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News from October 2007

Crude Oil Reaches Record $95.80 on Decline in U.S. Stockpiles

Crude Oil Reaches Record $95.80 on Decline in U.S. Stockpiles thumbnail

Nov. 1 (Bloomberg) — Crude oil rose to a record $95.80 a barrel in New York after a U.S. inventories unexpectedly fell to a two-year low. U.S. crude stockpiles dropped 3.89 million barrels to 312.7 million barrels last week, the lowest since October 2005, according to the Department of Energy. A 400,000-barrel gain was expected […]


The Peak Oil Crisis: After The Peak?

The Peak Oil Crisis: After The Peak? thumbnail

I am frequently asked First the overall magnitude of a swift transition from oil and natural gas to other, less plentiful, forms of energy is almost certain to be a very big problem. Most commentators on life with diminishing supplies of oil conclude it will take decades to transition our lifestyles to those of a […]


Peak oil: More than cars

Peak oil: More than cars thumbnail

Progressive pundits don’t seem to be fully grappling with the oil problem Earlier this week, Joe Romm said he doesn’t see peak oil radically changing U.S. culture, since hybrids and plug-in hybrids will reduce the fuel necessary to get around. Matt Yglesias, reacting to a recent Michael Klare piece, “Beyond the Age of Petroleum,” agrees […]


Bleak News from the Oil Zone

Bleak News from the Oil Zone thumbnail

“Be afraid “Slide after slide, chart after chart, speaker after speaker told the tale of the world’s oil fields peaking in output and, in due course, going into irreversible decline. From the North Slope to the North Sea, Saudi Arabia to Siberia, Canada to China, Iran to Indonesia, output of oil greatly exceeds new discovery. […]


Higher Oil Prices Blamed on Peaking Production

Higher Oil Prices Blamed on Peaking Production thumbnail

As oil prices reach record levels, industry observers ponder a future of increased demand and a possible peak in production. A European group announced last week that world production peaked last year and will decrease steadily in the years ahead, even as demand continues to grow. VOA’s Greg Flakus went to a peak oil conference […]


IEA says oil prices will stay ‘very high,’ threatening global growth

IEA says oil prices will stay ‘very high,’ threatening global growth thumbnail

LONDON: The rapidly growing appetite for fossil fuels in China and India is likely to help keep oil prices high for the foreseeable future – threatening a global economic slowdown, a top energy expert said Wednesday. The unusually stark warning by Fatih Birol, chief economist of the International Energy Agency, about the impact of Asia’s […]


Horizon oilsands project forecast to go $1-billion over budget

Horizon oilsands project forecast to go $1-billion over budget thumbnail

TORONTO — Canadian Natural Resources Ltd. expects the cost of its Horizon oilsands project to jump as high as $7.75-billion, nearly $1-billion over budget, as some work gets pushed out into winter, the country’s No. 2 independent producer said on Wednesday. Canadian Natural said costs could be 8% to 14% above the $6.8-billion it had […]


ASPO-China is formed

ASPO-China is formed thumbnail

On the 26th of October 2007, a Peak Oil workshop was held at the China University of Petroleum Beijing (CUPB). Experts from Chinese oil companies (Sinochem, CNPC and SINOPEC) were present together with the president and the secretary of ASPO International. The Vice Director of the Strategy Office (China Energy Office) together with an expert […]


Petrobras caught short on gas supplies

Petrobras caught short on gas supplies thumbnail

Brazilian state energy company Petrobras was forced by a court injunction to restore natural gas deliveries to some distributors today after it had trimmed supplies to feed gas-fired power plants instead, raising fears or energy shortages. Petrobras reduced gas shipments to Sao Paulo state distributor Comgas and to Rio de Janeiro state’s CEG and CEG-Rio […]


Could a Melting Ice Sheet Really Raise the Oceans 23 Feet?

