Nigeria: Production Cuts – Country Threatens to Ignore Opec

The Federal Government yesterday threatened that Nigeria may stop further cuts in crude oil production as directed by the Organisation of Petroleum Exporting Countries (OPEC) if other member countries within the cartel fail to obey the directives. OPEC, stung by what it called “a dramatic collapse” in crude oil prices, had announced last month after […]

Euro-Caspian energy plans inch forward

Azerbaijan’s state oil company SOCAR and Kazakhstan’s state monopoly KazMunaiGaz this month signed an agreement setting out the main principles for a transport system to convey Kazakh oil across the Caspian Sea for entry into the Baku-Tbilisi-Ceyhan (BTC) pipeline and subsequent re-export to world markets. This represents a step forward in the realization of the […]

Peak oil is over but present lows hurt: Jum’ah

The world’s largest oil producer Saudi Aramco on Wednesday said the time for astronomical crude prices was over but the present low levels too would not be good in the long run for finding and developing new reserves to ensure security of future energy supplies. “The peak oil theory has been proven right. The era […]

Robert Bryce: Gasoline

Given the news from the past few months, it borders on the foolhardy to preach about the looming dangers of peak oil. Doing so seems a bit like warning about the possibility of drought while standing without an umbrella in the midst of a torrential downpour. Indeed, the price of oil has plummeted from its […]

Persian Gulf Tanker Rates Fall to One-Year Low on Ship Glut

(Bloomberg) — The cost of shipping Middle East crude to Asia fell to the lowest in more than a year as ship supplies accumulated and OPEC prepared to weigh up a new production cut. The Organization of Petroleum Exporting Countries will likely lower output before the end of the year, according to 18 of 21 […]

U.S. Says 60 of 3,800 Gulf Oil, Gas Platforms Destroyed by Ike

(Bloomberg) — The U.S. government said 60 of about 3,800 oil and natural-gas production platforms in the Gulf of Mexico were destroyed by hurricanes Gustav and Ike. The platforms were capable of producing 13,657 barrels of oil and 96.5 million cubic feet of natural gas a day, the U.S. Minerals Management Service said in an […]

The Peak Oil Crisis: Electrical Efficiency

Last week the Virginia Commission on Energy and the Environment held a day long meeting to hear testimony on the future role of electricity in the commonwealth. Representatives of the various power companies serving the state testified as to their plans and their commitment to reaching the state’s goal of reducing electricity consumption by 10 […]

Buyer

Bloomberg) — Max Hartshorne was thrilled to lock in a winter

In Sea Exercises, A Sign for Obama

Chavez to Remain a Challenge for U.S. CARACAS, Venezuela — The arrival of Russian President Dmitry Medvedev and a naval squadron in Venezuela this week is an unequivocal message to President-elect Barack Obama that his most nettlesome challenge in the Americas will be Venezuela’s populist government and its oil-fueled crusade against U.S. influence, political analysts […]

Richard Heinberg: Top of the Food Chain

Today comes the startling news of a British government report showing a drop in oceanic zooplankton of 73 percent since 1960. For many people, this may seem relatively inconsequential as compared to daily cataclysmic revelations about the state of the national and global economy. This reaction is understandable: we care first and foremost about our […]

Falling oil prices hurting OPEC members

CALGARY — After throwing a wrench into Canada’s oil sands growth and messing up Alberta’s budget surplus, slumping oil prices are beginning to bite into the government budgets of many OPEC members, Tristone Capital Inc. said in a report. The Calgary-based energy investment dealer said Tuesday cartel outliers Iran and Venezuela are in the toughest […]

Will the Financial Crisis Put an End to Reckless, Planet-Destroying Consumption?

The nation has faced the spectacle, in recent days, of auto industry leaders appearing before Congress to plead for their companies’ lives, asking for bailout funds. This extraordinary turn of events comes in the wake a 32 percent drop last month in auto sales, one of the steepest declines in history and a decline that […]

Palm oil price crash spells misery for SEAsian farmers

KUALA LUMPUR (AFP) Palm oil prices have plummeted from a March high of 4,486 ringgit (1,248 dollars) per tonne to less than 1,500 ringgit, due to the financial crisis and the falling price of crude oil — which reduces demand from the biodiesel industry. Malaysia’s deputy commodities minister Kohilan Pillay said today’s prices were close […]

Kyrgyz energy minister fired amid crisis

BISHKEK, Kyrgyzstan: Kyrgyzstan’s president fired the energy minister Tuesday amid mounting public criticism over his handling of electricity shortages in the impoverished Central Asian nation. Industry and Energy Minister Saparbek Balkibekov presided during a worsening power crisis that could leave large swaths of the country without electricity over the coming winter months. An unusually cold […]

The planet is now so vandalised that only total energy renewal can save us

It may be too late. But without radical action, we will be the generation that saved the banks and let the biosphere collapse George Bush is behaving like a furious defaulter whose home is about to be repossessed. Smashing the porcelain, ripping the doors off their hinges, he is determined that there will be nothing […]

