An ill wind for gas prices

Traders say that even though you’re already paying for the hurricane season, the price could spike to $6 a gallon if catastrophe strikes. NEW YORK (CNNMoney.com) — Batten down the hatches: hurricane season starts on June 1. It’s expected to be a rough one, threatening to upend refineries and disrupt pipelines in the southern United […]

Shell CEO, like OPEC, sees no oil shortages now

KUALA LUMPUR (Reuters) – Royal Dutch Shell Chief Executive Jeroen van der Veer said on Monday he did not see any shortage of physical oil supplies, echoing the view of many OPEC ministers who say the world market is well-supplied. Oil prices have risen more than fourfold since 2004 and gained about a third this […]

Oil and Gas Industry Battens Down the Hatches for 2008 Hurricane Season

June 1 marked the beginning of the Atlantic hurricane season, a dangerous, high-risk five-month stretch for any company operating in the Gulf of Mexico. Hurricane preparedness is essential to the oil and gas industry in the Gulf of Mexico, a fact underscored by hurricanes Katrina and Rita, which in 2005 caused widespread destruction throughout the […]

Running on empty: With less in tank, more get stranded

AP — Brent Saba had just dropped a church group off at Philadelphia International Airport on Sunday morning and was heading north on Interstate 95 when it happened: His 15-passenger van ran out of gas. Saba, a 24-year-old church pastor, made it to the shoulder just past the Ben Franklin Bridge and waited more than […]

Is A Net Oil Export Hurricane Hitting the US Gulf Coast?

…The simple mathematical model I have been using to talk about our export situation is called the Export Land Model (ELM). Recently, data and media reports have shown that the concerns I have expressed about our export situation are growing more valid each day. Venezuela and Mexico are critically important to the US because of […]

Review of Dmitry Orlov’s Reinventing Collapse

Dmitry Orlov’s new book, Reinventing Collapse: The Soviet Example and American Prospects, was published very recently. I pre-ordered a copy because Dmitry has had first hand experience with the collapse of the Soviet Union, and he believes, as I do, that economic collapse is likely to come first, if a society is on an unsustainable […]

A reduction in human numbers is inevitable

The current array of global crises is more intractable than we realise First, a climate crisis, then an energy crisis, now a food crisis. No wonder we’ve forgotten the poverty crisis that was declared the mother of all crises by the G8 only a year ago. Yet, our success in tackling these predicaments doesn’t seem […]

Yuba homebuyers face mounting commuting costs

Gracie and Louis Prado moved to Yuba County’s new commuter subdivisions later than most people, arriving just 16 months ago from Elk Grove. But they came for the same reason thousands did since 2002: more elbow room and a big house for less money. Yet the trade the Prados made for a bargain home just […]

Airlines Face

ISTANBUL At its annual meeting here, the association urged governments to roll back regulations that they argue are damaging the industry at a time when many carriers are in a

Iran Expands Fleet of Oil Tankers Idling in Persian Gulf to 14

(Bloomberg) — Iran, OPEC’s second-largest oil producer, increased the number of tankers idling in the Persian Gulf to at least 14, indicating it may be storing more crude, ship-tracking data show. Iran has at least 14 very large crude carriers, or VLCCs, floating near Kharg Island, a loading facility. In April, there were 10, holding […]

Soaring fuel prices drive some to try four-day workweeks

Escalating gas prices are prodding businesses and local governments to take a drastic step to curb costs: Many are cutting back to four-day workweeks, with employees generally working four 10-hour days instead of five eight-hour days. In most cases, they’re acting because of pressure from employees who want shorter workweeks, which generally mean lower driving […]

PEAK OIL The Major Media Accepts The Concept

Oil producers can no longer keep up with demand, says the Wall Street Journal, giving the “Peak Oil” theory a de facto nod of authenticity. According to the data, Saudi oil production is down over 600,000 barrels per day, some 7.6%, while Mexico’s output has fallen over 17% per day, Venezuela’s 8%, and Norway’s nearly […]

Ridership on mass transit breaks records

More people are riding the nation’s buses and trains, breaking records for the first quarter of the year. Transit operators expect the increase to be greater in the second quarter as gasoline prices soar. A report set for release today by the American Public Transportation Association (APTA) shows trips on public transit January-March rose 3% […]

Rio Tinto Says U.S. Must Spend Billions for Clean-Coal Devices

Rio Tinto Group and U.S. utilities are urging the government to spend $20 billion on a technology they say has the best chance for eliminating pollution linked to global warming. The energy companies are lobbying Congress to help create devices that can trap carbon dioxide from coal-fired power plants and bury the gas in underground […]

Oil companies may resist calls for renewables

Oil companies are facing more and more calls from shareholders to invest in alternative energy but the companies themselves may lack the profit motive, the entrepreneurial skills or indeed the will to satisfy their demands. The chorus calling for larger alternative investments by the world’s huge oil and gas companies has become louder in tandem […]

