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News from February 2008

Ecuador Further Delays Oil Exports

Ecuador Further Delays Oil Exports thumbnail

QUITO -(Dow Jones)- Ecuador’s oil and mining minister, Galo Chiriboga, said Friday the government has declared a force majeure on its oil exports. “We have low levels of crude in stock and we need to supply local necessities for refining crude,” said a high-level official. The official said the next shipments could be delayed by […]


Demanding a new supply

Demanding a new supply thumbnail

Dr. Paul Newendorp to discuss


Lester Brown: The Day China Runs Dry

Lester Brown: The Day China Runs Dry thumbnail

China’s massive but dwindling aquifers would be on track to run virtually dry if over-pumping continued, said Lester Brown, prominent US environmental policy advocate. At that point, its grain production would dive, severely exacerbating any food price increases that had already accumulated. Without rationally priced water, Brown predicted this scenario and a severe global food […]


Peak Oil Passnotes: The Race to the Bottom (of the Barrel)

Peak Oil Passnotes: The Race to the Bottom (of the Barrel) thumbnail

It has been another week of crude oil records as the Nymex breached $103 per barrel and event Brent crude topped $100. One of the reasons is that the Wal-Mart economy of the world, bargain basement U.S., has once again seen its currency rupture a little bit more. Stacking high and selling your countrymen cheap, […]


Morgan Stanley: A Petrodollar Tsunami Is Coming

Morgan Stanley: A Petrodollar Tsunami Is Coming thumbnail

High energy prices lead to transfers from oil importers to oil exporters, note Stephen Jen and Charles St-Arnaud in Morgan Stanley’s latest Global Economic Forum, and as oil breaches the psychological US$100 a barrel, so investment decisions by the owners of these petrodollars clearly become more important the higher oil prices go. As Jen and […]


Remember The Gold old days!

Remember The Gold old days! thumbnail

Remember the good old days when things like supply and demand seemed to matter? Well yesterday, at least for awhile, it seemed like those good old days were back. Oil inventories weighed on oil prices as the complex shifted focus away from the falling dollar and rising inflation and once again shifted to ample supply […]


As green power investments rise, a fear they are being misguided

As green power investments rise, a fear they are being misguided thumbnail

PARIS: Long considered marginal and even quixotic, energy from sources like the wind, sun and plants is turning into one of the world’s most highly valued industries. And while power generated by “green” sources remains tiny compared with fossil fuels, the sector has begun to attract the attention of big-league investors seeking to profit from […]


PDVSA says Exxon’s asset freeze based on fantasy

PDVSA says Exxon’s asset freeze based on fantasy thumbnail

LONDON (Reuters) – Venezuelan state oil firm PDVSA told a UK court on Friday that a $12 billion freeze on its assets should not have been granted to Exxon Mobil as the oil major’s arguments were “sheer fantasy land”. PDVSA lawyer Gordon Pollock said the amount frozen was excessive. He said a claim that PDVSA […]


BMW betting on hydrogen

BMW betting on hydrogen thumbnail

Earlier this month, The Chronicle ran an interesting interview with General Motors CEO Rick Wagoner, in which he said major car manufacturers need to develop a variety of alternative energy technologies in preparation for the day that world gets off the oil. The theory goes: Betting on just one — electric cars or fuel cells […]


Pemex Says Production From Cantarell Field May Drop Up to 18% This Year

Pemex Says Production From Cantarell Field May Drop Up to 18% This Year thumbnail

(Bloomberg) — Petroleos Mexicanos, the state- owned oil company, expects to increase oil production in 2008 after a three-year decline, even as output at its largest field drops as much as 18 percent this year. Overall production may rise to 3.1 million barrels a day this year, said Carlos Morales, director of exploration and production […]


More Americans using credit cards to stay afloat

More Americans using credit cards to stay afloat thumbnail

Seven years in the credit-counseling business didn’t prepare Ann Estes for the alarming trend she began noticing last fall: As her clients’ mortgage bills became unaffordable, a growing number of them began paying their credit card bills before Across the nation, credit counselors are reporting the same trend. Credit bureau analyses of consumer payment data […]


The CO2 State

The CO2 State thumbnail

Texas produces more carbon emissions than most countries, but the state government and business community don’t seem too concerned. If Texas were its own country, it would be the 48th most populous in the world, right between North Korea and Ghana. In terms of landmass, at 268,000 square miles it would be the 40th-biggest. But […]


The Squeeze on PetroChina

The Squeeze on PetroChina thumbnail

With domestic production falling, it must buy costly oil abroad to sell at subsidized prices at home PetroChina has been the sweetest of China plays for global investors in recent years. Warren Buffett started investing in the mainland’s biggest oil producer back in 2003, and the company’s shares appreciated more than sevenfold from that point […]


UK gas prices surge after import terminal fire

UK gas prices surge after import terminal fire thumbnail

LONDON, Feb 29 (Reuters) – British gas prices rose on Friday after a fire at a major import terminal cut supplies of heating fuel ahead of what is forecast to be a chilly start to March. Some of the heat was taken out of the market by the resumption of supplies through the Shell-operated SEAL […]


Recipes for Disaster in Iraq

Recipes for Disaster in Iraq thumbnail

In honor of the soon-to-arrive fifth anniversary of his Iraq war without end, the US President has offered a formula for economic success in bad times that might be summed up this way: less houses, more bases, more weaponry, more war In the week that oil prices once again crested above $100 a barrel and […]


What’s Really Driving the Price of Oil?

