Mexican crude production down 9.2 percent in 2008

MEXICO CITY (AP) — Mexico’s state-run oil monopoly said Wednesday its 2008 crude production was down 9.2 percent from 2007. Petroleos Mexicanos, or Pemex, blamed bad weather and declining reserves at its biggest oil field, Cantarell. Pemex produced 2.79 million barrels of crude a day in 2008, down from 3.08 million barrels daily in 2007. […]

UAL, AMR forecast more capacity cuts in 2009

NEW YORK (MarketWatch) — The owners of United Airlines and American Airlines said Wednesday said they would offer fewer flights due to deteriorating passenger demand and continued fuel volatility and the pair reported steep fourth-quarter losses The comments followed steep fourth-quarter losses at United’s UAL Corp. and American’s AMR Corp. driven by less travel demand […]

Top 100 Stories of 2008 #1: The Post-Oil Era Begins

Electricity may be what fuels our future There are other biofuels, but they have drawbacks too. The first U.S. facility for converting algae into fuel is expected to open soon in Rio Hondo, Texas, but it will take decades to achieve significant production. Cellulosic ethanol can be derived from inedible crops like switchgrass, but the […]

Oil Price Over $100, in a Blink

The Cassandras are out in force these days. Some are true believers. Others are masochistic oil men. They claim that the recent price of oil — at almost $150 — was a The analysts are right on one thing. There was never really a rational reason for $150 oil. Headlines ruled and speculators did ride […]

World food crisis will be ’survival of the fittest’

A looming world food crisis, caused by climate change and economic growth in emerging nations, will come down to ’survival of the fittest’, according to the Working Party chairman of a new report published today by the Royal Society of Chemistry and the Institution of Chemical Engineers. ‘The Vital Ingredient The report describes meeting energy […]

ASPO Newsletter – January 2009

1100. Imaginative Data Reporting 1101. U.S. Election. 1102. Non-Conventional Oil and Gas 1103. Major Oil Company Production 1104. A Prestigious Peak Oil Taskforce 1105. Iraq re-visited 1106. The Energy Challenge facing the United States ASPO Ireland (PDF)

World oil demand shrinks

Global oil demand is seen contracting more sharply this year than previously expected, as the deepening economic crisis spreads to the developing world. Slowing demand has been the lead factor in sending prices crashing back down to about $40. The IEA predicts Chinese oil demand will grow by just 90,000 bpd in 2009. That is […]

Excerpts and Commentary on Ben McGrath

The article starts off with US resident Dmitry Orlov, from Leningrad, who has been living on a semi-self-sustainable boat in a form …In a blog that he maintains, Club Orlov, he categorises his readers into three basic cultural categories; 1.

Simmons, Hirsch: Era of cheap oil is over

Forget about cheap gasoline, today’s low oil price masks a looming energy crisis that could dwarf the current economic problems. If you thought things couldn’t get any worse than a collapse of the global financial markets, think again. The economic meltdown is a good reason to be gloomy, for sure, but an under-reported study by […]

‘Peak wood’ gives a history lesson in Abu Dhabi

‘Peak wood’ scuppered the Roman Empire just as peak oil will strike us, delegates at Abu Dhabi’s World Future Energy Summit hear …Prince Willem Alexander says our aim should be “nothing less than revolution” with regard to tackling climate change and weaning ourselves off oil. He also does a bit of history teaching himself, claiming […]

Rebound in oil prices could be years off

…Long time oil bulls have been bucked right out of the ring after having had the ride of their lives as oil prices peaked at US$150 per barrel last summer. With oil prices languishing below US$40 per barrel recently, peak oil theorists argue that the next commodity cycle will be even more severe than the […]

China: Major airlines bleed from fuel hedging losses

Air China, the nation’s largest international carrier, said its paper loss from fuel-hedging contracts in 2008 have swollen to 6.8 billion yuan due to the falling global oil prices. Air China’s actual fuel-hedging loss in December alone was $52.8 million. Earlier the carrier reported a loss of 3.1 billion yuan by the end of October. […]

Farmers should re-think energy needs: FCC

Even with oil now trading below US$40 a barrel, down from US$147 last July, Canadian farmers should prepare for higher energy costs in the longer term, Farm Credit Canada warns. But today’s oil and gas prices give farm and agribusiness operators a chance to “re-evaluate their current energy practices and plan how they will manage […]

Canada’s oil sands giant Suncor slashes spending

CALGARY, Alberta – Suncor Energy Inc., Canada’s second-largest oil sands operator, slashed its planned 2009 spending in half Tuesday and shelved major expansion projects with crude prices in free fall. The Calgary-based company said it plans to spend $3 billion Canadian ($2.4 billion), with just a third of that going toward growth projects. It was […]

9 Ways NASA Can Tackle Climate Change

NASA could be one of the nation’s most potent weapons in battling climate change. The space agency has conducted decades of research into weather, life-support systems and the atmospheres of other planets providing it with unique skills to address this problem. It would be easy for policymakers to overlook NASA as they map out a […]

