rise. Called the Athabasca Tar Sands, its rapid development is draining imagination from the Stelmach government, flexibility from labour markets and diversification from Alberta’s economy. It has also sucked Edmonton into a hopeless global environmental confrontation.Alberta is committed to unrestricted […]

Russia to raise oil export duty to $398.1 per ton from June

Russia will raise oil export duty to a record $398.1 per metric ton from June 1, 2008, a senior Finance Ministry official said on Sunday. “The average [crude] price was $102.8 per barrel for the March-April monitoring period, which puts the maximum duty rate at $398.1 per metric ton. Therefore we will reach a record […]

Russia: Oil Production Declines For 4th Straight Month

The country’s oil production fell for a fourth straight month in April, confirming pessimistic forecasts for the year, while exports rose on the back of improved weather. Industry and Energy Ministry data released Sunday showed that production stood at 9.72 million barrels per day, down from 9.76 million bpd in March and more than 2 […]

The coming crisis

For more than a decade, English petroleum geologist Colin Campbell has been sounding the warning bell about the coming of peak oil and its disturbing ramifications for the world. Since 2005 Dr. Robert Hirsch has been giving specific warnings for the United States through a series of Department of Energy-sponsored reports outlining the dangers to […]

Sinking without trace: Australia’s climate change victims

Like Kiribati and Tuvalu, the islands of the Torres Strait are slowly being submerged. But unlike their Pacific neighbours, the plight of their inhabitants is being overlooked. The low-lying islands that dot the sparkling waters of this region are facing similar challenges to South Pacific nations such as Kiribati and Tuvalu. But while the plight […]

Climate Change Warms Arctic, Cools Antarctica

The Arctic and Antarctica are poles apart when it comes to the effects of human-fuelled climate change, scientists said on Friday: in the north, it is melting sea ice, but in the south, it powers winds that chill things down. The North and South poles are both subject to solar radiation and rising levels of […]

China tells firms to brace for tough times: report

A Chinese government watchdog has warned major state-owned enterprises to brace for tough times given the likelihood of a worsening global economic slowdown, state media reported on Monday. Chinese state-owned enterprises (SOEs) must pay more attention to their financial position to avoid a potential capital crunch, the Economic Observer reported, citing Li Rongrong, director of […]

Berkshire Hathaway: 31,000 show up at Qwest Center for annual meeting

…Buffett also said that the world’s production of oil, about 87 million barrels a day, is close to capacity. While the world won’t run out of oil this century, as one questioner suggested, Buffett said gradually depleted oil fields could reduce the amount produced. Munger said he thinks oil production 25 years from now will […]

The poor will inherit the dearth

LONDON: Queues for petrol on British gas station forecourts appear to bear scant relation to ongoing killing, rape and mass refugee movements in eastern Congo. The unfolding humanitarian disaster in ungoverned Somalia likewise seems unconnected to Western taxpayers Current developments in Congo vividly illustrate how interlinked these supposedly disparate problems are. And they offer clues […]

We’re Nearing Crunch Time for Oil

ItCrunch Time is when global supplies will start diminishing while demand is still trying to grow. It

Ho, ho, hey, hey, ‘peak oil’ here to stay

There I was Tuesday morning, credit card in hand, all ready to buy my season pass to snowboard in Hell: President George W. Bush and I actually agreed on something. But by Tuesday afternoon, the president I’d least like to have a beer with had begun to back off his Monday skepticism about the value […]

Gas shortage in Pakistan is likely to be 26 MMSCMD in 2011-12

ISLAMABAD: Growing acute energy shortfall of 101.55 MMSCMD (Million Metric Standard Cubic Meter Per Day) by 2011-12 forced India to join Iran, Pakistan and India (IPI) as well as Turkmenistan, Afghanistan, Pakistan and India (TAPI) gas pipeline projects, reveals (an) official meeting protocol paper available with Daily Times on Thursday. Pakistan Pakistan: Meeting Protocol paper, […]

Moving Alaska’s natural gas brings two competing plans

(The Oklahoman – McClatchy-Tribune Information Services via COMTEX) — – Alaska has natural gas, and the rest of the U.S. needs it. But getting it from there to here is tricky — a puzzle grappled with for decades that state and federal leaders continue trying to solve today. Now, two competing plans propose to build […]

Playing the Haynesville Shale

The recent announcement of a large natural gas deposit in northwest Louisiana, called the Haynesville Shale, could be this century’s gold rush The Haynesville Shale is being described as one of the richest fields of natural gas ever discovered in this region. But most experts and those connected to the industry agree it’s too early […]

Dallas Fed: Natural Gas Prices Rising; Much Stronger Gains in the Future

…U.S. natural gas prices are poised to head higher over the long term when commercial demand increases, according to a report by the Federal Reserve Bank of Dallas. “Higher oil prices, several cold spells, seasonal gains in demand, reduced inventories and expectations of increasing natural gas use to generate electricity are continuing to push prices […]

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