Intel spins off solar energy technology

SAN FRANCISCO (Reuters) – Intel Corp, the world’s biggest maker of semiconductors, said on Monday it is leading a $50 million investment round in a new start-up and spinning off solar technology that it had developed. Intel said the solar assets it is divesting will be part of an independent company SpectraWatt Inc, and it […]

Thunder Horse platform finally pumping after three-year delay

BP’s long-delayed Thunder Horse platform in the Gulf of Mexico is finally pumping oil and gas. BP spokesman Ronnie Chappell said today that Thunder Horse started pumping from a single well on Saturday, launching the start of a lengthy commissioning process. “There’s still a lot of work to do. There are other wells to prepare […]

UK: Fuel

A Devon petrol station has been charging About 380 filling stations have experienced supply problems or closed altogether, business leaders said. BBC

Will the World Survive GM Cultures and the Damage to the Earth’s Eco-Systems?

Monsanto and the other major biotech companies – Syngenta, Bunge, Cargill, etc. – are all set on owning the world’s food supply. Monsanto is by far the leader in this nightmare of destroying organic agriculture and millennia-old biodiversity. They have no respect whatsoever for the lives and the livelihood of farmers or, for that matter, […]

Gaza ‘genius’ helps besieged city survive a year of Israel’s blockade

Fayez Annan turns the silver key to start the power, pushes the green button on the standard industrial jog-run-stop switch on the dashboard, and eases the white Peugeot 205 into the main east-west shopping street in Gaza City. With traffic abnormally sparse, thanks to the acute fuel shortages caused by the Israeli blockade, he soon […]

Early And Intense Tornado Season Could Be Record

This year may set records for tornadoes and tornado-related deaths. “The storm track over the last three months was very active across the Rockies and into the East Coast. This active storm track lends itself to more severe weather events, including tornadoes,” said Carbin.

Gazprom CEO’s $250 Oil Forecast Deals Doom Options Traders Love

(Bloomberg) — At $250 a barrel for crude oil, food prices double. The U.S., Japan and Europe plunge into deep recession. Companies go bankrupt. Airlines are nationalized. Sport-utility vehicle sales dry up as gasoline tops $7 a gallon. The scenario may not be unimaginable. Alexei Miller, chief executive officer of OAO Gazprom, the world’s biggest […]

Asian refiners say ‘no thanks’ to more Saudi oil

SINGAPORE (Reuters) – Refiners across Asia said on Monday they were not likely to buy more Saudi crude at current prices, highlighting the kingdom’s challenge in attempting to contain soaring markets by promising extra barrels. The world’s top exporter is set to increase output to 9.7 million barrels per day (bpd) in July, United Nations […]

Saudi Arabia’s Leverage In Oil Market Is Sapped

As Saudi Arabia prepares to host a summit of oil producers and consumers Sunday, it finds itself without its usual leverage over oil markets. Concerned about the long-term impact of soaring prices, Saudi Arabia is limited in its ability to do much about it. The world’s largest oil supplier does have two blunt weapons in […]

How badly are consumers getting squeezed?

Is an extra couple of hundred dollars at the gas pump enough to break the budget of the average American? By itself, maybe not. But rising gas prices are just the latest in a series of blows that have consumers tightening their belts. I have mortgage on my small home in Western Chicago and I’m […]

With oil prices skyrocketing, companies are squeezing every ounce out of wells

…Andreason said oil is getting hard to find in Michigan, and throughout the world. He and other area oilmen say they believe in the theory of peak oil, postulated by Shell Oil geologist M. King Hubbert, who predicted in 1956 that U.S. oil production would peak by 1970. Later, Hubbert predicted world production would peak […]

Saudis May Be Strapped for Oil, Close to Full Capacity

Saudi Arabia’s pledge to boost oil production by 500,000 barrels per day may not be achievable, a source close to the Saudi oil industry told CNBC.com. The New York Times reported on Saturday, citing unnamed analysts and oil traders briefed by Saudi officials, that the production increase was to be announced at a meeting of […]

One way to handle gas prices: Move

More people are looking to live closer to work and shopping, and find relocating saves them hundreds of dollars a month in gas. NEW YORK (CNNMoney.com) — It may seem a bit drastic, but more and more people are taking what is perhaps the ultimate step in cutting gas prices: They’re moving. Peaches Stevens used […]

Eurozone inflation at record 3.7%

Inflation in the eurozone has a climbed to a record level amid higher food and fuel costs, official figures show. The annual rate of inflation in the 15 state zone hit 3.7% in May, according to the Eurostat statistical office. The figure is the highest since 1996, when Eurostat started using the current methodology for […]

Gazprom Aims for $1 Trillion Club on $250 Oil: Chart of the Day

(Bloomberg) — OAO Gazprom Chief Executive Officer Alexei Miller made two forecasts last week that, if they come true, indicate more pain for consumers and a boon for Russia’s government. Oil will reach $250 a barrel “in the foreseeable future,” about 85 percent more than the current price, he said at a strategy briefing in […]

