September 10, 2007
VIENNA -- Global oil markets are amply supplied with crude, key OPEC members said Monday, signaling that the cartel will maintain its current output targets at this week's meeting despite stubbornly high prices, according the Associated Press.
Oil and energy ministers for Iran, Iraq, Kuwait, Libya, Nigeria and Venezuela told reporters on the eve of a meeting of the Organization of Petroleum Exporting Countries that the 12-nation group felt little pressure to loosen its taps.
Posted by Peter C. T. Elsworth 
at 10:08 AM | Permalink
September 6, 2007
LONDON - Oil rose $1 on Thursday, closing in on an all-time high of $78.77, as investors expected U.S. refinery snags and slower imports to drain gasoline and crude stocks in the world's biggest consumer, according to Reuters News Agency.
Further momentum was provided after Syria accused Israel of bombing its territory on Thursday and warned it could respond -- a reminder of volatility in the Middle East, source of nearly a third of the world's oil.
Posted by Peter C. T. Elsworth at 9:52 AM | Permalink
September 4, 2007
Oil prices rose as traders monitored the pace and path of an Atlantic hurricane that could smash the oil and gas infrastructure in the Gulf of Mexico, though that appeared less likely Tuesday, according to the Associated Press.
Light, sweet crude for October delivery rose 10 cents from Friday's close to $74.14 a barrel in Asian electronic trading on the New York Mercantile Exchange, midafternoon in Singapore.
Posted by Peter C. T. Elsworth at 10:06 AM | Permalink
August 30, 2007
LONDON - Oil retreated when the New York market opened on Thursday, handing back some of the previous session's two-percent gain, but analysts said declining crude stocks in top consumer the United States should limit losses, according to Reuters News Agency.
U.S. crude was down 40 cents at $73.11 a barrel by 10:09 a.m. EDT, having jumped $1.78 on Wednesday to its highest settlement in over three weeks.
Posted by Peter C. T. Elsworth at 9:43 AM | Permalink
August 29, 2007
NEW YORK -- Energy futures jumped after the government reported larger-than-expected declines in gasoline and oil inventories and an unexpected decline in refinery activity, according to the Associated Press.
Light, sweet crude for October delivery rose $1 to $72.73 a barrel on the New York Mercantile Exchange, while September gasoline rose 4.01 cents to $2.0555 a gallon on the Nymex.
In London, October Brent crude rose $1.05 to $71.60 a barrel on the ICE futures exchange.
Posted by Peter C. T. Elsworth at 11:24 AM | Permalink
August 24, 2007
LONDON - Oil hovered below $70 a barrel on Friday, overshadowed by worries about a possible U.S. slowdown and after Mexico's Gulf oil rigs suffered only minor damage from Hurricane Dean, according to Reuters News Agency.
U.S. light crude for October delivery was 9 cents lower at $69.74 a barrel by 0901 EDT. U.S. crude had gained 57 cents on Thursday, ending a three-day losing streak that had knocked prices to their lowest since late June.
Posted by Peter C. T. Elsworth at 9:27 AM | Permalink
August 23, 2007
Oil prices rose Thursday after hitting eight-week lows in the previous session on news of increased U.S. stockpiles, according to the Associated Press.
The U.S. Energy Department reported that crude inventories rose 1.9 million barrels to 337.1 million barrels last week, sending light sweet crude down 31 cents to $69.26 a barrel.
Posted by Peter C. T. Elsworth at 9:59 AM | Permalink
August 22, 2007
SAN FRANCISCO — Nearly two dozen gas station owners in California sued Shell Oil, Chevron and Saudi Refining, on Tuesday, claiming the companies conspired to fix prices for 23,000 franchise owners nationwide, according to the Associated Press and reported by USA Today.
The case filed in U.S. District Court in San Francisco seeks class-action status for the plaintiffs. It is similar to another lawsuit filed in 2004 by other California gas station owners that was thrown out by the U.S. Supreme Court last year. The new group of plaintiffs hopes the court will consider a slightly different argument.
Like the previous case, the plaintiffs in this case say chairmen of the three oil companies met privately nearly every month starting in March 1996 for the "purpose of forming and organizing a combination."
The lawsuit alleges executives destroyed documents from the meetings, and a defunct joint venture violated U.S. antitrust laws and caused artificially high wholesale gas prices in nearly every state from 1999 to 2001.
