Oil firms could quit North Sea if there is no tax relief, MPs warned

Oil industry leaders warned yesterday that companies could quit the North Sea for good if the UK Government did not provide immediate tax relief. Bosses from industry body Oil & Gas UK told MPs in Aberdeen that 50,000 jobs could go if the government did not act swiftly. WestminsterPressandJournal

Obama Invests $2.4 Billion in NextGen Plug-in Hybrids, Batteries

To produce the next generation of plug-in hybrid electric vehicles and the advanced battery components that will make these vehicles run, President Barack Obama Thursday announced $2.4 billion in economic stimulus funding from the American Recovery and Reinvestment Act. “This investment will not only reduce our dependence on foreign oil, it will put Americans back […]

Oil reserves data: More than meets the eye

F&D is a popular little acronym these days for people who deal in oil shares. It stands for finding and development, meaning the costs of adding reserves. As you can imagine, it’s an important yardstick. Low is good, high is bad. The numbers for 2008 are trickling out now, so there’s much ado about finding […]

Iran oil reserves jump to138B barrels

Iranian oil minister says his country’s proven oil reserves have grown dramatically over the past year and now stand at 138 billion barrels. Iran, OPEC’s second largest oil producer, plans to open some of its oil and gas fields to foreign investment to help boost output by 2015 to 5.3 million barrels per day, from […]

Exxon Mobil’s Brazil ‘very huge’ oil discovery runs counter ‘peak oil’

Exxon Mobil oil discovery off the coast of Brazil may hold enough crude to rival the nearby Tupi prospect as the Western HemisphereBusinessIntelligence

Collapse in Iraqi oil price shatters hope of recovery

Six years after the invasion that toppled Saddam Hussein, the collapse in the price of oil is devastating Iraqi hopes of reconstructing an economy shattered by 30 years of war and sanctions. A year ago, as the price of oil approached $150 a barrel, Iraqi leaders were optimistic they would have enough money to rebuild […]

EU leaders reach out to ex-Soviet neighbors

European Union leaders on Friday are expected to promise a hefty program of aid, trade and closer political ties for six ex-Soviet states where Moscow retains a strong influence nearly two decades after they won their independence. The EU’s “Eastern Partnership” falls short of membership for Ukraine, Azerbaijan, Georgia, Armenia, Moldova and Belarus but offers […]

Empire of Addiction

In the mainstream of American politics, there are only two acceptable positionsFirstPrinciplesJournal

Heinberg: Energy limits to growth: integrating energy sources – part III

A process for designing the energy system to meet society’s future needs must start by recognizing the practical limits and potentials of the available energy sources. Since primary energy sources will be the most crucial ones for meeting those needs, it is important to identify those first, with the understanding that secondary sources will also […]

The next oil giant?

Brazil’s oil industry has big hurdles to clear In the past two years Brazil has discovered the largest oil deposits in the country’s history and the world The Tupi discovery was followed by other large finds, including Sugar Loaf, to the south-west of Tupi, in December 2007, and the Jupiter natural-gas field, located east of […]

The Peak Oil Crisis: Government in the Transition

Nearly every day brings news of trillion-dollar government interventions in the world’s economies. With the power of deficit financing and the printing press, Washington is clearly leading the pack. Using the credit accumulated over many decades as the world’s largest economy and issuer of the world’s reserve currency, the U.S. is on track to borrow […]

Oil prices reach new high for 2009 as dollar falls

NEW YORK Benchmark crude for April delivery surged $3.47, or 7 percent, to settle at $51.61 a barrel on the New York Mercantile Exchange. Oil prices hit $52.25 earlier in the day, a price last seen on Dec. 1. Crude prices have increased 11.6 percent since OPEC ministers met in Vienna on Sunday. The group […]

New head of NOAA says science will guide policy

GRANTS PASS, Ore. So she settled for a little place in the Cleveland Park neighborhood near the Red Line station, walking distance from grocery stores, drug stores and parks, though not the coastal marine ecosystems that have been her lifelong interest. Lubchenco, whom the Senate confirmed for the NOAA job Thursday, has also signed up […]

OPEC Will Cut Shipments in Month to April 4, Oil Movements Says

(Bloomberg) — OPEC will cut crude oil shipments 3.3 percent in the four weeks ending April 4 as producers seek to adhere to quotas, according to tanker-tracker Oil Movements. The Organization of Petroleum Exporting Countries, producer of about 40 percent of the world The group agreed to hold targets steady at a meeting in Vienna […]

Electric Cars for All! (No, Really This Time)

Last Sunday, DP: Explain how this is different from all the failed electric car programs that have come before. SA: Most of the car efforts were done from within the car, and assuming that there is no infrastructure change at all. It

Michael Klare: The Second Shockwave

While the economic contraction is apparently slowing in the advanced industrial countries and may reach bottom in the not-too-distant future, it’s only beginning to gain momentum in the developing world, which was spared the earliest effects of the global meltdown. Because the crisis was largely precipitated by a collapse of the housing market in the […]

