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News from May 2009

Oil to Cost $110 by 2015 on Global Rebound, U.S. Says

Oil to Cost $110 by 2015 on Global Rebound, U.S. Says thumbnail

(Bloomberg) — Oil prices will return to $110 a barrel by 2015 as a rebound in economic growth worldwide boosts consumption, the U.S. Energy Department said. Prices, which rose to a six-month high of $62.45 yesterday in New York Mercantile Exchange trading, will continue climbing past 2015 to $130 by 2030, as India, China and […]


OPEC keeps oil output targets steady

OPEC keeps oil output targets steady thumbnail

VIENNA (Reuters) – OPEC will decide to keep its oil output targets steady, ministers said on Thursday, as they set their hopes on a strengthened economy to boost oil prices. “Stay the course, that’s the decision,” Saudi Arabian Oil Minister Ali al-Naimi told reporters at the end of an almost two-hour meeting of the Organisation […]


IEA output forecasts are 'outside reality': peak oil proponent

IEA output forecasts are 'outside reality': peak oil proponent thumbnail

Geneva (Platts) — In a direct shot at the most widely followed estimates of future oil flows, a leading peak oil proponent said the International Energy Agency’s supply projections are significantly inaccurate. In the keynote address to the Platts “New Challenges for Crude Oil” conference in Geneva, Swedish physics professor Kjell Aleklett said his research […]


Greenland ice could fuel severe U.S. sea level rise

Greenland ice could fuel severe U.S. sea level rise thumbnail

WASHINGTON (Reuters) – New York, Boston and other cities on North America’s northeast coast could face a rise in sea level this century that would exceed forecasts for the rest of the planet if Greenland’s ice sheet keeps melting as fast as it is now, researchers said on Wednesday. Sea levels off the northeast coast […]


Key senator calls for 100 new reactors in 20 years

Key senator calls for 100 new reactors in 20 years thumbnail

OAK RIDGE, Tenn. “I am convinced it should happen because conservation and nuclear power are the only real alternatives we have today to produce enough low-cost, reliable, clean energy to clean the air, deal with climate change and keep good jobs from going overseas.” Alexander said he would deliver that message next week speaking on […]


China Believes Climate Risk Tops Credit Crisis, Hu Aide Says

China Believes Climate Risk Tops Credit Crisis, Hu Aide Says thumbnail

(Bloomberg) — China, the world


Harnessing the Sun When It Doesn't Shine

Harnessing the Sun When It Doesn't Shine thumbnail

Daniel G. Nocera, the Henry Dreyfus Professor of Energy at the Massachusetts Institute of Technology, thinks the key to our energy future may be found in the cells of plants. He is working on an “artificial photosynthesis” system that uses sunlight to generate hydrogen gas that, in turn, can be used to power a hydrogen […]


Slovakia's economy hammered by gas cutoff, auto collapse

Slovakia's economy hammered by gas cutoff, auto collapse thumbnail

The country — which made rapid progress in the past several years by joining the euro currency and attracting coveted auto industry investment in new factories — showed growth of 2.5 percent in the last quarter of 2008. But serious trouble set in with a Russian gas cutoff that slashed deliveries to factories. Then, Slovakia […]


China Is Said to Plan Strict Gas Mileage Rules

China Is Said to Plan Strict Gas Mileage Rules thumbnail

Worried about heavy reliance on imported oil, Chinese officials have drafted automotive fuel economy standards that are even more stringent than those outlined by President Obama last week, Chinese experts with a detailed knowledge of the plans said on Wednesday. The new plan would require automakers in China to improve fuel economy by an additional […]


Inquiry Into Oil Company May Hurt Brazil's Fiscal Plan

Inquiry Into Oil Company May Hurt Brazil's Fiscal Plan thumbnail

Brazil’s national oil company, Petrobras, has come under scrutiny in an investigation that threatens to complicate government efforts to wring more revenue from the deepwater oil fields that are expected to transform the country into a global energy power. The Senate voted last week to investigate whether Petrobras had avoided tax payments and awarded illegal […]


