East Africa: Region to Have Joint Power Network

East African countries will have a joint power network as a policy to strengthen regional integration. State minister for energy Simon D’Ujanga yesterday told the committee on the national economy that the interconnection lines will be constructed and upgraded, linking the five countries of the East African community. The project is aimed at increasing cross-border […]

David Suzuki: Is Canada a petro-state or prosperous nation?

Imagine a Canada with an abundance of nature and wildlife, clean air and water, healthy citizens, and a prosperous economy. Sounds close to what we have, doesn The reality is that our government is putting all its eggs in one basket, relying on the tar sands to fuel the economy. And although the government has […]

Venezuelan Sway on Region Fades With Oil Wealth

CARACAS, Venezuela But more than a dozen big projects intended to broaden his nation

Peak oil

In the past week, I Although no one knows what future oil production may be, Raymond James explains,

China boosts subsidies for car, appliance buyers

SHANGHAI (AP) — China will subsidize purchases of cars and home appliances to replace older models, expanding a program first introduced in rural areas to major cities, the government said Tuesday in its latest move to stimulate the economy. The decision by an executive meeting of the State Council is meant to pump up China’s […]

Saudi Arabia to slash gasoline imports by 29% in June

Saudi Arabia is expected to slash gasoline imports by nearly 29 percent in June, as domestic production capacity ramps up following refinery maintenance work, traders said on Monday. The world’s top oil exporter will import nearly 57,000 barrels per day of gasoline in June versus 80,000 bpd in May, traders said. Saudi Arabia typically imports […]

The End Game Draws Nigh

The Future Evolution of the Debt−to−GDP Ratio …As a case study in how poor the administration’s policies are in this regard, consider its energy policies. Is anyone in the new administration reading about the disastrous 9% annual decrease in the output of “old” oil (yes, “peak oil” turned out to be true), in conjunction with […]

U.S. Energy Secretary says oil prices rising on economy

WASHINGTON (Reuters) – Energy Secretary Steven Chu said on Tuesday that oil prices may be rising in anticipation of an eventual economic recovery. “That might be part of the driver. The economy is in very bad shape today, but there is a feeling … that it’s no longer (in) free fall,” Chu told reporters following […]

Green "gold rush" seen in new U.S. auto standards

DETROIT (Reuters) – The tough U.S. fuel economy standards announced by President Barack Obama on Tuesday represents a bonanza for companies that supply hybrid technology and other gas-conserving components needed to meet the new benchmarks. Potential winners range from established suppliers such as BorgWarner Inc, Honeywell International Inc and Johnson Controls Inc to battery makers […]

Nigerian army, militants clash near Chevron oil site

PORT HARCOURT, May 19 (Reuters) – Nigerian security forces clashed with militants on Tuesday close to an oil flow station in the western Niger Delta operated by U.S. energy giant Chevron (CVX.N), an army spokesman said. “Our troops at Chevron’s Abiteye flow station in Delta state captured two speed boats belonging to the militants,” Colonel […]

Oil decline boosts pressure for Mexico tax reform

MEXICO CITY (Reuters) – Mexico is under growing pressure to ratchet up its paltry tax take as sliding oil revenues threaten a pillar of public finance that is central to its efforts to claw back from a deep recession. Mexico, which funds about a third of its budget from crude oil sales, has put off […]

U.S. offshore oil study not done as storm season nears

HOUSTON (Reuters) – Study of the hurricane fitness of 92 key Gulf of Mexico oil platforms, begun a year ago, is not finished as the 2009 storm season nears, U.S. Minerals Management Service officials said Tuesday. The work is taking longer than expected, MMS Gulf Region Director Lars Herbst told a briefing on preparations for […]

Obama auto efficiency move a blow to U.S. refiners

NEW YORK (Reuters) – The Obama administration’s ambitious plan to raise auto efficiency standards would cut deeply into notoriously voracious U.S. gasoline demand, dealing another blow to a refining sector hard hit by recession and bracing for looming climate regulation. The White House said Tuesday that President Barack Obama will announce the most aggressive proposal […]

Oil hits 6-month high on U.S. refinery problems

NEW YORK (Reuters) – Oil prices rose on Tuesday, touching a six-month high over $60 a barrel as a flurry of U.S. refinery problems stoked supply fears leading into peak summer driving season. U.S. crude settled 62 cents higher at $59.65 a barrel, after earlier reaching $60.48 a barrel, the highest level since November 11. […]

Retired military chiefs: Time to shift from oil

Report to Congress, Pentagon cites climate, reliance on foreign sources WASHINGTON – An advisory group of retired generals and admirals argue in a new report that reducing America’s reliance on oil and addressing climate change are critical for future national security. The report, presented Monday to members of Congress and the Pentagon, said that energy […]