Could a Melting Ice Sheet Really Raise the Oceans 23 Feet? thumbnail

1 melted Greenland ice sheet = 23-foot rise in global sea level That The math behind the assumption is straightforward. To begin, you


Oil price at record $94 a barrel

Oil price at record $94 a barrel thumbnail

Oil prices have hit a new record of $94 a barrel, as US government data showed a surprise fall in crude stockpiles for the second week in a row. New York light crude jumped $3.62, or 4%, to $94 a barrel, while London Brent traded at $90.74 a barrel, up $3.30, in late afternoon trade […]


Oil Prices and the Inevitability of Striking Iran

Oil Prices and the Inevitability of Striking Iran thumbnail

With oil prices reaching $93 per barrel in the US earlier this week and the depreciation of the dollar to a record rate of $1.44 against the Euro, the possibility of oil price reaching $100 per barrel is no longer a speculation, but in fact, highly probable and perhaps imminent. The causes of rising oil […]


Lomborg: Hotter weather, fewer deaths

Lomborg: Hotter weather, fewer deaths thumbnail

Man-made global warming will take thousands of lives. It will save many more What will happen over the coming century, with temperatures rising? The standard story is that our world will become a very unpleasant one. Famously, the chief scientific advisor to the British government, Sir David King, even envisions that an ice-free “Antarctica is […]


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A prominent plant biologist says that biofuels are only one part of a green energy solution. Much hope for an affordable clean-energy solution has been placed on the potential of biofuels like ethanol. Stanford University’s Chris Somerville, director of the Carnegie Institution’s Department of Plant Biology, shares that optimismZakaria: Are biofuels going to get us […]


Emirates get an early whiff of a Western bugbear – energy shortage

Emirates get an early whiff of a Western bugbear – energy shortage thumbnail

The Emirates have an energy problem. It is not obvious to outsiders, who see in the Gulf a bottomless lake of hydrocarbons. Nevertheless, the tiny kingdoms that make up the United Arab Emirates are struggling with energy. It is not only Dubai, the ambitious city-statelet that is reinventing itself as the Singapore of the region, […]


Burning the poor

Burning the poor thumbnail

Carbon taxes in Europe have resulted in massive job losses Several Canadian academics promote “carbon taxes” as the best way for government to combat greenhouse gas emissions. By “carbon tax,” they mean that government puts a price on carbon and applies that price as a new tax, either at the point at which fossil fuels […]


Canada: ‘Significant downturn’ seen for West’s rigs

Canada: ‘Significant downturn’ seen for West’s rigs thumbnail

CALGARY — Drilling in Western Canada’s oil patch appears unlikely ever to return to its 2005 peak, according to an industry association, and that raises concern that the region’s boom in conventional oil and gas may be over. The Petroleum Services Association of Canada said yesterday 17,650 wells are expected to be drilled in 2007, […]


Get used to $100 oil, OPEC warns

Get used to $100 oil, OPEC warns thumbnail

Cartel says a tapering off of new supplies will continue for years despite rising demand LONDON — Oil at $100 a barrel? That may not be the worst of it. Several leading oil experts, gathered here yesterday for an annual energy conference, sketched a near-term future in which mounting global demand and shrinking supplies push […]


Oil reserves over-inflated by 300bn barrels

Oil reserves over-inflated by 300bn barrels thumbnail

The world Mr al-Huseini began by noting the obvious inconvenient truth of the oil market of recent years: that production has barely increased despite a soaring crude price and massive investment by the industry.


Diesel fuel supply low in Jamestown

Diesel fuel supply low in Jamestown thumbnail

…Dave Vining of Vining Oil and Gas said, prior to this fall, there were occasional temporary fuel outages at terminals, but fuel was arriving regularly enough that he could keep up with demand. However, he said, the situation worsened dramatically beginning about 60 days ago, and he He said he ordinarily buys fuel from the […]


Tokyo Electric Predicts 1st Loss in 28 Years on Costs

Tokyo Electric Predicts 1st Loss in 28 Years on Costs thumbnail

Oct. 31 (Bloomberg) — Tokyo Electric Power Co., forced to shut the world’s biggest nuclear plant after an earthquake, predicted its first loss in 28 years to pay for repairs and a switch to costlier oil and gas-fired generation. “I expect next year to get tougher if oil prices stay at current levels,” President Tsunehisa […]


Is Hydrogen the Answer to Our Future Transport Needs?

