UK: Blackouts after Sizewell shutdown

Hundreds of thousands of homes suffered power cuts after a fault caused an unplanned shutdown at the Sizewell B nuclear power plant in Suffolk. Homes and businesses in London, East Anglia, Cheshire and Merseyside were affected between 1100 BST and 1300 BST. The shutdown cut off supplies to the National Grid within minutes of another […]

Cutting back on Memorial Day

User-submitted stories about how high prices are affecting holiday plans. I wonder if our elected officials are having to make the same cost cutting measures that a large majority of us are? I do not believe that they are, as nothing is being done. We have an energy secretary saying that nothing needs to be […]

Nuclear clean-up costs ‘to soar’

The cost of cleaning-up the UK’s ageing nuclear facilities, including some described as “dangerous”, looks set to rise above Nineteen sites across the country, some dating from the 1950s, are due to be dismantled in the coming decades. A spokesman for the Department for Business said it was ready for an adjustment in the clean-up […]

Shell sees end of ‘easy oil’ era

The boss of Shell UK, the London-based arm of the Anglo-Dutch oil company, has warned the era of “easy oil” is over. In an interview with the BBC, James Smith said that energy companies were having to go to ever more extreme lengths to sustain production. Shell has been criticised for making huge profits after […]

The Peak Oil Theory

The peak oil theory does not necessarily say that the world is running out of oil. That’s actually an unstated fact. After all, nobody is actually making more. What peak oil actually suggests is much simpler: At some point, global oil production will reach a peak, and then begin to decline. At that point, oil […]

My lesson in economics of oil

That noise you hear is the clatter of horses’ hooves. The horses come from the last chapter of a 2000-year-old book that still outsells the similar, though worse-written, Harry Potter. They are the Horses of the Apocalypse. And they have names. Those names are The, and Price, and Of, and Petrol. Oh, hear those drumming […]

Indian oil retailers risk cash crisis – source

NEW DELHI (Reuters) – State-run Indian oil retailers will run out of money to cover crude imports within a few months unless the government announces a rescue package soon, a senior oil ministry source said on Tuesday. The firms are losing millions of dollars each day as they must sell their fuel at discounted rates […]

High oil prices reversing impacts of globalization, outsourcing of jobs: CIBC

The rising cost of energy is undercutting global trade by raising transportation costs to such levels that businesses will be forced to look closer to home for suppliers, says a CIBC World Markets report. “Globalization is reversible,” the bank’s chief economist, Jeff Rubin, wrote in the study released Tuesday. “In a world of triple-digit oil […]

How Will Local Governments Respond to Large Increases in Energy Bills?

This is a guest post by Debbie Cook, Mayor of Huntington Beach, CA, and candidate for California’s 46th Congressional District. Debbie has been a peak oil activist for many years; in this post Mayor Cook provides some interesting energy and peak oil-related things to think about from a local government perspective. Robert Rapier posed an […]

IEA says optimistic to think oil price will fall much

It would be “very, very optimistic” to assume oil prices will fall much in the next few years, the chief economist at the International Energy Agency (IEA) said in a interview with German TV published on Tuesday. “The markets are very tight now and the result of this tightness is the very high prices,” IEA […]

Russia worried as oil production slides

Russia’s government has proposed urgent measures to halt a slide in oil production, which threatens to undermine the country’s petroleum-fuelled economic boom. “All the proposals have been accepted and will be submitted to parliament at the end of this week,” Deputy Finance Minister Sergei Shatalov told journalists after the Presidium, a group of the most […]

Little oil relief as Asia wary on subsidies

Pushed to the brink by $135 crude, some Asian nations are finally allowing subsidized fuel prices to rise sharply, just the thing to help temper demand. Unfortunately, however, it’s in the wrong countries to help tame a rally in prices that has been stoked by relentlessly rising consumption in China, India and the Middle East. […]

For oil-rich Iran, friends are not proving hard to find

Just weeks after Jakarta became the only United Nations security council member to abstain from the latest resolution on Tehran They signed five memoranda of understanding, including one to build a $6bn oil refinery in Indonesia. Meanwhile, Mr Yudhoyono (below left) asserted:

Arctic nations to discuss oil and gas claims

Denmark, Russia, the U.S., Canada and Norway will hold a conference in Greenland this week to evaluate claims over natural resources including oil and gas in the North Pole waters as global demand for commodities surges. Denmark’s government called the conference, which starts tomorrow and lasts for two days in Ilusissat, Greenland, Foreign Minister Per […]

Malaysia fuel ban for foreigners

Malaysia is to restrict fuel sales to foreign motorists on its borders in an attempt to curb the spiralling cost of government subsidies. Hundreds of Thai and Singaporean motorists cross the border every day to fill up on cheap petrol and diesel. The ban, due to take effect on Friday, will be lifted as soon […]

UK: Fuel costs hit remote transport

Transport services in rural areas are feeling the effects of ever-rising fuel prices, it has been warned. Tory MSP John Lamont said rural bus routes were in doubt, with the news of higher fuel bills forcing one Jeburgh firm to end its council contract. In addition, Orkney Council members are due to agree a fuel […]

Every adult in Britain should be forced to carry ‘carbon ration cards’, say MPs

Under the scheme, everyone would be given an annual carbon allowance to use when buying oil, gas, electricity and flights.

