U.S. holds navy exercise after Iran comments on Gulf

DUBAI (Reuters) – The U.S. Navy said on Monday it was carrying out an exercise in the Gulf, days after vowing that Iran will not be allowed to block the waterway which carries crude from the world’s largest oil-exporting region. “The aim of Exercise Stake Net is to practice the tactics and procedures of protecting […]

Pemex Cantarell Output Drops Most Since 1995 on Spending Limits

(Bloomberg) — Crude output from Mexico’s Cantarell, the world’s third-largest oil field, is falling at the fastest pace in 12 years as investment limits keep state-owned Petroleos Mexicanos from fully exploiting deposits and finding new ones. Production at the Gulf of Mexico development dropped 34 percent in May from a year earlier, the biggest decline […]

Which future should we prepare for, industrial or agrarian?

The more Harrison Brown talks about the future of industrial society, the more unlikely it seems that it has a future. Brown is the author of a seminal book entitled “The Challenge of Man’s Future” which outlines the ecological predicament we find ourselves in today. Perhaps the most remarkable thing about Brown’s book is that […]

Shell

Shell While the students practised for their race, whizzing up and down outside the conference windows, inside Shell chief executive Jeroen van der Veer was making some rather bleak predictions about the future of the planet.

Genesis of a Giant

Syncrude triumphed over an era which was eerily similar to the one we After a 20-year decline, in 1973 real oil prices rose rapidly because of new demand, declining supply from key producers, and geopolitical events focused in the Middle East. The oil industry boomed; drilling, development and construction costs skyrocketed. As the decade wore […]

Allianz predicts oil price of $200 a barrel in next 2 years

BERLIN (AFP) — German insurance giant Allianz expects the oil price to hit $200 a barrel in the next two years, according to a press report to be published Monday. “I cannot imagine that post-2010 we will have an oil price of below $200 a barrel in the long term,” Allianz board member Joachim Faber […]

CEO of Firm That Signed Iraq Oil Deal Longtime Bush, Cheney Advise

Ray Hunt, the Texas oil man who landed a controversial oil production deal with Iraq’s Kurdistan regional government, has enjoyed close political and business ties with Vice President Dick Cheney dating back a decade – and to the Bush family since the 1970s. The Hunt family donated more than $500,000 to Republican campaigns in Texas, […]

Lean times

Profits dwindle for gas-station owners even as fuel prices soar …Longtime operators say this is the most difficult year they have ever seen. They face nearly nonexistent profits on gasoline, rapid growth in credit-card fees, and new competition from nontraditional sources of gasoline such as grocery stores. And yet, the most vulnerable people in the […]

Oil price shock means China is at risk of blowing up

The great oil shock of 2008 is bad enough for us. It poses a mortal threat to the whole economic strategy of emerging Asia. The manufacturing revolution of China and her satellites has been built on cheap transport over the past decade. At a stroke, the trade model looks obsolete. No surprise that Shanghai’s bourse […]

India reveals its first climate change plan

In the wake of next week’s G8 meeting in Japan, India released its first action plan for climate change earlier this week.The plan lacks a budget and plan of action at this point, but a Council on Climate Change, with stakeholders from the government, industry, and civil society, has been formed to come up with […]

Ethiopia: Crop failure shows scale of food crisis

As the food crisis hitting the world’s poor forces food security onto the agenda at today’s meeting of G8 leaders in Japan, across the world in Ethiopia it has taken its toll on their most common source of nutrition. Poor rainfall on already arid land has meant that last season’s crop of teff, a cereal […]

SKorea’s Hyundai lowers sales target on weak demand

South Korea’s top automaker Hyundai Motor on Sunday lowered its domestic sales target for 2008 due to weakening demand amid rising prices of oil and raw materials, company officials said. Hyundai said in a revised forecast that it expects to sell about 630,000 vehicles at home this year, down 5.9 percent from its original target […]

Airlines shed weight as fuel costs soar

Next time you take to the skies you may find there are fewer pages in your in-flight magazine, your fork is slimmer and your plate feels different. Blame it on soaring oil prices. The seat you are sitting on may be lighter. Perhaps there’s less water on board for the bathroom faucets and toilets. The […]

Colombia finds biofuels bonanza in sugar cane

Ahead-of-the-curve planning, technological breakthroughs and government incentives have helped Colombia emerge as the No. 2 producer of ethanol in Latin America, behind Brazil, and a leader in the manufacture of biodiesel. “We took the initiative years ago and became a pioneer,” Jorge Cardenas, president of the Colombian Biofuels Federation, said in an interview.With just over […]

