Boom times wane even in oil-rich Venezuela

CARACAS, Venezuela: Mirina Kakalanos has been forced to double prices at her family’s shoe store in the last year. Customers turn away after browsing the pumps and sandals, but Kakalanos says she has no choice. “There is less money coming in, and more costs to cover,” said the 40-year-old mother of three, whose Greek immigrant […]

Taiwan’s China Airlines cuts flights by 10%

TAIPEI : China Airlines (CAL), one of Taiwan’s leading international carriers, said Saturday it has cut its monthly flights by 10 percent to combat rising oil prices. CAL has cut some 100 passenger flights and about 50 cargo flights from June. “High oil prices have imposed great impact on CAL’s profitability. The flight reductions will […]

US Unable to Paralyze Iran’s Oil, Gas Sector

TEHRAN (Fars News Agency)- A string of recent natural gas deals involving Iran has raised eyebrows in Washington, including a substantial supply agreement with Switzerland and two other deals involving Malaysia and Oman. Following such deals, the US administration sought to put heavy pressures on western states and companies to refrain from cooperating with the […]

Manufacturers Sharing the Pain of High Oil Costs

Surging oil prices are beginning to cut into the profits of a wide range of American businesses, pushing many to raise prices and maneuver aggressively to offset the rising cost of merchandise made from petroleum. Airlines, package shippers and car owners are no longer the only ones being squeezed by the ever-mounting price of oil, […]

Oil explorers find new fields to conquer

As oil reaches $139 a barrel, previously uneconomic reserves are becoming viable FOUR years ago, oil-industry veteran Lawrie Payne was at a loose end in his native Canada and casting around for a new business venture. Then a contact in Britain called On the face of it, it was an odd idea. As president of […]

Alternative energy no quick fix for world – oil execs

ST PETERSBURG, Russia (Reuters) – Alternative energy sources such as solar, wind power and biofuels will not provide the answer to global energy shortages for at least the next 10 years, major oil company executives said on Saturday. Such forms of energy are expensive to develop, despite record oil prices, and would require further research […]

Russia may cut oil taxes by up to $8.4 bln from 2010

Russian oil firms are set to receive another round of tax cuts worth up to $8.4 billion from 2010 as recently approved reductions would not be enough to revive output growth, top officials said on Saturday. The Russian government last month cleared a proposal to reduce the mineral extraction tax on oil, a move that […]

Venezuela to encourage private investment for oil fields

Venezuela says it will encourage investment by private companies in part of the country’s oil-rich Orinoco River basin. Oil Minister Rafael Ramirez says investment in each of three oil fields will be about US$8 billion (IHT

Pakistan to ask Saudi Arabia to defer oil payments

Pakistan is to ask Saudi Arabia if it can defer paying for oil imports worth two billion dollars as it grapples with a deteriorating economic situation fuelled by rise in global crude prices. Pakistan Prime Minister Yusuf Raza Gilani is in the desert kingdom to perform umrah (a pilgrimage to Mecca). Gilani is expected to […]

Canada: Motorists feeling the pinch after oil prices surge

…Many traders predict that oil will hit $150 US a barrel in the next month. Matt Simmons, chairman of an energy financing company in Houston, believes oil prices are still too low. He told CBC News there are “very strong signs” that the global supply of crude oil has levelled out and is probably now […]

Strikers step up pressure on top French oil port

PARIS (Reuters) – Workers at France’s largest oil port of Fos-Lavera near Marseille prolonged on Friday the blockade they started the previous day, the port authority said. The two-day long strike blocked 21 oil tankers from entering the port or from being loaded or unloaded, the port said in a statement. Operations at Fos-Lavera and […]

Fuel, dairy products, beef in short supply in Argentine cities

Buenos Aires – Several Argentine towns experienced a shortage of fuel, dairy products, beef and fresh produce on Friday due to road blockades set up by truck drivers protesting a farmers’ strike. The farmers have been protesting new agricultural tarriffs, and their move sparked protests by drivers suffering from a lack of products to transport. […]

Australia: Clouds loom as oil price soars and petrol hits $1.70

MOTORISTS face petrol prices of up to $1.70 a litre within days and could be paying more than $1.80 a litre by next month after fresh tensions in the Middle East pushed the oil price to a record high. The bad news came as the Federal Government delivered its strongest hint yet that a new […]

Crisis? What oil crisis?

High oil prices may be causing pain for carmakers in America, but they have helped create a booming market in Russia THIS week the death-knell sounded for America’s love affair with pick-up trucks and sport-utility vehicles (SUVs). General Motors (GM) announced a 30% fall in car sales in May, compared with a year earlier, as […]

Forum sees oil peak as world crisis

American way of life may change CAPITAL REGION

Peak Oil 101: Why Isn’t This Class Available Yet in My College?

