Total Strikes It Rich in the North Sea

Total’s phenomenal long run of luck in the North Sea continued with the discovery, announced just this month, of a new gas condensate in the Alwyn Area of the Northern North Sea. The field, now named Islay, lies in block 3/15 of the UK sector, some 440 kilometers north-east of Aberdeen in a water depth […]

Fighting forces get no break on fuel costs

Consumers at the gas pump aren’t the only ones suffering sticker shock. Military units in Iraq and elsewhere will see another hike in fuel costs next week, the second midyear increase because of soaring oil prices. On July 1, the cost for refined fuel used by troops will jump from $127.68 a barrel to $170.94 […]

Answering the Comfortable Questions about Energy

There is an old vaudeville skit that has an actor (Annie) come on stage behind the M.C. and begin visibly searching the floor of the stage. I was reminded of this skit as I watched a

Fewer expected to drive, fly for 4th of July

Fewer Americans than last year will be driving and flying during next week’s Fourth of July holiday, travel experts say. The number of people driving 50 or more miles from home will drop 1.2% to about 34.2 million, reflecting the continued impact of high gasoline prices, auto club AAA says. The drop follows a similar […]

U.S. Says 400-Billion Barrel Bakken Oil Field a ‘Myth’

(CNSNews.com) – Reports circulating on the Internet tell of an oil field spanning parts of western North Dakota and eastern Montana where 400 billion barrels of oil supposedly are just waiting to be tapped. However, the U.S. Geological Survey (USGS) tells Cybercast News Service that those huge estimates are “a myth.” A USGS report issued […]

Living on the Ice Shelf: Humanity’s Melt Down

The current ruthless competition between energy and food markets, amplified by international speculation in commodities and agricultural land, is only a modest portent of the chaos that could soon grow exponentially from the convergence of resource depletion, intractable inequality, and climate change, 1. Farewell to the Holocene Our world, our old world that we have […]

Is this the return of stagflation?

As growth slows and prices surge, the economic outlook has echoes of the disastrous 1970s . . . but, for the moment, things aren’t quite that bad NewStatesman

Homeowners prepare for rising winter fuel prices now

Facing the prospect of what could be the most expensive winter in history for home heating oil, homeowners are starting to seek ways to lock in their costs now before the season starts. More of them are seeking to join cooperatives or convert from pay-as-you-go to fixed-payment contracts that they hope will cap their bills […]

Fishing industry reeling from leaping fuel prices

Leaping fuel prices are sinking the fortunes of America’s commercial fishermen, some of whom may soon call it quits for good. In Alaska, boats that typically haul in rockfish and perch sit docked for prolonged periods. In Texas, shrimpers are traveling to Mexico just to buy cheaper diesel. And along the East Coast, lobstermen are […]

Get used to it: Fewer flights, higher fares

As oil prices continue to break records, the nation’s six leading airlines have announced capacity cuts for 2008, trimming flights in major hubs and cutting off service to dozens of discount destinations. All told, the industry will cut capacity by 9% in 2008, according to James Higgins, analyst for Soleil-Solebury Research. Experts are also expecting […]

Food crisis forces Africa farm aid rethink

Farmers in many African states face an uphill struggle to increase production because they are suffering from higher costs of seeds, fertilisers and fuel. Some international lenders who normally advocate free markets have begun advocating temporary state subsidies. “The conventional wisdom is subsidies are a no-no,” Bakri said. “But Malawi has shown it can do […]

Soaring gas prices forcing lifestyle changes across US

Trains are bustling, scooter sales are booming and manual lawn-mowers are back in vogue. But charities are grimly facing up to a drop in volunteer workers while some cash-strapped families are cutting expenditure on fresh meat and vegetables. In a myriad of ways, the effects of soaring gasoline prices are being felt directly and indirectly […]

Gas prices to force 10 mn vehicles off American roads

With gas prices forecast to reach $7 a gallon in the next two years, America will witness the `greatest mass exodus of vehicles from the roads in its history, warns a report by a top Canadian bank. The rising fuel prices will soon dramatically change driving behaviour in America, the report by the Canadian Imperial […]

Three nations that could really increase global oil supply

Oil’s record price rise in 2007-2008 rivals price increases during the two previous oil shocks, in 1973-74 and 1979-80. Moreover, while we’ll leave for sector analysts and economists to declare if oil’s 100% gain in 2008 and 400% gain since 2000 qualifies for an oil shock, those analysts and economists generally agree that the price […]

6 Myths About Oil Speculators

So now we know who’s really responsible for $4 gas. Finger-pointers from Washington, the International Monetary Fund, and even Saudi Arabia no longer seem to buy the idea that the demand for oil around the world is simply growing faster than the supply, driving prices to record highs close to $140 per barrel. There must […]

