Saudi Aramco Eyes $129B Investment in New Projects

State oil company Saudi Aramco plans to invest $129 billion on new energy projects in the next five years, Reuters reported. About $70 billion of the total would be spent by international and domestic joint ventures, and the remaining $59 billion on projects solely undertaken by Aramco, Khalid al-Falih, the company’s executive vice president of […]

Wind Power Could Make Norway ”Europe’s Battery”

Norway could become “Europe’s battery” by developing huge sea-based wind parks costing up to $44 billion by 2025, Norway’s Oil and Energy Minister said on Monday. Norway’s Energy Council, comprising business leaders and officials, said green exports could help the European Union reach a goal of getting 20 percent of its electricity by 2020 from […]

Exxon investors propose ban on green activism

It could be the nuclear option to silence rebellious investors. A libertarian activist has hit back at ExxonMobil’s environmental critics by tabling a resolution that would outlaw shareholder social activism. The Free Enterprise Action Fund, which controls $11m ( The fund’s managing partner, Steven Milloy, opposes a coalition led by the Rockefeller family that is […]

UK: Brown under fire on fuel as Nigeria attack lifts oil price

Gordon Brown will face renewed pressure this week to suspend the fuel duty rise due to come into force in October as an attack on an oil pipeline in Nigeria yesterday pushed up crude prices yet again. No help is likely to come from Opec. The president of the cartel, which controls almost 40 per […]

Crisis talks on global food prices

World leaders are to meet next week for urgent talks aimed at preventing tens of millions of the world’s poor dying of hunger as a result of soaring food prices. The summit in Rome is expected to pledge immediate aid to poor countries threatened by malnutrition as well as charting longer-term strategies for improving food […]

Sulphur price soars on fertiliser demand

An ugly waste product of oil refining has been transformed into a golden windfall for energy companies as demand for fertilisers drives the price of sulphur to unprecedented levels. For decades oil refiners have struggled to shift stockpiles of the yellow chemical, which is used to make sulphuric acid, essential in the manufacture of fertilisers. […]

Brace yourself for oil at $200 a barrel

Goldman Sachs made the headlines earlier in May when its analysts predicted oil would spike past $200 “in six months-to-two years’ time”. The only surprising thing about the statement was that other experts had been saying exactly the same thing in 2005. Quoting a study by the London-based Oil Depletion Analysis Centre, the Energy Bulletin […]

UK: Buses and trains take strain of petrol hikes

MOTORISTS are abandoning their cars and taking to buses and trains because of the rocketing cost of petrol and diesel, new figures reveal. Public transport operators in Scotland say thousands of extra journeys are now being made on their services as fuel prices reach record levels. Official figures from the Department for Transport show that […]

Canada’s Irving to study Bay of Fundy tidal power

CALGARY, Alberta (Reuters) – Irving Oil Ltd, which is planning a second major refinery in New Brunswick, will study the potential for a tidal power development in the Bay of Fundy, site of the world’s highest tides, the privately held company said on Monday. Irving has teamed up with the nonprofit Huntsman Marine Science Centre […]

As the water level rises

…I was reassured to see climate change on the agenda – explicitly or implicitly – at so many different events here. It was a big part of Naomi Klein’s “shock doctrine” analysis – the idea that rapacious corporations can come in after hurricanes and other climate disasters and impose a kind of neo-liberal collective punishment […]

End of oil is inevitable but don’t worry just as yet

Well, it isn’t $100 per barrel of oil that is the imaginably far-off price ceiling imagined by analysts and industry insiders. Now people are blithely tossing out the possibility of $200 per barrel crude. An analyst with Goldman Sachs told Bloomberg that oil could hit the $150 to $200 mark within the next two years, […]

The Final $olution

…And they are still at it. More recently, Goldman forecast crude-oil price to spike up to $141, and JPMorgan bets on $200. Yep folks, they are blowing an oil bubble. The Money Cartel (bourses, ethanol and oil and gas companies) wants you to think that that we are running out of oil. Now if you […]

Russia: Gasoline Protests Hit 50 Cities

Motorists in about 50 cities across the country protested rising gasoline prices Saturday and called on the government to take measures to punish producers of substandard fuel. Media reports said the protests had anywhere from a few dozen participants, including in Yekaterinburg, Kaliningrad, and Petropavlovsk-Kamchatsky, to as many as 200 in Moscow. The demonstrations, organized […]

Spectra eyes big carbon capture project in Canada

VANCOUVER, British Columbia (Reuters) – Spectra Energy Corp. will study building a large-scale carbon sequestration facility at its natural gas plant in northeastern British Columbia, the company and the British Columbia provincial government said on Monday. The provincial government has agreed to pay C$3.4 million ($3.4 million) to look at the geological and economic feasibility […]