Anyone who exceeds their entitlement would have to buy top-up credits from individuals who haven’t used up their allowance. The amount paid would be driven by market forces and the deal done through a specialist company.

MPs, led by Tory Tim Yeo, say the scheme could be more effective at cutting greenhouse gas emissions than green taxes.

But critics say the idea is costly, bureaucratic, intrusive and unworkable.

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Goldman Oil Bull: I’m Not a Crackpot

Goldman’s primary oil analyst, Arjun Murti, is smart enough not to grant many interviews these days (why provide fodder for lawsuits?). But his colleague, commodities analyst Jeffrey Currie, is happy to defend the firm’s oil-to-$150-to-$200 view. WaPo: “World GDP wants to grow at 3.8 percent, whereas the best we can come up with for [oil] […]

Putin to Raise Russia Oil Output, Tchigirinski Says

(Bloomberg) — Russia’s oil production may rise to 12 million barrels a day after Prime Minister Vladimir Putin’s government eases taxes, billionaire Chalva Tchigirinski said. “Only Putin could do it,” Tchigirinski, an owner of London- listed Sibir Energy Plc, said today in a Bloomberg Television interview. “He’s now in a position to take decisions that […]

Crude Oil Declines as Record Prices Curb U.S. Fuel Consumption

(Bloomberg) — Crude oil fell more than $2 a barrel on signs that U.S. fuel consumption is dropping because of a slowing economy and record energy prices. Home prices fell in March by the most on record, the S&P/Case-Shiller home-price index showed. U.S. motorists were forecast to make 1 percent fewer automobile journeys of at […]

Sarkozy calls for suspending Europe-wide VAT on oil

French President Nicolas Sarkozy on Tuesday proposed capping value-added tax on oil across the European Union to help countries deal with the soaring price. “I want to ask the question to our European partners: if oil continues to increase, should we not suspend the VAT taxation on the price of oil,” Sarkozy said in a […]

After ‘peak oil’, world now faces ‘peak water’

The challenge posed by current high oil prices is nothing compared to what lies ahead amid dwindling supply and growing demand for a far more basic commodity – water, warns a Massachusetts Institute of Technology (MIT) professor. “We once assumed that water is free, air is free and power is cheap. The latter is clearly […]

Labour plans green revolution to slash energy prices and win back lost voters

Gordon Brown is planning to use a massive expansion of green energy to win back voters angry at spiralling fuel prices.They will be offered guaranteed prices for generating their own power that could fund loan schemes to pay for energy-saving technology under plans being finalised by ministers. The plans are expected to be contained in […]

Thailand: Put energy into policy

Rising fuel costs from the almost daily ascent of world oil prices are feeding a vicious circle of economic problems which threaten the country. No one has escaped the inflation spiral, as everything from rice to travel has become more costly, more scarce, or both. Thailand can do almost nothing about the global problem of […]

Monbiot: We have gone mad, Your Majesty, and only you can cure our affliction

King Abdaullah of Saudi Arabia Your Majesty, In common with the leaders of most western nations, our prime minister is urging you to increase your production of oil. I am writing to ask you to ignore him. Like the other leaders he is delusional, and is no longer competent to make his own decisions. You […]

Apple’s Solar Strategy

It’s possible that Apple’s future just got sunnier. Employees at computer, phone and software company Apple (nasdaq: AAPL – news – people ) have filed a patent to place solar cells on portable devices, Trade the News reported Monday. Outfitted with such technology, Apple’s devices, like the iPhone, could have photovoltaic cells stacked underneath LCD […]

Nigeria has enough coal to meet power shortfall: experts

West Africa’s economic giant Nigeria, could easily solve its chronic power shortage problems by tapping into its coal reserves, energy experts said. “Nigeria has an estimated three billion metric tons of coal reserves which it should exploit to solve its huge energy shortfalls,” Kabiru Yammama, a United Nations rural energy consultant, told AFP.Nigeria, Africa’s most […]

S-Af: The end of oil is nigh

Simon Ratcliffe, chair of Aspo in South Africa says resource depletion applies in the first case to oil but that fuel sources such as coal and uranium face the same depletion prospects in the coming decades. Globally, coal is projected to deplete after 2025 and uranium after 2013, he says.The infrastructural costs of developing new […]

Supply-demand imbalance boosts oil prices

Faced with rising global demand and record prices, the oil companies have a powerful incentive to find, pump and sell as much crude as they can. Instead, they’re having a hard time keeping their output level, much less expanding it. Big, untapped oil fields – often called “elephants” in the industry – are harder and […]

China, US, Spain to drive wind energy growth -study

Global wind energy companies expect future growth in the industry to be mainly driven by the United States, China and Spain, said a German research study published on Monday. “Those polled in the study believed that the United States, China and Spain should retain their high growth potential in future but that countries such as […]

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