Saudi's impetus to change grows as it dreams of new riches beyond oil

…Oil is no longer enough for Saudi Arabia, Opec’s largest producer of the black gold. Since 1975 its population has more than tripled to 25 million people from 7.3 million – and 57 percent of all Saudis are under the age of 25. As the population grows, the kingdom’s riches must be spread further. Last […]

Nigerian militants intensify 'oil war' threat

LAGOS (AFP) It did not give details on the exact nature of the attack it planned to carry out on the oil industry in the Niger Delta in the country’s south. “Hurricanes are never predictable by nature. So, we cannot predict what it will entail,” said the statement to AFP. AFP

Tribes keep Peru police hostage after Amazon fights

Hundreds of indigenous protesters were holding 38 police hostage early on Saturday in Peru’s Amazon jungle after fights between tribes and police killed up to 33 people in the worst violence of President Alan Garcia’s government. Demonstrators also were threatening to set fire to an oil pumping station of state-owned Petroperu unless the government told […]

US opposes Iran's involvement in Nabucco project

The US has stated its opposition to Iran’s involvement in the Nabucco gas project, a pipeline initially intended to supply Azerbaijani gas to E.urope via Turkey, bypassing Russia, unless Washington’s relations with Tehran are normalized. Richard Morningstar, the US special envoy for E.urasian energy issues, told a group of reporters in Ankara on Thursday that […]

Algae could become reliable jet fuel source

Seawater algae – a cousin to pond scum – may someday become a significant source of fuel for military jets and airliners, and at the same time rejuvenate farmlands where tumbleweeds fill old irrigation ditches and abandoned cotton gins bake in the Texas sun. Algae farmers conceivably could become the newest breed of Texas oilmen. […]

Chavez to expand Venezuela oil nationalizations

President Hugo Chavez has already nationalized most of Venezuela’s energy industry and is preparing to bring chemicals under his wing, but he may still target firms running gas and oil services. A former soldier inspired by Cuba’s Fidel Castro, Chavez has made energy nationalization the linchpin in his drive to build his own brand of […]

Methane Could Be Storage Solution for Solar and Wind Power

In a surprising find, scientists have discovered a microbe that can efficiently convert direct electrical current into methane. That may be good news for wind and solar power enthusiasts, who have long been faced with the dilemma of how to store energy when the wind isn’t blowing and the sun isn’t shining. This discovery opens […]

A Green-Powered Trip Through Ecotopia

This free-ranging conversation between Ernest Callenbach, author of the legendary Ecotopia (1974), and Harvey Wasserman, author of SOLARTOPIA! Our Green-Powered Earth, A.D. 2030 (2007), about our green-powered future was filmed by EON and can be viewed here. Harvey Wasserman: It It also inspired me to write Solartopia, What I

Pricey oil bringing revolution in lifestyle, writer says

Say goodbye to winter trips and millions of cars, Jeff Rubin warns …In a nutshell, Rubin says oil prices –already nudging up against the $70 level–are inexorably heading back to triple-digit territory, once recovery takes hold. And as oil prices soar, prices for gasoline, diesel, jet fuel and bunker fuel will too. That will push […]

Energy execs worry oil rise just mood swing

HOUSTON (Reuters) – A broad consensus about the need for oil prices to rise over time is not reassuring energy experts, who worry that the recent rally is driven simply by an improving “mood,” and therefore very fragile. Energy executives at the Reuters Global Energy Summit this week sounded unnerved by a surge in the […]

Pak, Iran formalise gas pipeline project

Pakistan and Iran have formally signed an agreement to activate a bilateral gas pipeline project. The Iranian National Oil Company (INOC) and the Pakistan Interstate Gas Company (PIGC) signed the agreement late on Friday, IndianExpress

BG Finds Oil at Another Well in Brazil

BG Group Plc, the U.K.Bloomberg

Oil and gas industry's costs of doing business slide

The oil and gas industry Daniel Yergin, IHS CERA chairman, said signs of the downward shift in costs emerged in the third quarter last year, before the recession really took hold. But IHS/CERA

Why Your World is About to Get a Whole Lot Smaller

This is a book about the implications of Peak Oil: the theory that the world Their zeal is understandable. If you had uncovered a truth that would mean the end of civilisation as we know it, but were being universally ignored, you too might seem a little wild-eyed. Yet that intensity often makes it hard […]

California board urges no new oil drilling offshore

The California State Lands Commission voted 2-0 to urge the state legislature to reject Governor Arnold Schwarzenegger’s proposal to allow the state’s first offshore oil drilling lease since 1969. Mr Schwarzenegger’s Department of Finance is expected to introduce a bill to the legislature in the next few weeks to allow the lease for Plains Exploration […]

Nigerian militants warn of "imminent attack"