Don

Only a week after declaring that global oil production has Apparently, however, the world won

HR 2326 and the Doomsday Book

On the same day President Barack Obama announced the federal government’s new, unified fuel economy standards, Congressmen Roscoe Barlett (R, MD) and Eliot Engel (D, NY) introduced HR 2326, otherwise known as the Oil Savings Act. …As Matthew Simmons and others have long argued, we need the modern day equivalent of William’s Domesday Book, so […]

China's oil processing capacity to increase by 18% by 2011

China plans to raise its annual crude oil processing capacity to 405 million tonnes by 2011, the State Council, or the Cabinet, said on Monday in its restructuring and stimulus plans for the petrochemical industry. That would represent an increase of about 18.4 percent over its processing volume last year, which topped 342.1 million tonnes, […]

Norway's ruling parties delay oil sands vote

Norway’s center-left government effectively delayed a parliamentary vote on Monday on whether majority state-owned oil and gas producer StatoilHydro should withdraw from a $2 billion Canadian oil sands venture. The oil sands issue has put the government in a bind four months before a general election, with political opponents saying state support for the oil […]

Canada: Oil Sands Production Could Go Up To 6.3 Million Barrels A Day

A study by the IHS Cambridge Energy Research Associates released Monday provided another dimension to the brewing controversy involving the Alberta oil sands project, which green groups say will damage the environment further. The report said output from the oil sands could go up to 6.3 million barrels a day by 2035. It would be […]

Sunoco fire extinguished; responses studied

The fire that accompanied Sunday night’s nerve-and-window-rattling explosion at the sprawling Sunoco refinery in Marcus Hook has finally been knocked down. Officials last night declared the fire out during their 10 o’clock briefing – nearly 24 hours after the first explosion rocked the facility and its neighbors. Sunoco officials also said that they did not […]

Climate change odds much worse than thought

The most comprehensive modeling yet carried out on the likelihood of how much hotter the Earth’s climate will get in this century shows that without rapid and massive action, the problem will be about twice as severe as previously estimated six years ago – and could be even worse than that. …The new projections, published […]

World Oil Production Forecast – Update May 2009

World oil production peaked in July 2008 at 74.82 million barrels/day (mbd) and now has fallen to about 71 mbd. It is expected that oil production will decline slowly to about December 2010 as OPEC production increases while non-OPEC production decreases. After 2010 the resulting annual production decline rate increases to 3.4% as OPEC production […]

Big Oil teams up with Big Timber for next biofuel breakthrough

Catchlight Energy, a joint venture between Weyerhaeuser Co. and Chevron Corporation, laid out its ambitious plans to forest industry executives attending a recent PricewaterhouseCoopersVancouverSun

China and US held secret talks on climate change deal

A high-powered group of senior Republicans and Democrats led two missions to China in the final months of the Bush administration for secret backchannel negotiations aimed at securing a deal on joint US-Chinese action on climate change, the Guardian has learned. “My sense is that we are now working towards something in the fall,” said […]

Major oil discovery in the North Sea

Det norske oljeselskap (Det norske) has annoounced that it has made what it calls a significant oil discovery in well 15/12-21, drilled on the Grevling Prospect, north of the Varg Field in the North Sea. VP Reserve and Area Development Odd Ragnar Heum says this is an importante discovery for Det norske. “The discovery is […]

Supply and demand picture don't justify gasoline prices

Just in time for Memorial Day, the price of gasoline has surged. The national average price for regular gas has jumped by over 20 cents in the past two weeks alone. The other day, the price of regular hit $2.30 a gallon — the highest since last November. This is well above the year’s low […]

Only one out of four willing to pay more for a hybrid

Only one out of four people are willing to pay more to buy a gas-electric hybrid vehicle compared to a conventional car, according to a new online poll of 2,000 adults. And 22% say they are simply confused when it comes to the terms for all the different kinds of hybrids either hitting the market […]

Natural Gas: Not Many Reasons to Own It

Energy markets on both sides of the Atlantic finished last week on a sour note. Crude oil markets in London and New York finished lower for the first time in three Fridays. On Tuesday the bulls in New York tried to bluff the market higher with some early morning electronic bids above the $60 critical […]

Nigeria oil output 1.6 mln bpd before latest unrest

Nigerian crude oil production was around 1.6 million barrels per day (bpd) excluding condensate before the latest Niger Delta unrest late last week, Minister of State for Petroleum Odein Ajumogobia said late on Monday. Ajumogobia told Reuters that production had at one point last month dipped to as low as 1.2 million bpd but had […]

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