Countdown to $200 oil: International Energy Agency says current prices justified

It is also fitting that on that same date, the International Energy Agency published one of its gloomiest ever analyses of the oil markets, asserting that oil prices are justified by fundamentals It said: The Oil Drum: Europe

Oil Megaproject Update (July 2008)

A detailed look to future oil supply coming from scheduled megaprojects using an open Wikipedia databaseThis is an update on the Wikipedia Oil Megaproject Database maintained by Oil Megaprojects task force (Ace, Stuart Staniford, myself and many others). The database contains now more than 425 separate entries and is growing everyday. Despite being probably incomplete, […]

Citing global warming, Georgia judge blocks coal plant

In what is thought to be an unprecedented ruling, a Superior Court judge in Fulton County, Ga., halted the construction of a coal-fired power plant, saying that the plant must limit its emissions of carbon dioxide. Citing an April 2007 US Supreme Court ruling that recognizes carbon dioxide Christian Science Monitor

Natural Gas to Converge With Oil Price, Exporters Say

July 2 (Bloomberg) — Natural gas, trading at a 40 percent discount to crude, may rise to reach the record price of oil as demand for cleaner-burning fuels increases, according to energy ministers from Qatar, Algeria and Iran. U.K. natural gas sells for 71.35 pence a therm, or the equivalent of $85 a barrel based […]

Learn to live with higher fuel prices

In response to complaints about the high price of gas, lawmakers in Washington, D.C., last week held their 40th hearing of the year concerning high oil prices, which have doubled in the past year. Global oil production has plateaued while demand has increased sharply (especially in China and India). The hearings focused on secondary factors […]

Obsessive fuel savers risk safety for economy

Record high gas prices are drawing new attention, this time to the competitive tribe of drivers dedicated to squeezing every last mile out of a tank of fuel It

The economics of running on empty

…In hindsight, it seems overblown, since everything turned out okay. Prices shot up, then they came down. Growth slowed, then it picked up. Prosperity returned, as it always does. If it didn’t, you would have a permanent recession. The notion is so absurd that no economist in their right mind would even consider it. So […]

Russia’s Oil Output Falls in June, Extending Decline

(Bloomberg) — Russian oil production declined in June, bringing the world’s second-largest crude exporter closer to its first annual drop since 1998. Production fell to 9.77 million barrels a day (40 million metric tons a month), 1 percent less than in June last year, according to data released by CDU TEK, the dispatch center for […]

High gas prices threaten to shut down rural towns

FORKS OF SALMON, Calif. There are no utilities and no public transportation in this unincorporated town of a couple hundred people along a narrow road that winds through the mountains 314 miles north of Sacramento. Many people here buy gas for their vehicles and gas or diesel for generators that power their homes. “I’m scared […]

The End Of Civilization

…So what fantasy world are Bush The one thing that has enabled the human population to grow to the immense dimensions we see today is oil, the resource facing the greatest challenge from depletion. As the oil supply diminishes, in the absence of herculean efforts to use oil more efficiently and fairly, large numbers of […]

Rising prices hammer seniors on fixed incomes

Long before workers at the San Diego Food Bank began distributing cardboard food cartons from the back of a truck on a recent day, elderly men and women, many needing walkers and metal canes, formed a line in a church parking lot. The free food amounts to a lifeline for these seniors, who have seen […]

Bosnia poised for oil find

Bosnia calls itself the Olympics of the oil and gas industry. As record oil prices continue to cause concern around the globe, the world’s leading consumers and producers are in Madrid, Spain’s capital, for the 19th World Petroleum Congress.

A similar meeting in Saudi Arabia failed last week to produce any agreement on what to do about soaring oil prices, but the conference in Madrid is suppose to better the dire situation.

AlJazeera on Youtube

CRUDE OIL : THE SUPPLY OUTLOOK

The main purpose of this paper is to project the future availability of crude oil up to 2030. Since crude oil is the most important energy carrier at a global scale and since all kinds of transport rely heavily on oil, the future availability of crude oil is of paramount interest. At present, widely diverging […]

Era of Cheap Energy is Over, Oil Experts Say

The root causes of skyrocketing oil prices remained unclear at the World Petroleum Congress in Madrid this week, but one thing was becoming increasingly evident. Access to “easy oil” will henceforth be “limited,” as Royal Dutch Shell chief executive Jeroen van der Veer put it, while BP boss Tony Hayward spoke of the era of […]

Will Wartime Mobilisation Address Peak Oil?

