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3/11/2011 Oil Plunges as Japan's Refiners Shut Plants After Earthquake
Oil fell below $100 a barrel in New York for the first time in more than a week after Japan’s strongest earthquake in at least a century forced refiners to shut several processing plants. U.S. crude futures were headed for their first weekly decline in a month following the temblor in the world’s third- largest oil user. A fire at Cosmo Oil Co.’s refinery in Chiba, outside Tokyo, is spreading, a Fire Department spokesman said. JX Nippon Oil & Energy Corp. closed refineries in Sendai, Kashima and Negishi. In London, Brent crude was set for its first weekly decline in seven. “The earthquake is having a psychological impact on the market in triggering a rise in risk aversion,” said Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt. “The effect is also physical, in that oil demand from Japan could temporarily be lower.” Crude for April delivery tumbled as much as $3.69, or 3.6 percent, to $99.01 a barrel in electronic trading on the New York Mercantile Exchange. It was at $100.38 at 1:02 p.m. London time. Prices this week are down 3.9 percent, the first weekly drop in a month. Brent oil for April settlement on the London-based ICE Futures Europe exchange dropped as much as $3.18, or 2.8 percent, to $112.25 a barrel. It was trading at $113.19 at 1:01 p.m. local time. The contract has lost 2.4 percent this week. (Bloomberg)
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posted: 3/14/11                   0       7
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keywords: Africa, Al Arabiya, Big Oil, Bloomberg Lp, Carsten Fritsch, China, Christophe De Margerie, Commerzbank Ag, Cosmo Oil, Earthquakes, Energy Corp, Frankfurt, Ice Futures Europe, International Energy Agency, Japan, Jx Nippon Oil, Kashima, Libya, Libyan National Oil Corp, London, Mansour Al-turki, Middle East, Negishi, New York City, New York Mercantile Exchange, Organization Of The Petroleum Exporting Countries, Paris, Qatif, Saudi Arabia, Sendai, Shiite, Shokri Ghanem, Tokyo, Total Sa, United Kingdom, United States, Yusuke Kanada Add New Keyword To Link



11/9/2009 Key oil figures were distorted by US pressure, says whistleblower
Exclusive: Watchdog's estimates of reserves inflated says top official

The world is much closer to running out of oil than official estimates admit, according to a whistleblower at the International Energy Agency who claims it has been deliberately underplaying a looming shortage for fear of triggering panic buying.

Matt Simmons, a respected oil industry expert, has long questioned the decline rates and oil statistics provided by Saudi Arabia on its own fields. He has raised questions about whether peak oil is much closer than many have accepted. A report by the UK Energy Research Centre (UKERC) last month said worldwide production of conventionally extracted oil could "peak" and go into terminal decline before 2020 – but that the government was not facing up to the risk. Steve Sorrell, chief author of the report, said forecasts suggesting oil production will not peak before 2030 were "at best optimistic and at worst implausible". But as far back as 2004 there have been people making similar warnings. Colin Campbell, a former executive with Total of France told a conference: "If the real [oil reserve] figures were to come out there would be panic on the stock markets … in the end that would suit no one." (London Guardian)
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posted: 7/2/10                   0       4
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keywords: Big Oil, Carbon Dioxide, Colin Campbell, Copenhagen, International Energy Agency, John Hemming, Matt Simmons, Peak Oil, Saudi Arabia, Total Of France, UK Energy Research Centre, United Kingdom, United States, Whistleblowers, World Energy Outlook Add New Keyword To Link



8/27/2009 Four crucial resources that may run out in your lifetime
On the rebuttal side, there are people promoting the idea that oil isn't a fossil fuel, created by dead biomass buried beneath the Earth's surface. The Russian theory of "abiotic oil" that became popular in the 1950s claims that oil is produced from a monstrous reserve of hydrocarbons in the Earth's primordial core. Oil is created in the Earth's incredibly hot mantle layer, and pushed up into the crust, where gargantuan reserves are available to us if we just drill deep enough. But it's a scientifically unproven theory, promoted in recent times most strongly by one man, Thomas Gold, an astronomer who died in 2004. And the responding arguments for biogenic oil, from Petroleum Geologists, are very strong. So it looks fairly clear that sometime in the next few decades, oil production is going to start to fall, just as global demand is rising. Prices are forecast to skyrocket, and the effect on societies worldwide will reflect just how important fossil fuels are to us. Apart from oil control wars

which many would say we're already witnessing in the middle east

we can expect the industrial world to be turned on its head, starting with the economy and ending with a complete lifestyle revolution where food production, among other things, is brought right back into the backyard. (Giz Mag)
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posted: 6/18/10                   0       4
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12/3/2008 We Need a Global Carbon Tax
The cap-and-trade approach won't stop global warming

If President Barack Obama wants to stop the descent toward dangerous global climate change, and avoid the trade anarchy that current approaches to this problem will invite, he should take Al Gore's proposal for a carbon tax and make it global. A tax on CO2 emissions -- not a cap-and-trade system -- offers the best prospect of meaningfully engaging China and the U.S., while avoiding the prospect of unhinged environmental protectionism.