Environmentalists: Shale imperils other water uses

DENVER “The companies have essentially cornered the market in water rights in western Colorado,” said Karin Sheldon, the group’s executive director. Companies are still testing the best ways to tap the vast reserves locked in rock below Colorado, Wyoming and Utah. Commercial production is likely at least a decade off. But the Bush administration last […]

World faces ‘perfect storm’ of problems by 2030, chief scientist to warn

Food, water and energy shortages will unleash public unrest and international conflict, Professor John Beddington will tell a conference tomorrow A “perfect storm” of food shortages, scarce water and insufficient energy resources threaten to unleash public unrest, cross-border conflicts and mass migration as people flee from the worst-affected regions, the UK government’s chief scientist will […]

Insurers Must Disclose Global Warming Prospects and Strategies

(Bloomberg) — U.S. insurance companies must begin disclosing their efforts to manage the financial risks of climate change, state insurance regulators said. Companies with premiums of $500 million or more must say how they are assessing climate risks and what steps they are taking to fight global warming, said Joel Ario, commissioner of the Pennsylvania […]

Oil above $50

Crude prices rocket higher on government program to buy up its own debt. Oil touches $50 for first time since January. LONDON (Reuters) — Oil rallied to $50 a barrel Thursday after a move by the Federal Reserve to buy government bonds on a large scale hit the dollar and revived hopes the U.S. economy […]

Should Obama Send $16 Billion to Bail Out the Amazon?

Depending on how you look at it, Obama’s meeting with Brazil’s President Luiz Inacio Lula da Silva this past weekend could be interpreted as either a first step toward cooperating on biofuel trade or a missed opportunity to protect the Amazon rain forest. In the press conference after their meeting, Presidents Obama and Lula showed […]

$750 billion ”green” investment could revive economy: U.N.

Investments of $750 billion could create a “Green New Deal” to revive the world economy and protect the environment, perhaps aided by a tax on oil, the head of the U.N. environment agency said on Thursday. Achim Steiner said spending should focus on five environmental sectors including improved energy efficiency for buildings and solar or […]

Could Eastern Europe blow away established wind rivals?

Eastern Europe is fast emerging as an attractive location for wind energy investors increasingly concerned about returns from more established markets in the West. A combination of good wind resources, generous subsidy schemes improving energy infrastructure, and limited local opposition will ensure that the Eastern European wind energy industry will enjoy significantly faster growth than […]

EU Plans Puts Climate Finance At Risk: Industry

European Union plans to re-write the rules of a $6 billion scheme that pays developing nations to cut greenhouse gas emissions risks stalling climate investment, policymakers and industry leaders said on Wednesday. The EU’s executive Commission this week detailed plans to force industry in advanced emerging economies such as China to meet efficiency or other […]

Venezuela Says $70 Per Barrel Minimum Needed For Oil Investment

“Oil is not renewable and is running out”Venezuelan Energy Minister Rafael Ramirez said on Wednesday that a minimum price of $70 per barrel was needed to fund the investment necessary to guarantee the petroleum supply required by the market. Ramirez joined his counterparts from the Organization of Petroleum Exporting Countries, or OPEC, and energy experts […]

Eletrobras to Help Build Five Hydropower Dams in Peru

Centrais Eletricas Brasileiras SA, Latin America’s largest utility, will help build five hydroelectric dams in Peru, costing 25 billion to 30 billion reais ($11.1 billion to $13.3 billion), as Latin American power demand outstrips supply. Eletrobras, as Brazil’s state utility holding company is known, aims to build the dams in the Amazon region of the […]

Chavez Runs Short of Cash for Takeovers as Oil Prices Slump

Venezuela is holding up payments to contractors, oil services companies and targets of President Hugo Chavez’s nationalization drive, indicating the country is running short of cash after petroleum prices collapsed. Service providers to the state oil company are idling rigs for nonpayment, and Brazil’s Odebrecht SA said last week it’s slowing work on the Caracas […]

Cnooc Parent Plans to Cut Spending as Cash Flow Falls

(Bloomberg) — China National Offshore Oil Corp., the nation Crude oil prices in New York have slumped about 67 percent from July

Saudi warns of ‘catastrophic’ energy crunch

VIENNA: Saudi Arabia’s oil minister warned of a possible “catastrophic” energy supply crunch without prompt investment. “In years to come, if traditional energy supplies should prove inadequate because capital expenditure was curtailed due to unsustainable prices, unreliable indication of future demand or hopes for a substitute that oil cannot deliver, such a supply crunch would […]

Polar bear fate depends on emissions cuts: Norway

Global warming is threatening polar bears as it melts their icy Arctic habitat, Norway’s environment minister said on Monday. “If the ice is disintegrating in the Arctic, it will have enormous impact on polar bears,” Environment and Development Minister Erik Solheim told reporters on the eve of a meeting to discuss the future of the […]

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