What Oil Price can America Really Afford?

Saudi Oil Minister, al-Naimi, has warned that under-investment in oil capacity may lead to a return to $150/barrel oil, TheCuttingEdge

Russian 2009 Oil Output May Fall 0.9%, Bernstein Says

(Bloomberg) — Russian oil production is likely to fall 0.9 percent this year from last year New Russian projects such as OAO Lukoil and ConocoPhillips

Tropics expanding due to climate change: study

Climate change is rapidly expanding the size of the world’s tropical zone, threatening to bring disease and drought to heavily populated areas, an Australian study has found. Researchers at James Cook University concluded the tropics had widened by up to 500 kilometres (310 miles) in the past 25 years after examining 70 peer-reviewed scientific articles.They […]

Kunstler: The Free and the Dead

I was out on a big Adirondack lake in a canoe this weekend while the American economy was dying — but you wouldn’t have known it for the fleets of giant power boats dragging children back and forth across the water on rubber tubes, and the giant camping vehicles crammed into every bare spot. How […]

Violent street battles kill dozens in China

…The clashes Sunday in Urumqi echoed last year’s unrest in Tibet, when a peaceful demonstration by monks in the capital of Lhasa erupted into riots that spread to surrounding areas, leaving at least 22 dead. The Chinese government accused Tibet’s exiled spiritual leader, the Dalai Lama, of orchestrating the violence But many Chinese believe the […]

Energy descent and transition in Mexico, part 1

Unlike many oil companies, PEMEX has been comparatively open with its data. Therefore the state of Mexican oil reserves was well known to geologists quite some time before the peak actually occurred in 2005/ 2006. In November 2003, this delicate situation was announced and discussed in the ASPO Newsletter (1). The rapidly changing economic and […]

A House in the Woods, After the Woods Are Gone

…When we bought the land, the stands of timber were so dense and unruly you couldn Four years ago, the beetles came. First a couple of our oldest pine trees turned red. Alarmed, we quickly cut them down and covered them with black plastic. It

Iraq looks to cut Kuwait payments

It appears that Iraq is hoping to cut by half the amount of money it is required to pay Kuwait annually for damages inflicted during the first Gulf War, according to an aide to Prime Minister Nouri Al-Maliki. Currently, Iraq turns over 5 percent of its oil revenue to a United Nations war reparations fund […]

Corn ethanol has little effect on food prices

A new report from the Congressional Budget Office confirms what hundreds of economists and industry experts have stated for months: Using corn for ethanol has little impact on the price of food. Rather, the main culprits driving the higher cost of food are energy costs, excessive unregulated speculation in the commodities future market and a […]

Iran Suffering from Own Version of Peak Oil

By Byron King Iran is suffering from its own version of Peak Oil. Iranian net exports of oil are falling. Iran’s oil infrastructure is aging. According to the U.S. National Academy of Sciences, the trend is that Iran will be exporting ZERO oil by 2014, which is a mere five years from now. That means […]

China Wind Companies Poised For Green Policy Boost

China’s ambitious plan to increase wind power capacity could attract up to $150 billion in investment, but Beijing will have to get serious about revamping regulations and building much needed infrastructure. China is set to raise its wind power capacity to 100 gigawatts (GW) by 2020, eight times its current level and more than Britain’s […]

South Korea To Raise $1.6 Billion For Green Industries

South Korea aims to raise 2.0 trillion won ($1.58 billion) from the private sector and increase fiscal and financial aid to help so-called “green industries,” the government said on Sunday. The money for the industries, which include companies developing alternative energy and eco-friendly cars, will be raised by funds, bonds and savings which are subject […]

Oxfam to G-8: Climate change will spread hunger

Chronic hunger may be “the defining human tragedy of this century,” as climate change causes growing seasons to shift, crops to fail, and storms and droughts to ravage fields, an advocacy group said. Oxfam International released a report Monday as leaders of the Group of Eight wealthiest nations prepare to meet in Italy this week, […]

Wind-Turbine Orders Fell 50% in First Half of 2009, MAKE Says

Wind turbine makers around the world reported 50 percent fewer orders in the first half of 2009 than a year earlier and the market won’t improve until the last three months of the year, an industry consultant said. Manufacturers have made “widespread” job cuts and prices for turbines in Europe and the U.S. have fallen […]

