High fuel costs dampen fishing

Down here in the so-called TimesLeader

Gas prices climb to record $4.10

Gasoline is costing U.S. drivers a record $4.10 per gallon on average, but pump prices may be at a peak and could start to come down, an industry analyst said on Sunday. That optimism is linked to a pledge by Saudi Arabia to pump more oil in response to consumer countries’ requests, according to Trilby […]

GM will build hybrids at Oshawa plant, CAW says

General Motors has changed its mind and will build hybrid pickup trucks in Oshawa, Ont., after all. So says the Canadian Auto Workers union, which added that assembly of the hybrid truck will begin in the fall. CAW local 222 president Chris Buckley told CTV Newsnet on Saturday that GM’s move was a GlobeandMail

China securing access to Middle East oil

Dubai recently announced its partnership with China in the creation of a billion dollar investment fund. Saudi commitment to double oil exports to China by 2010. These two announcements exemplify ChinaAustralia.to

Obama calling on tighter regulation, investigation, of oil markets.

Senator Barack Obama today announced his plan to crack down on excessive energy speculation and fully close the ChicagoSunTimes

Gas-hog owners can’t sell them

Tammy Fontanilla loves her red 2004 Dodge Ram pickup truck, but when gas prices began to soar last year, she felt she had no choice but to put it up for sale. Problem is, there’s little demand for a vehicle that gets 13 miles per gallon and costs nearly $100 to fill up. “Nobody is […]

Nigeria Oil Output At Lowest In 25 Yrs -Official

Nigeria is pumping oil at its lowest level in 25 years, following militant rebel attacks on facilities in recent days operated by Royal Dutch Shell PLC (RDSB) and Chevron Corp. (CVX), a senior Nigerian oil official said Sunday. Nigeria, which has in recent months been overtaken by Angola as Africa’s biggest oil producer, is now […]

Saudi king lambasts speculators at oil price summit

Saudi Arabia’s King Abdullah condemned oil “speculators” on Sunday at a summit on the spiralling price of crude which called for greater transparency in market dealings. The monarch, who said Saudi Arabia would give 1.5 billion dollars to efforts to ease energy shortages in poor nations, told the 36-nation summit his country was “very concerned” […]

Are we really ready for this financial storm?

The oil spike is viewed as a consequence of low interest rates and the decline of the dollar, which has ignited a speculative boom in commodity prices, similar to the dot.com bubble which burst in 2000 and the real estate bubble which has been imploding since 2006. This is a highly unstable situation. It has […]

Oil producers may cut production, Libya warns

June 21 – Some oil-producing countries may defy the west by cutting production, Libya warned today, ahead of an emergency meeting of oil producers and consumers in Saudi Arabia. Shorki Ghanem, the chairman of Libya’s National Oil Corporation, told Reuters in advance of the meeting in Jeddah: “Some countries may think of increasing production, but […]

Can Congress really lower gas prices?

WASHINGTON The truth is that despite the flurry of bills being debated on Capitol Hill, Congress cannot control the global price of oil nor offer real help for beleaguered American drivers now or in the near future, analysts say. Many of the solutions lawmakers are proposing

Some signs of relief on gasoline prices

But short-term pressures may keep them up for a while. New York – Some of the long-term factors that have pushed oil prices to record levels are starting to change. In large part because gasoline prices are over $4 a gallon, demand for fuel in the US is falling for the first time in 17 […]

Little hope oil summit will cut prices: Shell

JEDDAH, Saudi Arabia (Reuters) – Crisis talks over record high oil prices are unlikely to quickly turn the tables on roaring markets, the chief of Royal Dutch Shell said on Sunday. “What I’ve heard so far are basically all good ideas, but it will probably not change the price tomorrow morning,” Shell (RDSa.L: Quote, Profile, […]

Is everything spinning out of control?

WASHINGTON – Is everything spinning out of control? Midwestern levees are bursting. Polar bears are adrift. Gas prices are skyrocketing. Home values are abysmal. Air fares, college tuition and health care border on unaffordable. Wars without end rage in Iraq, Afghanistan and against terrorism. …The can-do, bootstrap approach embedded in the American psyche is under […]

Hawaii: Peak Oil Canary in a Coal Mine

Hawaii seems to come up often in the thinking of people aware of peak oil. On one hand, it seems like an ideal place to relocate after peak oil – no need to worry about heating a house; clothing is mostly for protection from the sun; and crops can be grown year around. On the […]

Next Great Depression?