OPEC has no influence on oil prices, according to Gazprom chief

Russia’s biggest energy company has warned that oil prices will end at a ‘radically’ new level and that OPEC has little influence over the price of crude. Alexey Miller, chief executive of Gazprom, said that the global economy is facing “a great surge in oil and gas prices” that will “end with prices at a […]

Fuels on the Hill

Congress has always had a soft spot for Back in May, Michael Masters, a hedge fund manager, made a big splash when he told a Senate committee that speculation is the main cause of rising prices for oil and other raw materials. He presented charts showing the growth of the oil futures market, in which […]

Simmons says market forces driving crude to record highs

Investment banker also sounds death knell for cumbersome oil majors The chairman of energy investment-banking firm Simmons and Company International has predicted that oil prices could double or more within a few years. Matt Simmons said that in his view oil was He said:

Where next for the oil price?

Last weekend Another problem, as The Economist points out, is that much of its new output is in the form of heavier oil that is more expensive to refine, and for which there is less demand. And recent losses from Nigerian production

Haiti halts gasoline subsidy; prices soar

PORT-AU-PRINCE, Haiti – Cuts in Haitian gasoline subsidies pushed the price of fuel to $6.14 a gallon on Thursday, further burdening an impoverished people as the government redirected money to other programs. The 80-cents-per-gallon increase was felt immediately in the struggling country where 80 percent of people live on less than $2 a day. Gasoline […]

Oil jumps to new high above $142 as equities wilt

LONDON (Reuters) – Oil leapt to a new record high above $142 a barrel on Friday, extending gains after surging nearly 4 percent in the previous session, as tumbling global stock markets helped to trigger a wider commodities rally. U.S. light crude for August delivery was $1.70 up at $141.34 a barrel by 8:12 a.m. […]

SKorean shares fall more than 2 percent on oil worry

South Korean shares tumbled more than 2 percent on Friday as investors dumped stocks on fears oil prices would rise further after topping $140 overnight and following steep losses on Wall Street. The Dow Jones industrials dropped more than 3 percent to its lowest finish since Sept. 11, 2006 as oil futures shot past $140, […]

Saudi’s Oil Promises

I contacted Youssef Ibrahim, who covered OPEC at the Wall Street Journal when I was there also covering oil and gas issues many years ago. He takes a critical view of Saudi production policies, and says that’s more important than physical capacity. Here’s what he said to me by e-mail today: “Saudi Arabia periodically asserts […]

Solar Costs Heading Down

Silicon shortages drove up prices, but supplies are now increasing.With silicon supplies tight, the price per watt of solar panels (below) started rising in 2003, ending more than two decades of steady declines (in 1980, the price was $30 per watt in today’s dollars). Most observers agree that solar-power prices will now drop.Projection stats from […]

Thousands of New Aircraft Despite Fuel Prices

Airbus believes demand for new aircraft will continue to grow despite fuel price increases, with air traffic doubling worldwide in the next 15 years. Airbus director of technical marketing, John Blachfield, speaking in France this week, said the fact that the price of fuel had doubled in the past 18 months and quadrupled in the […]

New ”Carbon Revolution” Urged to Slow Warming

The world needs a shift as radical as the Industrial Revolution to cut greenhouse gas emissions by 2050 while safeguarding economic growth, the McKinsey Global Institute said on Thursday. It said in a study that a modern “carbon revolution” to curb global warming would require a tenfold rise by 2050 in the level of economic […]

UK: A revolution on the horizon: 7,000 more wind turbines

In the next 12 years, 7,000 wind turbines will spring up across the hills and around the coasts of Britain, in a The aim, set out in a consultation document that will lead to a formal new strategy, is to cut down the greenhouse gas emissions from conventional power stations that are causing climate change, […]

Oil speculators leave giveaway print

Reflecting their faith in markets, most economists dismiss the idea that speculation is responsible for the price rise. If speculation were really the cause, they argue, there should be an increase in oil inventories, because higher prices would reduce consumption, forcing speculators to accumulate oil. The fact that inventories have not risen supposedly exonerates oil […]

Japan’s core inflation surges to decade high

Japan said Friday core inflation accelerated to the fastest pace in a decade on soaring oil costs while consumer spending tumbled, fanning jitters about the outlook for Asia’s largest economy. Japan was stuck in a deflationary spiral for years, but the return of inflation has also been met with concern as it is being driven […]

N.Y. to use efficiency to cut power use by 15 pct

NEW YORK (Reuters) – New York kicked off an energy efficiency program that seeks to reverse electricity use increases by reducing power usage by 15 percent of projected levels in 2015. If left unchecked, the state expects demand for power to rise by about 11 percent from current levels by 2015. Reuters

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