News

Climate - May 18

Energy Bulletin - May 17, 2007 - 6:42pm
Staff, EB. Australia: Climate threat in military's sights
Study: Southern Ocean saturated with CO2
Bush feels heat on climate change
Can Murdoch save the planet?
Project aims to extract dam methane
Categories: News

Between Fossil Fools and Peak-Oil Prophets

PeakOil.com - May 17, 2007 - 12:38pm
There's a fine line between fools and prophets. Talisman Energy CEO Jim Buckee treads it boldly, and his recent Peak Oil proclamation is certain to ruffle some feathers.

"I think it's fair to say the era of cheap energy is over," Buckee told his company's annual conference last week. And he should know.

Categories: News

Study: Southern Ocean saturated with CO2

PeakOil.com - May 17, 2007 - 12:14pm
WASHINGTON (Reuters) -- The Southern Ocean around Antarctica is so loaded with carbon dioxide that it can barely absorb any more, so more of the gas will stay in the atmosphere to warm up the planet, scientists reported Thursday.

Human activity is the main culprit, said researcher Corinne Le Quere, who called the finding very alarming.

Categories: News

Gas prices make consumers seek new plans

PeakOil.com - May 17, 2007 - 9:49am
NEW YORK - Before Angie and Donald Roberts get into their car to travel to the beach, they go online to determine where gasoline prices are lowest along their route.

Jamie Hampton and her fiance, Adrian Ortiz, like to get away by driving their Volkswagen van to a campground and leaving it parked while they bike nearby nature trails. They're in shape to do it because they bike almost daily to work.

Categories: News

Carbon sequestration field test begins

PeakOil.com - May 17, 2007 - 9:47am

WASHINGTON, May 16 (UPI) -- The U.S. Department of Energy says its Midwest Geological Sequestration Consortium has started its first enhanced oil recovery field test in Illinois.

The test is designed to evaluate the potential for geologic sequestration in mature Illinois oil reservoirs as part of an enhanced oil recovery program. The process involves the addition of a gas, heat or chemicals to a reservoir to increase oil production -- primarily by increasing temperature or pressure or by lowering the oil's viscosity to improve its ability to flow through the reservoir.

Categories: News

Wave power tipped as 'holy grail' for Australia

PeakOil.com - May 17, 2007 - 9:19am

SYDNEY (AFP) - New technology harnessing wave energy could be the "holy grail" for providing electricity and drinking water to Australia's major cities, Industry Minister Ian MacFarlane said Thursday.

The technology, developed with the help of more than 770 million dollars (636 million US) in seed funding from the government, works through fields of submerged buoys tethered to seabed pumps.

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The Man Who Wrote the Book on Algal Biodiesel

PeakOil.com - May 17, 2007 - 9:01am

...Here is a guest post from a man who knows as much about this subject as anyone else in the world. And he bears bad news for those who had visions of driving around in algae-fueled transportation.

...The claims for biodiesel production rates being made by GFT, among many others in this field, exceed anything based on biological or physical theory, as also pointed out in this posting. They are truly bizarre.

The use of closed photobioreactors (>$100+/m2) for such applications is totally absurd.

Categories: News

Canada: Politicians must reign in out of control gas prices

PeakOil.com - May 17, 2007 - 8:24am
It is highly unlikely that the province’s energy critic has struck upon the solution to the Lower Mainland’s out-of-control gas prices, but embattled consumers can derive some optimism from the fact that the nation’s lawmakers are finally looking at how we are being hosed at the gas pumps.

NDP energy critic John Horgan introduced a new bill to try and regulate fuel prices. The Retail Petroleum Consumer Protection Act would allow the B.C. utilities commission to regulate the price at the pump, the way it can currently fix the price of natural gas and electricity.

Categories: News

Russian Oil Companies Push East for New Growth

PeakOil.com - May 17, 2007 - 8:22am
Russia is scrambling to unlock the vast oil wealth of East Siberia to keep crude output in the world's largest oil producer from falling. But to succeed, Russian companies will need deep pockets.

High oil prices have helped Russian oil companies post record profits in recent quarters. Yet as output growth from Russia's main oilfields in western Siberia begins to slow, the country's oil giants are pushing eastward to tap new resources that sit under some of the world's most forbidding terrain. Without new production in regions like East Siberia, crude output in Russia, the world's second-biggest oil exporter after Saudi Arabia, will flatten or decline, industry observers say. Although Russia is the world's largest crude producer, at 9.79 million barrels a day, much of its output goes to meet domestic demand.

Categories: News

Nigerian politician's house bombed

PeakOil.com - May 17, 2007 - 8:19am

LAGOS, Nigeria - Attackers blew up the country home of Nigeria's vice president-elect with dynamite Wednesday, authorities said, as violence escalated in the country's oil-rich south before a government handover this month.

Militant groups making an array of demands, including a greater share of government oil revenues, have carried out bombings, kidnappings and protests since 2005 that have already shut down a third of production in Africa's oil giant.

Categories: News

Say no to bigger suburbia, American journalist says

PeakOil.com - May 17, 2007 - 8:04am
Urban sprawl should be on its last legs, says an American journalist.

