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News from May 2005

Canadian Oil Could be Headed to China

Canadian Oil Could be Headed to China thumbnail

China is expanding its beachhead in Alberta’s oil sands, and for the first time has secured the right to ship Canadian oil into its home market. Sinopec Group has bought a 40-per-cent stake in Synenco Energy Inc.’s planned bitumen-mining operation for $105-million, committing the Chinese state oil firm to a much larger outlay of nearly […]


China Court Blocks Lawsuit Over Seizure of Thousands of Oil Wells

China Court Blocks Lawsuit Over Seizure of Thousands of Oil Wells thumbnail

A Chinese court has refused to hear a landmark lawsuit by hundreds of private investors whose oil wells were seized by the state, the Financial Times reported. The newspaper, citing unidentified people familiar with the case, also said police have detained Zhu Jiuhu, a widely respected lawyer, who had taken up the investors’ case as […]


Rising Demand May Trim Stockpiles

Rising Demand May Trim Stockpiles thumbnail

Crude oil in New York rose for a seventh day on speculation rising demand for gasoline may reduce U.S. crude oil stockpiles before consumption peaks in the fourth quarter. U.S. gasoline consumption rose to 9.4 million barrels a day in the week ended May 20, the highest this year, according to the Energy Department. Oil […]


Author Predicts Coming Energy Crisis

Author Predicts Coming Energy Crisis thumbnail

When author Michael Ruppert takes the stage in Eugene tonight, he’ll have some really really bad news and a sliver of good news to offer his audience. The bad news: Ruppert and others believe we’re approaching a tipping point they call “peak oil,” the moment when we’ve consumed half of the planet’s oil. With no […]


Mexico’s Pemex Struggles to Design Deep-Water Deals

Mexico’s Pemex Struggles to Design Deep-Water Deals thumbnail

Mexican state oil monopoly Pemex said Monday it is struggling to meet a timetable for a deep-water exploration project as it tries to design contracts that attract foreign partners without violating a ban on profit-sharing partnerships. Pemex, which desperately needs foreign help to explore potentially huge deep-water oil deposits as output from existing oil fields […]


Mexico Gasoline Consumption Up 5.1% On Year Through April

Mexico Gasoline Consumption Up 5.1% On Year Through April thumbnail

Mexican state oil monopoly Petroleos Mexicanos ( PEM.YY) said Tuesday its domestic gasoline sales surged 5.1% on year during the first four months of 2005. In a statement, Pemex said it sold, on average, 652,500 barrels a day of its Magna and Premium gasolines during the period. The increased consumption came despite steadily rising gasoline […]


Gas wells again pit David vs. Goliath

Gas wells again pit David vs. Goliath thumbnail

Since a state law took effect eight months ago and abolished the power of cities to regulate natural gas wells, three wells have popped up in Mayfield Heights, with the prospect of four more looming. Cities long had blocked the wells because residents complained that they were ugly and potentially risky. Energy companies said they […]


China’s quest for oil raising tensions with U.S.

China’s quest for oil raising tensions with U.S. thumbnail

When gasoline prices headed skyward this spring, Bob Preston began urging customers at the Advance Auto Parts store he manages here to replace dirty air filters. Hoping for good gas mileage from an engine that can’t breathe properly, Preston told them, is like trying to run “when your lungs are bad.”


Uranium mining boost (Australia)

Uranium mining boost (Australia) thumbnail

THE Howard Government has foreshadowed a dramatic expansion of Australia’s uranium mining industry, identifying Indonesia, Thailand and Vietnam as future export markets as South East Asia becomes a player in nuclear energy.Linking the nation’s uranium exports to international strategies to combat global warming, the Foreign Affairs Minister Alexander Downer has revealed politically contentious plans to […]


Huge rise in Siberian forest fires puts planet at risk, scientists warn

Huge rise in Siberian forest fires puts planet at risk, scientists warn thumbnail

Fires in the Siberian forests – the largest in the world and vital to the planet’s health – have increased tenfold in the last 20 years and could again rage out of control this summer, Russian scientists warn. They say they have neither the money nor the equipment to control or extinguish the huge forests […]


U.S. Trade Deficit, Defying Predictions, Grows as Dollar Slides

U.S. Trade Deficit, Defying Predictions, Grows as Dollar Slides thumbnail

When the U.S. dollar began sliding on foreign exchange markets three years ago, Bank of America economists Mickey Levy and Peter Kretzmer figured an improvement in the burgeoning U.S. trade deficit couldn’t be far behind. Their conclusion today: Yes, it could.


Oil drilling up, but impact may be slight

Oil drilling up, but impact may be slight thumbnail

There’s an oil rush on in parts of the USA as companies try to cash in on near-record oil prices. But for consumers, the increase in activity likely will do little to help ease the pain at the gasoline pump as the summer driving season gets underway. The extra drilling will also do little to […]


No progress in China-Japan talks

No progress in China-Japan talks thumbnail

China and Japan have failed to make progress in resolving a bitter dispute over gas fields in the East China Sea. Japan said China had refused its request to stop exploring the gas fields, as talks on the issue ended in Beijing


Eyes On Myanmar As Thirsty Neighbors Look For Gas, Oil

Eyes On Myanmar As Thirsty Neighbors Look For Gas, Oil thumbnail

Energy-thirsty China is taking a hard look at one of its neighbors, a country with major gas reserves and the possibility of finding a lot more, Myanmar.  The governor of South China’s Yunnan province, Xu Rongkai, visited Myanmar last week to discuss energy relations, and, it’s widely believed, the possible construction of an oil pipeline […]


Energy security a must as demand soars: report

Energy security a must as demand soars: report thumbnail

Japan must secure channels for a stable energy supply as global energy demand is expected to surge in the next 25 years led by a jump in demand forecast for Asian economies, particularly China, warns a government report released Friday. The Natural Resources and Energy Agency, under the Ministry of Economy, Trade and Industry, warned […]


Oil To Become The Big Story Again

Oil To Become The Big Story Again thumbnail

Since making a price top on March 21, crude oil prices have been correcting in a move lower. Such a move is the perfect act to restore complacency about low oil prices, the better to set up conditions for the next up wave.