Posted by Peter C. T. Elsworth at 10:58 AM | Permalink
Crude oil prices rebounded Wednesday, approaching $70 a barrel as Hurricane Dean threatened to regain strength and possibly further affect oil installations in Mexico, according to the Associated Press.
While the storm was downgraded to a Category 1 storm Tuesday, it was closing in on the Mexican mainland Wednesday, battering evacuated oil platforms on the Bay of Campeche and threatening to regain some of the force it unleashed on the Yucatan Peninsula.
Posted by Peter C. T. Elsworth at 10:09 AM | Permalink
August 21, 2007
Benchmark oil prices slipped Tuesday as traders shifted focus from the threat of Hurricane Dean on U.S. energy facilities in the Gulf of Mexico to global stock markets, according to the Associated Press.
Hurricane Dean strengthened to a Category 5 storm Monday night as its rains and winds slammed the coasts of Mexico and Belize. A few companies evacuated some rigs and suspended production, but it didn't appear that the storm would cause much damage to operations in the United States.
As supply worries faded, concerns about the battered stock market's drag on global demand came to the forefront.
Posted by Peter C. T. Elsworth at 11:39 AM | Permalink
August 20, 2007
Oil fell more than $1 today after forecasts projected Hurricane Dean would skirt to the south of the U.S. Gulf of Mexico that is home to half of U.S. refining capacity and pumps a third of its oil, according to Reuters News Agency.
U.S. crude was down $1.06 at $70.92 a barrel by 9:44 a.m. EDT, erasing Friday's rally when the U.S. Federal Reserve cut its discount rate to restore order to financial markets and as Dean menaced
Posted by Peter C. T. Elsworth at 10:21 AM | Permalink
August 17, 2007
Energy futures rose Friday, rebounding from a big drop a day earlier as some new forecasts said Hurricane Dean will turn into the central Gulf of Mexico and threaten oil and gas installations, according to the Associated Press.
The Federal Reserve's interest rate cut and a fire at a big Chevron Corp. refinery in Mississippi also supported energy prices, but storm impact worries were the big news of the day for energy investors, analysts said.
Posted by Peter C. T. Elsworth at 3:46 PM | Permalink
Oil prices rose today after an overnight slide, signaling diminishing concerns about a possible U.S. economic downturn and declines in world stock markets, according to the Associated Press.
Yesterday, the Nymex crude contract fell $2.33 to settle at $71 a barrel as investors turned their attention to the cooling U.S. economy and falling stock markets. In the U.S., the stock market tumbled in intraday trading as concerns about economic conditions were exacerbated by more bad news from the mortgage sector, and by dismal reports on housing construction and employment.
Posted by Peter C. T. Elsworth at 9:37 AM | Permalink
August 15, 2007
Energy futures surged this morning on concerns that Tropical Storm Dean will turn into a hurricane and strike oil and gas installations in the Gulf of Mexico, according to the Associated Press.
Prices got a late morning boost when a second tropical depression, located in the Gulf south of Texas, strengthened and was upgraded to Tropical Storm Erin.
The storms overshadowed a weekly inventory report from the Energy Department's Energy Information Administration that usually sets the tone for several days of trading. Traders worry that Dean, bearing down on the Caribbean from the central Atlantic, will damage oil and gas infrastructure in the Gulf, cutting supplies. While Erin was also supporting prices, it is not expected to have much impact on production.
Posted by Peter C. T. Elsworth at 12:55 PM | Permalink
August 9, 2007
Oil prices held near $72 a barrel Thursday despite a U.S. government report showing big declines in crude and gasoline stocks and an unexpected drop in refinery activity, according to the Associated Press.
Light, sweet crude for September delivery was down 16 cents to $71.99 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. The contract moved between $71.66 and $72.40 during early trading.
Posted by Peter C. T. Elsworth at 8:57 AM | Permalink
August 8, 2007
Oil prices fell today as traders awaited the release of a U.S. government fuel stocks report expected to show gasoline inventories rose last week, according to the Associated Press.
The report was expected to show another drop in crude oil inventories, but increases in both refinery activity and gasoline supplies, according to a Dow Jones Newswires survey of analysts.
Light, sweet crude for September delivery fell 28 cents to $72.14 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. The contract had risen 36 cents to settle at $72.42 a barrel on Tuesday.
Posted by Peter C. T. Elsworth at 10:46 AM | Permalink
August 7, 2007
Oil fell below $72 a barrel earlier today, extending the previous session's near 5 percent plunge sparked by concern about the U.S. economy and falling equity markets, according to Reuters.