High oil prices to blame for decline in automobile markets

Carlos Ghosn, executive president of the French automotive group Renault-Nissan, has said that a “large portion of the recession” that is being experienced in the world automobile market is as a direct result of rising oil prices and volatility of raw materials. “Much of the recession on the automotive market in the United States, Japan […]

Food prices are rocketing all over Europe

Anyone outraged by the cost of a trip to Tesco or Sainsbury’s – or the price of filling their car – should know that they are not alone: the same bewilderment and anxiety is sweeping the Continent. Bulgarian bus drivers are going on strike. Italian fishermen will soon down tools. Lorry drivers have sealed off […]

Steinbrueck Rejects Political Intervention to Curb Oil Prices

German Finance Minister Peer Steinbrueck said he opposes political interference to tame rising oil prices because such steps backfired in the past. In comments to reporters today in Frankfurt, Steinbrueck, a Social Democrat, urged European Union leaders and their counterparts in the Group of Eight industrial states to stick to a 2005 accord that leaves […]

Japanese, German leaders demand oil supply stability

German Chancellor Angela Merkel and Japanese Prime Minister Yasuo Fukuda called on Sunday for steps to ensure more oil production and supply stability. “We cannot ignore the market and just decide something,” Fukuda said after talks with Merkel in Berlin.“The problem is that the oil price is rising faster and this does not only have […]

EP wants to drop the biofuel 10% target

A key report from the European Parliament has called for the EU’s 10 percent biofuel target to be scrapped, amidst growing evidence over the impact on wildlife, people and the world’s food supplies. The report by the European Parliament’s Rapporteur for the new laws on biofuels, Claude Turmes concluded that there is “overwhelming evidence to […]

The speculation on oil prices is beating up supply-demand issues

Oil price boom is getting dangerous. Now the economies and consumers are seriously at risk. It is not only developing countries, but major economies are hit by this monstrous trend. In this article, I will place certain data from other sources and a testimony to scrutinize the issue.[…]Will the supply increase solve our problem? According […]

Opec piles on the pain

The weak dollar, lower diesel production and market speculation are the main reasons for dramatic rises in oil prices over recent days, according to Opec President Chakib Khelil. Speaking at a press conference in Algiers at the weekend, the country’s energy minister insisted that supply constraints are not behind recent oil price rises and said […]

How to manufacture a global food crisis

How “free trade” is destroying Third World agriculture-and who’s fighting back. The global rise in food prices is not only a consequence of using food crops to produce biofuels, but of the “free trade” policies promoted by international financial institutions. Now peasant organisations are leading the opposition to a capitalist industrial agriculture.When tens of thousands […]

UK: Fuel crisis hits Borders routes

Rising fuel prices have been blamed for the possible termination of two bus routes from Edinburgh to the Scottish Borders. Munro’s route 51 to Jedburgh and number 52 to Kelso could stop running within three months. The affected routes are currently subsidised by Scottish Borders Council.Scotsman

BA’s fuel surcharge raised for all flights

British Airways said on Thursday it would raise fuel surcharges on all tickets by as much as Financial Times

Ryanair to ground 10pc of fleet

Ryanair, the low-cost Irish carrier, will this week announce plans to ground at least 10 per cent of its fleet over the winter, according to analysts. The company, which is reporting full-year results, is also set to slash profit forecasts for the current year because of the soaring oil price. Michael O’Leary, the outspoken chief […]

Soaring oil price sets airlines on course to recession, expert says

The global airline industry is facing a recession far more severe than the slowdown endured after the terrorist attacks of 2001, a leading aviation expert claims. William Swelbar, a consultant to the Massachusetts Institute of Technology, told The Times that the true health of the aviation market – especially in the United States – will […]

Stone Age lesson on taming the oil price

Just as the credit crunch seems to be ending, the world faces a much more serious economic threat: the explosion of oil prices and the possibility of a return to 1970s-style inflation. Inflation is a more dangerous economic ill than deflation because it is so much harder to cure. Falling prices can be cured easily […]

So long to cheap oil

Several ominous transportation issues recently converged that foreshadow a major problem. It began with truckers grinding large sections of our national highways to a halt in protest of rising fuel prices. These same fuel increases forced several airlines to close or cut operations. Meanwhile, car manufacturers were reporting some of their worst numbers in a […]

Indonesia says cannot rule out more fuel price hikes

JAKARTA (Reuters) – The Indonesian government cannot guarantee that there will be no further fuel price hikes before the 2009 presidential election, Energy Minister Purnomo Yusgiantoro said on Sunday. Indonesia raised fuel prices by almost 30 percent last month, sparking protests in a country where millions are already suffering from rising energy and food costs. […]

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