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News from May 2008

Double, double, oil and trouble

Double, double, oil and trouble thumbnail

Is it But the most popular scapegoats are


Well, Barack, We have a Problem…

Well, Barack, We have a Problem… thumbnail

…and only you will have the power to provide the solution. Why you? The United States is the most powerful nation, ever. Today, and for the next generation, no other country will be anywhere close to our military and economic dominance. You will have a once in a millennium opportunity to accomplish something monumentally extraordinary, […]


The oil price: Recoil

The oil price: Recoil thumbnail

Painful though it is, this oil shock will eventually spur huge change. Beware the hunt for scapegoats IN THE early 1970s a fourfold rise in the price of oil almost brought the world to a standstill. The shock of the Arab embargo left a deep mark in many countries: America subjected its cars to fuel-efficiency […]


Major China cities hit by diesel fuel rationing

Major China cities hit by diesel fuel rationing thumbnail

BEIJING – Petrol stations in at least three major Chinese coastal cities were rationing diesel on Thursday, drivers said, causing long queues of trucks and reviving the spectre of bigger fuel shortages that could stir discontent. The shortages have worsened since last week, when stations in at least five provinces ran out of stock before […]


$8-a-gallon gas

$8-a-gallon gas thumbnail

Commentary: Eight reasons higher prices will do us a world of good SAN FRANCISCO (MarketWatch) — For one of the nastiest substances on earth, crude oil has an amazing grip on the globe. We all know the stuff’s poison, yet we’re as dependent on it as our air and water supplies — which, of course, […]


Feds probing oil market manipulation

Feds probing oil market manipulation thumbnail

The U.S. Commodity Futures Trading Commission is investigating possible manipulations of the world oil markets to deliberately drive up the price of oil, it says Thursday. In December 2007, the agency


As gas prices soar, thieves grow more brazen

As gas prices soar, thieves grow more brazen thumbnail

It


US rail network facing congestion ‘calamity’

US rail network facing congestion ‘calamity’ thumbnail

While the nation’s attention is focused on air travel congestion and the high cost of fuel for highway driving, a crisis is developing under the radar for another form of transportation: the freight trains used to deliver many of the goods that keep the U.S. economy humming. “For those of you who’ve ever seen a […]


First Housing, Now Oil

First Housing, Now Oil thumbnail

In Charlotte, N.C., gasoline at nearly $4 a gallon is cracking “the survivors,” as credit counselor Bruce G. Hamlett calls them. They’re the people who played by the rules and kept up their mortgage and utility payments even as neighbors gave up and moved away, leaving empty homes. Now, crazy prices at the pump are […]


$4 gas

$4 gas thumbnail

WASHINGTON – One of my favorite newspaper comic strips as a child was the Katzenjammer Kids, about two mischievous boys who were always getting caught red-handed and spanked. The final frame of the cartoon often showed a wily kid named Rollo, who would point to the wailing Katzenjammers and explain to their tutor, “They brought […]


Think Gas is High? Try Europe

Think Gas is High? Try Europe thumbnail

American motorists are understandably grumbling over skyrocketing oil prices as the summer travel season approaches. But their pain hardly registers against the rage afoot in Europe these days. Fishermen, truck drivers, and farmers are threatening to bring entire economic sectors to a halt with protests against crippling fuel costs. The wave of angry action is […]


Iraq to review Jordan discount oil deal: VP

Iraq to review Jordan discount oil deal: VP thumbnail

AMMAN (AFP) – Iraq is to review a 2006 agreement to sell discounted oil to Jordan amid soaring world prices, visiting Vice President Tareq al-Hashemi said on Thursday. “The Iraqi government seeks to reconsider the agreement with Jordan and then activate it and push it in the right direction to benefit the two countries,” Hashemi […]


Pemex Lowers Daily Oil Output Target to 2.9 Million Barrels

Pemex Lowers Daily Oil Output Target to 2.9 Million Barrels thumbnail

(Bloomberg) — Petroleos Mexicanos, the state-owned oil company, lowered its daily crude oil production target by 6.5 percent after a pipeline leak caused a larger-than-expected decline in April. Chief Executive Officer Jesus Reyes Heroles said Pemex, as the Mexico City-based company is known, set a new daily production target of 2.9 million barrels, down from […]


The Solution to Peak Oil

The Solution to Peak Oil thumbnail

We may be witnessing a possible solution to the Peak Oil dilemma in the formation of an unsustainable speculation driven crude oil price super spike. The impact of which will be to shock corporate and private consumers into making the necessary changes in the near future to be able to better adapt to the real […]


OPEC Shipments to Rise in Month to June 14, Oil Movements Says

OPEC Shipments to Rise in Month to June 14, Oil Movements Says thumbnail

(Bloomberg) — OPEC’s daily shipments of oil will climb 1.5 percent in the four weeks to June 14, industry consultant Oil Movements forecast. The Organization of Petroleum Exporting Countries will load 24.8 million barrels a day in the period, compared with 24.44 million barrels a day shipped in the four weeks ended May 17, the […]


Oil fluctuates near $131 a barrel after 8.8 mln bbl drop in U.S. crude stocks

Oil fluctuates near $131 a barrel after 8.8 mln bbl drop in U.S. crude stocks thumbnail

LONDON (Thomson Financial) – Oil prices fluctated near $131 a barrel on Thursday afternoon in London, after a massive 8.8 million barrel drop in U.S. crude inventories reversed most of the earlier losses. Crude prices rocketed higher to move above $133 a barrel in the immediate aftermath of the weekly report from the Energy Information […]