LAGOS (AFP) The militants dubbed the attack “Hurricane Piper Alpha” which they warned “will not discriminate on tribe, nationality, or race when it sweeps across the region.” MEND added: “The warning also applies to greedy individuals from oil communities tempted to carry out repair contracts on pipelines already destroyed.” AFP

Korten: Why This Crisis May Be Our Best Chance to Build a New Economy

Wall Street is bankrupt. Instead of trying to save it, we can build a new economy that puts money and business in the service of people and the planet The world of financial stability, environmental sustainability, economic justice, and peace that most psychologically healthy people want is possible if we replace a defective operating system […]

Jeff Rubin: The new economy of tomorrow

Future Former economist Jeff Rubin says the ‘new economy’ will have a wide variety of goods produced regionally with less environmental impact Regional demand is the key to reviving New Brunswick businesses that have gone under due to the pressures of competing in a global economy. This is what former CIBC chief economist Jeff Rubin […]

Crude Oil Floating Storage Falls As Crude Rallies

LONDON -(Dow Jones)- The number of supertankers used to store crude oil worldwide dropped last month after a rally in crude oil prices lured barrels onshore, shipping data suggested Thursday. A total of 34 very large crude carriers were in use for storage purposes at the end of May, down from 53 a month earlier, […]

Alternative Energy Power Cost Parity By 2011 Experts Say

The magic number we have to look at is $4. At that cost level, solar would be essentially at grid parity, not everywhere of course, but at least in the electric power markets with higher than average prices such as Hawaii, California, Italy, Japan and those types of markets. It’s going to take quite a […]

Toyota says hybrids will be the best 'green' car for some time

A Toyota executive said Thursday a battery breakthrough is needed for electric vehicles to become mainstream, and hybrids will remain the best “green” car choice for some time. His comments came just hours after the Japan Automobile Dealers Association said Toyota’s Prius hybrid was the No. 1 selling vehicle in Japan for May, clinching the […]

Antibiotic problem haunts biofuels

The Food and Drug Administration recently found that samples of a feed byproduct from dozens of corn-ethanol plants were contaminated with antibiotics. With that news, producing vehicle fuel from grain is looking not only like a wasteful and inefficient process but also like a danger to human health. Growing corn is a leading cause of […]

Water to Rival Energy Efficiency as Key Concern in Greening Buildings

Managing water use is becoming increasingly important to commercial property owners, contractors, architects and engineers, and more than half say that water efficiency is an extremely important aspect of green building design, construction and related products, according to a recent survey by McGraw-Hill Construction. Sixty-nine percent of those queried in the survey currently rate water […]

Reuters Summit-Obama tax plans draw ire of energy companies

The Obama administration’s plan to do away with billions in tax breaks for U.S. oil and natural gas companies faces a tough and expensive fight from the industry, which says the proposals would threaten energy security and raise costs for everyone. The budget proposal, which would have to be approved by Congress, aims to repeal […]

Arab bourses buoyed by oil prices, see gains from Obama's speech

Arab stock markets ended week steady on rising oil prices and signs of ’shaky recovery’ in the world’s leading economies, financial analysts said Friday. They contended that regional markets stood to gain in the long run from US President Barack Obama’s speech to the Muslim world from Cairo on Thursday.‘Though Obama’s speech has been of […]

Energy firms expanding, but cautious over risks

Energy companies are planning expansions to capture a bigger slice of future growth, looking past gloomy months on hopes the worst of the economic crisis is past, industry executives said this week. But the optimism is tempered by the view the industry still holds many risks — Japan’s Idemitsu sees lower export margins this year […]

Total lives with oil at $50, sees $80

Total is living with an oil price assumption of $50 a barrel this year but that could rise to $60 next year and $80 in the next two years, a senior company executive said on Thursday. “We’re living with $50,” Jean-Jacques Mosconi, head of strategy and planning at Total, told the Reuters Global Energy Summit. […]

Oil's Ascent To Ground Airlines Again

Don’t look now, but oil is barreling toward familiar (higher) territory for the second consecutive summer. Crude prices have skyrocketed 130% since last winter, and the summer driving season isn’t yet in full gear. Airlines have cruised since the March 9 stock market low, but brewing headwinds–like oil’s breakneck push higher–could force stocks to lower […]

Uganda toughens as oil bullies close in

As Uganda prepares to start the commercial drilling of its oil, pressure has started setting in causing concern that the mineral may turn out to be a curse rather than a blessing like in many oil producing African countries. President Yoweri Museveni, while delivering the State of Nation Address at Parliament this week, said some […]

Rainforest Conservation More Profitable Than Palm Oil Production

Writing in the peer-reviewed journal Conservation Letters on Friday, researchers noted that a system of selling credits to reduce carbon emissions in the Indonesian rainforest could provide a feasible method of conservation. Authors of the new report stated that paying to reduce rainforest carbon emissions could actually amount to more income than initiatives to use […]

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