Eating only what grows around you

Once the purview of foodies and hippies, ‘locavorism’ is going mainstream When Katherine Gray takes her kids to the grocery store, they can pick out as many apples and pears as their hearts desire. But bananas? Pineapples? Mangoes? Sorry kids, if they weren Recently, however, a small but devoted number of Americans have started to […]

New forces fraying U.S.-Saudi oil ties

Surging prices, along with a weak dollar and an oil-thirsty Asia, have blunted America’s leverage with the key oil producer and helped sour the two nations’ relationship. WASHINGTON — For decades, Saudi Arabia worked with its dominant customer, the United States, to keep world oil markets stable and advance common political goals. But the surging […]

Energy agency sees slowdown in oil demand

PARIS: Global demand for oil is likely to be slightly lower than previously estimated as the effect of shrinking government subsidies for fuel in Asia softens demand in the region, the International Energy Agency forecast Tuesday. The agency forecast in its monthly Oil Market Report that global oil consumption would average 86.8 million barrels a […]

Shortages bite in Spanish strike

A growing number of petrol stations in Spain are running out of fuel, as lorry drivers continue to blockade major cities in a protest over diesel prices. With the strike in its second day, worried motorists cleaned garages out of fuel, and some food markets have also started running out of produce. Catalan authorities are […]

Oil prices push trade deficit to 13-month high

WASHINGTON The deterioration in the deficit was driven by a $4.3 billion increase in crude oil imports which jumped to a record $29.3 billion in April, as the average per barrel price rose to an all-time high of $96.81. Oil imports are expected to climb further in coming months given that crude oil has continued […]

Flying Stinks — Especially for the Airlines

Travelers’ Mounting Woes Reflect Carriers’ Attempts To Deal With High Fuel Costs You can fly between New York and Los Angeles for as little as $370 round-trip, not including taxes and government fees, on JetBlue, and $20 more on American. And out of that, how much will the airline spend on fuel? Almost $300 per […]

Soaring costs are squeezing gas station owners too

Andre van der Valk hasn’t been paid in six months. He has a job, though, as owner of four service stations in Southern California. He hasn’t taken a salary this year so he can pour all his money into buying fuel for his stations. Despite the jaw-dropping prices at the pump — they jumped 19 […]

TOD: Robert F. Kennedy on Defining GDP and Some Other Thoughts

A number of days ago, on a website of a particularly enlightened economist, I came across an excerpt from a speech given by Sen. Robert F. Kennedy on March 18, 1968, at the University of Kansas. He was on the campaign trail in the US 1968 presidential race, and that context makes these words even […]

Gazprom sees $250 oil next year

DEAUVILLE, France A spokesman said the company, which is also one of Russia’s largest crude producers, expected the price to hit the $250 (U.S.) a barrel level sometime in 2009. Gazprom exports gas to Europe at prices linked to oil products. Mr. Miller said the current gas price was $410 per 1,000 cubic metres and […]

BP chief bets ‘peak oil’ backer ouput will keep rising

BP Chief Executive Officer Tony Hayward is putting money on the line to dispute the theory of peak oil, according to his counterparty in the wager Kjell Aleklett, a professor at Sweden’s Uppsala University. Hayward bet Aleklett the price of one barrel of oil in 2018 that global crude production will be greater than the […]

OECD official urges that biofuel subsidies be scrapped

An OECD agriculture official urged on Monday that biofuel subsidies be scrapped, saying this was the quickest way to fight rising food prices. Stefan Tangermann, agriculture director for the Organisation for Economic Cooperation and Development said: ‘I call urgently for reduced support for biofuels. ‘It is the only lever on which we can act rapidly,’ […]

S.Africa braces for soaring World Cup costs

Two years ahead of the 2010 World Cup, organisers in South Africa are facing soaring costs for building stadiums in addition to worries over xenophobic violence, power shortages and rampant crime. Organising committee chief executive officer Danny Jordaan told Reuters he expected the final cost for the construction and renovation of 10 venues for the […]

Lula Says Oil Companies Make `War’ Against Brazilian Ethanol

Brazilian President Luiz Inacio Lula da Silva said oil companies are in a “commercial war” against Brazil’s sugar-cane ethanol, rejecting accusations it causes deforestation and relies on slave-labor working conditions. “I believe the main attacks against biofuels come from oil companies,” Lula said today in his weekly national radio program broadcast. “We are aware of […]

A Harsh Season (Kunstler)

