Gold: Inflation will beat deflation and gold will hit $3,000

Last July I wrote an article for telegraph.co.uk suggesting that gold had lagged other commodities in general and oil in particular and that gold would hit $2,000 an ounce over the next two or three years. At the time oil was trading at $140 a barrel and using the gold/oil ratio I suggested that either […]

EIA: US ‘09 Oil Use Seen -2.2%, Lowest Since ‘98

Citing “continued economic weakness,” government forecasters said Tuesday that U.S. oil demand will fall this year by 2.2% to its lowest level since 1998. The Energy Information Administration projected demand will average 19 million barrels a day, down from 19.42 million barrels a day in 2008. That’s about 200,000 barrels a day below the level […]

Tanking sector looks to ride the storm

REDUCTIONS in upstream and downstream investment because of low oil prices and tightening credit availability are likely to undermine long-term growth in the tanker market. In the nearer term, falling consumption of oil this year and production cuts from Opec will also result in lower tonnage demand If this is not evident yet, it is […]

Chevron Cuts Output Forecast As It Waits For Lower Costs

In a sign of how lower oil prices are re-shaping the business strategy of major oil companies, Chevron Corp. is cutting its forecast for long-term oil and gas production growth as it slows investment in some areas. While still spending heavily in the new, complex projects that underpin its long-term growth strategy, Chevron will slash […]

Putin promises Europe enough oil and gas for 100 years

Russian Premier Vladimir Putin says research shows that Russia has enough oil and gas for itself and for Europe for the next 100 years. RussiaToday

EIA Revises OPEC 1Q Oil Output Down By 500,000 B/D

The U.S. said Tuesday it revised downward by 500,000 barrels a day its forecast for OPEC’s crude oil output in the first quarter. The federal Energy Information Administration now estimates that the Organization of Petroleum Exporting Countries will average oil production of 28.6 million barrels a day in the three months ending March 31. A […]

The Beautiful Wind of T. Boone Pickens

…A bad bet on oil prices caused the 80-year-old tycoon to lose about $2 billion last year, and investors fled his hedge fund. His wife, Madeleine, had to rethink her plans to rescue thousands of wild horses from slaughter; she’s now asking for federal funds. And Pickens’s prize initiative — a huge investment in wind […]

Stern: Climate change deniers are ‘flat-earthers’

Economist Nicholas Stern warns of ‘absolute lunacy’ of do-nothing approach of Czech president Vaclav Klaus and fellow climate change sceptics Climate change deniers are “ridiculous” and akin to “flat-earthers”, according to Sir Nicholas Stern, who advised the government about the economic threat posed by global warming. The respected economist compared climate naysayers to those who […]

Saudis to hold oil output steady

World’s largest oil-producing country says it will not make further cuts to supply through April, signaling tentative end to OPEC output cuts. TOKYO (Reuters) — Saudi Arabia surprised its Asian oil customers on Tuesday by telling them it would maintain or slightly increase crude supplies next month, another sign that OPEC’s most influential member will […]

Iran

(Bloomberg) — Iran

How Might We Be Fed In A Post-Peak World? Part One

While there has never been more food around, modern production is not really a Through the years, most of the world has lived in village ecosystems, and produced most of its food locally through those ecosystems. An important part of this farming is recycling the nutrients and exporting only relatively little outside the system, unlike […]

Chevron Drills 43 Prospects to Stem Slide in Output

(Bloomberg) — Chevron Corp., the second-biggest U.S. oil company, is drilling 43 major prospects from Australia to Canada after posting its biggest drop in output since 2003. Chief Executive Officer David O O

Report from the M.I.T. Energy Conference: The future of clean energy is… coal?

CAMBRIDGE, MASS. The day began with a great deal of enthusiasm about the gains the U.S. and the world can make by quickly building up renewable energy supplies, to beat back climate change, get the country off oil, and even end the economic crisis by creating scads of green jobs. Founders of innovative companies said […]

Wondering if Crude Could Fall Even More

In recent weeks, as oil traded around $40 a barrel, the conventional wisdom among specialists was that the price decline that began last summer was largely over. Amid production cuts by the OPEC cartel, oil had apparently found a floor that would last until the global economy rebounded. But a growing chorus of analysts and […]

Climate scientists gather, and the news is not good

COPENHAGEN (AFP) But a welter of new research suggests the impact could be even worse, and will arrive sooner rather than later. “We need a much stronger sense in our societies of urgency,” John Ashton, Britain’s top climate negotiator, told journalists as the meeting got under way. Most worrying, scientists say, is the possibility that […]

Nine meals from anarchy?

