PICKENS: Energy independence

While the 111th Congress and the Obama administration work on the details of the federal stimulus package, we have to make certain that we are looking for nongovernment mechanisms to stimulate the American economy. One large target for preserving American cash is the huge amount of money we are sending overseas to buy oil. If […]

China’s 2009 Power Output, Demand to Extend Declines

(Bloomberg) — Power demand and output in China, the world’s second-biggest consumer of energy, will continue to fall this year because of slower economic growth, said the State Electricity Regulatory Commission. Power stations will operate at reduced rates, the Beijing- based commission said in a statement posted on its Web site today. “Unsolved problems” in […]

A novel plan for economic stimulus

In response to the most significant downturn in the economy in a century, President-elect Barack Obama has asked governors and municipal leaders to propose “shovel-ready” projects to stimulate our economy. Gov. M. Jodi Rell has responded with a list of proposals from the departments of Transportation and Public Works, including many to rebuild our bridges […]

US Cash Crude – LLS soars as time spreads collapse

HOUSTON (Reuters) – Light Louisiana Sweet soared Monday on the U.S. cash crude market as calendar spreads between West Texas Intermediate futures contracts gaped, traders said. Among headliner grades, LLS LLS- rose 85 cents to sell at $6.25 a barrel over WTI CLc1. Mars sour MRS- was unchanged but very strong, in historical terms, at […]

Low-Carbon Energy: A Roadmap

…Recent climate simulations conclude that CO2 emissions will need to peak within the next decade and decline by at least 50 to 80 percent by 2050. This challenge will be greatly complicated by the fact that China, India, and other developing countries are now rapidly developing modern energy systems. The only chance of slowing the […]

StatoilHydro drills ‘disappointing’ Arctic well

OSLO (Reuters) – Norwegian oil and gas group StatoilHydro (STL.OL) has drilled a “disappointing” appraisal well in the Barents Sea, the company and energy officials said on Monday. The company drilled the well at its Obesum prospect where an exploration well struck oil and gas last year. “No oil was found in the appraisal well, […]

Transocean Cancels Rig Deal on Client

(Bloomberg) — Transocean Inc., the world Oil exploration companies are having difficulty borrowing money to lease rigs and hire roughnecks after crude tumbled 74 percent in the past six months and global credit markets seized up, said Truls Olsen, an analyst at Fearnley Fonds AS in Oslo. More contract terminations are imminent as energy prices […]

Europeans ‘afraid of tomorrow’

Russia and Ukraine appear to be nearing an accommodation that would allow them to resume gas deliveries, but it will still be days before supplies are back to normal. BBC news website readers in Central and Eastern Europe continue to suffer shortages and have little faith in the future. BBC

Venezuela Begins Stealth Devaluation After Oil Price Plunge

Venezuelan President Hugo Chavez says he wonBloomberg

Global energy investment hit by financial crisis

The deepening of the global financial crisis and the sharp drop in energy prices have forced companies to scale back spending and delay projects, with expensive ventures in the Canadian oil sands hardest hit. Below is a list of projects that have been delayed or scaled back in recent months, as well as other related […]

Oil’s descent will help airlines take off

U.S. carriers are still paying a high price for fuel months after oil prices plunged, and it’s likely to hurt earnings they will announce this month and erode their cash reserves. But the pain at the pump should be short-lived, with money-losing jet-fuel hedges for United Airlines and other carriers expiring in a few months. […]

Floating oil storage capacity on the rise

Abundant oil supplies in a decreasing market and dropping tanker freight rates have combined to form an increase in floating storage, said the International Energy Agency in its monthly oil market report. Tanker operator Frontline Ltd. said 20-25 oil supertankers, representing 50 million bbl of oil storage capacity have been hired for floating storage in […]

Russia Devalues Ruble

Russia, battling a sharp drop in crude oil prices, lack of foreign investors confidence and worsening capital flight devalued the currency 2% over the weekend. The ruble is likely to drop as much as 15% in the next six months if oil stays below $50 a barrel.123Jump

‘Predict and survive’ – or not

There’s an intriguing question asked in the pages of the US journal Proceedings of the National Academy of Sciences (PNAS) this week. In a nutshell, it is this: can we forecast sudden, possibly catastrophic environmental changes by monitoring long-term trends? As Reinette Biggs and her co-researchers point out, what can happen is that a trend […]

Climate change fears spiral as warmer seas ‘absorbing less CO2

Scientists have found evidence of a sudden and dramatic drop in the amount of carbon dioxide being absorbed by the sea, sparking fears that climate change is accelerating. Warmer waters – themselves said to be the result of the changing climate – are believed to have caused the decline. Samples taken from the Sea of […]

Will energy show us that inflation and deflation can occur at the same time?

