EU adopts emergency aid package for fishing sector

EU fisheries ministers adopted late Tuesday an emergency aid package worth up to two billion euros to help fishermen cope with soaring fuel prices, the EU’s French presidency said. “Political agreement was reached by a qualified majority on urgent measures for the fishing sector,” the presidency said, as the ministers met into the evening in […]

Bankruptcies loom for airlines – report

Thousands of layoffs, hundreds of grounded planes and 21 price increases may not have been enough to save the embattled airline industry from the damaging effects of high fuel prices. According to a report on the nation’s top airlines released by Fitch Ratings Tuesday, record fuel costs and weak cash flow may lead to “multiple […]

Diesel shortage hits city (India)

HYDERABAD: Even as the city’s denizens are reeling under a power shortage, in a strange combination of disparate factors, the city was hit by severe diesel shortage on Tuesday. Several petrol bunks of Bharat Petroleum ran out of diesel stock in the morning. As motorists had to go round the city to fill diesel, even […]

Russia’s oil output down 0.6% in 1H08

Russia’s oil output declined 0.6% year-on-year in January-June 2008 to 242 million metric tons (1.77 billion barrels), while natural gas production grew 1.7% to 339 billion cu m, the country’s statistics body said on Wednesday. Russia’s State Statistics Service (Rosstat) said primary crude refining grew 3.9% in the reporting period to 116 million metric tons […]

Crude Reporting

If journalists aren’t asking the right questions about prices at the pump, then who is? The cover of a recent BusinessWeek about the runup in oil and gasoline prices framed the question of what 1. The oil companies: It

Oil falls sharply as economic gloom spreads

The darkening gloom that hangs over the U.S. economy spread to the oil markets Tuesday, sending the cost of crude tumbling $6.44 a barrel in the largest one-day plunge since 1991. In a wild day of trading, the cost of light, sweet crude oil for August delivery closed at $138.74 a barrel on the New […]

A Shortage at the Pump: Not of Gas, but of 4s

If one is the loneliest number, then four is the hottest That

Government scientists wrangle with White House over climate health dangers

US government scientists have warned of a rising death toll from heat waves, wildfires, disease and smog caused by global warming, in a study the White House repeatedly tried to bury to avoid regulating greenhouse emissions. In a 149-page analysis released last night, experts for the first time laid out the grave risks that climate […]

‘Biofuel not the cause of expensive food’

Manila-based Asian Institute of Petroleum Studies Inc. (AIPSI) and the US National Biofuels Board (NBB) said biofuels have limited impact on food supply and pricing, especially in the Philippines. The two institutions issued statements in response to United Kingdom’s Gallagher Review of the biofuel industry, which raised concerns that production of biofuels was causing the […]

Demand for Natural Gas inside China Will Hit 100 Billion Cubic Meters in 2010

China’s natural gas industry is still in the primary development period, and the natural gas output can only cover the demand. So, the country should gradually develop natural gas as the substitution for oil, make natural gas generate power and the major energy resource in urban areas. The demand for natural gas in China, bolstered […]

Overseas steel companies are snapping up coal interests

CHARLESTON, West Virginia: It has been more than a century since J.P. Morgan, Andrew Carnegie and other U.S. steel barons built mining empires that dominated life across wide swaths of Central Appalachia’s coalfields, securing essential fuel for their mills. Bits of that history are starting to repeat themselves. Decades after tough economic times forced steel […]

Shell boosts second generation biofuels

Royal Dutch Shell is stepping up investment in research into It did not give a figure for the size of its commitment. Financial Times

Energy tsunami coming, ex-policymakers warn

WASHINGTON (AP) “We must re-examine outdated and entrenched positions,” the group says in the letter to be sent Wednesday to the campaigns of Democratic presidential candidate Barack Obama and to his GOP rival John McCain, as well as members of Congress and all 50 governors. “…Foremost we must rise above a partisan differences and be […]

What If the Pain Isn

Most of the people I know are convinced that the current high fuel and food prices are temporary. Obviously I have no idea what will happen in the future. My crystal ball broke a long time ago. Things could get better. I hope they do. Most things run in cycles and this could be one […]

Pricey gas: Fewer cops, more potholes

Local governments grappling with soaring fuel prices scale back services citizens have come to expect. NEW YORK (CNNMoney.com) — In what seems to be a perverse reaction to high gas prices, some cities are cutting back on public transit – at a time when their citizens need it most. Due to skyrocketing fuel costs local […]

Lester Brown: Higher food prices are here to stay

As the world’s need for grain soars, America’s misguided attempt to wean itself off oil is exacerbating the food crisis …In a misguided attempt to reduce its oil insecurity, the US is creating global food insecurity on a scale not seen before. Even if the entire US grain harvest were converted into fuel for cars, […]