The banking Kunstler

Uganda: Country Searching for Options After Oil Find

From the scanty information being released, it appears that the crude oil discovered by Tullow Oil at Mputa in western Uganda is heavy, waxy and low sulphur. This is both good and not so good news. Good news because the quantities are large enough to be commercially viable. The prospective, quantities are large enough to […]

BP chief: Era of cheap oil over

The era of cheap oil is over and fuel subsidies in a high price environment is not sustainable, according to BP Plc group chief executive Dr Tony Hayward. TheStar

Bernanke’s inflation focus boosts dollar

Tough talk from Federal Reserve Chairman Ben Bernanke on the need to hold down inflation expectations boosted the U.S. dollar against most major counterparts Tuesday, analysts said. “The Federal Open Market Committee will strongly resist an erosion of longer-term inflation expectations, as an unanchoring of those expectations would be destabilizing from growth as well as […]

Oil shale can ease fuel pain

Riding the public outcry on soaring oil prices, Rep. Chris Cannon is introducing legislation that would allow the president to skip the red tape on permitting oil shale extraction. It’s a move aimed at speeding up what Cannon calls a vast domestic energy source. Utah, Colorado and Wyoming hold what some oil shale supporters say […]

China May car sales rise 16 pct yr/yr

Car sales in China, the world’s second-largest vehicle market, rose 15.59 percent in May from a year earlier to 564,600 units, the country’s official industry association said on Tuesday. Vehicle sales, including cars, buses and trucks, rose 17.04 percent to 835,500 units in May, according to official data from the China Association of Automobile Manufacturers.Reuters

Iraq to announce 1st round oil tenders this month

The Iraqi Oil Ministry this month will announce the first round of tenders to develop several vast oil fields, a spokesman said Monday. About 35 out of more than 70 international firms are qualified to compete for development of Iraq’s oil reserves, seen as vital to supplying funds for rebuilding the shattered country. Among the […]

Nigeria’s oil unions to meet Chevron to avert strike

Nigeria’s oil workers’ unions are to hold talks on Tuesday with local senior officials of the US giant Chevron to avoid a strike that could paralyse production, a labour leader said. The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) deputy secretary general Lumumba Okugbawa said the talks were aimed at addressing grievances […]

Gadfly, Contending Price Fixing, Sues OPEC

With Democrats in Congress demanding a get-tough-or-else approach to the oil industry, Larry Klayman decided heNYTimes

Hybrid Vehicles Fly Off Dealer Lots, Supply Challenges Mount

Demand for gas-electric hybrids has been surging overall as consumers increasingly opt for fuel-sipping cars to combat high gasoline prices. The Prius, the first mass-market hybrid and the most iconic hybrid name, is at the vanguard of the trend, with U.S. dealerships recently measuring their Prius inventories in hours, not days. At the end of […]

As gas costs climb, driving dwindles

Two-thirds of Americans have already changed how much they drive due to high prices at the pump, according to a poll commissioned by Access America Travel Insurance and Assistance. Seventy-four percent of those polled said they would drive less, once gas hits $4 per gallon. Eighty-five percent said $5 costs per gallon would motivate driving […]

China braces for leap in gas prices

The nation, which subsidizes fuel costs, is expected to boost prices as the cost of crude oil soars. SHANGHAI — The lines are getting longer, and Tang Yao is finding fewer gasoline stations open in his neighborhood here. But the 48-year-old motorist has no gripes about the price at the pump. While consumers in much […]

Oil prices: Europe threatened with summer of discontent over rising cost of fuel

Concerns were growing last night over a summer of coordinated European fuel protests after tens of thousands of Spanish truckers blocked roads and the French border, sparking similar action in Portugal and France, while unions across Europe prepared fresh action over the rising price of petrol and diesel. Spanish hauliers began an indefinite strike, demanding […]

Personal carbon trading goes real time

Drivers filling up with fuel will, from today, be able to participate in a trial for the world’s first real-time personal carbon trading scheme. Up to 1,000 volunteers will be able to use their Nectar shopping loyalty cards at any BP garage to record how much fuel they have purchased Each volunteer will be given […]

UK: Strike talk activates emergency oil plans

Ministers have activated emergency procedures with the oil industry ahead of a threatened four-day strike by tanker drivers, amid fears that filling stations across Britain could start running out of fuel from this The emergency measures

Speculators caught short by crude price

Speculators lost money in last week Nymex, the commodities exchange, revealed that the number of outstanding contracts

Natural gas prices at an all-time high

In a normal year, now is the time when natural gas prices dip between seasons … Struggling with prices at the pump, most customers haven’t yet noticed the natural gas problem because they’re not heating their homes and therefore not buying that fuel in volume. Because electric companies lean on natural gas-fired plants in the […]

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