Gas price ‘bubble’ could burst this summer

WALNUT CREEK The rule of thumb is that every $10-a-barrel increase in the price of crude oil translates to a 25-cent-a-gallon increase. Light sweet crude oil dropped $3.04 to settle at $131.31 a barrel on the New York Mercantile Exchange on Tuesday. Some experts

Norway’s May oil output rises to 2.11 mln bpd

Norway’s oil production rose to a preliminary 2.11 million barrels per day on average in May from 2.03 million in April, Norwegian energy officials said on Wednesday. Production of natural gas liquids (NGL) and condensate rose to a preliminary 371,000 barrels per day in May from 355,000 in April, the Norwegian Petroleum Directorate said in […]

Death Of The S.U.V. — Why Now?

After decades of speeding down a trouble-free road of success, the Sports Utility Vehicle (S.U.V.) hit a major oil slick in 2008, spinning out of control and plunging hood-long over the cliff’s edge. In case you missed the accident report, here are the gruesome details: First quarter Elliotwave

Fuel shortages in Guinea Bissau and Senegal lead to power cuts

Fuel shortages in the poor West African nation of Guinea Bissau and its bigger neighbour Senegal have led to days of power cuts and disruptions of the water supply, residents reported Tuesday. In the capital of Bissau the seven gas stations have been closed for almost two weeks, a situation that has seen a skyrocketing […]

Poor Harvests May Worsen Global Food Shortages

A universal saying among farmers is that high prices never last, because they encourage production that fills the demand and drives down the prices. The current crisis is testing that theory. With costs soaring for fertilizer and diesel, the expenses of farming are so high that the urge to plant more is battling, in some […]

Emulate Japan to cope with oil shocks

With the price of oil rocketing to the unprecedented level of US$130 a barrel and more, there is a talk of another oil shock. Unlike past instances, this one is unlikely to subside and may indeed keep intensifying. The only way out is for Western nations, the gluttonous users of petroleum, to cut their consumption […]

BP’s Thunder Horse oil field set for June 14 start

NEW YORK (Reuters) – Oil major BP Plc has told the U.S. government it will begin early oil production from its giant Thunder Horse field in the U.S. Gulf of Mexico on June 14, a spokeswoman for a U.S. regulator said Tuesday. The long-delayed field, 150 miles southwest of New Orleans, will produce a maximum […]

China’s oil imports up by double digits in first 5 months

China’s oil imports posted double-digit growth in the first five months of 2008 as global crude prices more than doubled from a year earlier, the General Administration of Customs said Wednesday. The country imported 75.97 million tons of crude oil, up 12.7 percent from a year earlier, with average prices rising 64.1 percent to 689.9 […]

An Update on the Renewable Energy and Energy Efficiency Tax Credits

The Senate today rejected the House bill H.R. 6049 that would have extended the renewable energy and energy efficiency tax credits that would otherwise expire at the end of this year. (You can see if your congressperson voted for or against the measure with the vote lists under the fold). However, this is NOT the […]

Book Review: Profit from the Peak

One of the threats from peak oil is the potential for financial ruin as oil prices run up. If you were invested in airline or automotive stocks through the recent run up in oil prices, you have probably seen those investments lose a lot of value. If, on the other hand, you were invested in […]

Nigeria: Ogoni People Jubilate Over Sacking of Shell

Thousands of Ogoni of Rivers State took to the streets of Port Harcourt, Monday, jubilating over the sacking of Shell Petroleum Development Company by the Federal Government from their land, and the resolve to replace the oil giant with another oil prospecting company. The people carried placards with various inscriptions, some of which read “Non […]

Iraqi oil and peak oil: our true ‘flawed intelligence’

Down in mythical Mosquito County, the Sunshine Reporter emerged from retirement long enough to talk with freshman journalists over at the community college about a subject close to his heart: how the media’s failure to understand energy has helped to keep us all stupid about the big changes that are coming down. Their conversation speaks […]

Energy surge prompts move to 4-day work week in US

WASHINGTON (AFP) – Skyrocketing energy costs have fueled fresh interest in the four-day workweek across the United States as a means to help workers as well as employers cope with the surge. In Birmingham, Alabama, city officials decided to implement a four-day week starting July 1 for some 2,400 municipal employees and later in the […]

Fuel Prices Challenge Cars’ Reign

$4 Gas Transforms Buying Habits, Affecting Everything From Vacations to Pizza Orders Gasoline prices, which shattered the $4-a-gallon mark on average in the Washington area Friday, ranged as high as $4.39 a gallon for regular yesterday amid signs that cash-strapped Americans are changing vacation plans, consolidating errands, and turning to carpools and mass transit. …”The […]

World oil output falls for first time since 2002

LONDON (Reuters) – World oil production fell by 0.2 percent in 2007, the first decline since 2002, and proven oil reserves were flat, BP Plc said in an annual review released on Wednesday. Production fell by 130,000 barrels per day (bpd) last year to 81.53 million bpd and reserves were essentially flat at 1.24 trillion […]