Fueling Indonesia

Rising gas prices are a political headache everywhere, but especially in Indonesia. Fuel costs helped topple Suharto in 1998, and street protests erupted again when the government reduced subsidies in 2005. So kudos are due to President Susilo Bambang Yudhoyono’s government for pushing through fuel subsidy reform less than a year before voters head to […]

Brazil launching $5 billion hunt for more oil

Effort would provide ships, rigs for deep water extraction RIO DE JANEIRO, Brazil – Brazil on Monday announced plans to spend at least $5 billion to develop deep water oil finds, building new ships and hiring rigs as soaring world fuel prices boost demand for drilling equipment. State-run oil company Petroleo Brasileiro SA, or Petrobras, […]

Damage Control

The world has two kinds of energy-consuming jurisdictions: Those which respond to high oil prices, and those which don I asked Marcel for his thoughts on peak oil, and he gave me a few comments that summarize things precisely. Language Instinct

Aramco’s output takes a dip

Saudi Aramco’s oil output for 2007 fell by an average 400,000 barrels per day from 2006, after the world’s largest oil exporter cut output in line with Opec agreements, data released by the state-run giant showed. Average daily oil production reached 8.5 million bpd in 2007, resulting in a total production of 3.11 billion barrels […]

Is Invading Venezuela a Good Way Out of an Oil Crisis?

It had to happen, didn’t it? With the combination of the sharp rise in oil prices combined with the ratcheting up of anti-Chavez rhetoric seen in the past few weeks (for example the FARC laptop baloney that is now unravelling), it was only a matter of time before the business world got in on the […]

Diesel price is China’s fault – ACCC

THE devastating earthquake in China and stockpiling for the Beijing Olympic Games are among factors which have forced the price of diesel up at a faster rate than petrol, the consumer watchdog says. The Australian Competition and Consumer Commission (ACCC) says it has been asked by the Federal Government to start a renewed focus on […]

The Flight of Dark 33 – Another Milestone in the Great Fuel Revolution!

On a crystal-clear March day a U.S. Air Force mission code named This mission has nothing to do with the war in Iraq or Afghanistan

The end of cheap oil?

Memorial Day is the traditional start of the summer driving season. Hope you’re flush this summer. Gas prices are higher than Willie Nelson on the Fourth of July. American Airlines, pressed hard by high jet fuel prices, shocked flyers last week by announcing plans to start charging for transporting luggage. Every day brings more evidence […]

The Coming Collapse of Oil Prices

Bold economic predictions are dangerous, and I’ve been wrong before, but here goes: Oil prices are about to tumble. There are several important reasons to believe that crude oil prices of roughly $130/barrel are simply not sustainable. The first is that world-wide economic growth, and hence the demand for crude oil, has slowed markedly due […]

OPEC chief predicts oil prices will continue to rise

MADRID (AFP) – The price of oil will continue to climb, especially if there is no improvement in the outlook for the dollar, OPEC president Chakib Khelil told Spain’s national radio Monday. “We are going to witness a price rise,” especially if the economic situation in the United States persists and the dollar continues to […]

Nigeria rebels say attack Shell oil pipeline

LAGOS (Reuters) – Rebels from Nigeria’s oil-producing Niger Delta said they had blown up a Royal Dutch Shell pipeline and killed 11 soldiers in a firefight on Monday, but the army denied losing any men. The rebel Movement for the Emancipation of the Niger Delta (MEND) said in an emailed statement that it had sabotaged […]

Ecuador says OPEC chief vows to help boost its slowing oil output

OPEC’s secretary general has promised to help Ecuador boost oil production and refining, Ecuador’s Oil Ministry said Sunday, even as the cartel hesitates to increase oil output worldwide. The Organization of Petroleum Exporting Countries will help Ecuador, South America’s fifth-largest oil producer, to modernize its oil fields and increase sagging output, Abdalla Salem El-Badri said, […]

Petrol firms in peril as Delhi restricts prices

Indian petrol refineries are on a financial knife edge after being forbidden by their Government to pass on record-high oil prices to consumers. The country’s state-owned refiners have been reporting combined revenue losses of more than $100 million (Times

PEMEX Reform Debate Entrenched in Dogma

The debate in the Mexican Congress over the governmentIPS

Oil’s well, and prices will fall again

DAY by day, the oil price moves remorselessly upwards, inflicting pain on every household and motorist. The same barrel of crude that sold for $65 in 2007 is now $135 and might soon cost $200. But across the world, 86 million barrels of oil are produced every day, which at the moment is sufficient – […]

Seriously, what if gas cost $100 a gallon? (a thought experiment…)

I am very fond of thought experiments. I like to ask “What If?” This can help me wrap my head around a problem. For instance, if I wonder how much land it would take for solar panels to produce enough electricity to supply the U.S., that’s a thought experiment. It isn’t that I think we […]

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