Number of unsold homes hits record high

The backlog of unsold new homes reached a record level last month, as sales slipped despite the warmest January in more than 100 years. Ian Shepherdson, chief U.S. economist at High Frequency Economics, predicted “real downward pressure on prices over the next few months.” MercuryNews

The Oil Drum: NYT Ed Says Peak Oil ‘Almost Certainly Correct’

Was browsing the NYT on a short break from work tonight when I was amazed to discover a long op-ed by Robert Semple Jr, associate editor of the Times Editorial Board, on peak oil. Unfortunately, it’s behind the Times Select paywall, so the rest of you will have to make do with a few fair […]

resourceinvestor

Saudi Aramco announces new gas find in Eastern Province

Saudi Arabia has announced a new gas find in Eastern Province, putting the capacity of the new field at 27 mln cubic feet per day. Current gas production in the kingdom is around seven bln cu feet but is due to go up to around 10 bln cu feet per day by 2010. III

Scientists confirm historic massive flood in climate change

Scientists from NASA and Columbia University, New York, have used computer modeling to successfully reproduce an abrupt climate change that took place 8,200 years ago. At that time, the beginning of the current warm period, climate changes were caused by a massive flood of freshwater into the North Atlantic Ocean. The group used an atmosphere-ocean […]

Spy Chief: Iraq May Spark Regional Battle

A civil war in Iraq could lead to a broader conflict in the Middle East, pitting the region’s rival Islamic sects against each other, National Intelligence Director John Negroponte said in an unusually frank assessment Tuesday. “If chaos were to descend upon Iraq or the forces of democracy were to be defeated in that country […]

High Oil Prices Seen Sustained Over Long Term – EIA Chief

Global crude oil prices are likely to trade around $50 a barrel in real terms for the foreseeable future, the head of the Energy Information Administration said Tuesday. “Relatively high prices are going to be with us for a long time,” EIA Administrator Guy Caruso said in a speech to a meeting hosted by Lukens […]

Mosley’s Brave New World to be Fuelled by Crisis?

Max Mosley believes that the predicted fuel shortage could be the catalyst to persuading grand prix teams to accept a different formula in future. Fearing that the sport could be suspended in the event of any fuel crisis, the FIA president could urge teams to accept a fuel consumption-based formula rather than the current one […]

Renewable Ventures to Fund up to $100 Million of Solar Electric Power Plants

Renewable Ventures, LLC today announced that in partnership with its institutional investors, it is ready to fund $100 million of solar energy and other renewable energy projects nationwide. A specialist in the financing and management of renewable energy projects, Renewable Ventures works with project developers, installation companies and energy customers to commission onsite power plants […]

France Puts Tiger in Tank of its Biofuel Push

France revved up the engine of its bid to stay in the top ranks of European producers of “green fuels” by announcing a big tender on Tuesday for more biodiesel and ethanol. Prime Minister Dominique de Villepin said France would also be defending the interests of farmers by launching a tender for 1.1 million tonnes […]

Impact Of High Oil Prices On The Global Economy

This paper was written 2 years ago at the beginning of the rise of commodity prices, and estimated what would be the impact of a 10$ price increase in the price of oil, from 25 to 35$ per barrel. In May 2004, such increase would cost the OECD 0.4% of GDP, inflation would rise by […]

”No Fuel Solution” Becomes European Wind Power Theme

The European Wind Energy Conference (EWEC) kicks off this week in Athens, Greece. This year’s conference is a rallying call around wind power as a “No Fuel Solution.” Emphasis is on how wind energy eliminates the economic impacts and risks associated with volatile and uncertain fuel prices, while providing an indigenous and real solution to […]

Mitsubishi Introduces the Concept-EZ MIEV

Mitsubishi Motors introduced the Concept-EZ MIEV 4WD mono-box concept car at the 76th Geneva International Motor Show that began today. The Concept-EZ MIEV (Mitsubishi In-wheel motor Electric Vehicle) showcases another application of the companygreencarcongress

GM Introduces 400hp, E100 BioPower Concept Saab

GM is unveiling the Saab Aero X two-seater sports coupgreencarcongress

India to Spend More on Power, Roads to Spur Growth

Feb. 28 (Bloomberg) — India’s government will increase spending on power plants, roads and ports to help boost annual economic growth to 10 percent and challenge China as the world’s fastest-growing major economy. Power generation capacity will expand by about 40,000 megawatts in the next three years, with 15,000 megawatts being added in the year […]

