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News from August 2005

China orders coal mines closed

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China has ordered nearly a third of its thousands of coal mines to halt production and improve safety in the world’s deadliest mining industry, state media said on Wednesday. .. Chinese mines, many unlicensed, often ignore safety regulations to meet an insatiable demand for coal, which the country relies on for 70 percent of its […]


Oil companies against alternate fuel: PSMA

Oil companies against alternate fuel: PSMA thumbnail

Chairman Pakistan Sugar Mills Association (PSMA) Ch Zaka Ashraf said on Wednesday the oil companies’ lobby had become active to off-track the initiative to have alternative fuel by producing fuel grade ethanol out of molasses (sugar industry residues). Expressing his concern over the present rise in the international oil prices, he said it would have […]


Westfield blames oil

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Oil prices are knocking consumer spending and will continue to do so, according to Australia’s Westfield, the world’s largest owner of shopping malls. The giant Frank Lowy-controlled group said sales by department stores, supermarkets and discount variety stores at its Australian centres fell in the three months to June 30. The Australian


Belgian inflation rate to top 1991 Gulf War peak

Belgian inflation rate to  top 1991 Gulf War peak thumbnail

Inflation remains stubbornly high in Belgium and by the end of this year it could reach the highest level since the Gulf War in 1991. Oil prices are again the biggest contributing factor to the high inflation rate. Expatica


Rise in petrol prices ‘will fuel inflationary pressures’

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The hike in petrol prices by distribution companies in the UAE is justified but will fuel inflationary pressures, analysts said. They said the increases are better when the economy is booming, but a long-term price policy is needed. Gulf News


Oil And Energy On BBC Radio 5

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Heading Out from The Oil Drum and Ben from theWatt.com were on BBC Radio 5 Live Monday night, on the show “Pods and Blogs”. Heading Out was talking about the oil problems caused by Hurricane Katrina and Ben was talking about possible alternatives to oil. The full program is available from the BBC here or […]


Hurricane raises fears of global energy crisis

Hurricane raises fears of global energy crisis thumbnail

Governments have begun to worry that a looming US shortage could affect their economies. Europe could see strong competition for petrol and diesel supplies as US wholesalers compete for limited refinery products. Wholesale petrol prices in Europe rose by 10 per cent overnight. “If the assessment of the damage shows a severe crisis in the […]


Gasoline Supply Crimped

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Gasoline and diesel supplies ran out at some wholesale terminals in Arkansas and Tennessee on Tuesday, while rationing was seen in Ohio and South Carolina, said Dan Gilligan, president of the Petroleum Marketers Association of America. In his seven years with the association, Gilligan said he had never seen supplies run out like this.Houston Chronicle


Katrina’s real name

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THE HURRICANE that struck Louisiana yesterday was nicknamed Katrina by the National Weather Service. Its real name is global warming. Smirking Chimp


Bush Considers Address To Nation; Call For Energy Conservation

Bush Considers Address To Nation; Call For Energy Conservation thumbnail

President Bush is considering an address to the nation asking citizens to conserve energy, a top White House source says. Bush ordered the release of oil from federal petroleum reserves to help refiners affected by Hurricane Katrina. Drudge Report


Extensive Rig Damage Reports in Gulf

Extensive Rig Damage Reports in Gulf thumbnail

From The Oil Drum comes some very scary news… This is from an oil industry insider I consider quite credible. She was definitely right about everything in her last post. If she’s right about this one, we may finally start to get a true picture of what’s going on. There are MANY production platform missing […]


Global oil majors vie for Africa’s Gulf of Guinea

Global oil majors vie for Africa’s Gulf of Guinea thumbnail

The conflict of interests over the oil-rich Gulf of Guinea among global oil majors emerged this week soon after a South Korean consortium exercised a special right to acquire two deepwater blocks in Nigeria, Africa’s top oil producer,at the just-concluded licensing round at the weekend. The Gulf of Guinea, famous for its light, sweet crude […]


Pakistan, India: Move towards gas pipeline plan

Pakistan, India: Move towards gas pipeline plan thumbnail

Pakistan and India have agreed to sign the Energy Charter Treaty (ECT), a global arrangement for security to energy-related trade and investments, as observers to ease import of natural gas through pipelines from Iran, Qatar or Turkmenistan. The federal cabinet, which will meet on Wednesday, is expected to approve a plan to make a request […]


Hyundai wins Kuwait oil storage order

Hyundai wins Kuwait oil storage order thumbnail

Hyundai Heavy Industries Co, the world’s largest shipbuilder, said it received a US$1.25 billion (US41 = RM3.77) order to build storage tanks and loading facilities in Kuwait to boost the nation’s capacity to export oil. …“The new facilities at Al Ahmadi port, south of Kuwait city, will help the country produce and export three 3 […]


A political hurricane is gathering force

A political hurricane is gathering force thumbnail

A war and a deluge stretch resources — and nerves — thin WASHINGTON – For years the PentagonAs we approach the fourth anniversary of 9/11, Americans are facing a different anguish from a different, but no less iconic city. New Yorkers, on behalf of the rest of us, absorbed Al Qaeda


