Are we running out of oil? The world in energy statistics

The amount of proven oil reserves awaiting to be exploited fell last year for the first time in a decade, according to new figures released today. The amount of crude left in the ground was 1.258trn barrels – 3bn less than this time last year. These figures, revealed in the BP Statistical Review of World […]

Oil sector faces investment crunch – Gazprom CEO

PORTO CERVO, Italy (Reuters) – A shortage of oil and gas investment means the sector will fail to meet demand when the global economy begins to recover, Gazprom Chief Executive Alexei Miller said on Wednesday. There are no guarantees that further increases in oil demand will be supported by a sufficient growth in investments, the […]

Company Calls New Small Nuclear Reactor a 'Game Changer'

A major manufacturer of power-generation equipment announced plans today to build a small nuclear reactor that company officials touted as a “potential game changer for the global nuclear market.” Babcock & Wilcox Co.’s 125-megawatt reactor would be significantly smaller than the average 1,000-megawatt nuclear reactor and is aimed at plugging a major “market gap,” CEO […]

Aramco starts production from Khurais field

Saudi Aramco CEO Khalid Al Falih said that the construction phase at Khurais has been completed and the company has started production from the field. The CEO, who was speaking in an interview with the Arabian TV channel Al Arabiya, said that the capacity of the field is about 1.2 million barrels per day (bpd) […]

Proposition: global effort to model largest oil fields

Oil is the world * How can the oil price be maintained at levels sufficient to assure adequate investment to maximize exploitation of oil resources concurrent with timely and adequate investment in alternative energy sources? A second tier of questions is tied to the best use of oil when supply cannot meet demand. The proposal […]

World Oil Reserves Fell for First Time in 10 Years, BP Says

(Bloomberg) — Global proved oil reserves fell last year, the first drop since 1998, led by declines in Russia, Norway and China, according to BP Plc. Oil reserves totaled 1.258 trillion barrels at the end of 2008, compared with a revised 1.261 trillion barrels a year earlier, BP said in its annual Statistical Review of […]

Centre of gravity in the global energy market has changed and we need to wake up

Tony Hayward, the chief executive of BP, explains why 2008 is likely to go down in history as a turning point for the way in which the world consumes and produces energy. The last year will go down in the history books for many reasons: the events in financial markets; the takeover of much of […]

Humans prefer cockiness to expertise

EVER wondered why the pundits who failed to predict the current economic crisis are still being paid for their opinions? It’s a consequence of the way human psychology works in a free market, according to a study of how people’s self-confidence affects the way others respond to their advice. The research, by Don Moore of […]

The downside of lower gas taxes

President Obama Consider that the 2010 Toyota Prius clocks in at an estimated 51 miles per gallon. Assuming 15,000 miles driven a year, the Prius owner pays just $54 in federal tax. The same mileage on the 2009 Hyundai Genesis

House OKs $4 billion 'cash for clunkers'

WASHINGTON (CNNMoney.com) — The House on Tuesday waded deeper into the rescue of the troubled auto industry when it passed a $4 billion plan to subsidize new cars sales for consumers who scrap old ones. By a vote of 298-119, the House approved the “cash for clunkers” program. The measure would give consumers vouchers worth […]

David Suzuki: Now that we own General Motors, what should we do with it?

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Dire warning: Climate change may displace up to 200 million

(CNN) — A new kind of refugee is on the rise. And by 2050, there could be as many as 200 million of them. They are not fleeing despicable acts of violence or persecution but the very land and water on which their livelihoods depend. They are some of the world’s poorest, forced from their […]

OPEC Will Wait for $100 Oil Before Raising Output

(Bloomberg) — OPEC, the supplier of 40 percent of the world Crude oil traded in New York has climbed almost 60 percent this year, after plunging more than $100 in five months at the end of 2008 as the global recession curbed demand for fuel. Oil prices have increased because investors have bought crude as […]

CERA official acknowledges

Speaking at the Center for Strategic & International Studies (CSIS) in Washington DC on 8 June, CERA Global Oil Group Managing Director Jim Burkhard began and ended his talk by stating that During his presentation, Mr. Burkhard explained that in acknowledging that peak oil is here, CERA

Oil tops $71 after large drop in U.S. crude stocks

LONDON (Reuters) The crude stock drawdown in the world’s largest energy consumer added to a sense weak demand is bottoming, with the U.S. Energy Information Administration (EIA) — the statistical arm of the DOE — raising its 2009 demand forecast for the first time since September. U.S. light crude for July delivery rose $1.35 to […]

