South Korea announces first oil contingency measures

SEOUL (Reuters) – South Korea said on Sunday it was implementing a multi-stage contingency plan aimed at reducing energy consumption before the skyrocketing oil prices push Asia’s fourth-largest economy into a full-fledged crisis. Prime Minister Han Seung-soo told a televised news conference the government would restrict driving of cars owned by public organizations as part […]

U.S. must move on climate change at G8: Barroso

BRUSSELS (Reuters) – The United States must take another step towards a global climate change pact when major industrialized countries meet in Japan next week, the head of the European Union’s executive said on Friday. “In this G8 summit we will expect the United States to show more ambition than they have shown so far,” […]

Ethanol in Center of Price Storm

For many months, an intense debate has been waged among interest groups and politicians in Washington over the role of corn-based ethanol in higher food prices. The issue is coming to a head now, with the Environmental Protection Agency poised to decide soon whether to roll back the Renewable Fuel Standard. That’s the federal mandate […]

Energy challenge: We

IT Worse, at the national level they

High oil prices spur demand for low energy electronics

SEOUL (Reuters) – These days when customers walk into electronics stores, the first question they ask is how much electricity the fridge, washing machine or laptop computer they are contemplating buying consumes. “Energy savings were not exactly a hot topic among customers last year,” said Kim Dong-han at South Korean electronics retailer Hi-Mart. “But this […]

EU backs away from biofuel goal

PARIS (Reuters) – European Union energy chiefs considered an accord with Brazil over biofuels on Saturday at the end of a three day meeting in Paris during which they backed away from the EU’s controversial biofuels target. Though no concrete changes were made to proposed biofuel legislation, ministers said the EU had failed to properly […]

At $100 for Tank of Gas, Some Choke on

With gasoline prices high and rising, a new financial milestone has arrived: the $100 tank of gas. For decades, the $100 barrel stood as a hypothetical outlier in doom-and-gloom conversations about future oil prices. And nobody could even imagine an American family paying $100 to fill the tank. But the future is here. Oil passed […]

Responses to green energy programs lack energy

ALBANY, N.Y. – Even as more Americans look to shrink their carbon footprints, relatively few have switched to providers of electricity generated by wind, water and sun. “Green power” programs allow consumers to purchase renewable energy, usually at a premium, without having to go through the far greater expense of erecting a windmill or installing […]

The upside of $200 oil

Remembered more for his apocalyptic pessimism than his economics, 18th-century parson and thinker Thomas Malthus reasoned that too many people and too little food would eventually lead to rampant starvation. It didn’t. Two hundred years later, the same rigid law of supply and demand is being applied to oil. There is only so much black […]

Teens alter summer plans amid soaring prices

Anthony Squires knows exactly what he wants to do. Squires, 18, attends San Diego City College. He wants to transfer to the University of San Diego. He wants to study medicine. More immediately, though, he wants to volunteer at a hospital so he can start preparing for a future in medicine. But he can’t do […]

American Energy Policy, Asleep at the Spigot

…Over the last 25 years, opportunities to head off the current crisis were ignored, missed or deliberately blocked, according to analysts, politicians and veterans of the oil and automobile industries. What Nearly 70 percent of the 21 million barrels of oil the United States consumes every day goes for transportation, with the bulk of that […]

Heating oil efficiency

Maine doesnBangorNews

Pakistan textile sector staggers under double blow

Pakistan’s textile industry, its biggest source of exports and manufacturing employer, could collapse under the double blow of surging fuel prices and chronic power cuts, industry officials say. Textiles accounts for about 70 per cent of Pakistan’s exports and the sector contributed 8.5 per cent to gross domestic product in the first eight months of […]

Inflation, not credit crunch, is top concern worldwide: Paulson

Inflation, and not the credit crunch, is the biggest economic concern worldwide, especially in developing countries, US Treasury Secretary Henry Paulson said in an interview Thursday. Speaking to the BBC on a visit to London, Paulson also said the comparison of the current economic climate in the United States to the Great Depression in the […]

Kazakhstan Seeking to Export Oil to Europe via Iran

Kazakhstan, which already transports oil through Russia, Azerbaijan and Iran, gives a preference to the last one as an alternative route for deliveries to Europe, a Kazakh diplomat said. Kazakhstan’s ambassador to Azerbaijan Serik Primbetov said during a press conference today that alternative and most advantageous route for transporting oil to Europe lays through “Iran”. […]

EU, Russia optimistic about new energy deal

The European Union and Russia said Friday they would discuss all aspects of energy cooperation AP