Brazil may need $60 oil to tap subsalt finds-CERA

Brazil may need $60 oil to tap subsalt finds-CERA thumbnail

Petrobras may need benchmark oil prices near $60 a barrel to profitably tap Brazil’s massive subsalt offshore finds, Cambridge Energy Research Associates (CERA) said. “We’ve evaluated the economics and believe that (Brazil’s subsalt oil) can be developed with WTI or Brent at $60,” said Enrique Sira, CERA’s director for Latin America and co-author of an […]


Colombian Ethanol Output To Surge In 2009

Colombian Ethanol Output To Surge In 2009 thumbnail

Colombian ethanol output is expected to more than double to 2.42 million liters a day by the end of 2009 as new projects come onstream, Agriculture Minister Andres Fernandez Acosta said on Wednesday. He told Reuters in an interview that Colombia, the number two ethanol producer in Latin America after Brazil, was seeking new investors […]


Mazda Extends Range With Hydrogen Hybrid

Mazda Extends Range With Hydrogen Hybrid thumbnail

Hydrogen is an alternative fuel whose viability is directly dependent on the amount of money and effort placed behind its development. Electric cars have an inherent advantage as the power grid infrastructure is already in place, but hydrogen requires a whole different kind of transportation and filling station other than the outlet in your garage. […]


Somalia: Seeking Alternatives to Charcoal in Somaliland

Somalia: Seeking Alternatives to Charcoal in Somaliland thumbnail

Insufficient cheaper alternatives and a large former refugee population are fuelling tree-felling and dependence on charcoal in the self-declared republic of Somaliland, adversely affecting the environment, say analysts. Most urban households use charcoal for everyday cooking. “We use a sack of charcoal every four days because our family is large,” said Zahra Omar, a mother […]


In Hot Pursuit of Fusion (or Folly)

In Hot Pursuit of Fusion (or Folly) thumbnail

LIVERMORE, Calif. The $3.5 billion site is known as the National Ignition Facility, or NIF. For more than half a century, physicists have dreamed of creating tiny stars that would inaugurate an era of bold science and cheap energy, and NIF is meant to kindle that blaze. In theory, the facility


Energy: The Achilles Heel of the Resource Pyramid

Energy: The Achilles Heel of the Resource Pyramid thumbnail

When economists say that we have far larger mineral resources today than ever before, they are usually referring to a model known as the resource pyramid. What they often fail to mention is that cheap, abundant energy is the key input into this model and that without it much of our presumed abundance would vanish. […]


Obama seeks growth in biofuels beyond ethanol

Obama seeks growth in biofuels beyond ethanol thumbnail

WASHINGTON (Reuters) – President Barack Obama said on Wednesday he wants to see new types of biofuels commercialized as quickly as possible, but the corn-based ethanol industry needs to remain viable in the meantime. “My administration is committed to moving as quickly as possible to commercialize an array of emerging cellulosic technologies so that tomorrow’s […]


Report: Carbon pollution to grow by 40 percent

Report: Carbon pollution to grow by 40 percent thumbnail

U.S. agency says much of the rise expected to come from China, India WASHINGTON – The amount of heat-trapping carbon dioxide seeping into the atmosphere will increase by nearly 40 percent worldwide by 2030 if ways are not found to require mandatory emission reductions, a U.S. government report said Wednesday. The Energy Information Administration said […]


Iraq starts oil exports from Kurdistan

Iraq starts oil exports from Kurdistan thumbnail

BAGHDAD (Reuters) – Iraq started exporting oil from its largely autonomous Kurdistan region for the first time on Wednesday, Iraq’s Oil Ministry said, in an apparent breakthrough after years of deadlock over disputed Kurdish oil contracts. Oil Ministry spokesman Assim Jihad said the ministry started shipping the crude from the Tawke field, in which Norway’s […]


Russia pursues market share as OPEC flirtation ends

Russia pursues market share as OPEC flirtation ends thumbnail

MOSCOW (Reuters) – Russia is no longer a welcome guest of OPEC after boosting its production to levels far above those pumped by the group’s biggest exporter, Saudi Arabia, and snatching away market share. After flirting with OPEC when a barrel of oil cost less than $40, Moscow has once more set its course on […]