Penguin in a coal mine? Woes signal sea trouble

The dwindling march of the penguins is signaling that the world’s oceans are in trouble, scientists now say. Penguins may be the tuxedo-clad version of a canary in the coal mine, with generally ailing populations from a combination of global warming, ocean oil pollution, depleted fisheries, and tourism and development, according to a new scientific […]

Gordon Brown: wind farms are the future

Wind farms are an important part of the future when it comes to power generation and will help to cut energy bills according to the latest pronoucement from Prime Minister Gordon Brown on the subject. The county is in the forefront of the development of the turbines with offshore farms near to Sheppey and north […]

Energy policy trumps all other political issues

Public discourse these days focuses a lot of attention on issues of immediate interest to many Americans: high and rising gasoline prices, rising food prices, overly expensive health care, war in Iraq and other troubles in the Middle East, terrorism and illegal immigration, and global warming. I believe many, if not all, of these issues […]

Germany wants to build 30 windfarms

BERLIN (AFP) The government is aiming to obtain “25,000 megawatts of energy from windfarms by 2030″, Tiefensee said. “The rise in the oil price has made this all the more pressing and the interest from investors shows that it is economically viable,” he added. Agence France-Presse

Plan to trap CO2 under North Sea

Millions of tonnes of industrial carbon emissions could be stored under the North Sea, a major study has proposed. Liquefied carbon dioxide would be pumped into depleted gas fields where impervious rock would stop it escaping. Regional development agency Yorkshire Forward, which is behind the

Wall St Week Ahead: Oil, GE may keep stocks on bear’s turf

NEW YORK, July 6 (Reuters) – It will be tough for Wall Street to shake off the bear market blues this week if the price of oil keeps rising and the earnings season kick-off from Alcoa and General Electric disappoints investors. […]Oil has become the biggest wild card for growth and corporate profits. It jumped […]

Australia faces worse, more frequent droughts-study

PERTH (Reuters) – Australia could experience more severe droughts and they could become more frequent in the future because of climate change, a government-commissioned report said on Sunday. Droughts could hit the country twice as often as now, cover an area twice as big and be more severe in key agricultural production areas, the Bureau […]

Climate change may cut South Africa corn crop sharply

SAPPORO, Japan (Reuters) – Climate change could cut South Africa’s maize crop by 20 percent within 15 to 20 years as the west of the country dries out while the east is afflicted with increasingly severe storms, its environment minister said on Sunday. “For a developing country that’s major, and major bad news,” Marthinus van […]

OPEC’s Khelil rules out oil price decline: APS

ALGIERS (Reuters) – OPEC President Chakib Khelil ruled out on Sunday an eventual oil price fall in view of strong Chinese and Indian demand, adding geopolitics and a weak dollar were behind the current spike, Algeria’s APS news agency reported. “Steadily rising oil prices are due to phenomena that have nothing to do with supply […]

Gulf Cooperation Council urged to reconsider US dollar policy

The Government of Abu Dhabi has called for a

America’s love affair fades as the car becomes burden of suburbia

The nation of road movies, freeway freedom and dreams of endless horizons is waking up to the reality of soaring fuel prices. It is known as the Inland Empire: a vast stretch of land tucked in the high desert valleys east of Los Angeles. Once home to fruit trees and Indians, it is now a […]

Three types of doomers and fantasy collapse

…Doomers doubt the likelihood of an intentional change happening on a global level. Is it

ASPO Newsletter – July 2008

1057. The Flat-Earth Refrain loses its appeal 1058. Impact of High Prices on Reserves 1059. Falling Demand 1060. Economical with the Truth 1061. Peak Oil : A Turning Point for Mankind 1062. An Atlas of Oil & Gas Depletion 1063. A Remarkable Shift of Position 1064. Saudi Net Crude Oil Exports 1065. ASPO-USA Conference 1066. […]

Bye-bye gas subsidies

Could higher gasoline prices in China and India mean lower prices here in the U.S.? NEW YORK (CNNMoney.com) — If gas were more expensive in China and India, would it be cheaper in the United States? Dozens of countries in the Middle East and Asia have subsidies and controls that keep gas prices low to […]

Suburbia’s not dead yet

Some believe high gas prices will force a migration back to cities. Don’t bet on it. While millions of American families struggle with falling house prices, soaring gasoline costs and tightening credit, some environmentalists, urban planners and urban real estate speculators are welcoming the bad news as signaling what they have long dreamed of — […]

Despite rocketing prices, outlook is bleak for oil majors

MADRID – DESPITE record crude prices, the major oil companies are struggling to access resources that are being jealously guarded by national companies with whom they are forced to establish partnerships. As paradoxical as it may seem, high oil prices do not mean a golden age for the likes of ExxonMobil, Chevron, Totalor BP. Of […]

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