Climate Scientists Issue Dire Warning

The Earth’s temperature could rise under the impact of global warming to levels far higher than previously predicted, according to the United Nations’ team of climate experts. A draft of the next influential Intergovernmental Panel on Climate Change (IPCC) report will tell politicians that scientists are now unable to place a reliable upper limit on […]

Peak Oil Perplexities Test the Nerves of Major Oil Companies

Resource Investor

Wait drags on for foreign access to Kuwait’s oil

LONDON (Reuters) – International companies that have already been waiting around a decade for the opening up of Kuwait’s oil reserves will have to wait at least until the end of the year, a top oil official said on Tuesday. He stressed the urgency of bringing in foreign firms to help boost output at oilfields […]

DuPont Looking to Displace Fossil Fuels as Building Blocks of Chemicals

Nestled away in a small room on DuPont’s 150-acre research center in Wilmington, Del., robotic arms fill tiny tubes with gelatinous material that was extracted from corn and soybean plants. Other metallic arms will soon dip and measure and deconstruct each sample, spewing forth a list of its attributes and traits. Only a fistful All […]

Fueling future plans

Largely a domestic commodity, natural gas will remain in heavy demand for a long time to come NEW YORK – Its prices can swing widely, and there is concern about future supplies and consumers’ ability to pay for them. But, for now, natural gas is where it’s at in fuels for industry, electrical generation and […]

Higher costs cut farm production value

Higher costs including fuel prices will lower the value of Australia’s farm production in the coming year, according to a new forecast. The chief commodities forecaster, the Australian Bureau of Agricultural and Resource Economics (ABARE), has tipped a six per cent fall in the net value of farm production to $6 billion in 2006/07. The […]

Private investors storm ethanol industry

LADDONIA, Mo. — For three long years, Roger Young barnstormed through Missouri, speaking in small-town churches, VFW halls and community centers, asking any farmer who would listen to invest his hard-earned money in a new ethanol plant. Young eventually raised more than $14 million, bit by bit, collecting $15,000 here and $30,000 there. The ethanol […]

West seen wary over Nigeria oil delta defense needs

ABUJA – NigeriaNigeria is the world

Natural gas powers current account surplus to record; workers’ earnings stall

TORONTO (CP) – Natural gas exports to the United States – the defining factor in Canada’s economic statistics – continue to inflate the country’s current account surplus to quarterly and annual records. But Canadian employees worked for less money in December, according to another set of Statistics Canada data released Monday. And while the livestock […]

Ethanol & Animals In The Eastern Corn Belt: The New Dynamics

The ethanol revolution has arrived. While the future has many uncertainties, it is clear that a sufficient number of ethanol plants are currently being built to already call this a revolution that will change the nature of corn demand and corn price relationships. While the Western Corn Belt continues to build the most new facilities, […]

Politics & Policies: Impact of Abqaiq

WASHINGTON, Feb. 28 (UPI) — Oil, once flaunted by producing countries as a political weapon to pressure the West, is now being used against them as al-Qaida promises further attacks on Saudi — and possibly other — installations. As the world’s largest oil producer and exporter, Saudi Arabia is also the most vulnerable to terrorist […]

”Reality check” needed on oil use

NEW ZEALAND – Finance Minister Michael Cullen’s “reality check” on the economy should include a “reality check” on oil use, Green Party Co-Leader Jeanette Fitzsimons says. “Dr Cullen has called for a reality check on an economy he says has ‘come off the boil’ at a time Statistics New Zealand is announcing an annual trade […]

Things to come (parts 1-4)

..James May, CEO of the Air Transport Association: “No business model of any airline can survive with sustained jet-fuel prices of $90 to $100 a barrel.” Yet those are exactly the prices predicted by many experts in the relatively near future; a major natural or manmade disruption could bring them about in a day. There […]

End in sight to Australia’s minerals, energy boom

The Australian government’s commodities research bureau says the end to the country’s minerals and energy boom is in sight. The Australian Bureau of Agricultural and Resource Economics says commodity export earnings will ease over the next five years.With the market driver, China, becoming efficient in its production, the Bureau’s headline is that the end of […]

The Government today unveiled details of a The Belfast Telegraph

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