Report warns reliance on wind will drive power price volatility

The expansion in wind energy capacity across the British Isles will result in huge electricity price volatility unless major reforms are undertaken to grid management in the UK and Ireland. That is the conclusion of a study released last week by research firm Poyry Energy Consulting, which warns that significant investment in grid technologies will […]

West Africa: Nigeria, Algeria, Niger Seal $10bn Gas Pipeline Deal

Three African countries yesterday signed an accord to build a $10 billion trans-Saharan gas pipeline linking vast reserves in Nigeria to Europe. The project would convey gas destined for the European market more than 4,000 kilometres (2,485 miles) from the Niger Delta in Nigeria via Niger and Algeria. Agency reports said the first delivery of […]

Nigeria: House – Country May Face Hard Times By 2014

The House of Represent-atives has warned that the Nigerian economy which largely depend on crude oil exports may witness a major shrink in five years time unless the Federal Government aggressively pursue a policy of diversification of its source of revenue. The warning from the legislative house is coming on the heels of the enactment […]

Make state-run banks invest in renewable energy, urges ex-BP chief Lord Browne

State-controlled banks such as Royal Bank of Scotland and Lloyds Banking Group should be forced to invest in renewable energy schemes, helping to kickstart a transition to a lower-carbon economy, Lord Browne of Madingley writes today. In an exclusive interview with The Times, the managing partner of Riverstone Holdings, the private equity firm, and former […]

Gordon Brown warns G8 of new recession dangers

Gordon Brown is to warn the leaders of the G8 industrialised nations this week that international complacency is in danger of bringing economic recovery to a halt and plunging the world into a second recession. Brown will set out a five-point plan at the G8 for boosting growth that includes increasing bank lending, fresh restraint […]

Oil Price Shocks and Market Fundamentals

Capital expenditure in the oil and gas sector has reportedly been declining since the precipitous fall of crude oil prices from the peak of about US$147 per barrel in July 2008. Speculation has inevitably been rife about a price shock occasioned by the inability of supply facilities to meet demand requirements (due to withdrawal of […]

Cash squeeze may put United Airlines in a bind

The next few months will be crucial for United Airlines as it and other U.S. airlines cope with a cash squeeze. The global recession has caused airline ticket sales to plunge deeper than anyone — carriers or analysts — anticipated. Rather than banking cash from peak-season flying this summer as they normally do, United and […]

Nigeria militants attack Shell, amnesty hopes fade

Nigerian militants said on Sunday they had launched their third attack on Royal Dutch Shell since President Umaru Yar’Adua made an amnesty offer, and threatened to intensify their campaign of sabotage. The Movement for the Emancipation of the Niger Delta (MEND) said in an emailed statement it had attacked a Shell oil well head in […]

Chavez paints Venezuela into a corner

President Hugo Chavez has painted Venezuela into a corner. In the face of lower crude oil prices and free spending to support his Bolivarian Revolution at home and abroad, the country’s cupboard is bare. Potential foreign investment into Venezuela has been constrained by several rounds of expropriations, in oil, steel, cement and other “strategic” sectors. […]

Iraq could bring second oil auction date forward

After last weekArabianOilandGas

Shell deal with Russia looks likely

Russian energy giant Gazprom is set to get the go-ahead for two huge oil and gas projects off Sakhalin Island in the Russian Pacific. The move would set the ball rolling for Shell to firm up details of its potential involvement in developing the deep-water fields. ThisIsMoney

Crude oil

The recent rally in crude oil prices may have come to an end, having been built on a house of cards. The near month Nymex price dropped to US$66.73 per barrel on July 2, compared with a recent high of US$72.68 per barrel on June 11. WTI settled at US$33.87 per barrel on Dec. 19, […]

Booze query over PVM Oil rogue trader

PVM OILCityAM

Volatile Swings for Price of Oil Hobble Industry

The extreme volatility that has gripped oil markets for the last 18 months has shown no signs of slowing down, with oil prices more than doubling since the beginning of the year despite an exceptionally weak economy. The instability of oil and gas prices is puzzling government officials and policy analysts, who fear it could […]

World at gunpoint, or what

A FEW MONTHS AGO at a gathering of activist friends someone asked, The second is that this is pretty much the only question that

Oil on the boil, again

…We know that hydrocarbons are finite and that oil can only be burnt once. But the oil supply curve is more elastic than peak oil theorists maintain. The world as a whole does not peak and decline like individual fields: we face a long undulating plateau in supply as technology and oil price squeeze more […]

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