The U.S. sub-prime, or risky, mortgage crisis has rattled credit and stock markets and is spilling over into commodities, analysts say. Some investors say oil may head lower still in the near term.
Posted by Peter C. T. Elsworth at 12:12 PM | Permalink
August 6, 2007
Oil prices fell Monday, extending a decline prompted at the close of last week by news of a cooling U.S. job market, according to the Associated Press.
Light, sweet crude for September delivery fell $1.17 to $74.31 a barrel in electronic trading on the New York Mercantile Exchange, afternoon in Europe.
Posted by Peter C. T. Elsworth at 10:23 AM | Permalink
August 1, 2007
Energy Futures Pause After PlungeOil prices retreated after jumping to a new record Wednesday on the U.S. government's report of a steep drop in crude inventories and surge in refinery activity, according to the Associated Press.
Crude prices initially rose after the Energy Department's Energy Information Administration reported that oil inventories fell by 6.5 million barrels last week, far more than expected. But gas futures fell on word that refiners ramped up their operations much quicker than expected.
Light, sweet crude for September delivery fell $1.68 to settle at $76.53 a barrel on the New York Mercantile Exchange after rising as high as $78.77 earlier. That surpasses the previous intraday record of $78.40, set in July 2006.
Posted by Peter C. T. Elsworth at 4:36 PM | Permalink
July 27, 2007
Gas prices fell overnight to their lowest level since late May, while energy futures rebounded as investors kept a wary eye on equity markets, according to AP
A Commerce Department report showing the economy grew by 3.4 percent in the second quarter served to support oil prices, as did the weak dollar, which drove investors to commodities such as oil and gas as a safe haven.
Light, sweet crude for September delivery rose 79 cents to $75.74 a barrel on the New York Mercantile Exchange. The contract fell 93 cents on Thursday in sympathy with the stock market, analysts said.
Posted by at 2:28 PM | Permalink
July 26, 2007
Oil prices neared $77 a barrel amid speculative buying and worries that inventories of crude oil at a key Oklahoma terminal fell last week, according to AP
Light, sweet crude for September delivery rose $1.08 cents to $76.96 a barrel by mid-afternoon in Europe in electronic trading on the New York Mercantile Exchange. The contract had risen $2.32 to $75.88 on Wednesday, reversing a three-day decline as traders started buying at lower prices.
Posted by at 11:14 AM | Permalink
July 20, 2007
Oil prices rose today after news of new violence in southern Nigeria, where police said a Lebanese businessman was shot dead in his home in an apparent kidnapping attempt, according to the Associated Press.
Kidnappings and oil rig attacks have become common in the southern river delta region of Africa's largest crude producer, where oil giants like Royal Dutch Shell PLC, Exxon Mobil Corp. and Eni SpA have large operations. The assailants range from militants demanding political concessions to criminal gangs seeking ransoms.
Light, sweet crude for August delivery on the New York Mercantile Exchange rose 19 cents to $76.11 a barrel by afternoon in Europe.
Posted by at 9:50 AM | Permalink
July 19, 2007
Petroleum prices are on the rise as growing global demand increases, while one prominent American businessman suggests the cost of crude oil could hit $100 a barrel, according to the Detroit Free Press.
Crude oil prices hit an 11-month high of $75.71 a barrel in after-hours trading Wednesday on the New York Mercantile Exchange. The record for crude is $78.40 a barrel set in July 2006.
Posted by at 10:47 AM | Permalink
July 13, 2007
Oil prices rose slightly with prices gaining support from an International Energy Agency report saying global energy consumption would increase next year, according to the Associated Press.
The agency also predicted mixed global refinery performance for the rest of the summer.
Light, sweet crude for August delivery advanced 9 cents to $72.59 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. The contract settled Thursday at $72.50 a barrel, down 6 cents after dropping sharply from highs hit early in the session
Posted by at 11:10 AM | Permalink
July 12, 2007
Oil prices rose after a bigger-than-expected gain in U.S. gasoline inventories was matched by lower-than-expected crude stockpiles, according to the Assocated Press.
"The latest data on U.S. inventory levels was rather uninspiring, with a little something for both the bulls and the bears," PVM Oil Associates in Vienna commented.
Light, sweet crude for August delivery rose 77 cents to $73.33 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. The contract slipped 25 cents to settle at $72.56 a barrel Wednesday.
