Sustained & Rising Oil Price

Does Global Data support Demand/Supply Imbalance? A pro and con argument between Prabhu Guptara, Executive Director, Wolfsberg (UBS), Switzerland vs. mi2g Intelligence Unit (mIU); the ATCA Research and Analysis Wing (RAW) based in Canary Wharf, London; Hamid Hakimzadeh, Hedge Fund Specialist and Global Asset Allocation Modeller, based in Buckinghamshire, England; and Dr Harald Malmgren, Chief […]

Dissolving the plastic bag problem

By rights the world and its dog should now know the name Daniel Burd. For Daniel Burd has an eco-friendly solution for disposing of the plastic bag menace. About half a trillion plastic bags are produced globally each year, but they take up to 1000 years to decompose. In the meantime they can migrate to […]

Gridlocked cities, empty shelves and bloodshed as fury at soaring costs spreads

Worldwide protests over the rising price of fuel escalated today, with the Philippines presidential palace besieged by lorries, fishermen burning their boats in Thailand, and Spanish petrol stations running dry as hauliers blockade major roads. Violence has already claimed lives of lorry drivers on either side of the dispute, while one haulier was nearly burned […]

U.S., UK agencies seek oil trading limits

WASHINGTON The deal between the U.S. Commodity Futures Trading Commission and UK Financial Services Authority would impose limits on positions that trading parties can take in front-month WTI contracts on ICE Futures Europe, the source said on condition of anonymity.

Google to Invest in Green Cars This Summer

Google will be announcing investments in green cars this summer through it

Talking peak oil in the heartland

Arriving in Grand Rapids, Michigan for the ambitiously named For those who expect an alternative fuel or technology to replace oil, the conference held out no hope. Keynote speaker David Goodstein, professor of physics at Caltech, and author of the book, Out of Gas, went through all of the alternatives: coal, natural gas, biofuels, solar, […]

Oklahoma’s painful car culture

Residents used to 70-mile commutes turn to carpooling, public transport as gas hovers at $4 a gallon. Survey ranks 2 Oklahoma cities as vulnerable. NEW YORK (CNNMoney.com) — For many people in Oklahoma, life is built around the car. With several refineries in the region, years of cheap fuel have made it possible for many […]

Conversations along the Highway: Where Gasoline Prices Hit the Hardest

Back when we started writing on this site, I mentioned that it was the time to take vacations that would likely soon become too expensive. In keeping with that, this summer we are taking, what will probably be our last holiday where we drive, in part, just to see the countryside. And so, on Friday, […]

Venezuela’s Chavez predicts oil could reach $200 a barrel

He blamed the falling U.S. dollar, U.S. “threats” against Iran, and what he called “bad management” of the U.S. economy for driving rising prices.

sun-sentinel.com

Cheney Pushes for More Drilling

Vice President Cheney yesterday called for a substantial increase in domestic drilling for oil and other natural resources, including in environmentally sensitive areas, saying that only increased production — and not new technology — will satisfy the nation’s demand for energy. “We are an economy that runs on petroleum. Some 20 million barrels of it […]

World has enough oil reserves, says BP boss

The world is not running out of oil and can continue to produce hydrocarbons for the next 40 years provided restrictions are lifted on where companies can operate, the head of BP said today….

“The defining feature of global energy markets remains high and volatile prices, reflecting a tight balance of supply and demand,” he said, adding that “I am certainly not a subscriber to peak oil (theories).”

rawstory.com

Petrol price spike could spoil carmakers’ SUV plans

A sharp increase in petrol prices could cause serious problems for carmakers that have been gearing up production to cater for what was a rapidly growing market sector for sports utility vehicles (SUVs) in Europe. The vehicles, a big hit in eastern European markets such as Russia, offered carmakers a growing segment in an otherwise […]

Britons fear inflation will double this year

The British public expects the cost of living to soar at more than double the rate of official targets in the coming year, according to the Bank of EnglandLondonTimes

Panic buying over Shell strike leads to queues at filling stations

Queues are building up at filling stations around the country as motorists fill up their tanks in advance of planned strike action by tanker drivers starting tomorrow. Gordon Brown intervened to urge both sides to resolve their differences and hoped a way forward could be achieved. At his monthly press briefing the Prime Minister said: […]

Now, fertilizer riots in India!

