China oil giant in takeover talks with Canadian energy firm

Chinese oil giant CNOOC is in talks with Canadian-based Talisman Energy over a possible takeover deal, a report in Hong Kong said Monday. CNOOC, China’s third largest oil company, is in discussions that could lead to asset sales or a complete takeover, the South China Morning Post said citing unnamed sources. The report also said […]

Aer Lingus can go bust if oil spikes: O

Ryanair boss Michael O’Leary has warned that Aer Lingus could go bust if oil hits $200 a barrel. Half the airlines would certainly go out of business if oil hit $200 a barrel,” said O’Leary. “That could include Aer Lingus. Only the strong airlines would survive and that would be British Airways, Lufthansa, Air France […]

Recession ‘can stop oil price rise’

The record price of oil is a bubble being driven by market speculators that will only burst when the UK and US fall into recession, a billionaire investor has reportedly said. George Soros, a legendary hedge fund investor, blamed the spike in oil prices – which peaked at 135 US dollars a barrel for the […]

Anxious Hiatus (Kunstler)

Loveliness was everywhere this holiday weekend in upstate New York, and it was probably hard for many to believe that the wayward nation would return to the dread uncertainty of life in the crash lane when the barbeques were over. There was even a wan overtone to the late-night sports news about the Indy 500 […]

Russian govt clears first step in oil tax cuts

The Russian government cleared on Monday a proposal to reduce the mineral extraction tax on oil, the first of many steps it is planning in order to revive production growth in the key industry. The government approved amendments to the tax code under which the tax-free threshold for mineral extraction tax will rise to $15 […]

IEA inquiry into whether oil supplies will run dry by 2012

The International Energy Agency has ordered an inquiry into whether the world could run out of oil in four years’ time, it was reported yesterday. The IEA has concerns about what might happen in 2012, when demand for oil, boosted by the rapid growth of the Chinese and Indian economies, is expected to have reached […]

Nuclear Gold Rush

If thereNYTimes

There is a deeper Cyprus problem

While the energy crises of the 21st century are already unfolding, we have not yet begun to make a dent on the longer-term danger of climate change caused by the excessive burning of fossil fuels and deforestation. The world will face severe water stresses as a result of both population growth and water-cycle changes caused […]

The Consequences of Rising Oil Prices for Producing Countries

Where are we heading with the rapid and incredible increases in oil prices and what are the maximal limits for this increase? This is the question that currently concerns the public opinion all over the world and is in fact raised by OPEC oil ministers in their media interviews, but without any effective answers that […]

Emerging Nations Seek G8 Help For Clean Technology

Big emerging economies called on rich countries to help finance clean energy technologies on Saturday as a meeting of environment ministers sought to add momentum to the fight against climate change. Ministers and their representatives said on Saturday that action was urgently needed to curb greenhouse gas emissions that cause global warming, but advanced and […]

US Greens Wary Of Ecological Cost Of Record Oil

US environmental advocates are nervous that record crude oil prices will lead to a boom in production of fossil fuels like motor fuel from coal, Canada’s tar sands, or shale in Colorado that would emit more planet-warming gases than conventional oil. “High oil prices are a double-edged sword,” said Deron Lovaas, an automobile expert at […]

Brussels trade war with US looms over biofuel

Peter Mandelson, the European commissioner, has fired the first salvo in a potential transatlantic trade war by agreeing to challenge the US over its biofuel subsidies, which are chasing British and continental firms out of business. Confidential documents seen by the Guardian show that Mandelson and the European commission have put their signatures to anti-dumping […]

Pioneers show Americans how to live “off-grid”

“People used to be attracted to living off-grid for largely environmental reasons, although that is now changing as energy prices rise,” he said, standing in blazing sunshine with a wind turbine thrashing the air like a weed whacker overhead. “Electric and gas are going to skyrocket very soon. There are going to be more reasons […]

Saudi Khursaniyah oilfield not pumping yet – Aramco

MANAMA (Reuters) – Saudi Arabia’s Khursaniyah oilfield expansion project is not yet pumping, but large parts of its 500,000 barrels per day capacity are ready, an official at state oil giant Saudi Aramco said on Sunday. The world’s top oil exporter had planned to bring Khursaniyah online in December. The expansion is the largest single […]

Peeved at gas prices? Don’t blame the dealer

Awash in profit, Exxon fights for pennies while raising the rent WASHINGTON – Every time Sohaila Rezazadeh rings up a sale at her Exxon station on Chain Bridge Road in Oakton, Va., her cash register sends the information to Exxon Mobil’s central computers. If she raises the price of gasoline a couple of pennies, chances […]

UK: Great Petrol Revolt Begins

ANGER over Gordon Brown With fuel prices going up every day, protesters will demand the Prime Minister cuts duty after having raked in millions in additional tax. In scenes reminiscent of the 2000 fuel protests, demonstrators will gather at Marble Arch before a delegation marches on Downing Street to demand talks with Mr Brown. They […]

US steers clear of gas guzzlers as oil shock forces up petrol prices

Americans have fallen out of love with the gas guzzler. A tank of petrol now typically costs more than $100 ( By some accounts the wholesale auction prices of small-engined cars have jumped by as much as 40 per cent as dealers fight to buy them in time for today

Is the economy going back to the 70s?