A global carbon tax levied on a relatively small number of large sources can be monitored by satellite and checked against the annual surveillance of fiscal and economic polices already carried out by IMF staff. Thus, the accounting involved is much more precise and much less subject to the vagaries of corruption and conflict over which industries and companies get their free handouts of carbon credits -- carbon pork -- than in a cap-and-trade system. (Wall Street Journal)
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posted: 5/4/09                   3       14
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9/1/2008 Geo-engineering: The radical ideas to combat global warming
Artificial clouds and creating colossal blooms of oceanic algae are among the ideas scientists say must now be considered

"We are now, or soon will be, confronting issues of whether, when and how to engineer a climate that is more to our liking," argues Ken Caldeira, a leading climate scientist based at the Carnegie Institution in Stanford, California. If a decision is made to move ahead with climate engineering, he says, then it will be essential to understand the point at which the risks and costs of geo-engineering outweigh the impacts of global warming. (London Guardian)
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posted: 6/17/09                   2       20
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9/14/2007 Confessions of an “ex” Peak Oil Believer
In the 1950’s the Soviet Union faced ‘Iron Curtain’ isolation from the West. The Cold War was in high gear. Russia had little oil to fuel its economy. Finding sufficient oil indigenously was a national security priority of the highest order. Scientists at the Institute of the Physics of the Earth of the Russian Academy of Sciences and the Institute of Geological Sciences of the Ukraine Academy of Sciences began a fundamental inquiry in the late 1940’s: where does oil come from? In 1956, Prof. Vladimir Porfir’yev announced their conclusions: ‘Crude oil and natural petroleum gas have no intrinsic connection with biological matter originating near the surface of the earth. They are primordial materials which have been erupted from great depths.’ The Soviet geologists had turned Western orthodox geology on its head. They called their theory of oil origin the ‘a-biotic’ theory—non-biological—to distinguish from the Western biological theory of origins. If they were right, oil supply on earth would be limited only by the amount of hydrocarbon constituents present deep in the earth at the time of the earth’s formation. Availability of oil would depend only on technology to drill ultra-deep wells and explore into the earth’s inner regions. They also realized old fields could be revived to continue producing, so called self-replentishing fields. They argued that oil is formed deep in the earth, formed in conditions of very high temperature and very high pressure, like that required for diamonds to form. ‘Oil is a primordial material of deep origin which is transported at high pressure via ‘cold’ eruptive processes into the crust of the earth,’ Porfir’yev stated. His team dismissed the idea that oil is was biological residue of plant and animal fossil remains as a hoax designed to perpetuate the myth of limited supply.

While the American oil multinationals were busy controlling the easily accessible large fields of Saudi Arabia, Kuwait, Iran and other areas of cheap, abundant oil during the 1960’s, the Russians were busy testing their alternative theory. They began drilling in a supposedly barren region of Siberia. There they developed eleven major oil fields and one Giant field based on their deep ‘a-biotic’ geological estimates. They drilled into crystalline basement rock and hit black gold of a scale comparable to the Alaska North Slope. They then went to Vietnam in the 1980s and offered to finance drilling costs to show their new geological theory worked. The Russian company Petrosov drilled in Vietnam’s White Tiger oilfield offshore into basalt rock some 17,000 feet down and extracted 6,000 barrels a day of oil to feed the energy-starved Vietnam economy. In the USSR, a-biotic-trained Russian geologists perfected their knowledge and the USSR emerged as the world’s largest oil producer by the mid-1980’s. Few in the West understood why, or bothered to ask. (F William Engdahl)
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posted: 6/22/10                   0       2
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keywords: Alaska, Alfred Wegene, British Petroleum, California, China, Cold War, Colin Campbell, Dick Cheney, Dr J F Kenney, Exxon Mobil, F William Engdahl, Frank Press, Germany, Gulf Of Guinea, Gulf Of Mexico, Halford Mackinder, India, International Energy Agency, Iran, Iraq, Kuwait, Marion King Hubbert, Matt Simmons, Middle East, Mikhail Khodorkovsky, Military, Moscow, Nigeria, North Sea, Peak Oil, Pentagon, Petrosov, Royal Dutch Shell, Russia, Russian Academy Of Sciences, Saudi Arabia, Saudi Aramco, Siberia, Sweden, Texaco, Texas, Ukraine, Ukraine Academy Of Sciences, United Kingdom, United States, Vietnam, Vladilen Krayushkin, Vladimir Porfir'yev, Washington DC, White House, Yukos Oil Add New Keyword To Link



5/28/2007 Easterners could freeze in the dark
At a meeting of the House of Commons' international trade committee earlier this month, Leon Benoit, the Conservative chairman, ordered me to stop my presentation as an invited witness. My remarks, he ruled, were not relevant. When his decision was successfully challenged by other members of the committee, Mr. Benoit adjourned the meeting and left the room. I was astonished. I had spent several days preparing for my presentation, and two days in transit. Later, I learned that Mr. Benoit's behaviour may have been prompted by a secret guidebook for Conservative chairmen, designed to interrupt witnesses challenging government positions. If so, it backfired. Suppression intrigues people. They want to know what caused the storm. I was cut off after noting that the United States has a National Energy Policy (a NEP) that emphasizes self-sufficiency, energy independence and domestic ownership. And while Canada, as part of our bilateral Security and Prosperity Partnership initiative, supports U.S. efforts to wean itself off Middle Eastern oil, I noted that we do not have a NEP of our own. (The Globe and Mail)
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posted: 11/6/10                   0       1
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3/2/2006 GM sees mass-market hydrogen cars by 2010-2015
GM has partnered with Toyota Motor Corp for a number of years on developing the experimental fuel-cell technology (Forbes)
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posted: 7/28/09                   0       10
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