Price jolt: Electricity bills going up, up, up

Here’s a shocker: Electricity bills are heading up. Way up. Utilities across the USA are raising power prices up to 29%, mostly to pay for soaring fuel costs, but also to build new plants and refurbish an aging power grid. Even more dramatic rate increases are ahead. The mounting electric bills will further squeeze households […]

Oil hits record near $140 a barrel on dollar, fire

NEW YORK – Crude oil futures hit a record close to $140 a barrel Monday as the dollar weakened against the euro. Retail gas prices rose to a record $4.08 a gallon. Light, sweet crude for July delivery rose to $139.89 before retreating to trade up $3.62 at $138.48 a barrel on the New York […]

What’s in your future as oil prices rise?

The ancient city of Pompeii was destroyed by the volcano Vesuvius in 79 AD and the majority escaped. But 3,300 people died during the 24-hour eruption, even though there was ample time to flee. Similarly, we see people staying in the path of hurricanes and dying. Humans often fail to appreciate a dangerous situation, make […]

Quest for Oil: Where to Look Is the Question

by STEPHEN POWER and BEN CASSELMAN
The Wall Street Journal

Industry supporters say they can

China puts lid on soaring oil prices

In spite of growing international pressure, subsidies are keeping fuel costs low in China – and feeding the thirst for crude oil, writes Mairtin O’Riada in Beijing. Even though the price of crude oil has ballooned to record highs on international markets, China has remained curiously insulated from the global fuel crisis. Thanks to generous […]

China stands firm on energy price reforms

China reiterated it would push forward with energy price reforms and use economic incentives to encourage energy saving in the world’s second-largest energy user. China has resisted raising pump prices for gasoline and diesel since November amid concern over inflation, even though nearly half its crude oil demand is met by imports and crude costs […]

EU investigates dumping of biodiesel imports

The European Union (EU) has initiated anti-subsidy and anti-dumping investigations of imports of biodiesel from the United States. Examination of complaints lodged by European industry found that an investigation was warranted, with sufficient evidence provided to indicate subsidies to the U.S. biodiesel sector and dumping of biodiesel in the European market, with an adverse effect […]

Analyst: Air fares could double if oil prices keep rising

Airlines may have to double fares this year if crude oil prices rise above $150, industry analyst Michael Boyd warned Friday. Ticket prices will need to jump 80 percent to 100 percent to cover the airlines’ jet fuel if oil prices go that high, he said. “As of June 2008, the entire U.S. air transportation […]

Saudis to pump oil at fastest rate in decades

The world’s top oil exporter Saudi Arabia will boost output next month to the fastest rate in decades to help keep pace with demand and tame what it sees as unacceptably high fuel prices. Riyadh plans to lift output to 9.7 million barrels per day (bpd) in July, United Nations chief Ban Ki-moon said on […]

A closer look at the biofuels future

In the flood of media attention that biofuels have received, it is difficult to distinguish the facts from the fanfare. Generally made from corn, sugarcane, soy and other crops, biofuels for powering automobile engines have been hailed as a panacea that will arrest global climate change, reduce dependence on fossil fuels, ensure energy security and […]

For Italian Scientist, Tobacco Means Cleaner Air

He might not smoke, but an Italian geneticist is convinced that tobacco can make the world a cleaner place by helping to reduce air pollution. After years of research, Corrado Fogher and his team has turned oil from the plant’s seeds into a biofuel to run everything from water boilers to power generators.With this discovery, […]

Japan says close to gas field deal with China

Japan said on Monday it was close to reaching a deal with China on joint development of gas fields in disputed waters, the focus of a long-running spat between the two Asian giants. Talks are now in the final stages, Japan’s top government spokesman said, amid reports that Tokyo may invest in a gas field […]

Hong Kong aims to create oil futures market: financial secretary

Hong Kong is looking at developing its own oil futures market as China tries to counter the effect of the commodity’s rocketing price, the city’s financial secretary said on Monday. The new market would help fix the disparities that Asian buyers face when purchasing oil, which is priced in Dubai, London and New York and […]

Australia: Greenpeace declares war on coal

Greenpeace has called for all Australian coal-fired power stations to be shut down by 2030 as part of a radical energy plan. The group wants an immediate ban on new coal-fired power stations – and extensions to existing plants – and for the Rudd government to plan to close their doors for good.The group has […]

NJ weighs alternative energy bill for farms

TRENTON, N.J. – For centuries, farming has involved plowing the fields and tending to livestock. Soon, farmers in New Jersey may also be tending to solar panels and windmills. New Jersey is contemplating defining solar and wind energy generation as agricultural activity. The measure aims to promote alternative energy sources but has been criticized as […]

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