Saudi Gov’t Won’t Shrink Investments Amid Lower Oil Prices

Saudi Arabia’s government won’t reduce spending even if crude oil prices fall below what it had budgeted for in 2009, the kingdom’s Finance Minister Ibrahim Abdulaziz Al-Assaf said Tuesday. He added that Saudi Arabia had also accumulated sufficient reserves that it could tap into easily for the next three to five years. “Even if we […]

Peak oil review – Nov 24

1. Supply and demand 2. OPEC 3. Price forecasts 4. Detroit 5. More on the IEA Report 6. Briefs 1. Supply and demand After six days of decline, oil prices rose 50 cents on Friday to close at $49.93, down $7.67 or 13 percent for the week. Oil prices now have fallen 66 percent since […]

Vatican set to go green with huge solar panel roof

VATICAN CITY (Reuters) – The Vatican was set to go green on Wednesday with the activation of a new solar energy system to power several key buildings and a commitment to use renewable energy for 20 percent of its needs by 2020. The massive roof of the Vatican’s “Nervi Hall,” where popes hold general audiences […]

Carbon regulation could ”cripple” Texas: Perry

HOUSTON (Reuters) – Texas Gov. Rick Perry said on Tuesday that the economy of the leading energy producing U.S. state would be “crippled” by a federal agency’s proposal to regulate carbon dioxide emissions. Perry urged the U.S. Environmental Protection Agency (EPA) “to suppress the urge” to regulate greenhouse gas emissions, citing the “devastating implications for […]

UK says supports EU climate plan despite recession

LONDON (Reuters) – Britain supports the European Union’s tough climate change proposals even as Europe falls into recession, the UK minister of state for energy and climate change told a conference on Tuesday. “We do not believe the global economic downturn justifies postponing action on climate change until stability returns,” Mike O’Brien said. “The case […]

U.S. ethanol sector pushes automakers for support

WASHINGTON, Nov 25 (Reuters) – Ethanol industry groups on Tuesday urged U.S. auto executives to support increasing the ethanol-to-gasoline blend rate when they return to Capitol Hill next week to seek federal aid. General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz), Chrysler LLC [CBS.UL] and Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) […]

America

A Denver Post

Honey bee crisis threatens English fruit farmers

LONDON (Reuters) – Where in the United States, fruit farmers pay to have bees trucked thousands of miles to pollinate their crops and in parts of China, humans with feather dusters have taken on the task, in Britain most bees go nature’s way. Britons have a deep nostalgia for home-grown honey and its associations with […]

Oil drop won’t ease Latam resource nationalism soon

CARACAS (Reuters) – Latin American energy producers are unlikely to ease taxes on foreign oil companies in the near term, despite tumbling crude prices, in an attempt to keep government coffers full. Leaders such as Venezuela’s Hugo Chavez — at the fore of a charge for resource nationalism during a six-year oil rally — and […]

Oil majors eye $5 billion ships to cut LNG cost

LONDON (Reuters) – Oil and gas companies are racing to develop a new type of vessel they hope will revolutionize offshore gas production but even if the untested technology works, its deployment could be blocked by resource holders who fear it will undermine development goals. The industry hopes to build a fleet of ships or […]

Credit crisis threatens gas markets: industry

CERNOBBIO, Italy (Reuters) – The credit crisis may threaten the security of gas supplies and hinder new investments in the sector after hitting confidence in gas trading, according to participants at an international energy conference. “The effect of the credit crisis on new capital-intensive export projects will be material for security and diversification of supplies,” […]

Vt. engineer designs a good life for $5,000 a year

…Two decades ago, Merkel was living in a four-bedroom house spilling with stuff. To simplify, he sold almost everything. Out went his motorcycle, his pickup truck, his antique car, his speedboat. Merkel cleared enough space to rent out three spare rooms, helping him cut his monthly bills from more than $1,000 to about $200. Four […]

Hard times mean leaner Thanksgiving dinners

Many families lack the cash With so much unsteadiness in the market, Ramsey says many companies will be hesitant to lower prices for a while. But there is hope for the near future, Ramsey says. With the price of oil going down, fuel surcharges on food transport are being scaled back. He said prices could […]

Commentary: Nostradamus Redux

Although political forecasting and economic prognostication have long made astrology look respectable, there is still a latter-day Nostradamus who has defied the odds. “If Nostradamus were alive today,” said the New York Post, “he’d have a hard time keeping up with Gerald Celente” — the man who tracks the world’s social, economic and business trends […]

Higher quotas will push Atlantic tuna closer to collapse

Tuna may follow cod to become the second major Atlantic fish species to collapse after European leaders were today accused of driving through new catch quotas far above the levels recommended by scientists. The international environment campaign group WWF renewed its call for a consumer boycott of Atlantic bluefin tuna – a staple of Japanese […]

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