SILVER IS MONEY Behold A White Horse

SILVER IS MONEY Behold A White Horse thumbnail

This will be the final conclusion to the series Silver Is Money. Several different topics will be discussed, and at times one may find themselves wondering what the topic under discussion has to do with silver being money. There is however, an interconnectedness to all things, including the various issues provided herein with the basic […]


Al-Qaeda poised in Saudi Arabia

Al-Qaeda poised in Saudi Arabia thumbnail

King Fahd’s health is rapidly deteriorating, and the al-Qaeda iceberg could become an important factor in determining the course of events in the post-Fahd transition in Saudi Arabia


Asia’s exports slip on oil

Asia’s exports slip on oil thumbnail

The surge of Asian currencies against the US dollar and the unrelenting oil price hike have begun to pinch. As most countries in the region are heavily dependent on imported oil, their trade surpluses have begun to shrink and exports have become costlier. Though export volumes are already taking a beating, it will get worse as […]


Indian oil minister visiting Pakistan to discuss Iran gas pipeline

Indian oil minister visiting Pakistan to discuss Iran gas pipeline thumbnail

India’s petroleum minister will arrive in Islamabad this week for talks on a proposed multi-billion dollar gas pipeline from Iran through Pakistani territory, an official said Monday. Mani Shankar Aiyer would arrive on Saturday and hold talks with his Pakistani counterpart Amanullah Khan Jadoon, Pakistani foreign office spokesman Jalil Abbas Jilani told a weekly briefing.http://www.tehrantimes.com/Description.asp?Da=5/31/2005&Cat=9&Num=16


Promise of oil sparks fights

Promise of oil sparks fights thumbnail

The tiny West African island state of Sao Tome and Principe is beginning to tear itself apart ahead of a promised oil boom that could transform one of the poorest countries in the world. Giant neighbour Nigeria has expressed concern over a delay in awarding five oil exploration contracts in the offshore development zone it […]


OPEC

OPEC thumbnail

OPEChttp://www.tehrantimes.com/Description.asp?Da=5/30/2005&Cat=9&Num=22


ASPO Newsletter #54 – June 2005

ASPO Newsletter #54 – June 2005 thumbnail

The June 2005 ASPO newsletter #54 is now out. Its available from the website for Dr Colin Campbell’s new ASPO Ireland office, www.peakoil.ie . It can either be downloaded as a PDF or viewed as plain-text articles at www.peakoil.ie/newsletters/aspo54


Shock and Relief as Russian Trial Ends

Shock and Relief as Russian Trial Ends thumbnail

In the courtroom, Mikhail KhodorkovskyMSNBC


Ministers abandon Jaguars for green and trendy Toyota

Ministers abandon Jaguars for green and trendy Toyota thumbnail

It is the vehicle of choice for Hollywood A-listers such as Brad Pitt and Cameron Diaz The Independent


Freezing Gas Prices

Freezing Gas Prices thumbnail

Americans guzzle 65 billion gallons of fuel a year and lately we have been paying a pretty penny at the pump. NewsChannel 4 has done reports in the past on how to get the most out of your gas. Now we introduce you to a new way to save on those gasoline dollars. There is […]


Airlines ‘to lose $6bn this year’ as fuel prices soar

Airlines ‘to lose $6bn this year’ as fuel prices soar thumbnail

SOARING jet fuel prices have become the http://www.timesonline.co.uk/newspaper/0,,171-1634622,00.html


You Call This Tough? Think ’70’s

You Call This Tough? Think ’70’s thumbnail

At the North Park Service Center in San Diego, Joe Balistrieri hates how much he has had to raise the price of gasoline the past year. “I feel sorry for the customers,” said Balistrieri, 79, who has been selling gas in San Diego for 50 years. “I don’t know how some of them cope with […]


Hurricane Season Could Renew Global Warming Debate

Hurricane Season Could Renew Global Warming Debate thumbnail

If hurricanes again pound the United States this summer, their roar is likely to be accompanied by the din of another storm — an angry debate among U.S. scientists over the impact of global warming. Last season’s $45 billion devastation, when 15 tropical storms spawned nine hurricanes in the Atlantic and Caribbean, prompted climatologists to […]


China Exploring Ways to Use Forex Reserves to Buy Oil – Report

China Exploring Ways to Use Forex Reserves to Buy Oil – Report thumbnail

China is exploring ways to use some of its huge foreign exchange reserves to buy imported oil, the Shanghai Securities News reported, citing an unidentified source. The newspaper said the plan, which was first proposed as early as 2000, would reach the twin objectives of making better use of the nation’s foreign exchange and ensuring […]


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PO Real Time

Or simply: We have no clue. #peakoil #demand twitter.com/WoodMackenzie/…

@PaulGambles2 @CNBCJou @JMJancovici To be clear, not asking for predictions, but a hedge vs #peakoil. Fair bet policy makers are behind & will be overwhelmed. #antifragile

@PaulGambles2 @CNBCJou Cruel irony is, #peakoil may kick in after it's too late to prevent #climatechange. double whammy/hysteresis. @JMJancovici