"Suburban development will have to come off the menu," James Howard Kunstler said in an interview this week from his home in Saratoga Springs in upstate New York.

Categories: News

Gas prices won't deter Memorial Day travelers

PeakOil.com - May 17, 2007 - 8:01am
WASHINGTON - Despite record fuel prices above $3 per gallon, more Americans will travel by car over the Memorial Day holiday weekend than a year ago, according to a survey by travel agency AAA.

In a sign that energy costs will affect behavior, however, AAA said travelers are planning to stay closer to home and take shorter trips. Travel-related expenses for U.S. households are expected average nearly $600.

Categories: News

Houston Valero refinery is off line

PeakOil.com - May 17, 2007 - 7:05am
Valero's Houston refinery will be off line until sometime next week because of boiler and steam system problems, the company said Wednesday.

All of the plant's 64,000 barrels per day of gasoline and 44,000 barrels per day of distillate production is off line because of the problem. Distillate includes diesel fuel and heating oil.

Categories: News

Experts say oil refineries stretched too thin

PeakOil.com - May 17, 2007 - 6:44am
WASHINGTON — Record gasoline prices have exposed the shortcomings of the aging U.S. refining system, but there are no quick fixes, a panel of energy experts told lawmakers Tuesday.

That suggests gas prices will be vulnerable to refinery outages through the summer. And one expert said gas shortages are possible.

Categories: News

David Strahan: What Stern got wrong

PeakOil.com - May 17, 2007 - 5:47am
The Stern review on the economics of climate change completely fails to acknowledge the imminent decline in global oil production

The Stern review on the economics of climate change was published to almost universal acclaim, and six months on, only a handful of economists have found anything to criticise. In one sense, Stern’s conclusions were entirely predictable. Now that climate change so clearly has a pistol at the head of our species, there could only be one response, irrespective of cost. But there was also a surprise: paying off the highwayman of climate change would not be extortionate. In fact, it would be an absolute steal. Stern concluded that if we do nothing, the effects of climate change could shrivel the global economy by as much as 20 per cent over the next two centuries. Avoiding that risk would cost only about 1 per cent of world GDP to 2050.

Categories: News

Anatomy of an oil discovery

PeakOil.com - May 17, 2007 - 5:14am
On March 27th, Rigzone reported a new oil discovery by Petrochina in Bohai Bay. The Nanpu block of the Jidong field was said to hold 2.2 billion barrels of oil, supporting a flow of 200 thousand barrels of day within three years. On May 3rd, PetroChina announced that the earlier number was far too low. The new estimate stated that the field contained 7.35 million barrels (1.02 million tons) of oil equivalent. But this was not all: the Bohai Bay rim could have geological structures holding 146 billion barrels! Informed evaluations of oil finds are useful in judging whether the world is facing a near-term peak in production. The Jidong discovery provides a window on the world's oil future.
Categories: News

Why ethanol backfires

PeakOil.com - May 17, 2007 - 5:10am
POLICYMAKERS and legislators often fail to consider the law of unintended consequences. The latest example is their attempt to reduce the United States' dependence on imported oil by shifting a big share of the nation's largest crop, corn, to the production of ethanol for fueling automobiles. Good goal, bad policy. In fact, ethanol will do little to reduce the large percentage of our fuel that is imported (more than 60%), and the ethanol policy will have widespread and profound ripple effects on other markets. Corn farmers and ethanol refiners are ecstatic about the ethanol boom and are enjoying the windfall of artificially enhanced demand. But it will be an expensive and dangerous experiment for the rest of us.
Categories: News

OPEC doesn't see need to boost oil supply before summer, top official

PeakOil.com - May 17, 2007 - 5:08am
OPEC doesn't see a need to boost oil supplies before the summer and will stick to its view that global oil markets are amply supplied, a top official from the group said Thursday. "There's no need for us to do more," Abdulla Salem el-Badri, secretary-general of the Organization of Petroleum Exporting Countries, told Dow Jones Newswires in an interview. His remarks are the latest sign that OPEC wants to see crude oil stocks being drawn down more as a way to shore up prices.
Categories: News

Why gasoline prices are rising while oil isn't

PeakOil.com - May 17, 2007 - 5:05am
Last summer when oil traded at a record high near $79 a barrel, gas at the pump went for about $3.03 a gallon. Today, crude's about $62.50 a barrel and a gallon of regular unleaded costs $3.10 Doesn't seem right, does it? The price of a barrel of crude ought to be a better benchmark for what you pay at the gas pump.
Categories: News

China to fill Aoshan tanks with Mideast oil by June

PeakOil.com - May 17, 2007 - 5:02am
China will make its first crude fill into its second strategic oil storage facility at Aoshan by the end of May, signalling Beijing's determination to bolster its emergency inventories despite high oil prices. The delivery of about 2 million barrels of Middle East crude into Aoshan comes after the world's second-largest consumer finished filling its first 33 million barrel facility, part of its target of a 100 million barrel buffer by the end of 2008.
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