Posted by at 9:38 AM | Permalink
June 29, 2007
Oil prices shot back up above the psychologically important $70 a barrel mark on Friday, trading at a level last seen 10 months ago for the second time in two days on worries about gasoline supplies, according the Associated Press.
With most U.S. refineries expected to increase output in the coming months after finishing maintenance, pressure on gasoline was expected to drop. Still, prices could remain high because increased refinery capacity puts greater demands on crude availability.
Posted by at 9:41 AM | Permalink
June 28, 2007
Oil futures rose above $70 a barrel in New York trading today for first time since Sept. 1 and retail gasoline prices stopped falling after a government report showed that gasoline inventories dropped unexpectedly just as the summer driving season is about to peak, the Associated Press reports.
Posted by at 1:46 PM | Permalink
June 27, 2007
Oil prices fell as traders awaited the release of a U.S. government inventory report expected to show increases in supplies of crude, gasoline and distillates, the Associated Press reports.
Comments from OPEC that the group did not plan to increase production in the coming months despite consistently high prices limited the decline.
Light, sweet crude for August delivery on the New York Mercantile Exchange fell 59 cents to $67.18 a barrel in electronic trading by afternoon in Europe. The contract had fallen $1.41 on Tuesday.
Posted by at 9:49 AM | Permalink
June 21, 2007
Oil prices have risen above $69 a barrel as the oil industry began to feel the effects of a general strike in Nigeria, Africa's largest crude producer, according to the Associated Press.
Nigeria's labor unions launched a strike Wednesday aimed at overturning government price increases on gasoline, among other demands that the government already has conceded.
Posted by at 12:07 PM | Permalink
June 20, 2007
LONDON - Oil fell nearly $2 a barrel on Wednesday after a U.S. government report showed larger-than-expected increases in crude and gasoline stockpiles in the world's biggest consumer, according to Reuters News Agency.
The U.S. Energy Information Administration said crude stocks rose by 6.9 million barrels last week, well over the 100,000 barrels forecast by analysts. Gasoline stocks were up 1.8 million barrels, almost double the market forecast.
Posted by at 2:27 PM | Permalink
June 19, 2007
Oil prices rose today, edging above the nine-month closing high reached a day earlier, after labor unions in Nigeria rejected the government's efforts to avert a nationwide strike, according to the Associated Press.
Nigeria is Africa's biggest oil producer and one of the top overseas suppliers to the United States.
Light, sweet crude for July delivery rose 34 cents to $69.43 a barrel in afternoon trading on the New York Mercantile Exchange. The contract had risen $1.09 on Monday to settle at $69.09 a barrel, the first closing above $69 since Sept. 1.
Posted by at 2:22 PM | Permalink
June 18, 2007
A push from Congress and the White House for huge increases in biofuels, such as ethanol, is prompting the oil industry to scale back its plans for refinery expansions, according to the Associated Press.
That could keep gasoline prices high, possibly for years to come.
With President Bush calling for a 20 percent drop in gasoline use and the Senate now debating legislation for huge increases in ethanol production, oil companies see growing uncertainty about future gasoline demand and little need to expand refineries or build new ones.
Posted by at 10:09 AM | Permalink
June 12, 2007
A benchmark crude oil contract edged up Tuesday after climbing more than $1 a barrel a day earlier amid indications that OPEC is unlikely to boost production and a report outlining a possible oil crunch in the coming months, according to the Associated Press.
The International Energy Agency raised the prospect of a global oil crunch this year on a recipe of higher-than-expected demand and below-par supply from the Organization of Petroleum Exporting Countries and other producers.
Light, sweet crude for July delivery on the New York Mercantile Exchange rose 6 cents to $66.03 a barrel in electronic trading by midday in Europe. The contract had gained $1.21 Monday to settle at $65.97 a barrel.
Posted by at 10:05 AM | Permalink
June 11, 2007
Oil prices rose after Iran's oil minister said OPEC has no plans to release more oil into the market ahead of its next policy meeting in September and Saudi Arabia said it would keep its shipment volumes steady, according to the Associated Press.
OPEC has no plans to release more oil into the market ahead of its next policy meeting in September, Iran's oil minister said today, according to AP.
There is adequate crude oil in the market and commercial oil inventories are at a high level, Iranian Minister of Petroleum Kazem Vaziri Hamaneh told reporters on the sideline of a regional oil and gas conference in Kuala Lumpur, Malaysia.