Richard Cornish meets the man known as the Al Gore of food security. HE LOOKS more like a genial uncle than a harbinger of doom, but the UK Soil Association’s Patrick Holden visited Australia recently to deliver a sobering message. Holden, the head of the Bristol-based charitable organisation that promotes organic farming, gave a series […]

Peak oil review – Feb 9

1. Production and Prices 2. The Eventual Rebound 3. Venezuela 4. Briefs 1. Production and Prices The ongoing tension between bad economic news and OPEC production cuts resulted in a virtual stalemate last week. Oil started the week just above $40 a barrel and finished where it started with very little movement in between. Even […]

Stimulus may get small wind turbines spinning

The gale force of President Obama’s $787 billion economic stimulus package could breathe new life into an emerging industry: small wind turbines. The bill provides a 30 percent investment tax credit to consumers who buy these turbines, which are typically used to help power homes or small businesses. Even amid a recession, this tax credit […]

A Sober Look at Biofuels From Algae

First-generation biofuels are based on commonly available agricultural commodities such as wheat or corn. Second-generation biofuels process lignocellulosic biomass, such as corn stover, straw or wood. There is now a lot of talk about third-generation biofuels, which include algae-based biodiesel or ethanol. Seed Science Ltd. spent several months examining the technical and economic feasibility of […]

Ethanol Better Than Gasoline, If Done Right

Ethanol made in plants that also generate power from waste biomass are more efficient and generate less greenhouse-gas emissions than making petroleum-based gasoline, a new study says. Mark it as another salvo in the ongoing debate over the biofuel’s environmental benefits. Ethanol can be a boon to the economy and the environment after all But […]

Oil prices near new highs for the year

SIOUX FALLS, S.D. (AP) Oil has been ready for a recovery, and historically it’s hard to find a 30-day window kinder to the market than about March 15 through April 15, said Tom Kloza, publisher and chief oil analyst at Oil Price Information Service. Gasoline prices are sure to follow that rough trajectory upward as […]

Alaska drilling ruling vacated, future uncertain

ANCHORAGE, Alaska (Reuters) – An appeals court has vacated a decision that blocked Shell Oil’s planned exploratory drilling program in the Beaufort Sea, but representatives of the company and the environmental and Native groups challenging the development said Monday they had no indication whether any change in policy would result. The 9th Circuit Court of […]

Pelosi backs higher U.S. ethanol-to-gasoline blend

WASHINGTON (Reuters) – House Speaker Nancy Pelosi said on Monday that she supported a higher ethanol-to-gasoline blend rate as a way to reduce reliance on petroleum imports. “It seems to me we should be able to do that,” Pelosi told reporters after speaking to the National Farmers Union convention. Reuters

Climate change accelerates water hunt in U.S. West

SAN FRANCISCO (Reuters) – It’s hard to visualize a water crisis while driving the lush boulevards of Los Angeles, golfing Arizona’s green fairways or watching dancing Las Vegas fountains leap more than 20 stories high. So look Down Under. A decade into its worst drought in a hundred years Australia is a lesson of what […]

China govt oil reserve full – shipper

China has filled all four of its state-owned emergency oil reserve tanks to the brim and should now invest in oil tankers to add more to inventories while oil prices are low, a senior industry executive said on Monday in a rare acknowledgement of Beijing’s secretive oil inventories. Coupled with data last week showing a […]

Exxon says Iraq must ‘create conditions’ to attract foreign investment

Exxon Mobil is in constant dialogue with Baghdad to create the investment climate that would allow it to become a significant player in the Iraqi energy sector, its chief executive, Rex Tillerson, said Monday. Exxon, the world’s largest publicly traded company, is among the entrants in the race for contracts to work on the biggest […]

Biofuels for airlines promising, but hurdles remain

Biofuels could be used to fly commercial airlines within the next decade as a viable alternative to kerosene, although costs and concerns over environmental impact remain big barriers Jatropha, a poisonous plant that produces seeds that can be refined into biofuels, is being touted as a good alternative fuel and a potentially powerful weapon against […]

China Splurges on Foreign Oil

China is taking advantage of the worldwide recession to stock up on foreign oil, experts say. In rapid succession last month, Chinese state-backed banks offered billions of dollars in loans to foreign oil companies in Brazil, Venezuela, and Russia to secure future oil supplies. On Feb. 17, China Development Bank agreed, after two years of […]

U.S. Energy Department funds geothermal

U.S. Energy Secretary Steven Chu announced two new funding opportunities totaling $84 million for geothermal research. The funding will go toward developing enhanced geothermal systems that use heat from the Earth to generate electricity. “President Obama has laid out an ambitious agenda to put millions of people to work by investing in clean-energy technology like […]

Iran and Venezuela lead calls for cuts in production within Opec

Pressure is increasing on Opec to announce a further cut in oil supplies when the cartel meets in Vienna on Sunday, but Saudi Arabia is likely to argue for more compliance with existing cuts before it agrees to further reductions in output. Expectation that a further cut was imminent sent the oil futures markets higher […]

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