…What may turn out to be truly scarce is energy. There is no Wall Street paper mill that can turn it out as it does various securities. It can only be obtained through skilled, energy-intensive and highly complex processes. Right now the precipitous drop in world demand for energy has pummelled energy prices. What is […]

Kuwait Plans Oil, Gas Output Boost From New Deposits

(Bloomberg) — Kuwait aims to boost production of crude oil and natural gas at deposits it Kuwait is also evaluating gas reserves at its six fields, Hussain said. Resources in the fields may exceed the initial estimate of 10 billion cubic feet of gas, he said.

Richard Heinberg: Opportunity for FUNDAMENTAL change

An article by Neil Reynolds in Friday’s GLOBE AND MAIL, titled “Obama’s energy quick fix bound for the slag heap,” quotes University of Manitoba Professor Vaclav Smil to support its thesis. “The only way that Mr. Obama could significantly advance this objective . . . would be with the help” Smil’s reasoning? “Energy systems are […]

Oil firms may put projects on hold until costs fall

OIL companies may soon begin delaying projects in an attempt to take advantage of an expected fall in services costs, senior executives have told The Scotsman. Several executives at exploration companies have predicted that the cost of oil services Since peaking near $150 a barrel in late July, crude oil prices have fallen by around […]

UAE and Qatar will lead demand for oil in Gulf this year

The UAE and Qatar will lead the 18 million barrels a day growth in oil demand in the Gulf in 2009, energy analysis firm PFC energy said in its latest report. The Washington-based company said diesel and jet fuel will lead the overall growth in demand for fuel oil in the GCC in 2009. The […]

Detroit Goes for Electric Cars, but Will Drivers?

DEARBORN, Mich. But Ford was feeling pressure from competitors, and decided it could not afford to fall behind in the rapidly expanding race to put electric cars in dealer showrooms.

Let

Summary: The global recession might push back the arrival of peak oil for three reasons. 1. Less consumption now leaves more oil in the ground for future use. 2. Less investment now in oil exploration and development means less consumption in the next few years (or decade). 3. Alternative energy technology has more time to […]

Thomas L. Friedman: Tax Cuts for Teachers

Over the next couple of years, two very big countries, America and China, will give birth to something very important. They So here

Amazon Deforestation: Earth’s Heart and Lungs Dismembered

Splintered, charred wood litters the outskirts of an expansive ranch that lies on recently cleared land in the Brazilian Amazon. On the newly planted pasture, cattle leisurely graze, occasionally lifting their heads to gaze past heaps of dead trees towards an island of dense vegetation that has thus far been spared. But it too may […]

S.D. farmers could receive protection in grain buys

Responding to the varied effects of national economic downturn, the Department of Agriculture and the PUC have proposed legislation that would both protect South Dakota farmers and increase key fees. In a move that appears to have been motivated by the mess farmers found themselves in after ethanol giant VeraSun filed for bankruptcy, the PUC […]

Shaky Ground: Russia-Ukraine Gas Dispute Could Affect U.S. Fertilizer Supply

Due to a pricing dispute, Russia

Two lawmakers seek state ban on phosphorus in fertilizer

WISCONSIN – Two state lawmakers want to ban phosphorus in fertilizer, a move they say will be the first step of “an ambitious environmental agenda” for the new legislative session. The proposal by Rep. Spencer Black, chairman of the Assembly Natural Resources Committee, and Sen. Mark Miller, chairman of the Senate Committee on the Environment, […]

Massive Greenland meltdown? Not so fast, say scientists

PARIS (AFP) Two were based on changes caused directly by global warming: an increase in the amount of water that greases the underbelly of the glacier as it slides toward the sea, and a general thinning due to melting. If confirmed, either of these explanations would point to a sustained increase in runoff over the […]

Russia Gazprom shuts wells, makes losses in gas row

MOSCOW (Reuters) – Russia’s gas row with its neighbour Ukraine has forced Russian gas giant Gazprom to shut down over 100 gas-producing wells, local agencies reported on Sunday, quoting Prime Minister Vladimir Putin. Gazprom has also suffered losses of $800 million due to the row over gas debts and pricing for 2009, which led to […]

U.S. refused aid for Israeli attack on Iran

WASHINGTON The White House denied that request outright, U.S. officials said, and the Israelis backed off their plans, at least temporarily. …This account of the expanded American covert program and the Bush administration’s efforts to dissuade Israel from an aerial attack on Iran emerged in interviews over the past 15 months with current and former […]

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