Peak Oil News

U.S. Oil Consumption Remains Weak

The U.S. Energy Department's weekly inventory release showed a surprise climb in crude stockpiles, while distillate supplies posted a smaller-than-expected draw. The agency�s bearish report further added that refiners continued to cut production, and are currently operating at their lowest rate in two decades.

This has instilled renewed doubts about the health of the U.S. economy, and pulled down oil prices to a seven-week low of around $71 per barrel. The only saving grace came in the form of gasoline supplies, which defied market expectations and fell from the week-ago period.

UK: The government has the power, it could make us all pay into a green bank

One thing Lord Browne knew better than most was that the energy world is all about power, not money. Sadly, this fact only just seems to have caught up with a British political establishment that thought open markets were all that was necessary. Last week's bombshell from energy regulator Ofgem calling for an end to the UK's liberalised market experiment is still reverberating around Westminster.

UK: Meaner politics is in the gas pipeline

Some commentators believe Ofgem was off target with its diagnosis of the perils faced by the UK energy market in its Project Discovery document.

Possibly, but the regulator seems rather more prescient than its detractors, given the news that Gazprom, and its joint venture partners, are mothballing the enormous Shtokman gas field under the Barents Sea.

U.N. Climate Panel and Chief Face Credibility Siege

Just over two years ago, Rajendra K. Pachauri seemed destined for a scientist�s version of sainthood: A vegetarian economist-engineer who leads the United Nations� climate change panel, he accepted the 2007 Nobel Peace Prize on behalf of the panel, sharing the honor with former Vice President Al Gore.

But Dr. Pachauri and the Intergovernmental Panel on Climate Change are now under intense scrutiny, facing accusations of scientific sloppiness and potential financial conflicts of interest from climate skeptics, right-leaning politicians and even some mainstream scientists. Senator John Barrasso, a Wyoming Republican, called for Dr. Pachauri�s resignation last week.

Iran Tankers Idle in Persian Gulf

Iran, OPEC�s second-largest crude producer, has at least three supertankers idling in the Persian Gulf, as oil prices decline five weeks before the group�s next meeting, vessel-tracking data show.

Chavez declares "electricity emergency" in Venezuela

CARACAS (Reuters) - President Hugo Chavez inaugurated a folksy new radio talk-show on Monday by declaring an "electricity emergency" in oil-rich Venezuela.

Despite its huge crude reserves, the South American OPEC member relies on hydro-electricity for 70 percent of its power needs, and a drought has hit supply since late 2009.

It's Official: The Oil Export Crisis Has Arrived

Last March, my study of the effect of peak oil on U.S. imports had brought Mexico to the fore (�The Impending Oil Export Crisis�). As our #3 source of imports, the crashing of its supergiant Cantarell field had put the future of our oil supply into serious jeopardy.

The possibility that Mexico�s oil and gas exports to the U.S. could go to zero within seven years looked very real.

Urban growth, farm exports drive tropical deforestation

Under December's Copenhagen Accord, rich countries are pledging some 10 billion dollars over the next three years to help poor countries tackle climate change.

A big but so far unspecified chunk of the cash will go on programmes to prevent loss of tropical forests, which is a major source of greenhouse gases

Who Will Win The Race For Jobs In Renewable Energy?

When it comes to renewable energy innovation and equipment manufacturing, China is challenging the West, and the outcome will decide where millions of jobs go in the future.

As The New York Times reported recently, "China vaulted past competitors in Denmark, Germany, Spain, and the United States last year to become the world's largest maker of wind turbines, and is poised to expand even further this year. China has also leapfrogged the West in the last two years to emerge as the world's largest manufacturer of solar panels. ... These efforts to dominate renewable energy technologies raise the prospect that the West may someday trade its dependence on oil from the Mideast for a reliance on solar panels, wind turbines, and other gear manufactured in China."

New federal climate change agency forming

The Obama administration is forming a new agency to study and report on the changing climate.

Also known as global warming, climate change has drawn widespread concern in recent years as temperatures around the world rise, threatening to harm crops, spread disease, increase sea levels, change storm and drought patterns and cause polar melting.