Expert: $4 a gallon gasoline coming soon

Expert: $4 a gallon gasoline coming soon thumbnail

NEW YORK (CNN/Money) – Consumers can expect retail gas prices to rise to $4 a gallon in the near future, a pricing analyst said Wednesday. “There’s no question gas will hit $4 a gallon,” Ben Brockwell, director of pricing at the Oil Price Information Service, said. “The question is how high will it go and […]


Bush

Bush thumbnail

53 percent say they disapprove of president in new Post-ABC survey Rising gas prices and ongoing bloodshed in Iraq continue to take their toll on President Bush, whose standing with the public has sunk to an all-time low, according to the latest Washington Post-ABC News poll. The survey found Bush’s job approval rating at 45 […]


Oil price rebound

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Some alarmists, known as “peak oil” theorists, predict world output will hit its absolute limit soon — in November, to be exact — and then begin a steady, unstoppable decline. But pessimists have always been wrong before, and I’d bet a barrel of oil they’ll be wrong again. Why? Because aside from dampening demand, high […]


Bush gives new reason for Iraq war

Bush gives new reason for Iraq war thumbnail

Says US must prevent oil fields from falling into hands of terrorists CORONADO, Calif. — President Bush answered growing antiwar protests yesterday with a fresh reason for US troops to continue fighting in Iraq: protection of the country’s vast oil fields, which he said would otherwise fall under the control of terrorist extremists. The president, […]


Finding Your Carpool

Finding Your Carpool thumbnail

As I mentioned earlier, there will be higher gasoline prices while production, imports and refining capacity is cut in the wake of Katrina. I think the best way to reduce prices is to have as much voluntary reductions in gas consumption as possible over the next 2-3 months. Perhaps we can learn some ways of […]


OPEC seen powerless to tame record high oil

OPEC seen powerless to tame record high oil thumbnail

Oil’s two-year bull run has robbed the Organization of the Petroleum Exporting Countries of its power to control prices that have roared above $70. Pledges by the cartel and its lead producer Saudi Arabia to pump more and more oil to make up any shortages from Hurricane Katrina’s rampage through the U.S. Gulf rang hollow […]


Fuel Crisis

Fuel Crisis thumbnail

Energy prices spiked to records Tuesday amid mounting evidence that Hurricane Katrina’s impact will reverberate throughout the U.S. economy. The fallout from the far-reaching natural disaster will affect motorists and companies paying more for energy, shippers who can’t move cargo out of Gulf of Mexico ports, and thousands of local businesses.The wholesale futures price of […]


Oil prices

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Oil prices mckilloped up through $70 / bbl. and the economy refused to tank, just as the master* predicted. While a few observers noticed the fed had thrown caution to the wind and had its collective foot no where near the hose, one must give credit where due. The new oil price regime was undoubtedly […]


Gas Scare Hits Atlanta

Gas Scare Hits Atlanta thumbnail

Metro Atlanta drivers are facing the possibility of paying considerably more than $3 a gallon for gas by Labor Day — if they can get it at all, The Atlanta Journal-Constitution is reporting Wednesday. The two pipelines that bring gasoline and jet fuel to the region are down — powerless to pump as Hurricane Katrina […]


Solar Power Breakthrough Fraud

Solar Power Breakthrough Fraud thumbnail

Re: the news item about the supposed solar power breakthrough, a Google of the company name (International Automated Systems Inc.) turned up the following from a Stanford Law School class action info site: (http://securities.stanford.edu/1009/IntlAutomated96/)Conclusion: According to the firm’s 10-K dated 10/13/1999, on July 2, 1996, the Company had a class action lawsuit filed against it by […]


Solar Power Breakthrough;

Solar Power Breakthrough; thumbnail

A solar area of only 100 square miles — a size of land that equals only nine percent of the state of Nevada — can generate enough electricity for the entire United States. “The discovery of economical solar energy is more valuable than oil,” said Neldon Johnson, president and CEO of International Automated Systems Inc. […]


Major ozone loss over Antarctic

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New readings from the European satellite Envisat suggest that this year’s southern hemisphere ozone hole may be one of the largest on record. The hole covers an area of 10 million sq km (four million sq miles) – approximately the same size as Europe.BBC


US government asked to open up oil reserve

US government asked to open up oil reserve thumbnail

WASHINGTON (AFP) – The US government said it was considering an oil industry request to open up its Strategic Petroleum Reserve after Hurricane Katrina battered crude production sites in the country’s south. The Department of Energy said it was “currently reviewing that request, and will review any additional requests if they are made.” Yahoo News


Gas crisis looms

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NEW YORK (CNN/Money) – The impact of Hurricane Katrina on U.S. oil production and refinery capabilities may be worse than initial reports estimated and could lead to a national gas crisis in the short-term, analysts warned Tuesday. With the U.S. economy cruising at about 4 percent growth, economists still see Katrina’s effect as only a […]


Katrina shows U.S. economy’s vulnerabilities

Katrina shows U.S. economy’s vulnerabilities thumbnail

Rebuilding effort should help, but energy impact seen severe Even as emergency workers and others slosh through the soaked, debris-strewn streets of New Orleans and other areas torn up by Hurricane Katrina, some economists fear American policy-makers will take the wrong lesson from the storm and ignore America…The more serious issue, Leeb argued, is how […]


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