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We cannot drill our way out of this oil crisis. Since 2000, oil companies working in the U.S. have doubled the number of wells drilled per year.

Although increased drilling has added new oil to the nation's supply, it has not done so fast enough to offset the terminal decline of existing fields.

We are going to have to import more of our oil. Period.

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Energy policy trumps all other political issues
Public Policy; Political and Legal News

Public discourse these days focuses a lot of attention on issues of immediate interest to many Americans: high and rising gasoline prices, rising food prices, overly expensive health care, war in Iraq and other troubles in the Middle East, terrorism and illegal immigration, and global warming. I believe many, if not all, of these issues are related and are actually symptoms of a critical problem predicted for decades and now coming to pass.

Posted by coyote on Sunday, July 06 @ 14:12:50 PDT (27 reads)
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Germany wants to build 30 windfarms
Hydrocarbon Alternatives

BERLIN (AFP) — The German government wants to build up to 30 offshore windfarms in a bid to meet its renewable energy targets, Transport Minister Wolfgang Tiefensee said in an interview published Sunday.

Tiefensee told the Welt am Sonntag newspaper that the windfarms would be built in the Baltic and North seas and said some 2,000 windmills should soon be producing 11,000 megawatts of electricity.

Posted by coyote on Sunday, July 06 @ 14:00:09 PDT (25 reads)
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Plan to trap CO2 under North Sea
Enviromental Headlines; Climate Change

Millions of tonnes of industrial carbon emissions could be stored under the North Sea, a major study has proposed.

Liquefied carbon dioxide would be pumped into depleted gas fields where impervious rock would stop it escaping.

Posted by coyote on Sunday, July 06 @ 13:51:58 PDT (19 reads)
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Wall St Week Ahead: Oil, GE may keep stocks on bear's turf
Business News; Market Research

NEW YORK, July 6 (Reuters) - It will be tough for Wall Street to shake off the bear market blues this week if the price of oil keeps rising and the earnings season kick-off from Alcoa and General Electric disappoints investors.

[...]Oil has become the biggest wild card for growth and corporate profits. It jumped to a record above $145 a barrel on Thursday, driven by tensions between Israel and Iran, before the long holiday weekend to mark U.S. Independence Day. The price of crude is up 50 percent so far this year.

Posted by coyote on Sunday, July 06 @ 13:42:48 PDT (36 reads)
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Australia faces worse, more frequent droughts-study
Enviromental Headlines; Climate Change

PERTH (Reuters) - Australia could experience more severe droughts and they could become more frequent in the future because of climate change, a government-commissioned report said on Sunday.

Droughts could hit the country twice as often as now, cover an area twice as big and be more severe in key agricultural production areas, the Bureau of Meteorology and Australia's top science organization, the CSIRO, said in a joint report.

Posted by coyote on Sunday, July 06 @ 13:36:15 PDT (21 reads)
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Climate change may cut South Africa corn crop sharply
Enviromental Headlines; Climate Change

SAPPORO, Japan (Reuters) - Climate change could cut South Africa's maize crop by 20 percent within 15 to 20 years as the west of the country dries out while the east is afflicted with increasingly severe storms, its environment minister said on Sunday.

"For a developing country that's major, and major bad news," Marthinus van Schalkwyk told reporters after arriving in northern Japan, where the Group of Eight rich nations' leaders are gathering for a summit this week.

Posted by coyote on Sunday, July 06 @ 13:33:36 PDT (20 reads)
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OPEC's Khelil rules out oil price decline: APS
Consumption; Demand; Prices

ALGIERS (Reuters) - OPEC President Chakib Khelil ruled out on Sunday an eventual oil price fall in view of strong Chinese and Indian demand, adding geopolitics and a weak dollar were behind the current spike, Algeria's APS news agency reported.

"Steadily rising oil prices are due to phenomena that have nothing to do with supply and demand," Khelil, also Algerian Energy and Mines Minister, was quoted by the state news agency as saying in a briefing for diplomats.

Posted by coyote on Sunday, July 06 @ 13:27:41 PDT (35 reads)
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Gulf Cooperation Council urged to reconsider US dollar policy
Consumption; Demand; PricesDantesPeak writes:

The Government of Abu Dhabi has called for a “rethink” of monetary policy across the GCC, including the US dollar peg, amid rising inflation, record oil prices and fading prospects for a single currency by 2010.

A report released yesterday by Abu Dhabi’s Department of Planning and Economy (DPE), an arm of the emirate that is not part of the Federal Government, urged other Gulf countries to take a “unified stand” and consider de-pegging from the US dollar and adjusting exchange rates to increase the value of their currencies.

Posted by coyote on Sunday, July 06 @ 13:03:31 PDT (50 reads)
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America's love affair fades as the car becomes burden of suburbia
Consumption; Demand; PricesThe nation of road movies, freeway freedom and dreams of endless horizons is waking up to the reality of soaring fuel prices.

It is known as the Inland Empire: a vast stretch of land tucked in the high desert valleys east of Los Angeles. Once home to fruit trees and Indians, it is now a concrete sprawl of jammed freeways, endless suburbs and shopping malls.