BP chairman rejects ”apocalyptic” talk of $250 oil

BRUSSELS (Reuters) – The chairman of British oil major BP (BP.L) rejected as “apocalyptic” a prediction by the head of Russian gas giant Gazprom (GAZP.MM) of oil prices soaring to $250 a barrel by the end of next year. BP chairman Peter Sutherland told the European Policy Centre on Wednesday there was no problem with […]

Petrobras New Rig, Ship Deals to Hit Global Capacity

Brazilian state-run oil giant Petroleo Brasileiro SA (PBR) is planning a major expansion in its fleet of oil rigs, tankers and support vessels, a program that will have a major impact on worldwide capacity for such equipment, the company’s president said Tuesday. “We know this will affect capacity worldwide,” the firm’s president, Jose Sergio Gabrielli, […]

World Faces `Oil Crisis;’ IEA Ready to Tap Reserves

(Bloomberg) — The world faces an “oil crisis,” and the International Energy Agency stands ready to release emergency stockpiles even as the biggest consumers discuss measures to contain spiraling demand, the agency’s chief said. “Any major oil-plant accident can cause a supply disruption,” Executive Director Nobuo Tanaka said in an interview in Tokyo. “We at […]

Spanish gas groups fear reliance on Algeria

The debate on energy security in Europe has previously centred on northern Europe’s dependence on Russian gas and overlooked southern Europe’s high dependence on Algerian gas. But that is about to change. The north African country is a significant gas supplier to Italy, Spain, France, Portugal and Turkey. It will become even more important when […]

Israel: Egypt wants more money for gas

A years-old agreement between Egypt to sell natural gas to Israel may take new form, and mainly a more expensive price, after dramatic but secret talks between the two countries. Egypt may be willing to supply more gas to its natural-resource-poor neighbor, possibly at the price of reopening the original agreement. Spurred by opposition anger […]

Renewable Energy

We’ve seen it with computers, now we’re seeing it in solar power. Down the track, the result will be be clean, green, safe, cheap solar electricity — years before carbon capture and storage and nuclear power is ever even ready. The reason is “The Learning Curve.” It’s as powerful a force in economics as the […]

China Orders Coal Companies to Increase Production

Amid coal shortage in some localities, China’s State Administration of Coal Mine Safety on Sunday issued an urgent circular ordering domestic coal companies to increase production on the premise work place safety be ensured. The administration required state-owned coal mines to “take effective measures” to increase coal output and meanwhile step up safety management.In the […]

Eco coal power may cost ‘double’

Electricity produced from the next generation of clean coal power stations could be twice as expensive as other coal-fired stations, BBC File On 4 has been told. The government’s hopes for early success in defeating global warming by cleaning up coal fired power stations have been challenged by a leading power generator.An executive at RWE […]

China Plans More Nuclear Reactors, Uranium Imports

China, the world’s second-biggest energy consumer, will exceed its target of adding 40 gigawatts of nuclear-power capacity by 2020, and will boost uranium imports to supplement domestic reserves of the fuel. The country will increase its nuclear-power capacity to at least 60 gigawatts by the end of the next decade, Wang Yonggan, secretary of the […]

US Urges Energy Cooperation With China

The Bush administration says the United States and China face daunting energy challenges that the two nations should confront together. VOA’s Michael Bowman reports from Washington, where Treasury Secretary Henry Paulson spoke before next week’s meeting of the U.S.-China Strategic Economic Dialogue. The United States remains the world’s largest consumer of energy, but China’s energy […]

A New Wind Power Design Good For Rural And Urban Environments

Wind power is one of the fastest growing forms of alternative energy in the world. More and more, wind power mills are seen in the countryside, in large wind farms and for the most part, away from city life. But a new form of “wind power” is now designed to work in an urban environment.Wind […]

European system for cutting CO2 emissions is working well: Lessons to be learned

In a bid to control greenhouse gas emissions linked to climate change, the European Union has been operating the world’s first system to limit and to trade carbon dioxide. Despite its hasty adoption and somewhat rocky beginning three years ago, the EU “cap-and-trade” system has operated well and has had little or no negative impact […]

Capture carbon to avert catastrophic climate change, say world’s scientists

The world must have a clear plan to fit power stations with facilities to capture carbon dioxide within a year to prevent “catastrophic” climate change, the world’s leading scientific bodies said today. But the warning came as Britain’s support for the technology was blasted as “woefully inadequate” by experts. The Royal Society, along with the […]

Senate Republicans block taxes on oil profits

They halt Deomcrat proposal that would cost companies billions WASHINGTON – Saved by Senate Republicans, big oil companies dodged an attempt Tuesday to slap them with a windfall profits tax and take away billions of dollars in tax breaks in response to the record gasoline prices that have the nation fuming. GOP senators shoved aside […]

America

6 Million Families may Need Help Paying Their Electric Bills As if record gasoline prices werenThat

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