Heedless Rush to Oil Shale

To hear Bush touting Western oil shale as the answer to $4 per gallon gasoline, as he did again yesterday in the Rose Garden, you would think it was 1908 . . . or 1920 . . . or 1945 . . . or 1974. Every couple of decades over the past century, the immense […]

Saudi says 12.5 mbpd oil capacity sustainable

DUBAI (Reuters) – Top oil exporter Saudi Arabia will be able to pump at 12.5 million barrels per day for as long as the market needs when new capacity comes online next year, a Saudi oil official told Reuters on Tuesday. BusinessWeek magazine reported last week that the kingdom would only be able to produce […]

Welcome To The Frozen Economy

Not Since The Depression Have Financial Difficulties So Immobilized Spending And Credit The Polar ice cap may be melting, but the U.S. economy is frozen, starting right here in my small town. Gradually rising levels of dismay at the gas pump and in the supermarket gave way to paralytic shock last week when “lock-in” notices […]

Does Your Financial Adviser Know What Jeffrey Brown Knows…

… About Mexico’s Oil Exports? (If Not, Listen Up) How much does your financial adviser really know about oil? Does he know, for example, that Mexico, one of the top oil exporting countries in the world and a key source of oil for the United States, could see its net oil exports hit zero in […]

EPA experts detail global warming’s health risks

WASHINGTON – Government scientists detailed a rising death toll from heat waves, wildfires, disease and smog caused by global warming in an analysis the White House buried so it could avoid regulating greenhouse gases. In a 149-page document released Monday, the experts laid out for the first time the scientific case for the grave risks […]

GM announces job cuts, suspends dividend

U.S. automaker will borrow at least $2 billion in to bolster liquidity DETROIT – General Motors Corp said on Tuesday it would cut salaried employment costs by 20 percent, sell up to $4 billion of assets and borrow at least $2 billion in a bid to bolster its liquidity by $15 billion through 2009. GM […]

Gas Lines Coming This Fall

Gas lines are not hard to find. This fall, you will likely see them at your local gas station: There were spot shortages during the 2007 harvest in North and South Dakota. A home heating oil crisis will occur when cold weather forces empty tanks to be filled. Increasing mortgage foreclosures illustrate that people are […]

Trucking Companies Hit Hard By Oil And Fuel Prices

Transportation officials say their industry is suffering due to speculation about the future of oil and fuel supplies. They say talking about rising prices leads to higher prices, and trucking company officials say they’re feeling the pain. The hopes of those in the trucking industry are slowly deflating. WKYT

‘A Double Hit’ ; Gasoline Prices Are High and Rainfall is Low

Pat Woods stood outside his Curry County farm’s workshop last week, looked up into the heavy gray skies and grinned as a light drizzle pelted the brim of his worn cap. “We’ll take all this we can get,” said Woods, a dryland farmer whose family has been tilling the soil on the cap rock northeast […]

Japan’s fishing industry hit hard by rising fuel prices

Shigeru Honma had not been to Tokyo in more than 30 years. But on July 1, the 58-year-old fisherman from this port city in northern Japan dusted off an old suit and traveled to the capital to deliver a letter to the prime minister. Soaring fuel prices are killing Japan’s fishing industry, it said. Give […]

Midwest Airlines will cut 1,200 jobs

Midwest Airlines will cut about 1,200 jobs, including 100 in Kansas City. The move, which eliminates 40 percent of the airline’s 3,000 employees, is related to its previously announced plan to remove its 12 MD-80 aircraft from service in the fall to counter skyrocketing fuel costs. The number of jobs affected in St. Louis is […]

New Zealand Inflation Accelerates to 18-Year-High

New Zealand’s consumer prices rose at the fastest pace in 18 years in the second quarter, fanned by fuel and food costs, adding to signs the economy is facing stagflation as it slips into recession. The consumer prices index rose 1.6 percent from the first quarter, Statistics New Zealand said in Wellington today. The median […]

Diesel shortage looming (Uganda)

UGANDA may experience another diesel shortage, the Government and dealers have warned. Daniel Segal, the Kobil general manager, said the shortage was due to inability of the pipeline to pump oil at a faster rate from Mombasa to Kisumu and Eldoret. He said one line of the pipeline between Mombasa and Nairobi was being expanded, […]

The End of the Reagan Revolution and Return of FDR and Keynes

If you are a frequent flyers accumulator for any of the airlines you may have gotten this letter in your email inbox. If not, ICaliforniaProgressReport

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