Greed and high oil prices could spark meltdown …While we debate nationalized energy vs free capital forces, and whether I’m a Marxist or not — dire warnings are hinting that if we don’t stop this madness, we’re heading to the biggest meltdown since the Great Market Crash of 1929 and the next Great Depression. “A […]

You. Will. Not. Be. Able. To. Get. Food. – report on trends

The empire of cheap food is crumbling You. Will. Not. Be. Able. To. Get. Food. Need this be spelled out any more plainly? It is time to consider that the stage has been set for petroleum-induced famine. We have “innocently” accommodated rising population with greater and greater food production via technology and the profit motive. […]

Minister: Saudi Arabia can increase oil production

JIDDAH, Saudi Arabia – Saudi Arabia is willing to produce more oil if customers need it, the kingdom’s oil minister said Sunday without citing any specific output increase. Saudi Arabia, the world’s largest oil exporter, has been under intense pressure from the U.S. and other oil consumers to increase its crude output to help slow […]

Iranians told to save energy or face loadshedding

TEHRAN: Iranians on Saturday were told to cut their electricity consumption by 10 per cent or face daily power cuts because of a severe drought and low production by hydroelectric power plants. Residents of the capital Tehran could face up to four hours of blackouts each day, officials said according to media reports.

Hope springs eternal but the oil won’t: a Russian lament

BP should have seen strife coming, but more pressing is the exhaustion of fields on which we’ve come to depend, says David Strahan It must be lonely being Tony Hayward. As the oil price continues to soar, there is a gathering consensus that global production of the black stuff is nearing fundamental geological limits. Yet […]

Oil

AT a time of record gasoline costs and surging oil prices, oil companies are in an increasingly uncomfortable position. They are blamed by both the public and Congress for the current energy crisis, but complain about being hamstrung in their own search for energy sources. Before heading to Saudi Arabia for an emergency energy summit […]

Fuel fears have US over a barrel

REFINED, distilled and then burnt, petrol’s explosive power propels the world’s largest economy. But its soaring price is punching holes in the US engine – and the rest of us are anything but immune. The globe’s thirstiest energy consumer is reeling from high petrol prices, with a barrel of oil hitting $US137 ($145) on Thursday’s […]

Clean Coal – Pipe Dream Or Next Big Thing?

(CBS) Much has been made about the skyrocketing price of oil lately, with some saying that drilling in environmentally sensitive areas is a possible solution. But, as CBS News correspondent Wyatt Andrews reports, utilities are testing technology to make one of America’s most abundant fuel source – coal – a cleaner alternative. Coal is, by […]

Dotcom crash, credit crunch, oil bubble?

LONDON (Reuters) – The Dotcom boom and bust shook the world economy almost a decade ago, last year the credit crunch seized up financial markets, now an oil price bubble may cause more havoc. A rapid price surge, big investment inflows and a chorus of bullish analysts are some of the characteristics of the oil […]

U.S. cities cut services, raid reserves on fuel cost

NEW YORK (Reuters) – Surging fuel prices are forcing cities across the United States to cut back on services and dip into cash reserves to keep their fleets on the road, according to a survey released on Friday. Ninety percent of the 132 mayors surveyed by the U.S. Conference of Mayors reported that climbing fuel […]

Nigeria Orders Crackdown in Volatile Oil Region

Nigerian President Umaru Yar’Adua has ordered a military offensive to curb the rising mayhem in the oil-rich Niger Delta. The action comes days after oil rebels attacked a key petroleum facility in the region. Gilbert da Costa has more for VOA in this report from Abuja. The president’s spokesman, Segun Adeniyi, told reporters that a […]

FOX News Poll: Americans ‘Energized’ for Action

As gasoline prices move well past $4 per gallon, Americans seem stunned A slim majority (53 percent) supports drilling in a small area of the Alaska National Wildlife Refuge

U.S. May Free Up More Land for Corn Crops

CHICAGO — Signs are growing that the government may allow farmers to plant crops on millions of acres of conservation land, while a chorus of voices is also pleading with Washington to cut requirements for ethanol production. The idea of easing ethanol mandates, while it would also lower the price of corn, is contentious. “There […]

Small farms best for environment: organic group

MODENA, Italy (Reuters) – Small-scale, not industrial farming, is the answer to food shortages and climate change, organic farmers argued this week. Meeting at the Organic World Congress this week, the International Federation of Organic Agriculture Movements IFOAM — www.ifoam.org — criticized a recent U.N. food summit for touting chemical fertilizers and genetically modified (GM) […]

Daimler to offer electric Mercedes in 2010: report

FRANKFURT (Reuters) – Daimler plans to roll out a Mercedes-Benz model that runs on electricity in 2010, its chief executive said in a newspaper interview. “We plan an electric Smart for 2010 and for the same year a Mercedes (electric) model as well,” Dieter Zetsche told Frankfurter Allgemeine Zeitung in comments to be published in […]

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