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NYMEX Crude Oil (Light) ........................121.20 5.64 NYMEX NYH RBOB Gasoline (Globex) ...... 3.0421 .1318

Don’t worry, just a little bump - $70 is just around the corner. Short traders just keep making those margin calls, mortgage the house if you have to. Fortunes await you! PO is for pansies and doomers. At $70 short some more ..... it is going back to $22 .... the world is awash with oil ........ reality has nothing to do with it, its all in those charts!!!!!!!!!!

SELL SELL SELL

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Gulf of Mexico oil production likely never to reach pre-Katrina levels
Production; Extraction; Exploration2005-like storms could push gasoline to $5 per gallon

NEW YORK /PRNewswire-FirstCall via COMTEX/ -- CIBC (CM: TSX; NYSE) - With Tropical Storm Gustav bearing down on the Gulf of Mexico and most weather agencies calling for an active hurricane season, American motorists should brace for gasoline to spike to $5 per gallon as storms threaten to shut down oil production in the region, predicts a new report from CIBC World Markets.

The report notes that oil production in the rig-dotted Gulf, which has been seen as America's best hope for greater energy self-sufficiency, will be increasingly threatened by severe storms that continue to grow in frequency and strength in the region.

Posted by Leanan on Friday, August 29 @ 10:31:57 PDT (57 reads)
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Zoom airline collapses and halts all flights
Business News; Market ResearchHundreds of passengers were stranded at airports in the UK yesterday after Zoom, the low-cost transatlantic airline, suspended all operations after failing to pay its bills.

The Anglo-Canadian airline, which employed 600 people, said yesterday that it would declare itself insolvent, blaming high fuel costs for its losses.

Posted by Leanan on Friday, August 29 @ 09:32:31 PDT (66 reads)
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A Construction Project Bigger Than the U.S. Interstate System
Production; Extraction; Exploration...The whole oil and gas infrastructure is a "vast spider web of steel." There are over 335,000 miles of pipelines in the U.S. alone. There are hundreds of refineries in the world, as well as thousands of tank farms, gas stations, and oil and gas wells.

Such infrastructure requires a lot of maintenance, which is not cheap. On the heels of two decades of low oil prices, much of the industry deferred a lot of maintenance. As Simmons says: "The entire value chain is built of steel. Steel begins to corrode the day it is cast."

Posted by Leanan on Friday, August 29 @ 08:51:19 PDT (151 reads)
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Gustav Path Includes More, Bigger Oil, Gas Gulf Platforms
Production; Extraction; ExplorationTropical Storm Gustav will have more and bigger offshore energy targets to hit than the 2005 hurricanes did, should the storm stick to its projected path through the central Gulf of Mexico.

In 2005, only two platforms produced more than 100,000 barrels a day; this summer, six are producing at that level or are preparing to do so. Since 2005, oil and gas production has increasingly shifted to deeper water off the coast of Louisiana, with a handful of giant platforms generating volumes once produced by dozens of small, shallow-water facilities.

Posted by Leanan on Friday, August 29 @ 08:02:54 PDT (157 reads)
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Power Play
Public Policy; Political and Legal NewsFor someone who believes that world oil supplies are about to begin an inexorable decline, possibly dragging down civil society in the process, Rob Hopkins is a rather cheery fellow. Hopkins, a 40-year-old doctoral student at Plymouth University in the United Kingdom, is the founder of the Transition movement, which encourages people to wean their neighborhoods, communities, and towns off oil and nudge them onto a path of self-sufficiency in an increasingly energy-scarce world. “The change we have seen over the past hundred years will be nothing compared with what we will see over the next twenty,” he says. But it’s not a dire warning; it’s an adventure. “This is an extraordinary time to be alive. I feel really fortunate to be around—it’s going to be a fascinating time in history.”

Hopkins was teaching permaculture design, or the design of sustainable human settlements, when he stumbled across the idea of “peak oil,” which holds that an irreversible decline in global oil production is imminent. That led him to create “Transition Towns”—among them the village of Totnes in southwestern England where he now lives. Hopkins and his colleagues have encouraged the planting of gardens and nut trees for local food sources, the establishment of gas-free transportation (including a rickshaw service), and the support of local businesses and local skilled labor. Totnes also has its own local, transition currency, the Totnes pound.

Posted by Leanan on Friday, August 29 @ 07:32:34 PDT (115 reads)
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Germany considers creating national gas reserve
Production; Extraction; Exploration BERLIN (Reuters) - Germany is considering setting up a natural gas reserve to reduce its dependency on imports from Russia, a spokeswoman for the Economy Ministry said on Friday.

Germany relies on Russia for about 44 percent of its gas imports, according to government information, and in recent years Moscow has cut off energy supplies to some of its neighbours on a number of occasions.

Posted by Leanan on Friday, August 29 @ 06:39:28 PDT (86 reads)
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Political Debate on Energy: James Woolsey, former Director of CIA Guests
Public Policy; Political and Legal NewsAugust 29, 12pm PT / 3pm ET (1 hour)

Barack Obama and John McCain have set forth detailed energy policies and made passionate speeches about America's need for energy independence. Guests:

● Jim Woolsey, national security and energy adviser to John McCain, has advocated for plug-in hybrids and biofuels to wean the U.S. off foreign oil.

● Bill Becker is executive director of the Presidential Climate Action Project and former director of the U.S. Dept. of Energy’s Central Regional Office.

● Brian Young is communications director for the College Democrats of New York and president of the Binghamton College Democrats.

● Charlie Smith, chairman of the College Republican National Committee, graduated from the University of Denver in 2007.