Is Hydrogen the Answer to Our Future Transport Needs? thumbnail

Many auto companies are investing heavily in hydrogen fuel cells but battery-electric vehicles are just as compelling It’s the most commonly-occurring element in the universe, it can be burned in a combustion engine or used to fuel electric motors, and it’s vastly cleaner emissions-wise than gasoline. The automotive industry seems to have settled on hydrogen […]


The new math of oil

The new math of oil thumbnail

High energy prices are always bad, right? Not necessarily. (Fortune Magazine) — We’re hard-wired to tremble when oil prices rocket, and the past few weeks have looked like another example of why. Whenever stocks fell sharply, as they did several times, traders blamed the fast-rising price of oil. But that chain of logic is misleading. […]


Diesel Shortage Strains Ties in Bolivia

Diesel Shortage Strains Ties in Bolivia thumbnail

LA PAZ, Bolivia “There has been a significant increase in demand for diesel, particularly in Santa Cruz,” Villegas said. Bolivia’s is South America’s second largest producer of natural gas, but its diesel refining capacity cannot meet domestic demand. And despite decades of chronic shortages, the government spends $100 million each year to subsidize the fuel, […]


The Oil Drum: Are We in a Speculative Bubble with Regard to Oil Prices?

The Oil Drum: Are We in a Speculative Bubble with Regard to Oil Prices? thumbnail

Maybe the two most common explanations (or myths) about high oil prices are: 1. oil companies are manipulating prices 2. speculators are driving prices up Of course, these two explanations are satisfying our natural impulse to find scapegoats rather than facing the depressing facts of fossil fuel depletion. Let’s take em on. The Oil Drum


Warning: Sentiment Grows in Oil-Hungry U.S. for Extended Middle East Presence

Warning: Sentiment Grows in Oil-Hungry U.S. for Extended Middle East Presence thumbnail

Sentiment is growing in both political parties for extending the U.S. military presence in Iraq in order Clinton told The New York Times Iraq is


$100/barrel For Oil Is Not a Stopping Point

$100/barrel For Oil Is Not a Stopping Point thumbnail

The excerpts below from an article in the WSJ summarizes the supply issues for crude oil. Assuming no severe economic downturn that would reduce the demand for oil, supply will continue to be the primary constraint in the market. This coupled with a falling dollar basically means that prices in excess of $100/barrel will be […]


UK: Explosion reports at oil refinery

UK: Explosion reports at oil refinery thumbnail

Emergency services are at the scene of a fire at an oil refinery in Essex amid reports of an explosion. Crews were called to the Petroplus Coryton refinery, near Stanford le Hope, at about 1130 GMT. Essex Fire Service said the fire was on the ground floor of a tower and flames were 100ft (30.5m) […]


China fuel crisis spreads

China fuel crisis spreads thumbnail

BEIJING/SHANGHAI (Reuters) – China’s worst fuel crisis in two years spread to the capital and other inland areas by Wednesday, and one man was killed in a brawl at a petrol station queue, upping pressure on the government to intervene. Diesel shortages in China’s political heart, which escaped previous supply crunches unscathed, highlight tensions between […]


Iraqis say ready to take control of oil terminals

Iraqis say ready to take control of oil terminals thumbnail

IRAQI OIL TERMINALS, Northern Gulf (Reuters) – Iraqi soldiers aboard the patrol boat scan the waters around them before they give permission to U.S. sailors to approach the Gulf oil terminal. For the first time since U.S.-led forces toppled Saddam Hussein more than four years ago, Iraqi soldiers are taking charge of protecting the country’s […]


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