Petrobras sees Tupi lifting costs below $8.20/bl

NEW YORK (Reuters) – Brazilian oil company Petrobras forecast lifting costs in its Tupi oil field will be lower than its current average $8.20 a barrel by the end of 2010, when the giant subsalt reserve is expected to start producing some 100,000 barrels per day (bpd). A long-term production test of the wells at […]

Fuel price hike triggers protest in Nepal capital

KATHMANDU (Reuters) – Student activists burned tires on roads and blocked traffic in Kathmandu on Tuesday to protest against a hefty increase in fuel prices, but many Nepalis hope the unpopular hike will at least mean smoother supplies. Nepal Oil Corporation (NOC) on Monday increased petrol and diesel prices by about a 25 percent to […]

Malaysia: Hundreds of fishing boats stranded due to fuel shortage

Hundreds of deep-sea fishing boats have been stranded in Tok Bali here for the past 10 days due to shortage of fuel for the boats. Besides the boat operators, this recurring situation is also worrying local residents about the possibility of crime involving fishing crew made up of foreigners. Yee Trading and Resources Sdn Bhd […]

Global forecasters cut non-OPEC oil supply growth

WASHINGTON (Reuters) – The U.S. government’s top energy forecaster on Tuesday raised its projections for 2008 oil prices by nearly 12 percent as oil supplies from key projects in Russia, Norway, Mexico and Brazil failed to relieve tight supplies despite a slowdown in demand growth. The dimming outlook for world production will keep the market […]

Oil price crisis threatens to reverse globalisation

With brutal efficiency, the oil price is beginning to duff up a monster of the 20th century: globalisation. Those great tentacles that gripped our world in a hideous embrace are suddenly weakening and the multinational octopus is looking a bit pale and sickly. The extraordinary rise in the price of crude oil is wrecking outsourced […]

Man’s destruction of Africa revealed

Glaciers, lakes and forests have disappeared from Africa at an alarming rate in the past 36 years, satellite photographs have revealed. The changing face of the continent was brought home to African ministers yesterday when they were presented with an atlas charting the speed of environmental destruction. The loss of ice on Mount Kilimanjaro and […]

UK: Petrol sales fall 20pc as drivers feel the pinch

British motorists are shunning their cars following record rises in the price of fuel, the International Energy Agency said on Tuesday. The IEA, a widely respected body, said that “British motorists are clearly driving less” following a doubling in crude oil prices over the past year Petrol retailers have disclosed that fuel sales dropped sharply […]

The global economy will have to adjust

Short term, there’s no doubt that oil at $250 a barrel would be as traumatic a shock to the world’s economic system as anything that has been thrown at it since the end of the Second World War. It would be worse than the oil shocks of 1973 and 1979. Even as they stand now, […]

Iberdrola backs energy curbs

Oil and gas should be the preserve of makers of industrial goods such as plastics and fertilisers, with consumers relying for the bulk of their energy needs on more sustainable sources such as wind, water and sunlight, according to the head of one of Europe

Fuel prices: how to save

Record prices at the pumps could succeed where 6,000 cameras and millions of pounds in road-safety advertising have failed for decades With the average price of petrol at

UK Energy Minister to ask Saudi Arabia for oil market rethink

Malcolm Wicks, the Energy Minister, is to meet the Saudi Oil Minister this week to discuss global concerns over the soaring price of oil, which hit nearly $140 a barrel on Friday. News of Mr Wicks Mr Miller also forecast that the price of wholesale gas would treble. Most analysts think that oil will be […]

UK: PETROL IS BOUND TO RUN OUT IN STRIKE

PETROL stations will run dry over the weekend causing havoc for motorists if a tanker drivers The strike would be a disaster for motorists because fuel shortages could push record petrol prices even higher. With non-Shell outlets braced for a rush of extra customers, Gordon Brown and the petrol industry urged motorists not to panic […]

Ghana: Oil, Millionaires And the Poor

The question hanging today in the dusty Ghanaian air is: creating few millionaires out of the oil yet to be tapped or putting in place sustainable structures that will ensure lasting prosperity for millions of Ghanaians who have suffered too long? This is what we all want to be sure of. We are all interested […]

No Cheap Oil For Years, Says World Bank

Cape Town – Oil prices were likely to recede from their high levels to between $104 and $108 a barrel only in three to five years as world demand contracted and production increased, World Bank chief economist Justin Lin said yesterday. New technologies, increased energy efficiency and lower consumption would drive down demand and prices, […]

Mozambique: Mozal Suffers From South African Energy Crisis

Mozambique’s production and exports of aluminium will be lower than hoped this year, thanks to electricity shortages in South Africa. Raitt Marshall, managing director of the MOZAL aluminium smelter on the outskirts of Maputo, confirmed on Tuesday that this year would see a reduction in exports, but did not put a figure on this.Speaking at […]