Posted by at 9:57 AM | Permalink
June 5, 2007
Oil prices retreated amid easing concerns about a cyclone approaching the Persian Gulf and on expectations that a supply report from the United States would show that its gasoline stockpiles rose last week, the Associated Press reports.
Also sending crude futures lower was news that a Nigerian opposition group had declared a one-month cease-fire. That could offer newly inaugurated President Umaru Yar'Adua an opening to solve the crisis that has roiled Africa's oil giant, a leading exporter of crude to the United States.
Light, sweet crude for July delivery fell 33 cents to $65.88 a barrel by midday in Europe in electronic trading on the New York Mercantile Exchange. Brent crude for July fell 13 cents to $70.27 a barrel on the ICE Futures exchange in London.
Posted by at 9:18 AM | Permalink
June 1, 2007
Gasoline and oil futures rose today on continued concerns that domestic refineries aren't producing enough gasoline to meet peak summer driving demand, according to AP.
Retail prices, on the other hand, continued their retreat from last week's record highs. The national average price of a gallon of gas fell to $3.184 a gallon, down 0.7 cent overnight and off 4.3 cents since the May 24 record of $3.227.
Posted by at 2:34 PM | Permalink
May 25, 2007
Crude oil rose to $71 a barrel in London today, near a nine-month high, as a strike in Nigeria threatened more of the country's output and Iran remained defiant over its nuclear program, according to Reuters.
Rising tension surrounding two of the world's leading oil producers have coincided with lower OPEC supply and relatively low gasoline stocks in top consumer the United States before the onset of peak summer demand.
London crude climbed 28 cents to $71.00 a barrel by early afternoon. It hit a 9-month high of $71.80 on Thursday. U.S. crude rose 75 cents to $64.93.
Posted by at 10:51 AM | Permalink
May 22, 2007
Oil prices pulled back as investors sold contracts before their expiration Tuesday, and before the government's weekly inventory report, the Associated Press reports.
News of a partial oil production shutdown in Alaska and a government report predicting a busy hurricane season failed to boost prices, AP reports.
The June contract for light, sweet crude, which expires Tuesday, fell 86 cents to $65.41 a barrel in afternoon trading on the New York Mercantile Exchange. The July contract also dropped 88 cents to $65.99 a barrel.
Posted by at 2:31 PM | Permalink
BP said it will shut down 100,000 barrels, or one quarter, of its Alaskan oil production for a "few days" after discovering a water pipeline leak, the Associated Press reports.
Analysts said the temporary loss of output at Prudhoe Bay should not have a dramatic impact on world oil markets, but with supplies already tight and crude futures trading near $66 a barrel, any snag in the industry tends to make energy traders jittery.
Light sweet crude for June delivery fell 32 cents to $65.95 a barrel on the New York Mercantile Exchange.
Posted by at 11:02 AM | Permalink
May 21, 2007
Oil prices climbed today on continued concerns that U.S. refiners are not producing enough gasoline to meet peak summer demand, the Associated Press reports.
The upward trend was held in check, however, with news from Nigeria that a key pipeline hub that had been taken over by protesters for nearly a week had started pumping again.
Light, sweet crude for June delivery gained 34 cents to $65.28 a barrel on the New York Mercantile Exchange by noon in Europe.
Posted by at 9:40 AM | Permalink
May 18, 2007
Oil prices were steady today on persistent concerns that U.S. refiners are not producing enough gasoline to meet peak summer demand following reports of more refinery snags, according to the Associated Press.
Light, sweet crude for June delivery edged down 10 cents to $64.76 a barrel in Asian electronic trading on the New York Mercantile Exchange mid-afternoon in Singapore, after topping $65 a barrel in early morning trading. The contract on Thursday climbed $2.31 to settle at $64.86 a barrel, the highest close this month.
Posted by at 9:55 AM | Permalink
May 17, 2007
Oil prices rose Thursday on comments by a top OPEC leader that the oil cartel will not pump more crude to meet an expected surge in demand during the summer driving season, the Associated Press reports.
The concerns surfaced despite a U.S. government report that showed domestic gasoline stockpiles increased last week.
Posted by at 9:43 AM | Permalink
May 11, 2007
Oil prices - and by extension gasoline prices - have been kept on the high side in recent months partly because of the continued violence directed against oil pipelines, installations and workers in the southern Delta region of Nigeria. The West African nation's oil output has been cut by as much as 25 percent.
