Fury at price rises fuels all-out strike

The Scotsman Oct 12

A FOUR-DAY general strike over rising fuel prices has begun in Nigeria, Africa’s largest oil producer.

More strikes will follow if a 25 per cent price increase is not reversed, the largest trade union in the country, the Nigerian Labour Congress, warned.

The rise has been prompted by the partial removal of domestic fuel subsidies last year.

The dispute has caused continuing uncertainty in world markets over Nigeria’s ability to maintain exports as oil prices hit record levels.

More:

Scotsman article

Congress OKs $136 billion in tax breaks

Analyst warns of Saudi oil dropoff

Simmons said prolific Saudi oil fields show signs of peaking and then gradually declining. Simmons, chief executive of Houston-based energy investment banker Simmons & Co. International, spoke to the Desk & Derrick Club of Denver, a petroleum trade association.
“They’re taking the last of the easy oil out,” Simmons said of Saudi oil producers. “They’ve had very little success in new exploration. Their sweet spots are probably very nearly depleted.”

Denver Post

Saudi Arabia: Stable Oil Provider No More?

Neftegaz/ Petrologistics: “Saudi Arabia’s oil production capacity did not answer expectations – 9.5 million barrels per day in September are about 250,000 bpd below earlier estimations, according to the data of Geneva-based tanker-tracker Petrologistics said in its latest report.”Neftegaz

Renewables Made in Germany

At a time when oil prices are at a record high, Germany is one of the world’s leaders in developing renewable energy. After progress in wind and solar power, Germans are looking to find a replacement for gasoline.

Deutsche Welle

Chart watchers eye $70 peak for oil’s record run

LONDON: Signals are growing that oil’s price surge could push all the way to $70 a barrel, according to the technical analysts who forecast market trends by interpreting chart patterns.

Crude’s 60 percent run-up this year to $50 record highs has been driven in part by fund investors who use chart signals to guide many of their big-money bets. With prices now in uncharted territory, technical analysts say the blistering rally shows few signs of slowing and suggest prices could peak at $70 – nearly $20 above current prices.

Daily Times (Pakistan)

$50 oil missing from the debate

Here are three numbers that ought to matter to you. $2.30. $51. $300 billion. The first number is what I paid for a gallon of gas Tuesday when I filled up my car. The second is the record price reached on U.S. markets this week for a barrel of high grade crude oil. The third […]

Producers cash in on record-high oil prices

Traders worried
“No one is listening to OPEC at the moment. They are only communicating, they are unable to take action. OPEC cannot do anything about the current situation,” Societe Generale’s Lasserre said.

They may have spare capacity in Saudi Arabia but it is oil the market does not want. Heavy sour crude is not the sort of oil that is needed to bring down prices. As a result the market is not paying much attention to OPEC.”

Aljazeera.net

North Sea production wilts

North Sea oil production has sunk more than 260,000 barrels per day from last year, aggravating a shortage of high-quality crude that has stoked record prices. The decline is concentrated in the British sector of the North Sea, where industry analysts Wood Mackenzie said average production for the first half of 2004 was 1.9 million barrels per day, down around 12 percent from the level of 2.166 million a year ago.

Chron

Searches failing to pay for oil groups

Research by energy consultancy Wood Mackenzie showed the commercial value of oil and gas discovered over the past three years by the ten largest listed energy groups was well below investment made in exploration.

Scotsman

Stop Me If You’ve Heard This One Already

Saudis vow to meet oil demand By Abu Dhabi October 11, 2004 Saudi Oil Minister Ali al-Naimi said in Abu Dhabi yesterday that his country was ready to meet rising demand for crude oil to ease the surge in world prices. “My message to the world (is) there’s no shortage, there’ll be no shortage, and […]

Nigerian unions launch four-day strike

Nigeria unions have launched a four-day general strike to protest rising fuel prices, but oil shipments from the world’s seventh largest exporter are proceeding normally.