Survey: Scientists agree human-induced global warming is real

While the harsh winter pounding many areas of North America and Europe seemingly contradicts the fact that global warming continues unabated, a new survey finds consensus among scientists about the reality of climate change and its likely cause. A group of 3,146 earth scientists surveyed around the world overwhelmingly agree that in the past 200-plus […]

Surviving in the Tough Times Ahead

Ian Sample’s “Billions face food shortages, study warns”, based on findings by researchers at Washington and Stanford Universities, points out some of the progressively difficult conditions that will likely lead to widespread starvation in times ahead. Its conclusions fit well with ones posed in Paul Chefurka’s “World Energy and Population Trends to 2100″ and “Peak […]

Peak-oil activist approach for the coming change in culture

Peak oil is something to heed more today than ever, no matter where crude oil and gasoline prices go or what they may do to oil consumption. Peak-oil awareness has risen greatly in recent years, but this has not resulted in wide understanding of energy in our fast changing world of mounting crises and distractions. […]

Forget ‘peak oil’, West’s demand growth peaking

LONDON (Reuters) – Oil demand may never return to growth in the United States, Europe and parts of Asia, easing the strain on long-term supplies and prices as emerging countries burn ever more fuel. The surge in oil to a record near $150 a barrel last year heightened concern the world will run out of […]

Uncertainty to Impact Global Food Supplies

Increased uncertainty will continue to pound investment opportunities in the Food & Agriculture value chain over the next couple of years, potentially depressing food supplies and dealing a blow to the sector Factors influencing buffer capacity deterioration and the outlook of many players in the Food & Agriculture value chain include the commodity boom, the […]

Plunging prices hammer Valley dairy farmers

The price farmers get for their milk is plummeting “No creamery would take it,” he said Friday. The base price that dairy farmers get for their cows’ milk is set to tumble 35 percent

Monbiot: If the state can’t save us, we need a licence to print our own money

It bypasses greedy banks. It recharges local economies. It’s time to think seriously about an alternative currency In Russell Hoban’s novel Riddley Walker, the descendants of nuclear holocaust survivors seek amid the rubble the key to recovering their lost civilisation. They end up believing that the answer is to re-invent the atom bomb. I was […]

The reasons why crude oil could double this year

…Adequate supply plus stagnant demand equals $35 oil. So why is the December 2010 oil contract trading nearly 80% higher at $61.80? What could possibly happen between now and December 2010 that would cause oil to go up 80%? Well, for one thing you might be in the early stages of an economic recovery by […]

Pemex Oil Output Declines at Fastest Rate Since World War II

(Bloomberg) — Petroleos Mexicanos, Mexico Falling output is leading Pemex into deepwater exploration as state-run peers Petroleo Brasileiro SA in Rio de Janeiro and Ecopetrol SA in Bogota invest billions to boost production. Costs are rising at Cantarell, Pemex

Roubini Predicts U.S. Losses May Reach $3.6 Trillion

U.S. financial losses from the credit crisis may reach $3.6 trillion, suggesting the banking system is …Oil prices will trade between $30 and $40 a barrel all year, Roubini predicted.

Antarctic ice shelf set to collapse due to warming

A huge Antarctic ice shelf is on the brink of collapse with just a sliver of ice holding it in place, the latest victim of global warming that is altering maps of the frozen continent. “We’ve come to the Wilkins Ice Shelf to see its final death throes,” David Vaughan, a glaciologist at the British […]

Gas Goes Up Six Cents

Up, up and away! You’d think the New Years Resolution for oil companies was to make more cash. After starting off 2009 with gas prices at their lowest in five years, local prices are taking another jump just a week after a nine cent increase. 74.9 cents per litre was the going rate at the […]

Arab oil producers reluctant to dig into reserves

KUWAIT/DUBAI (Reuters) – Arab oil producers, loath to dig too deeply into their massive foreign reserves, will raise public spending only cautiously as they seek to guide their economies through the global recession. A slump of more than $110 in the price of oil to under $36 a barrel from its peak last July has […]

Two directors take on oil industry

Two movies. Same subject. Almost identical titles. Made independently by two filmmakers who have known each other since 1982. Yet two very different films (and filmmakers). How could that be? “Crude,” by Joe Berlinger (“Brother’s Keeper”), and “Sweet Crude,” by Sandy Cioffi, are new documentaries about the despoiling of the third world by multinational oil […]

Russia likely to join OPEC soon, Pickens says

WASHINGTON — Russia will likely become a member of OPEC soon, billionaire investor and alternative-energy advocate T. Boone Pickens said Monday. That membership “will not be favourable to the United States,” Mr. Pickens told a gathering of mayors. Mr. Pickens is promoting increased investment in wind power and natural gas to reduce U.S. dependence on […]

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