Posted by Leanan on Friday, August 29 @ 05:40:37 PDT (130 reads)
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Xinjiang oil boom fuels Uighur resentment
Public Policy; Political and Legal News"Offer energy resources as tribute [to Beijing] to create harmony" proclaims a giant billboard outside a petrol station in Korla, in Xinjiang province, China's restive western frontier region.

The increasing importance of the Muslim-dominated Xinjiang autonomous region as a source of the energy and minerals needed to fuel China's booming eastern cities is raising the stakes for Beijing in its battle against separatists agitating for an independent state.

Posted by waegari on Friday, August 29 @ 01:29:09 PDT (124 reads)
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Toyota Cuts 2009 Sales F'cast, Speeds Up Electric Cars
Business News; Market Research Toyota Motor Corp cut its 2009 vehicle sales forecast by nearly 7 percent as high fuel prices hammer demand for large cars and pickup trucks, and said it will speed up the rollout of hybrid and electric cars as their popularity grows.

The weaker outlook from the world's most profitable carmaker weighed on shares of European rivals and highlighted an increasingly difficult environment, where orders in the United States and Western Europe for high-margin, gas-thirsty vehicles is slumping.

Posted by waegari on Friday, August 29 @ 01:22:23 PDT (149 reads)
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E.ON to Appeal Over Scottish Wind Farm Rejection
Hydrocarbon Alternatives E.ON UK is to appeal against a local government refusal to grant planning permission for a wind farm at Auchencorth Moss in Scotland, the German-owned utility said on Thursday.

Midlothian Council rejected the plan to build a 45-megawatt onshore wind farm neat Penicuik in February, despite the project's potential to contribute towards Britain's already challenging renewable energy targets.

Posted by waegari on Friday, August 29 @ 01:20:28 PDT (96 reads)
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Australia Approves Uranium Mine Expansion Plan
Hydrocarbon AlternativesAustralia, which is looking to sell more uranium overseas to meet growing demand for nuclear power, on Thursday approved a proposal by Heathgate Resources to expand its outback Beverley uranium mine.

The approval, announced by Australia's environment minister Peter Garrett, will allow Heathgate to produce up to 1,500 tonnes of uranium oxide a year.

Posted by waegari on Friday, August 29 @ 01:18:27 PDT (78 reads)
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Clean power need gives India's solar mission a boost
Hydrocarbon AlternativesThe government is looking to get India's 'national solar mission' underway with steps to set up research-industry partnerships, tariff structures and tax breaks to citizens aimed at promoting competitiveness and even seed 'solar valleys' for largescale energy generation.

The recognition that solar power represents a huge untapped potential for relatively clean energy saw PMO call a meeting on Tuesday to discuss what could be done to make this form of energy more viable in the Indian context where there is an abundance of sunshine through most of the year.

Posted by waegari on Friday, August 29 @ 01:15:42 PDT (71 reads)
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Papua New Guinea to Improve Power Supply
Public Policy; Political and Legal NewsPapua New Guinea will draw up a detailed plan to improve power supply in the country where 90% of the population still has no electricity.

The Japan Special Fund, administered by the Asian Development Bank (ADB), is providing a $1.2 million grant for Papua New Guinea to prepare a power sector development project design that will increase supply of reliable and sustainable power at reasonable cost. The government will contribute another $300,000 to the project.

Posted by waegari on Friday, August 29 @ 01:13:39 PDT (65 reads)
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South Africa: Fuel Price to Fall - By Less Than Hoped
Public Policy; Political and Legal NewsBad news for motorists: petrol prices could fall less than the widely expected R1 a litre if the minerals and energy department decides to channel some of the money towards what is known as the slate account.

The slate account is kept in terms of an agreement between the government and suppliers to determine compensation that is payable by the government to the suppliers, or by the suppliers to the government, in respect of losses suffered or profits gained by the suppliers because of fluctuations in the purchase price of petroleum products.

Posted by waegari on Friday, August 29 @ 01:11:07 PDT (67 reads)
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Nigeria: N-Delta Crisis Has Perilous Implications - Anyaoku
Public Policy; Political and Legal NewsFormer Commonwealth Secretary-General, Chief Emeka Anyaoku, declared yesterday that the current socio-political situation in the Niger Delta was "a major national crisis with potentially perilous implications that will go beyond our national economy if not properly resolved."

"The response to this national crisis must begin from a clear understanding that the situation which now exists in the Niger Delta region cannot be resolved through force of arms," he said in a speech at the First Information Summit on Media, Finance and Developments organised by the Delta State government in Asaba.

Posted by waegari on Friday, August 29 @ 01:09:03 PDT (71 reads)
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Old Articles
Friday, August 29
· Punishing Russia could prove costly
· India's nuclear deal headed for fiasco
Thursday, August 28
· Russia may cut off oil flow to the West
· China has head start over West for Iraq oil
· U.S. State Department Issues Travel Alert for Comoros
· Georgia crisis could thwart EU project to bypass Russia for natural gas
· New Gas Discoveries a Boon for U.S. Energy Sector
· GM Dealers Report `Resurgence' in Pickup, SUV Demand
· The Peak Oil Crisis: Summer's End
· Bering Glacier Melting Faster Than Scientists Thought
· Some fuel terminals have short-term outages
· Gustav 'Likely to Explode into Major Hurricane,' Target GOM
· Peak Moment: Cultivating a Suburban Foodshed
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· Hurricane Gustav, Energy Infrastructure & Production Impacts/Models (Updated! Th
· ExxonMobil case said to highlight Indonesia rights abuses
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· Level with us: America needs a stiff dose of the truth
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