What is a wartime mobilisation? What triggers one and what relevance does such thinking have to today’s challenge of peak oil? Can the threat of peak oil mobilise a nation’s resources like the threat of an advancing army can? The Oil Drum: Europe

Peak Oil: IEA Inches Toward the Pessimists

…And while U.S. drivers fret and worry over how to pay for the Prius, the sad truth is that it doesn Project delays averaging 12 months, coupled with global average decline of 5.2% – up from 4% last year

Soaring prices push economies to tipping point: IMF

WASHINGTON (Reuters) – Surging food and fuel prices have pushed some countries to a “tipping point,” the head of the International Monetary Fund warned on Tuesday, threatening hard-won efforts in many African countries to stabilize their economies. “If food prices rise further and oil prices just stay the same, then some governments will be unable […]

World Bank commits billions for climate change

Washington (dpa) – The World Bank on Tuesday approved the creation of multi-billion-dollar global funds to help poor countries tackle global warming and boost investment in renewable technologies. The Clean Technology Fund is expected to receive at least 5 billion dollars in pledges and will provide a combination of loans and grants to projects that […]

Peak Oil Review — June 30, 2008

1. Production and Prices 2. Forecasts 3. Shortages 4. Energy Briefs 1. Production and Prices While last week started quietly, Thursday and Friday turned into a frenzy, with prices surging from a low of $132 a barrel on Wednesday to touch a new high of $142.99 on Friday. The week closed with oil at $140.21, […]

Saudi king urges consumers to get used to high oil prices

King Abdullah of Saudi Arabia, whose nation is the world’s number one oil exporter, called on consumer countries to get used to high prices in comments published on Tuesday. “Consumer countries have to adapt to the prices and the mechanisms of the market,” the king said in an interview published by the Kuwaiti daily Al-Siyassah. […]

Australia: Qantas to cut back routes, jobs.

QANTAS has raised the prospect of further route cuts, even higher fares and the grounding of more aircraft if the price of jet fuel continues to climb. The airline, which is embroiled in damaging industrial disputes with key parts of its workforce over wage claims, said yesterday that it could take out as much as […]

Oil Demand Will Grow, Despite Prices, Report Says

HOUSTON The Paris-based agency, which advises governments of the industrialized countries, predicted that oil consumption would decline slightly in the United States and other developed countries over the next couple of years. Americans, the report said, are beginning to drive more fuel-efficient vehicles and taking mass transit when it is available. But the small decline […]

IEA to push G8 leaders to commit to energy efficiency: director

MADRID (AFP) “We will recommend 25 very specific items of energy efficiency,” he added, saying they would range from promoting high tyre pressure to reduce vehicle fuel consumption to installing housing insulation. Agence France-Presse

Global Clean-Energy Investment Rose 60% in 2007

July 1 (Bloomberg) — Wind, solar and biofuel companies received a record $148 billion in new funding last year as rising oil prices and climate-change rules encouraged investment in renewable energy, the United Nations Environment Program said. Wind power attracted the most financing at $50 billion, according to a report today from the Nairobi-based UNEP. […]

Gas prices change views on energy

WASHINGTON (AP) The Pew poll, conducted in late June, showed the number of people who consider energy conservation as more important declined by 10 percentage points since February from a clear majority to 45 percent. People are now about evenly split on which is more important. The number of people who said they considered increasing […]

With oil at $140 a barrel, can you still love Julian Simon?

Remember Julian Simon, the guy who argued that resource prices would fall, fall, fall in real terms? I loved spending time with him and to this day he remains an underrated economist. (By the way, the very first piece I ever wrote was a guide to using Julian Simon for high school debaters.) But can […]

Tehran puts on a show of strength

“Should it happen that a strong government finds it may with impunity destroy a weak people, then the hour strikes for that weak people to appeal to the League of Nations to give its judgment in all freedom. God and history will remember your judgment.” – Haile Selassie, Emperor of Ethiopia DAMASCUS – Haile Selassie […]

Analysis: KRG explains oil deal breakdown

The contracts have not been published, but Ashti Hawrami, Iraq’s Kurdistan Regional Government natural resources minister, insists everything needed to know about what’s in the dozens of contracts signed between the KRG and international oil companies is in the public domain. In a recent interview with United Press International from his office in Erbil, the […]

Most state workers in Utah shifting to 4-day week

Utah this summer will become what experts say is the first state to institute a mandatory four-day work week for most state employees, joining local governments across the nation that are altering schedules to save money, energy and resources. Gov. Jon Huntsman, a first-term Republican, says he’s making the change to reduce the state’s carbon […]

Richard Heinberg’s MuseLetter: Coal in China

China is the world’s foremost coal producer and consumer, surpassing the United States by a factor of two on both scores and accounting for 40 percent of total world production. Moreover, its coal consumption has been rising rapidly, at a rate of up to ten percent per year (which translates to a doubling of demand […]

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