Australia: Politicians on petrol – don’t mention the ‘c’ word

Australia: Politicians on petrol – don’t mention the ‘c’ word thumbnail

Our political debate has been doused in petrol. But how is it, when peak oil talk is saturating the airwaves, that the subjects of renewable energy, infrastructure and climate change aren’t rating a mention? Instead we’re talking about 5 cent discounts, FuelWatch leaks and lopping off the GST. “I’ve watched this debate with total despair […]


Oil Exporters Are Unable To Keep Up With Demand

Oil Exporters Are Unable To Keep Up With Demand thumbnail

Domestic Needs, Sluggish Investment Crimp Shipments The world’s top oil producers are proving unable to put more barrels on thirsty world markets despite sky-high prices, a shift that defies traditional market logic and looks set to continue. Fresh data from the U.S. Department of Energy show the amount of petroleum products shipped by the world’s […]


Peak Oil: An Idea Whose Time Is Up

Peak Oil: An Idea Whose Time Is Up thumbnail

Analysts have found that investors spooked by the peak oil theory But the impact of those nations on crude prices in recent months is suspect. Global oil consumption grew 2% in the first quarter of this year over the first quarter of 2007, while production increased 2.5% over the same period. On a daily basis, […]


Richard Heinberg: Coal in the United States

Richard Heinberg: Coal in the United States thumbnail

…With oil and natural gas prices rising and coal prices still relatively low, the return of the US to a greater reliance on coal might seem inevitable. However, several recent reports suggest that coal reserves, which have shrunk dramatically during the past century, may still be overstated. Coal prices are likely to rise precipitously during […]


Gas prices keep climbing even as oil prices drop

Gas prices keep climbing even as oil prices drop thumbnail

NEW YORK – The gasoline price record keeps getting broken with each passing day. AAA puts the national average for a gallon of regular at a record $3.95. It’s jumped 35 cents in the past month and is 76-cents-a-gallon higher than a year ago. If you need premium, it’s also never been more expensive. The […]


How Toyota Plans to Survive $4 – Make That $5 – Gas

How Toyota Plans to Survive $4 – Make That $5 – Gas thumbnail

Car buyers these days need to dabble in soothsaying: If you think gas prices will stay high–or go higher–you’re likely to buy the smallest car that will get you and your family around. But if you foresee lower pump prices, you might splurge on something, let’s say, more nostalgic. If your crystal ball seems cloudy, […]


Researchers: City residents produce less carbon

Researchers: City residents produce less carbon thumbnail

WASHINGTON – While cities are hot spots for global warming, people living in them turn out to be greener than their country cousins. Each resident of the largest 100 largest metropolitans areas is responsible on average for 2.47 tons of carbon dioxide in energy consumption each year, 14 percent below the 2.87 ton U.S. average, […]


Tax Cuts Likely to Benefit Russian Oil Service Companies

Tax Cuts Likely to Benefit Russian Oil Service Companies thumbnail

Russian oil-field service companies could be among the biggest winners as the government slashes oil-sector taxes in a bid to revive stagnating production, industry participants say. After annual growth of up to 10% at the start of the decade, Russia – the world’s second-largest crude producer – saw output edge up by just 2.2% last […]


Britain faces regular blackouts and rising bills

Britain faces regular blackouts and rising bills thumbnail

Britain faces the danger of repeated blackouts as clapped-out and crumbling power stations suffer a series of failures, it was claimed yesterday. More than 500,000 homes lost electricity for several hours after two major sites shut down suddenly on Tuesday. Lights were dimmed in millions of homes as seven generating units at other power stations […]


UK: Could gas bills be heading for

UK: Could gas bills be heading  for thumbnail

Wholesale energy prices soared to a record yesterday, threatening to push up household gas bills by Higher electricity bills are also expected within a matter of weeks, according to industry experts. The warnings came after the price of gas to be supplied next winter rose to almost


Gas Use Surging in China

Gas Use Surging in China thumbnail

China’s gas demand is booming, thanks to the increasing buying power of consumers along the affluent coastal areas. According to the National Development and Reform Commission, about 60 percent of China’s gas demand is from the eastern and southern provinces that include Guangdong and Fujian. The government has outlined a gas utilization policy, which gives […]


Strahan: Gordon Brown doesn’t get the oil crisis

Strahan: Gordon Brown doesn’t get the oil crisis thumbnail

Even by the low standards of his Government, Gordon Brown’s recent pronouncements on oil have been surprising. Writing in a national newspaper on Wednesday, he argued that the price of a barrel had soared to $135 because of barriers to production that are “technical, financial and political”. Many experts expect non-Opec production to peak by […]


An oil savior? – Iraq has the potential to supply much more oil

An oil savior? –  Iraq has the potential to supply much more oil thumbnail

Iraq’s deputy prime minister, Barham Salih, said in April that Iraq’s total reserves, could be as high as 350 billion barrels, triple the 115 billion that has been its officially stated level for many years. The figure is aspirational and should be treated carefully but, given that there has been barely any new exploration of […]


Saudi Arabia pumps extra oil to match demand

Saudi Arabia pumps extra oil to match demand thumbnail

Top oil exporter Saudi Arabia has boosted supply to help meet the world’s need for fuel and may further increase output later if needed, a senior Gulf OPEC source said on Wednesday. OPEC’s 13 members, especially core Gulf producers, are taking their output cues from global oil demand rather than sticking to production targets, said […]


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