Nigeria is the world's 6th biggest producer of crude oil and a major supplier to U.S. refineries; It's oil has a low sulfur content and is only a transAtlantic crossing away.
But radical groups are seeking a greater share of oil wealth for the nation - certainly for the inhabitants of the southern, oil-rich Delta region - and reparations for the pollution in the region.
The main group, the shadowy Movement for the Emancipation of the Niger Delta (MEND), was formed early last year and is motivated and well organized. It operates as a guerilla / pirate group, running gunboats in and out of the dense mangrove swamps that line hundreds of miles of shoreline. Favored tactics have been the blowing up of pipelines and the kidnapping of oil company personnel for political leverage and/or ransom.
The damage to oil installations and harrassment of personnel could force some oil companies to pull out, which would seriously affect world oil supplies and prices.
Certainly, there is no light at the end of this tunnel in the short term: Earlier this week, MEND said it had initiated a month-long campaign to unleash mayhem on Western oil facilities.
Posted by at 11:32 AM | Permalink
Oil prices rose Friday after a report from the IEA raised concerns about the market's ability to meet an expected jump in demand for oil products, the Associated Press reports.
The International Energy Agency said today that the Organization of Petroleum Exporting Countries needs to raise output soon and raised concern over the ability of refiners and OPEC's willingness to meet a 1.6 million barrels a day jump in oil product demand in June.
With the start of summer driving season only weeks away, analysts are concerned that gasoline supplies, though rising, won't meet demand. And continuing violence in Nigeria, Africa's largest oil producer and a leading supplier to the United States, has also been supporting higher oil prices.
Posted by at 9:41 AM | Permalink
May 10, 2007
Oil prices rose Thursday despite a U.S. report showing that stocks of gasoline, crude and distillate fuels all rose, as markets worried about violence in Nigeria, Africa's largest producer and a leading supplier to the United States, according to the Associated Press.
Light, sweet crude for June delivery rose 66 cents to $62.21 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe. Brent crude for June gained 82 cents to $66.02 a barrel on the ICE Futures exchange in London.
See my blog tomorrow for an analysis of what's going on in Nigeria.
Posted by at 1:01 PM | Permalink
May 3, 2007
Oil prices rose Thursday after reports of more attacks on oil workers in Nigeria, Africa's largest oil producer, raised worries about supplies, according to the Associated Press.
Gunmen kidnapped at least 19 people in less than 24 hours in three attacks - seizing people from a vessel managed by a subsidiary of Italian oil firm Eni SpA, from a South Korean company's power plant construction site and from a bar near an oil compound, officials and witnesses said. At least one police officer was injured.
Posted by at 10:00 AM | Permalink
May 2, 2007
I finally got around to seeing Al Gore's "An Inconvenient Truth" and recommend it highly. Even though it has long seemed to me obvious that our carbon emissions had to be having an impact on the world's atmosphere, I was surprised and pretty horrified by the weight of evidence the former vice president and president elect has built up.
Certainly, Gore has focused attention on this issue like no one else and the move underway toward alternative fuels, for example, is bound to gain even more momentum.
Gore quickly defines global warming - the buildup of carbon dioxide in the atmosphere that prevents the escape of reflected sunlight .
He then demonstrates through a series of charts how the modern era is burdened by a global population of about 6 billion compared with 2 billion when he was born; and how the burning of fossil fuels that started in earnest with the coal-fired factories of the industrial revolution in the 19th Century has caused the levels of carbon dioxide in the atmosphere to literally go off a chart that traces the data over 650,000 years through ice cores from Antartica!
He then points out evidence of a changing environment, including the number of 'record' hot years, the increase in major storms including Hurricane Katrina, the rapid retreat of the world's glaciers and the ongoing meltdown in the Arctic.
The evidence is overwhelming and it's astonishing that there is still a cadre of drivelers who continue to belittle the entire concept.
The documentary, which won an Oscar, is basically a lecture which he admits he has given "over 1,000 times." Well, practice makes perfect and the presentation is extremely tight and focused.
He ends it by pointing out that the technology exists to avert disaster; what we need is the political will. The notion that the current administration of former fossil fuel executives has any interest in this is risible; hopefully, a changing of the guard in 2008 will include a renewed focus on this very serious and growing problem.