WHEN the oil price hit $100 a barrel at the start of this year, it was a curiosity but not a cause for great alarm. The price had, after all, topped $70 in the summer of 2005 when Hurricane Katrina struck, risen above $80 in 2006 and been hovering in the $90s for some time. […]

British Airways will ground part of its fleet over rising fuel cost

British Airways plans to ground part of its fleet from October to cut costs and stem potential losses caused by the crippling price of fuel. Confirmation of the move, from chief executive Willie Walsh, comes as analysts warn BA may only break even or worse for the next two years, despite having reported one of […]

Billions wasted on UN climate programme

Billions of pounds are being wasted in paying industries in developing countries to reduce climate change emissions, according to two analyses of the UN’s carbon offsetting programme. Leading academics and watchdog groups allege that the UN’s main offset fund is being routinely abused by chemical, wind, gas and hydro companies who are claiming emission reduction […]

UK company faces criticism over ‘miracle’ weed jatropha

One of Britain

Air France-KLM intensifies airlines’ fuel gloom

Airline executives forecast bankruptcies, job cuts and increased ticket prices yesterday as Air France-KLM plunged the industry into further gloom with a warning that its profits would fall by a third under the weight of rising fuel costs. Shares in the Franco-Dutch carrier were marked down 10 per cent to The warning from the world’s […]

Houston has lift-off as oil price rises

Willie Walsh must be a sucker for punishment. Oil hits $135 a barrel. Every airline on the planet is squealing. So where does the British Airways chief executive stick himself for a few days? Houston, Texas – the energy capital of the world. Few of the 2.1m residents of the fourth biggest city in the […]

Pressure grows on airlines as fuel suppliers demand cash in advance

Airlines are being forced to pay cash in advance for jet fuel as the major oil companies tighten the screws on an industry that is being crushed by an extraordinary surge in the price of crude oil. Sources within the airline industry indicate that credit is being denied to most of the leading American carriers […]

N.Y. Hopes to Ensure Smooth Pedaling for Bike Commuters

NEW YORK — The view from the lens of photographer Mark Weiss’s camera is of a treacherous world of cab drivers weaving into bike lanes, of double-parked delivery vehicles, of car doors opening suddenly, of pedestrians wandering blindly and of narrow passageways between trucks. It is the world of the Manhattan bicycle commuter, which Weiss […]

Top off Exxon Mobil’s greed

Founder’s family says ‘enough’ to unhealthy profits No doubt the Exxon Mobil annual shareholders’ meeting on Wednesday will open with great fanfare celebrating last year’s $40 billion in profits, and all the company is doing to make the world a better place. But not all shareholders are so thrilled about Exxon Mobil’s performance. My family […]

IEA probes fears that oil will run out

Inquiry will examine ‘narrow margin’ in 2012 The International Energy Agency has ordered an inquiry into whether the world could run out of oil, The Observer has learnt. It will consider whether fears about global shortages are real. Observers say that the IEA, which provides authoritative research to OECD countries, is concerned that the supply […]

Pemex Says April Oil Output Drop Biggest in 12 Years

(Bloomberg) — Petroleos Mexicanos, the state-owned oil company, said April crude production fell the most in more than 12 years as output at its largest field declined faster than the company forecast. Crude oil production fell 13 percent to 2.767 million barrels a day in April, Mexico City-based Pemex, as the company is known, said […]

Oil Earnings Camouflage U.S. Profit Weakness

Take away Exxon Mobil, Chevron and ConocoPhillips, and profits at U.S. companies are the worst in at least a decade. Without the $70 billion that oil producers earned in the past two quarters, profits at companies in the Standard & Poor’s 500-stock index tumbled 26 percent and 30.2 percent, the biggest declines for any quarter […]

Oily solutions amid seismic shifts

Dubai: Something must be changing: Afghan poppy growers are dumping opium to grow wheat. Markets are now gripped by a new phrase: “Agriflation” (rising food prices), and all around, clear evidence of seismic changes are afoot as investors adapt to markets dominated by rising commodity prices and indices. Of all the commodities, the shine this […]

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