Pouring oil on troubled economists
My sense of last weekend’s G7 meetings is that there is an atmosphere of suppressed panic about the oil price, and about the danger of a serious crisis.
Fossil Fuels
Top oil groups fail to recoup exploration costs
The report shows the commercial value of oil and gas discovered over the past three years by the 10 largest listed energy groups is running well below the amount they have spent on exploration.
Turning coal waste into light
In a distressed region of Pennsylvania, Reliant Energy is turning to poisonous piles leftover from decades of mining and using it to power a new plant
Coal crunch: Industry in desperate need of miners
Competing companies are raiding each other for experienced help, renting ad space, billboards, even banner-towing planes at beach resorts with generous offers of pay and benefits in what is turning out to be one very hot sector of the job market.
Venezuela plans to ride oil to economic growth
Venezuela aims to ramp up oil production to an average 3.6 million barrels per day in 2005 to generate 5 percent economic growth and build on this year’s oil-driven recovery, according to the government’s draft budget for next year.
NZ: $1 billion gasfield ‘all on’
It’s “all on” for the $1 billion development of Taranaki’s Pohokura gas discovery. Pohokura will be New Zealand’s most significant petroleum development since the now-declining Maui field came into production in 1979.
Michael Klare on oil wars and the American military
Despite official administration dreams of drastically raising Iraq’s oil output and then using it to float our occupation, we’ve essentially “lost” Iraqi oil — as has the rest of the planet.
North Sea production wilts
North Sea oil production has sunk more than 260,000 barrels per day from last year, aggravating a shortage of high-quality crude that has stoked record prices.
Oil hits $US53 for first time
New York’s main crude oil contract has shot to $US53 a barrel for the first time in opening trade as fears rose for heating oil supplies in the United States winter.
Oil price rise hits cattle operator
One of Australia’s largest cattle operators says the dramatic rise in oil prices this year has cost it about $1 million.
The “Abiotic Oil” Controversy
The abiotic theory holds that oil is from inorganic origin, and that there must be nearly limitless pools of liquid primordial hydrocarbons at great depths on Earth. If the abiotic theory does eventually prove to be partially or wholly scientifically valid (a big “if”), it might have little or no practical consequence in terms of the imminent global oil production peak.
IMF: High Oil Price a Threat for Years
Tight oil supplies could leave the global economy worryingly vulnerable for years to come, a senior International Monetary Fund official said on Thursday.