Oil hits 6-month high, Saudi Arabia says world can cope

Oil hits 6-month high, Saudi Arabia says world can cope thumbnail

NEW YORK (Reuters) – Oil prices hit a six-month high near $64 a barrel on Wednesday after Saudi Arabia, OPEC’s biggest member, said the global economy had strengthened enough to cope with oil at $75 to $80 a barrel. U.S. crude oil for July delivery rose $1.00 to settle at $63.45 a barrel, after earlier […]


CNBC To Broadcast Live Special "BREAKING THE OIL ADDICTION"

CNBC To Broadcast Live Special "BREAKING THE OIL ADDICTION" thumbnail

Tonight, Wednesday, May 27th From 8PM-9PM ET CNBC, First in Business Worldwide, will broadcast a live special, “CNBC Reports: Breaking the Oil Addiction,” reported by CNBC’s Melissa Francis, Sharon Epperson, Phil LeBeau, Jane Wells and NBC’s Janet Shamlian tonight, Wednesday, May 27th at 8PM ET. CNBC anchors, reporters and experts will give viewers the latest […]


Exxon Mobil Says Transition From Oil Is Century Away

Exxon Mobil Says Transition From Oil Is Century Away thumbnail

(Bloomberg) — Exxon Mobil Corp., the world In the U.S., which burns a quarter of global oil supplies, consumers probably face higher fuel prices if lawmakers impose greenhouse-gas rules that inflate fuel-production costs, Tillerson said. A plan introduced by Democrats this month would allocate a limited number of emission credits to refiners and electricity producers, […]


EIA Projects World Energy Use to Grow 44% Between 2006 and 2030

EIA Projects World Energy Use to Grow 44% Between 2006 and 2030 thumbnail

World marketed energy consumption is projected to grow by 44% between 2006 and 2030, driven by strong long-term economic growth in the developing nations of the world, according to the reference case projection from the International Energy Outlook 2009 (IEO2009) released today by the US Energy Information Administration (EIA). World carbon dioxide emissions are projected […]


John Michael Greer: A guide for the perplexed

John Michael Greer: A guide for the perplexed thumbnail

…His economic ideas cover a great deal of ground, not all of it relevant to the project of this blog; readers interested in the overall shape of his ideas should certainly pick up a copy of Small Is Beautiful and find them there. Four of his propositions, however, struck me as core assets in any […]


Oil Demand

Oil Demand thumbnail

Oil and the Economy: The Impact of Rising Global Demand on the U.S. Recovery On May 20th 2009, the Joint Economic Committee of the U.S. Congress held a sparsely-attended hearing on the implications of rising world oil demand for the U.S. economy. JEC chair Representative Carolyn Maloney (D) delivered an opening statement, James D Hamilton, […]


Skyrocketing oil prices could bring jobs home

Skyrocketing oil prices could bring jobs home thumbnail

Canadians could be paying $2 for a litre of gasoline after oil rises as high as US$200 a barrel during the next economic cycle, says a Canadian author. Former CIBC chief economist Jeff Rubin argues in his book, “Why Your World Is About To Get A Whole Lot Smaller: Oil and the End of Globalization,” […]


Why Obama Should Take Notes from Cuba on a Green Energy Revolution

Why Obama Should Take Notes from Cuba on a Green Energy Revolution thumbnail

Cuba has successfully greened its energy sector over the last few years, and is now exporting its energy revolution. Barack Obama has proposed to invest $150 billion in renewable energy and energy efficiency over the next ten years. He need look no further than La Havana for inspiration. Cuba has successfully greened its energy sector […]


Obama's climate guru: Paint your roof white!

Obama's climate guru: Paint your roof white! thumbnail

Some people believe that nuclear power is the answer to climate change, others have proposed green technologies such as wind or solar power, but Barack Obama’s top man on global warming has suggested something far simpler Speaking in London prior to a meeting of some of the world’s best minds on how to combat climate […]


GM says bondholder offer fails; bankruptcy likely

GM says bondholder offer fails; bankruptcy likely thumbnail

DETROIT The move came as crosstown rival Chrysler LLC headed to court Wednesday to ask bankruptcy judge for permission to sell the bulk of its assets to a group headed by Italy’s Fiat Group SpA in hopes of saving itself from liquidation. Attorneys for Chrysler maintain that the Fiat deal is the company’s only hope […]


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