High oil price not due to hedge funds, traders-EIA
As U.S. crude oil prices soared past $56 a barrel to an all-time high on Wednesday, the government said that hedge funds and speculative traders were not to blame for rising crude costs.
Fossil Fuels
Oil Rises to a Record on Concern Demand Is Outpacing Supply
Crude oil rose to a record $56.69 a barrel as a promise of increased output from OPEC failed to ease concern that demand for fuels is rising faster than supply.
Gazprom’s Dream Pipeline to Europe
In northern Russia, where vast deposits of natural gas lie waiting to be tapped, Gazprom, the state-owned Russian energy giant, is hatching a multibillion-dollar strategy that would lock a swath of Europe from Germany to Britain into long-term delivery contracts, in a move that would bypass Ukraine and Belarus and anchor Russia to Europe more closely over time.
Union of Russia’s Oil and Gas Producers Says Oil Exports in Danger
The president of the Russian Union of Oil and Gas Producers said on Wednesday, March 16, that the country’s oil exports are in danger unless a program of geological exploration of new oil deposits is introduced.
Could wind generators slow climate mixing and the arctic thaw?
Thought-provoking comments from an alert Newfoundland reader, following on from the ‘methane-burps’ fears covered previously. Could suitably placed wind turbines reduce climate mixing, slow the warming of arctic regions, and so avoid catastrophic methane emissions from thawing tundra?
Secret US plans for Iraq’s oil
The Bush administration made plans for war and for Iraq’s oil before the 9/11 attacks, sparking a policy battle between neo-cons and Big Oil, BBC’s Newsnight has revealed.
New-world fundamentals hold sway in oil markets
Over the past two years, though, oil markets have been sending a clear message, reinforced during the past two months as prices have surged as high as $55 a barrel.
The gnawing concern about Hubbert’s Peak, the theory that worldwide oil production may be in permanent decline, is colliding with increased demand from emerging markets such as China. The result is an oil market that defies convention.
OPEC Agrees to Raise Production, Seeking to End Oil-Price Rally
The Organization of Petroleum Exporting Countries agreed to increase production for the fourth time in less than a year. “What will happen after the OPEC meeting is that they will all be producing at capacity,” said Kenneth Deffeyes
Venezuela: Bush’s next oil war?
The combination of Washington’s isolation in Latin America and its need for Venezuelan oil is likely to keep at bay the threat of a direct military attack by the US, but it is also clear the Bush administration is preparing the ground for an attack of some sort against the Chavez government.
Full steam ahead for BC offshore oil drilling
No voices of caution or reason were invited to a $500-a-head meeting of government and energy industry leaders licking their chops and gripping their forks as they gaze out over the beautiful British Columbia coastline
For OPEC, Iran talks are a first in 34 years
The gathering in Iran is a testimony to a consensus that has shaped a rare unity among the Gulf oil producers in the cartel over the past five years. This rapprochement helped set in motion the group’s most successful period since its creation in 1960.
Running on empty
The leading energy analysts who foretold Enron’s demise have an alarming new claim: The world’s major oil companies are almost tapped out.