Nigeria: Shell recruits 4,000 to protect oil pipelines

Nigeria’s subsidiary of oil major Shell has recruit 4,000 people to help protect its network of oil pipelines in the country’s oil producing Niger Delta region, company officials said. The manager of pipeline operations in the Shell Petroleum Development Corporation (SPDC), Mr. Godwin Idoko, said the people would provide intelligence reports to the company, which […]

Government asks stores to stockpile food to overcome hauliers strike (UK)

Ministers are in talks with supermarkets about emergency food reserves in case fuel protests lead to shortages at shops. The government wants to ensure retailers and suppliers can continue to sell basics such as meat, bread and milk if hauliers bring the country to a halt. They have asked supermarkets to make contingency plans LondonTimes

German truckers plan to join world fuel-price protests

Truck operators in Germany are planning to follow the transport industry in other countries, demonstrating for government relief from soaring fuel prices, an industry leader said Saturday. Separately, a market-research company said 51,000 medium-sized German companies were close to failure because of rising costs. The companies say they mostly have fixed-price agreements with their customers […]

Fishermen and boaters run aground by high fuel prices

The fish in Lake Erie are having an easier time of it this summer. The fishermen aren’t, thanks to fuel prices rising faster than the proverbial creek emptying into the lake after a summer storm. “Yep,” agreed Bucyrian Rick Bauer, an avid angler who frequents Ohio’s North Coast in search of walleye and perch. “I […]

Fuel price woes hit the second-hand car market

For those who donABS-CBN

Champions of Thunder Horse have little to cheer

When BP produced the first oil from Thunder Horse, its flagship project in the Gulf of Mexico, the company threw a barbecue. The Thunder Horse platform was supposed to begin producing in January 2005, but was delayed three years by a string of engineering problems. However, in spite of the thrill of having achieved first […]

It Was Oil, All Along

by: Bill Moyers and Michael Winship Oh, no, they told us, Iraq isn’t a war about oil. That’s cynical and simplistic, they said. It’s about terror and al-Qaeda and toppling a dictator and spreading democracy and protecting ourselves from weapons of mass destruction. But one by one, these concocted rationales went up in smoke, fire […]

As Gas Prices Soar, Elderly Face Cuts in Aid

SOUTH HAVEN, Mich. Faced with soaring gasoline prices, agencies around the country that provide services to the elderly say they are having to cut back on programs like Meals on Wheels, transportation assistance and home care, especially in rural areas that depend on volunteers who provide their own gas. In a recent survey by the […]

U.S. investor: Oil reserve decline is major reason behind oil price hike

U.S. investor Jim Rogers has said that the decline in known oil reserves across the world is the main reason behind the skyrocketing oil prices that have already topped 145 U.S. dollars a barrel. While admitting that factors driving up oil prices are various, Rogers insisted that short of oil supply was the fundamental factor […]

Pemex seeks site for new refinery to cut gasoline imports

Petroleos Mexicanos, the state-owned Mexican oil company, may begin construction of a $7-billion refinery by the end of 2010 to reduce imports of gasoline and diesel fuel. A study has been commissioned to determine the site of the new plant, according to a filing with the U.S. Securities and Exchange Commission. Mexico City-based Pemex will […]

World must brace for oil beyond $150

LONDON (Reuters) – Oil’s meteoric rise since the start of the year to nearly $150 has distressed consumers and policy makers the world over, but the stark reality is prices are likely to rise higher still. For two decades, prices were relatively stable, but then they rose seven-fold from a trough below $20 in 2001. […]

Iraqi Oil Minister Talks About ”Oil Police”, Oil Law, Oilfields

“We are trying to produce about 3 million barrels of oil daily by next year,” says the minister in conversation with Die Welt. In some Western media there has already been talk about 4 million barrels (159 litres each) of daily production. “That is exaggerated, we can’t manage that,” replies Shahristani clearly and distinctly. Currently, […]

U.S. Freeze on Solar Energy Projects Lifted

Just as things were really heating up in the solar energy sector, the U.S. Bureau of Land Management (BLM) pulled the plug on new solar power plants. Last week the New York Times reported that “the federal government has placed a moratorium on new solar projects on public land until it studies their environmental impact, […]

European utilities building up uranium inventories

In its newly released annual report, the ESA notes that over the year, 21,932 tonnes of natural uranium (tU) delivered to the EU was well above the 19,774 tU loaded into reactors, meaning that inventories are being rebuilt. ESA says that the rebuilding of inventory is in response to security of supply concerns and rising […]

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