China Using Up Natural Resources Fast, Report Says

China is drawing on natural resources such as farm land, timber and water twice as fast as they can be renewed in its drive for development, a report from Chinese and international environmentalists said on Tuesday. The report said the next 20 years would be critical to correct the situation and put the Asian giant’s […]

China stumbles in forging Russia gas deals

China is a power behind global commodity flows as well as prices. But Beijing has been slow to understand that it is the horse that pulls the cart; the whip hand belongs to the coachman. Chinese negotiators have already made one colossal mistake in pricing their supply of liquefied natural gas (LNG). They are making […]

Japan, US say to cooperate on new ‘ice’ energy

Japan and the United States on Saturday agreed to cooperate on research into methane hydrate, known as the “ice that burns” which is seen as a promising future energy source. Energy ministers from the world’s two largest economies signed the cooperation agreement at a meeting in northern Japan that comes amid mounting concern about record-high […]

Food-related industries launch anti-biofuel campaign

Industry groups representing companies including Kellogg, Tyson Foods and Kroger are coordinating efforts to reduce U.S. biofuels-use requirements with a new “Food Before Fuel” lobbying campaign. The Grocery Manufacturers Association, the American Meat Institute, the National Restaurant Association and other groups say rising corn-based ethanol production is pushing food costs higher. Adding industry muscle to […]

What Congress should do now about gasoline prices

… Gasoline rationing and small car loan subsidies are measures intended to bring oil consumption for private transportation under predictable control and to encourage drivers to adopt small private vehicles. Gasoline rationing has been viewed as a last resort, but it is an essential step toward reducing oil consumption in a planned way while giving […]

Melting Arctic ice could spur inland warming

WASHINGTON (Reuters) – If Arctic sea ice starts melting fast, polar bears and ring seals wouldn’t be the only creatures to feel it: A study released on Tuesday suggests it could spur warmer temperatures hundreds of miles (km) inland. That means a possible thaw in the long-frozen soil known as permafrost, which in turn could […]

With oil prices gushing, crude threats may not be way to counter Iranian menace

As transportation minister, it is certainly part of Shaul Mofaz’s job to help develop mass transit and encourage more people to use it. This weekend he arguably contributed more than his share to this worthy cause. Unfortunately, the effect was certainly inadvertent, and not limited to this country alone. Mofaz’s comments in Friday’s Yediot Aharonot […]

Parties Point Fingers on Gas Prices Legislation

With the average price of gas in the United States now above $4, Senate Republicans today rejected a plan by Democrats to give the president the authority to declare an “energy emergency” and sue OPEC nations, prosecute price gouging, assess a “windfall profits tax” on oil companies and cut down on speculation in the energy […]

Police taking steps to save gas

WASHINGTON “The unintended consequence of some fuel-saving solutions could be a reduction in police services,” Justice Department policy analysts Karl Bickel and Deborah Spence said in a May bulletin to local law enforcement agencies. Jim Pasco, executive director of the Fraternal Order of Police, the nation’s largest police officer organization, says, “Before you make any […]

Watch closely, and you could see cities grow

We’ve all got or heard similar stories. Take a small village I know in the south of France. Thirty years ago there were no street names and just a handful of houses. Now the town has grown so much that the sign signalling the entrance had to be moved further down the hill so the […]

New threat to food system: pricey fertilizer

WASHINGTON/WINNIPEG (Reuters) – It powered the Green Revolution and helped save millions from starvation, but now one of the most important tools on the farm is being priced out of reach for many of the world’s growers. With food prices soaring and stocks thinning, the world is in need of bumper harvests but once one […]

Eni to declare force majeure on Nigeria oil-trade

LONDON (Reuters) – Italian energy firm Eni said on Tuesday it had declared a force majeure on Brass River exports following an oil spill in Nigeria. “There is an oil spill at a line from Tebidaba to Brass. As a precautionary measure, we have declared a force majeure,” a spokesman with Eni said. He did […]

High fuel prices spark protests in Asia and Europe

MADRID (Reuters) – Protesters marched in India, Hong Kong and Nepal over soaring oil prices on Tuesday and Spaniards stockpiled fuel and food, fearing shortages because of a truck drivers’ strike that has halted deliveries. South Korean truck drivers also threatened to strike, increasing pressure on Asian governments struggling to prevent rising prices from breaking […]

Americans fear gas shortages

Poll shows that more drivers are afraid of rationing and long lines at the station than of high prices. NEW YORK (CNNMoney.com) — As much as Americans fret over the rising price of gas, one thing worries them more: the possibility of having to wait in long lines to buy rationed gas. A CNN/Opinion Research […]

Canada: Gas prices run Victoria’s meals off their wheels

Soaring gas prices have helped to kill Meals on Wheels in Victoria, and are threatening the program in other major Canadian cities. Last week, Meals on Wheels in Victoria announced it would be shutting down after 35 years of service, citing gas prices as one of the main reasons. Yesterday, prices in Greater Victoria soared […]

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