Malaysia to reduce dependence on crude oil: PM
Malaysian Prime Minister Abdullah Ahmad Badawi said Monday his government will look into ways to lessen the country’s dependence on crude oil.
Fossil Fuels
Peak Oil? Include Me Out – Thoughts from a Once-Burned Y2K Activist
On December 31, 1999 when the clocks ticked for the last time in the old year and then proceeded to quite happily keep ticking their chronological way into the new, hundreds of millions of people around the world rejoiced as they welcomed the 21st millennium. At the same time, thousands of people looked at their television sets and the still-glowing lights of their homes and cities, and immediately realized that they now looked like idiots.
OPEC Expects Further Increase in Oil Prices
High oil prices haven’t damped demand or spurred extra production, forcing the world to rely more on OPEC’s oil, the producer group said Monday.
Analyst expects oil may rise to US$75
Crude oil prices, which rose to a record US$55 a barrel in New York on Friday, may increase further and peak at US$75 a barrel, said Bernard Dan, president of the Chicago Board of Trade, the second-biggest US futures market.
Shale’s new hope
Shell is reconsidering decades old technology to attempt to produce liquids from shale oil in the US.
Australian Treasurer fears third oil shock
Federal Treasurer Peter Costello has warned that the record international oil price could deliver a “double whammy” to the Australian economy, describing it as “the third oil price shock”.
Recession clouds gather on the horizon
Recession is something rarely announced by politicians – it does not sound too good. And elections are often based on economic well-being, so to tell the nation that a recession is here, or coming, does not bode well for those in office.
At $3.41 a gallon, gas is too costly for many Cubans
Feeling pain at the gas pump? Be thankful you don’t live in Cuba, where the typical worker must labor for an entire week just to earn enough for a gallon of the precious stuff.
Lack of refining capacity for heavy crudes pushing oil prices higher
Oil consuming countries, and especially the United States, are struggling to refine heavy crude oil as lighter crudes become rarer, driving global oil prices higher.
Oil Windfall Gives Saudi the Capital to Add New Output Capacity
Record oil prices are likely to reduce the chances that companies such as Exxon Mobil Corp. or BP Plc will be asked to develop new crude output capacity in Saudi Arabia as the kingdom doesn’t need their capital, Aramco oil company officials and analysts said.
Iraq opens oil reserves to Western companies
Iraq has issued an open invitation to the world’s largest oil companies to exploit its vast reserves.
Bush talks about Peak Oil at luncheon
Someone asked Bush what he’s going to do about energy policy with worldwide oil reserves predicted to peak. Bush said: “I’m going to push nuclear energy, drilling in Alaska and clean coal. Some nuclear-fusion technologies are interesting.” He mentions energy from “processing corn.”