Reuters

Climate fears on sharp CO2 rise

An unexplained rise in levels of carbon dioxide (CO2) in the Earth’s atmosphere has raised fears global warming is speeding up, according to reports. http://news.bbc.co.uk/2/hi/science/nature/3732274.stm

Saudis ready to hike oil output

Self Suficient Hydrogen Vehicle Pioneered

The ungainly looking Chevy pickup parked in the courtyard at Central High School, with a huge set of solar panels mounted on top, may not look so futuristic. But it certainly points the way. Hand-built on a shoestring budget by a Central physics teacher and a team of students, the truck is one of a […]

Denmark wants to claim North Pole

COPENHAGEN – Denmark aims to claim the North Pole and hunt for oil in high Arctic regions that may become more accessible because of global warming, the Science Ministry says. It said Denmark would send an expedition to try to prove the seabed beneath the Pole was a natural continuation of Greenland, the world’s biggest […]

The Daily Reckoning,Eric Fry, reporting from Manhattan

Crude oil jumped to another all-time record yesterday, in the process increasing the already considerable wealth of T. Boone Pickens… – “Better late than never” would seem to be a fitting description of Mr. Pickens’ financial fortunes. The one-time corporate raider didn’t do too badly for himself during the 1980s, when, as president of Mesa […]

U.S. Govt Warns of Sharply Higher Heating Costs

American consumers will feel the impact of record-high crude oil prices with winter home heating oil bills jumping by about 28 percent and natural gas costs rising by 15 percent, the U.S. government said on Wednesday. ReutersAmerican consumers will feel the impact of record-high crude oil prices with winter home heating oil bills jumping by […]

U.S. and France take different tack on oil conservation

PARIS The United States, land of gas-guzzling sport utility vehicles and air-conditioned McMansions, might do well to turn to the country Americans love to hate for lessons on how to curb its reliance on imported oil: France. . Now that oil is trading around $50 a barrel and the world is coming to expect relatively […]

The ‘Peak Oil’ cult

The latest oil scare, gathering momentum over the last five years or so, is the “Peak Oil” movement. As the price of crude hit $50 a barrel, the idea that the world is on the brink of a major long-term confrontation with declining oil reserves is about to go mainstream. Peak oil theory is all over the media.

Canada National Post

FSRN Election Special: Part 1: Global Peak Oil Production

Representatives of the armed group that threatened to shut down oil installations in Nigeria

Widescale Biodiesel Production from Algae

In the United States, oil is primarily used for transportation – roughly two-thirds of all oil use, in fact. So, developing an alternative means of powering our cars, trucks, and buses would go a long way towards weaning us, and the world, off of oil. While the so-called “hydrogen economy” receives a lot of attention […]

Irrelevant? OPEC Is Sitting Pretty

OPEC still has the whip hand in the world energy market, and Ali al-Naimi, the oil minister of Saudi Arabia and the principal figure in the cartel, intends to keep it.

The key is oil reserves. In a nutshell, OPEC has plenty, while the rest of the world, including the United States, is quickly pumping itself dry.

NYT

Crude Outcome

ASPO Newsletter

October – no. 46ASPONEWS

Review: Out of Gas

In David Goodstein

Impact Of Oil Output Fall At Ageing Fields Seen As Acute

Oil production is now in decline in at least 18 major producing countries including the U.S., U.K. and OPEC members Indonesia and Venezuela, and total production from this group is falling by around 1 million barrels a day every year, according to the latest data.

Gas and Oil

New Discoveries Needed for China’s Soaring Energy Demand

From Rigzone: “The Daqing field, whose cumulative output has been more than 11 billion barrels in the past 40+ years, “is facing imminent exhaustion of exploitable reserves,” Li said.” … “Interestingly, Li pointed out that the China demand forecast he calculated for his SPE presentation is higher than the US Energy Information Administration (EIA) and […]

Natural gas supply fears raise prices

Natural gas prices have jumped 17% in two days, a chilling development for the millions of Americans who heat their homes with natural gas. The price for a million British thermal units of natural gas trading in New York for delivery in November rose 56 cents, or 8.8%, to $6.911 Wednesday as supply jitters rattled […]

Peak Oil on CBC radio

CBC radio had on Linda McQuaig this morning who did a good job in my opinion of covering the issues about how oil factored into the Iraq war. Peak Oil came up and was discussed seriously.

CBC Radio TheCurrent

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