What’s Really Driving the Price of Oil? thumbnail

The price of crude oil has doubled, from $50 to $100, within months. The increase cannot be attributed to the fundamental data, which have hardly changed. And the looming recession ought to drive the price down. So why is oil getting more expensive? Cushing is the kind of place where you’d expect to see a […]


Burkina Faso: Protests On Price Rises Spread to the Capital

Burkina Faso: Protests On Price Rises Spread to the Capital thumbnail

Violence spread to the capital, Ouagadougou, early on 28 February as demonstrators took to the streets to denounce the high price of food and fuel. Shops and petrol stations were shut down. The unrest took place throughout the day with young men burning tyres and igniting fires, using hit-and run tactics despite a heavy police […]


Oil for nukes

Oil for nukes thumbnail

French President Nicolas Sarkozy is on a nuclear power selling spree in the Middle East. He has recently pledged to assist the civilian nuclear programs of three oil-producing countries in this conflict-prone region: Saudi Arabia, Qatar, and the United Arab Emirates. These pledges were preceded by signed offers of nuclear aid to Algeria and Libya, […]


Gazprom to reduce Ukraine’s gas

Gazprom to reduce Ukraine’s gas thumbnail

Gazprom, Russia’s gas monopoly, says it will cut supplies to Ukraine by 25% on Monday after talks between the two sides ended in failure. The state-run Russian company said its efforts to get Ukraine to pay its debts had “reached a dead end”. Earlier this month, Russian President Vladimir Putin and Ukraine’s Viktor Yushchenko reached […]


Brazil police recover computers stolen from Petrobras, arrest 4; ‘common crime’

Brazil police recover computers stolen from Petrobras, arrest 4; ‘common crime’ thumbnail

RIO DE JANEIRO, Brazil: The theft of oil company computers containing what the president called “state secrets” turned out to be a case of common robbery, police said Thursday Police arrested four security guards at the port of Macae, a coastal city in Rio de Janeiro state, and recovered laptops and hard drives that were […]


Intro to Satellite Sleuthing 101: Finding Haradh III

Intro to Satellite Sleuthing 101: Finding Haradh III thumbnail

Everybody talks about the Saudi Arabian Oil Miracle, but most seem to be saying the same things. And those things usually consist of quotes or statistics provided by Saudi Aramco. This presents us with the following dilemma: if we believe what they say, why don’t we just quit worrying about whether or not their oil […]


Deutsche Bank

Deutsche Bank thumbnail

DB Heresy? Not so fast. DB, not wanting to offend clients


Australia: Stocks of unleaded petrol may run low in Brisbane

Australia: Stocks of unleaded petrol may run low in Brisbane thumbnail

MOTORISTS have been warned to expect disrupted petrol supplies in Brisbane this weekend. A leaked email from the State Government to the Ambulance Service, obtained by couriermail.com.au, said the shortage of unleaded petrol suffered by Caltex, Shell and BP is expected to lead to long delays at the pump, higher prices and possibly complete unavailability […]


Australia: Bligh urges calm over petrol shortage fears

Australia: Bligh urges calm over petrol shortage fears thumbnail

Queensland Premier Anna Bligh has played down predictions of a fuel shortage in Brisbane and some other areas over the weekend. Ms Bligh says like other customers, the Government was notified yesterday that some refineries were running low on unleaded petrol. Premium, diesel and LPG are not affected. Ms Bligh says under a long-standing arrangement, […]


Mexico’s Plan to Open Oil Industry Lacks Support

Mexico’s Plan to Open Oil Industry Lacks Support thumbnail

(Bloomberg) — Mexican President Felipe Calderon’s plan to overhaul energy laws and allow private investment in the state oil monopoly lacks political support, a prominent opposition senator said. Senator Francisco Labastida of the Institutional Revolutionary Party, an opposition group, said “there’s no chance” that “comprehensive reform” will pass. He spoke in an interview today at […]


Exxon vs. Chavez: More Smoke Than Fire

Exxon vs. Chavez: More Smoke Than Fire thumbnail

…So then, why is it that every time Hugo Chavez opens his mouth, crude oil futures leap to attention and U.S. politicians wet themselves? It The slightly longer answer revolves around the following three essential facts about the U.S. predicament: 1. The U.S. produced less oil in 2006 than it did in 1950. 2. Venezuelan […]


The Peak Oil Crisis: Catenaries and Pantographs

The Peak Oil Crisis: Catenaries and Pantographs thumbnail

As the availability of liquid fuels dwindles, those supplies that remain will be increasingly allocated to uses for which there are no readily available substitutes — such as powering aircraft and ships. Electric power for land vehicles appears to be the most realistic option for the present. Cellulosic biofuels may come to power some share […]


Oil price strikes record high above 103 dollars

Oil price strikes record high above 103 dollars thumbnail

LONDON (AFP) – The price of New York crude oil hit an all-time high point of 103.05 dollars per barrel on Friday owing to record weakness of the dollar but then fell back, traders said. And the price of gold reached an historic peak of 976.32 dollars per ounce. “This was part of a broad-based […]


Landslide hits Ecuador pipeline

Landslide hits Ecuador pipeline thumbnail

A landslide has cut off Ecuador’s main export oil pipeline but the state oil firm Petroecuador says it will try to use other routes. The Sote pipeline, which can move 400,000 barrels of oil per day from the Amazon jungle to the Pacific Ocean, stopped pumping on Thursday afternoon. It pumps almost all oil extracted […]


Florida’s Blackout: A Warning Sign?

Florida’s Blackout: A Warning Sign? thumbnail

…Aside from the transit nightmare, the Florida blackout also revived the awful memory of August, 2003, when an even larger grid failure in the Northeast left 15 million people in the dark. Improvements to America’s electrical reliability system have been put in place the past five years; but Tuesday was a reminder that the country’s […]


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