KarnatakaCommodityonline

Jet fuel prices in April rose 54% even as demand drops: ATA

Jet fuel prices in April, on average, were up more than 54% from a year ago despite a small decline in consumption, the Air Transport Association said Wednesday. For April, the average price for jet fuel was $3.02 a gallon, a 4.1% increase from its March price, according to the ATA data. Consumption in April […]

Gazprom’s bravado about $250 a barrel oil conceals output jitters

It wasn’t the number that shocked, or even that it was a very big number. Analysts have been issuing scary oil price predictions for some months now and Goldman Sachs recently plumped for $200 (U.S.) per barrel. What was unnerving about this week’s frightening number was that it was Gazprom, the world’s biggest utility, that […]

Russia pips Saudi Arabia as top oil producer

Russia was the biggest crude oil producer in the world in the first quarter of 2008, extracting 9.5 million barrels per day (mbpd), ahead of Saudi Arabia at 9.2mbpd, the International Energy Agency said on Wednesday. The IEA ranks the US as the third-biggest producer with 5.1mbpd, followed by Iran, pumping 4mbpd. China is in […]

Brown to attend Jeddah oil-price talks

Prime Minister Gordon Brown said Thursday he would attend top level talks between oil producers and consumers in Saudi Arabia on June 22 to discuss growing concerns over record-high oil prices. “I will travel to Jeddah in order to work on it with (Saudi) King Abdullah,” Brown told a news conference in London. “I proposed […]

Portugal drivers end fuel strike

Portuguese lorry drivers have ended their strike against rising fuel prices, after a union reached a deal with the government. The distribution of food and fuel is expected to resume in the country within the next few days. But the hauliers’ strike in Spain is continuing, entering its fourth day. BBC

John Michael Greer: Saving science

Last week may just find its place in the history books as the point in time when peak oil became a social fact. Combine a drastic spike in oil prices From today

Oil is too important to leave to market forces

A six-point plan is needed to see off the latest threat to the economic stability of the world …As the banking crisis has eased, however, a far greater danger has emerged to global prosperity: the price of oil. It looks increasingly as if this is another challenge that cannot simply be left to market forces. […]

South Korea: Global Struggle Emerges for Oil Reserves

The soaring price of crude has put control of the world’s oil market into the hands of a few oil producing countries. Just a few decades ago, multinationals like Exxon, Mobil and Chevron were the industry’s bigwigs. But starting in the 1970s the oil producing countries founded their own national oil corporations that blocked foreign […]

Turning Off the Taps

You don While the experience of North Sea oil production provides yet another useful example of the validity of the Peak Oil theory, what concerns us today is a critical but usually overlooked aspect of the discussion; exports. At the time that the North Sea peaked in 1999, the U.K. was exporting 1 million barrels […]

After the oil crunch?

The end of cheap oil helps renewables, but makes far dirtier alternatives viable. A low-carbon future will demand brave leadership There are two competing explanations for today’s high oil prices. One sees the price rise as the result of a temporary imbalance between supply and demand, exacerbated by a weak dollar and a bubble of […]

Oil Execs: What Do They Know?

Oil executives: “What do they know?” The spectacle of an industry lobbyist decrying the prospects of increased regulation is very much dog-bites-man, as far as news value goes. But there’s something especially annoying about the comments made by John Damgard, the president of the Futures Industry Association, in a five-minute video snippet produced by the […]

Climate chaos is inevitable. We can only avert oblivion

Sometimes we need to think the unthinkable, particularly when dealing with a problem as dangerous as climate change – there is no room for dogma when considering the future habitability of our planet. It was in this spirit that I and a panel of other specialists in climate, economics and policy-making met under the aegis […]

EU natural gas pipeline project gets first order

BERLIN: After months of delays and setbacks, Nabucco, the European Union’s ambitious natural gas pipeline project, received its first supply order, the EU said Wednesday. The order is to ship gas from Azerbaijan for sale to Bulgaria. The pipeline, planned to open in 2013, was designed to reduce European dependence on Russian natural gas. Under […]

U.S. House approves Amtrak funding

WASHINGTON (AP) — A nearly $15 billion Amtrak bill passed the House on Wednesday as lawmakers rallied around an alternative for travelers saddled with soaring gas prices. The bipartisan bill, which passed by a veto-proof margin of 311-104, would authorize funding for the national passenger railroad over the next five years. Some of the money […]

Obama, McCain differ on energy policy

McCain would mandate reductions in greenhouse gasses, then largely rely on the free market to spur conservation. In order to ease the pain of high gas prices he also wants to suspend the federal gas tax. Obama would tax oil companies and use the money to help low income people. He would also restrict greenhouse […]

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