Ford US Sales Slid 28% In June; SUV Sales Plunge 55%

The U.S. auto industry’s slide grew worse in June as it reached the midpoint of a dismal year, with collapsing demand for trucks and SUVs leading Ford Motor Co. (F) to post a 28% sales drop. The declines were exacerbated by three fewer selling days in June, compared with a year ago. But $4-a-gallon gasoline […]

Stagflation grips Eurozone as interest rates look set to rise

Eurozone inflation surged to an all-time high of 4pc in June despite worrying signs of a slump in manufacturing, confronting the European Central Bank with the toughest challenge since its creation a decade ago. Soaring oil and food prices guarantee a quarter-point rise in interest rates to 4.25pc on Thursday, further widening the gulf in […]

Truckers warn of indefinite strike from midnight (India)

Truckers across the country will go on an indefinite strike from midnight tonight to push their demand for abolishment of toll tax and rationalisation of duty of diesel, the transporters’ apex body said on Tuesday. “We will go on an indefinite strike from midnight tonight. All the transporters will down their shutters and there will […]

No fuel in Chennai! (India)

A severe fuel shortage in Chennai has left motorists struggling. With almost all petrol stations shut, people have been forced to queue outside a few opens ones for hours just to get a few litres, but pump owners claim the shortage has been artificially created. Closed petrol pumps and hours spent in queues for a […]

Iraq: Miles-long gas lines despite oil riches

Frustrated Iraqis trying to tank up their cars faced miles-long gas lines on Tuesday AP

‘Biggest’ lorry fuel protest due in London

Hauliers will take their lorries to London on Wednesday in what is expected to be the biggest fuel protest so far against record-high fuel prices. This time the lobby group Transaction 2007 will have the support of the Road Haulage Association (RHA) and the Transport Association for the demonstration against prices that threaten the future […]

Oil costs will kill bargain airlines, Milton warns. (Canada)

Passengers are witnessing the end of an era of cheap airfares as record-high oil prices erode travel demand and reshape the world’s airline industry, says Robert Milton, chief executive officer of Air Canada’s parent company. Discount carriers are suffering more than most, but all airlines are feeling the heat from oil prices that have surged […]

Oil execs: Costly crude here to stay for years

As oil set a new record, top industry executives and a senior EU official on Monday urged the world to pull together in the face of skyrocketing energy prices, while acknowledging that — even if it does — costly crude is here to stay for years The comments to the World Petroleum Congress by EU […]

US imports less oil from Venezuela

U.S. imports of Venezuelan oil and oil products fell by 11.7 percent to a five-year low in the first four months of the year, the U.S. government said Monday, while Venezuela boosted oil shipments to its budding ally, China, instead. The U.S. imported an average 1.13 million barrels of crude and petroleum products a day […]

Visa woes plague Britons in Russia oil row: reports

Top managers at troubled British-Russian oil company TNK-BP could be forced to leave Russia starting next week due to problems renewing their visas, Russian newspapers reported on Tuesday. A source close to TNK-BP told the business daily Vedomosti that nine top managers of the firm would be forced to leave Russia next week, while the […]

High Gas Prices Threaten to Drain Small Towns’ Populations

…Don Campbell’s daily commute to Kansas City – about 100 miles each way – costs him roughly $866 a month at $3.90 per gallon. But he’s a union iron worker and says he can make the math work. Most of his neighbors can’t. For them and thousands of other small-town residents across the country who […]

Promise of Biofuel Clouded by Weather Risks

The record storms and floods that swept through the Midwest last month struck at the heart of America The floods have helped send the price of ethanol up 19 percent in a month. They appear to have had little effect on the price of gasoline at the pump, as ethanol represents only about 6 percent […]

Second wind energy project quietly goes into service

West Virginia has a second wind-energy project up and running. NedPower Mount Storm LLC’s turbines are generating electricity along the Allegheny Front in Grant County. Developers of the 264-megawatt project confirmed the project’s status in response to reports from local residents that turbines appeared to be operating. Karl R. Neddenien, a spokesman for Dominion Resources […]

Saudi Oil Project Brings Skepticism to the Surface

… Khurais, about 90 miles east of Riyadh, the Saudi capital, is one of the planet To help counter the skeptics, the Saudis flew a contingent of journalists from Jidda, on the Red Sea coast, to Khurais last week. The tour was largely a scripted one, with little opportunity to wander the grounds or verify […]

World Oil Exports [01] Angola

Angola is one of the few oil producing countries with a bright future ahead. Decades of war prevented the country from developing it’s energy resources properly, but is now becoming one of the largest world oil exporters in a period of rampant prices. Just as if Fortune decided to compensate Angola for its misfortunes during […]

Real, not speculative reasons for record oil: IEA

It is easy to blame speculation for the doubling of oil prices over the past 12 months, but the real reasons are strong demand growth, coupled with shortages of supply and refining capacity, the IEA said on Tuesday. In its Medium-Term Oil Market Report, the International Energy Agency (IEA) said there was little evidence speculation […]

Energy Crisis, A Discussion with Matt Simmons

Amidst skyrocketing oil prices, considerable financial activity in the oil market, and increased gas prices, producing and consuming nations alike are concerned about efficiency and supply. World Energy recently spent an afternoon with Matthew Simmons, president of the energy investment firm Simmons & Company International and author of Twilight in the Desert: The Coming Saudi […]

IEA Slashes 2012 Oil Demand Forecast on Record Prices

(Bloomberg) — The International Energy Agency cut more than 3 million barrels a day from its 2012 global demand forecast because record prices and slower economic growth will curb fuel purchases. A drop in OPEC spare capacity to a “negligible” 1 million barrels a day by 2013 will keep the market `tight,” the agency said […]

Arctic Holds 100 Billion Bbl Oil In Unexplored Fields

MADRID (AFP)–The Arctic holds 100 billion barrels of oil in unexplored fields, a government geologist with the U.S. Geological Survey said Monday at an international oil industry gathering in Spain. “The Arctic is almost completely unexplored,” said Donald Gautier at the World Petroleum Congress in Madrid. “There are 100 billion barrels of oil to be […]

World oil reserves and future production

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Green IT: Taking Bytes Out of Carbon Emissions

Modern communication technology reduces the need to travel, but it produces as much CO2 as aviation. Struggling to live up to its How did the Massachusetts Democrat manage to be in two places at once? By sending his virtual self to the tropical paradise via the website Second Life, while his real self stayed in […]

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