Currently, the list of academic institutions offering relevant and up-to-date information and courses geared to confront the imminent energy slope is awfully short. If you have ever tried to enroll in your local university for some hands-on Peak Oil learning experience, you may have found yourself disappointed in knowing that no such course is offered. […]

Energy chief: Flat production behind oil prices

AOMORI, Japan – Nations should fight rising oil prices by cutting subsidies and vastly increasing investment in energy, while oil-producing countries need to ramp up output and divulge more information about how much they produce, the U.S. energy secretary said Saturday. Samuel Bodman, attending two days of meetings in northern Japan among energy chiefs from […]

Japan Urges Effort to Combat `Abnormal’ Oil Prices

(Bloomberg) — Japan said five of the world’s major energy consumers, led by the U.S. and China, must work together to tackle oil prices that have risen to “abnormal” levels. Crude oil becomes “a risk to energy security and the global economy” when the price exceeds $130 a barrel, Trade Minister Akira Amari said in […]

Nine meals from anarchy – how Britain is facing a very real food crisis

The phrase ‘nine meals from anarchy’ sounds more like the title of a bad Hollywood movie than any genuine threat. But that was the expression coined by Lord Cameron of Dillington, a farmer who was the first head of the Countryside Agency – the quango set up by Tony Blair in the days when he […]

The Peak Oil Crisis: On Slowing Down

As gasoline prices pass $4 per gallon and begin to eat away at our well-being and the fabric of our civilization, the realization is slowly growing that indeed there is something we can do — slow down. Currently this concept has less than zero traction in Congress. Recent polls show that, in overwhelming numbers, the […]

Mexico, an Oil Producer, Hasn

MEXICO CITY The spat over the missing windfall is about more than government largess, although that is part of the issue. Under Mexican law, a percentage of extra money from high oil prices is distributed to state governors to be spent on public works. (Opposition parties govern most of Mexico

Protests around the globe as oil prices pinch

(Reuters) – Oil prices have doubled over the last year and risen 44 percent this year alone, with U.S. crude surging to a record high $139.12 a barrel on Friday, a troubling rise for energy ministers of the Group of Eight Nations plus China, India and South Korea, who are meeting in northern Japan this […]

The First Signs of

Consumers the world over are beginning to protest at the huge gasoline prices they are paying at the pump. But whilst the world goes crazy over the oil prices, there are worrying signs about what is happening in the gas market that could also spell disaster. But it In the UK, truckers converged on London […]

Peak oil debate will rage as long as doubts remain over Opec

The debate over the cartel’s capacity rages as American legislators look to make it pump more black gold It takes a staggering 20bn barrels a day to feed America’s addiction to oil. Two thirds goes on keeping America on the move. And, with fuel costs at record levels, the nation’s car drivers, airline travellers, haulage […]

UK: Fuel protesters blockade refinery

Protesters formed a human blockade and prevented tankers from leaving Stanlow oil refinery in Cheshire, according to reports. It is the second blockade of the refinery in the last five weeks.Around 500 people gathered outside the refinery, according to one demonstrator. Geoff, 46, a haulage contractor, said the protesters had prevented around 90 tankers from […]

Oil zooms nearly 9 percent higher to record $139

NEW YORK (Reuters) – Oil jumped nearly 9 percent to a record $139 a barrel on Friday, extending a two-day rally to more than $16 as the slumping U.S. dollar and mounting tensions between Israel and Iran attracted a stampede of buyers. Oil prices could top $150 by July 4, one of the busiest U.S. […]

U.S. has few options as oil nations tighten grip

WASHINGTON (Reuters) – Resource nationalism in oil producing countries is cordoning off valuable supplies and the United States has precious few options to battle the trend amid a looming supply crunch. As oil prices marched above $135 a barrel last month — and hit a record $137.79 on Friday — international firms have found themselves […]

Chile Supermarkets Run Out of Food as Truckers Strike

(Bloomberg) — Chilean supermarkets are running out of fresh meat, hospitals may not have enough oxygen and salmon processing plants are shutting down as striking truckers block roads to protest the high price of fuel. The strikers yesterday resolved to extend their protest, originally scheduled to last 48 hours, leaving grocery stores short of basics, […]

Your Primer on the Great ”Peak Oil” v ”Speculators” Debate

On one side is the “Peak Oil” crowd, who believe that the world has now reached its maximum daily oil output and that increasing demand–which is already outpacing supply–will now drive oil prices into the stratosphere.

On the other side is the “Evil Speculator” crowd, which argues that big energy traders are “gaming” the energy markets and adding at least a $30-$40 speculation premium to each barrel.

huffingtonpost

Heinberg: How Do You Like the Collapse So Far?

Take relentless population growth. Add decades of expanding per-capita resource consumption. Simmer slowly over rising global temperatures. What do you get? Traumatic information: that is, information that wounds us through the very act of obtaining it. Everyone knows things are going wrong. But if you understand ecology, you know this in a way that others […]

« Previous Page — Next Page »

LATEST NEWS HEADLINES

• Why the IEA is Wrong About Peak Oil Demand
• Did we inadvertently speed global warming?  
• Venezuela’s Oil Monopoly Eases
• Why Germany is Choosing Natural Gas Over Nuclear Power
• U.S. coal-fired electricity generation decreased in 2022 and 2023

• America Cracks Down on Methane Emissions from Oil and Gas Facilities
• Meet America’s Newest Oil Trader Extraordinaire: Joe Biden
• Is It Time To Refill America’s Strategic Petroleum Reserve?
• Oil prices set to end year 10% lower as demand concerns snap winning streak
• What’s Driving America’s New Oil and Gas Boom?
• China’s peak oil demand bombshell eviscerates Danielle Smith’s energy strategy