Taking on Climate Change Myths and Sceptics

Stefan Rahmstorf is one of the world’s best known climate scientists and one of the most outspoken critics of climate change sceptics. Here he tackles the most common and pervasive climate change myths promoted by climate change deniers. The scientific facts seem clear, climate change is happening and it is man-made. Still some people disagree. […]

Green but costly, hybrid buses far from mass production

First launched by Poland’s Solaris and Belgium’s Vanhool, hybrid buses are now gaining momentum: both Volvo and Germany’s Daimler, the world leader with 42,000 buses sold in 2008, have said they will begin mass production within a year, while Man, another German company, is looking at 2011. But for now, orders are still low in […]

China alone could bring world to brink of climate calamity, claims US official

China must be far more ambitious in tackling climate change if the international community wants to prevent calamitous levels of global warming, a senior US official told counterparts in Beijing today. David Sandalow, assistant secretary of state for energy, said the continuation of business as usual in China would result in a 2.7C rise in […]

Caribbean reefs 'flattened' in just 40 years

In just 40 years, the Caribbean’s spectacular branched corals have been flattened. Research reveals that the corals have been replaced by shorter rival species – and points to climate change as at least partly to blame. Most of the reefs have lost all the intricate, tree-like corals that until the 1970s provided sanctuary for unique […]

Views on Jatropha as Biofuel Mixed

Three different news items highlight the vast differences in viewpoint and the continuing uncertainty around the farming of Jatropha by small scale farmers as a feedstock for Europe’s refineries moving towards meeting the EU’s renewable liquid fuel goals. Clarity on What Jatropha Can Deliver at the recent Africa Biofuels Conference in Midrand South Africa, Vincent […]

All Washed Up for Jatropha?

A comprehensive new analysis of water use in biofuel crop production finds that jatropha, an oil-rich plant championed for its ability to grow in arid regions where food crops cannot, is the biggest water hog of them all. Researchers from the University of Twente, in the Netherlands, report in a recent issue of the Proceedings […]

Water Scarcity and the Western Oil Shales

Vast technical and environmental challenges have long stood in the way of commercial oil shale production. But it is water – or more specifically, its scarcity – that is likely to be shale oil’s greatest stumbling block in the arid West.The United States Geological Survey recently estimated that there may be as many as 1.525 […]

Joy at Nigeria oil deaths pay-out

Lawyers for relatives of nine anti-oil campaigners hanged in Nigeria in 1995 say they are thrilled that Royal Dutch Shell has agreed to pay compensation. The oil giant had been facing charges in the US of complicity in abuses under Nigeria’s then military rulers. Shell denies any wrongdoing but said it welcomed the $15.5m ( […]

Will Oil Prices Prevent a Recovery?

The rise in oil prices does not seem to be consistent with the overall weakness of the world economy, but there are several reasons why it just may be sustained or extended, even in the absence of a global economic rebound. The third reason is that the looming danger of peak oil has not gone […]

Kazakhstan and Global Uranium Supply

Some analysts in the mining industry, like senior editor of Case Energy Opportunities Marin Katusa, believe the political risk in post-Soviet era countries like Kazakhstan is bound to negatively affect the uranium mining sector at least in the short term. When asked about his outlook for uranium in a recent interview with The Energy Report, […]

Delay new biofuels rule one year: U.S. oil industry

WASHINGTON (Reuters) – The government should delay new rules that expand U.S. use of biofuels until 2011, the oil industry said on Tuesday, because there is too much work to do on the ground-breaking rules to start sooner. The Environmental Protection Agency has a January 1 target to apply the rules that also require advanced […]

China launches green power revolution to catch up on west

China is planning a vast increase in its use of wind and solar power over the next In the current development plan, the goal for wind energy is 30 gigawatts. Zhang said the new goal could be 100GW by 2020. “Similarly, by 2020 the total installed capacity for solar power will be at least three […]

Mars Mission Could Ease Earth

ScienceDaily Professor Mark Sephton from Imperial

U.S. to Get Half of Gas From

(Bloomberg) — The U.S. will get more than half of its natural gas supplies from so-called tight reservoirs by 2020, Royal Dutch Shell Plc estimates. New technology will allow tapping 500 trillion cubic feet of unconventional gas resources in North America, enough to supply the U.S. for two decades, said Malcolm Brinded, executive director for […]

Electric Car Glut on the Way?

Plug-in cars have barely made a dent in the global vehicle fleet, and automakers have yet to launch their first real entries into the race for a mainstream electric car. When carmakers do start selling those models According to J.D. Power and Associates powertrain analyst Mike Omotoso,

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