But here, in the heartland of the four-wheel drive, a revolution is under way. What was once unthinkable is becoming a shocking reality: America's all-consuming love affair with the car is fading.

Posted by Leanan on Sunday, July 06 @ 11:18:52 PDT (255 reads)
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Three types of doomers and fantasy collapse
Public Policy; Political and Legal News...Doomers doubt the likelihood of an intentional change happening on a global level. Is it “impossible” to stop this collapse? Many thoughtful scientists whisper to each other what they can’t address publicly for fear of spreading panic, but what they see is terrifying: hundreds of species dying each day, a vanishing polar icecap, areas of the world, now unrecognizable, are deserts or flood plains. Vast plastic “islands” in our oceans have become “dead zones” or worse. Part of the frustration is the incredible senselessness of it all.

Yet Doomers are the ones that are considered “crazy,” while magical thinking (“We’ll come up with something. I know…let’s trade ‘carbon credits!’ That way, the market will resolve it all!”) passes for a sane and constructive discourse.

Posted by Leanan on Sunday, July 06 @ 09:16:41 PDT (419 reads)
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ASPO Newsletter - July 2008
Production; Extraction; Exploration1057. The Flat-Earth Refrain loses its appeal
1058. Impact of High Prices on Reserves
1059. Falling Demand
1060. Economical with the Truth
1061. Peak Oil : A Turning Point for Mankind
1062. An Atlas of Oil & Gas Depletion
1063. A Remarkable Shift of Position
1064. Saudi Net Crude Oil Exports
1065. ASPO-USA Conference
1066. A Matter of Saudi Mindset
Posted by Leanan on Sunday, July 06 @ 08:15:08 PDT (286 reads)
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Bye-bye gas subsidies
Consumption; Demand; PricesCould higher gasoline prices in China and India mean lower prices here in the U.S.?

NEW YORK (CNNMoney.com) -- If gas were more expensive in China and India, would it be cheaper in the United States?

Dozens of countries in the Middle East and Asia have subsidies and controls that keep gas prices low to consumers. Many think that the government tinkering artificially fuels demand, imposing higher prices elsewhere in the world.

Posted by Leanan on Sunday, July 06 @ 07:11:23 PDT (187 reads)
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Suburbia's not dead yet
Consumption; Demand; PricesSome believe high gas prices will force a migration back to cities. Don't bet on it.

While millions of American families struggle with falling house prices, soaring gasoline costs and tightening credit, some environmentalists, urban planners and urban real estate speculators are welcoming the bad news as signaling what they have long dreamed of -- the demise of suburbia.

In a March Atlantic article, Christopher B. Leinberger, a visiting fellow at the Brookings Institution and a professor of urban planning, contended that yesterday's new suburbs will become "the slums" of tomorrow because high gas prices and the housing meltdown will force Americans back to the urban core. Leinberger is not alone. Other pundits, among them author James Howard Kunstler, who despises suburban aesthetics, and New York Times columnist Paul Krugman, see the pain in suburbia as a silver lining for urban revival.

Posted by Leanan on Sunday, July 06 @ 06:02:02 PDT (395 reads)
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Despite rocketing prices, outlook is bleak for oil majors
Business News; Market Research MADRID - DESPITE record crude prices, the major oil companies are struggling to access resources that are being jealously guarded by national companies with whom they are forced to establish partnerships.

As paradoxical as it may seem, high oil prices do not mean a golden age for the likes of ExxonMobil, Chevron, Totalor BP.

Posted by Leanan on Sunday, July 06 @ 04:26:22 PDT (258 reads)
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South Korea announces first oil contingency measures
Public Policy; Political and Legal News SEOUL (Reuters) - South Korea said on Sunday it was implementing a multi-stage contingency plan aimed at reducing energy consumption before the skyrocketing oil prices push Asia's fourth-largest economy into a full-fledged crisis.

Prime Minister Han Seung-soo told a televised news conference the government would restrict driving of cars owned by public organizations as part of the measures, adding a tougher set of steps would be adopted if oil prices rose further.

Posted by Leanan on Sunday, July 06 @ 02:54:27 PDT (167 reads)
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Old Articles
Saturday, July 05
· U.S. must move on climate change at G8: Barroso
· Ethanol in Center of Price Storm
· Energy challenge: We’ll have to fix it ourselves
· High oil prices spur demand for low energy electronics
· EU backs away from biofuel goal
· At $100 for Tank of Gas, Some Choke on ‘Fill It’
· Responses to green energy programs lack energy
· The upside of $200 oil
· Teens alter summer plans amid soaring prices
· American Energy Policy, Asleep at the Spigot
· Heating oil efficiency
· Pakistan textile sector staggers under double blow
· Inflation, not credit crunch, is top concern worldwide: Paulson
· Kazakhstan Seeking to Export Oil to Europe via Iran
· EU, Russia optimistic about new energy deal
· Nigeria: Shell recruits 4,000 to protect oil pipelines
· Government asks stores to stockpile food to overcome hauliers strike (UK)
· German truckers plan to join world fuel-price protests
· Fishermen and boaters run aground by high fuel prices
· Fuel price woes hit the second-hand car market

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