But there is always the possibility that by the fall of 2008, we will have already experienced a monumental catastrophe that will make Katrina seem like a picnic. For while the move is on to alternative fuels, consider that China is planning to build 500 new coal-fired power plants over the next decade, according to an NPR report this morning.
Posted by at 12:39 PM | Permalink
April 23, 2007
Oil prices climbed to $67 a barrel in London today after Nigeria's presidential election drew condemnation from monitors and investors waited for fresh word on oil supplies from the world's eighth biggest exporter, according to Reuters.
Militant attacks have shut about a fifth of Nigeria's oil production. Energy Minister Edmund Daukoru said last week he expected the country's biggest foreign operator, Royal Dutch Shell to restart its Forcados fields in May.
London's Brent crude was up 51 cents at $67.00 a barrel; U.S. crude was up four cents at $64.15.
Posted by at 10:05 AM | Permalink
April 18, 2007
Oil prices fell in early trading in Europe today despite expectations that weekly U.S. petroleum inventory figures will show the 10th straight weekly decline in U.S. gasoline stocks, with traders focusing instead on the likelihood that they will also reveal an increase in crude supplies. Increasing U.S. refinery restarts also eased upward pressure on prices, according to the Associated Press.
Light, sweet crude for May delivery fell 37 cents to $62.73 a barrel on the New York Mercantile Exchange by afternoon in Europe. Brent crude for June was down 52 cents at $65.41 on London's ICE futures market.
Gasoline futures slipped 0.01 cents to $2.05 a gallon.
Posted by at 10:31 AM | Permalink
April 11, 2007
Oil prices jumped today after U.S. gasoline stocks fell far more than expected ahead of the busy summer months in the world's top consumer, according to Reuters.
U.S. crude was up 64 cents at $62.54 a barrel in morning trade. Gasoline stocks fell 5.5 million barrels last week compared to 1.4 million barrels predicted in a Reuters poll. Crude stocks climbed 700,000 barrels against a forecast 1.5 million barrel rise, the Energy Information Administration data showed.
Posted by at 12:10 PM | Permalink
April 9, 2007
Oil prices fell Monday following last week's release of British sailors detained by Iran, but concerns over the tight U.S. demand-supply balance and other geopolitical issues supported prices, according to the Associated Press. Volume was light with much of Europe celebrating an extended Easter holiday.
Light, sweet crude for May delivery fell 44 cents to $63.84 a barrel in electronic trading on the New York Mercantile Exchange at midday in Europe.
Posted by at 10:36 AM | Permalink
March 30, 2007
Oil prices continued to soar as the political standoff between Britain and Iran over the detainment of 15 marines and sailors hardened, raising fears of interruptions to the oil supply through Iran, according to the Associated Press.
Light, sweet crude futures rose 52 cents to $66.55 a barrel in European electronic trading on the New York Mercantile Exchange, from yesterday's six-month record close of $66.03.
Posted by at 9:24 AM | Permalink
March 29, 2007
Crude oil prices passed the $64 a barrel level today due apprehension on the part of investors and slipping petroleum supplies. In morning trading on the New York Mercantile Exchange, crude climbed 56 cents, to $64.64, breaching levels not seen since September, according to Forbes.com.
The Web site cited mounting tension between Iran and the United Kingdom over the seizure of British naval personnel and the report by the Energy Department which showed that crude oil inventories slipped by 900,000 barrels last week to 328.4 million barrels. Stocks of gasoline and distillate fuel, which include heating oil and diesel fuel, also fell.
Posted by at 11:51 AM | Permalink
March 23, 2007
Oil prices rose above $62 a barrel after Britain said Iranian naval vessels seized 15 British sailors and marines in Iraqi waters and gunmen kidnapped three foreigners in southern Nigeria, according to the Associated Press.
Britain's Ministry of Defense said the personnel were "engaged in routine boarding operations of merchant shipping in Iraqi territorial waters," and had completed their inspection of a merchant ship when they were accosted by Iranian vessels, AP said.
Posted by at 10:27 AM | Permalink
March 6, 2007
Oil prices have topped $60 a barrel today as many European and Asian stock markets bounced back from a weeklong slide, and strategists pointed to robust demand for gasoline and falling petroleum inventories, according to an Associated Press report cited on signonsandiego.com.
Light, sweet crude for April delivery rose 63 cents to $60.70 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. The contract fell 2.5 percent yesterday to settle at $60.07 a barrel, the lowest for a front-month contract since Feb. 21.
Posted by at 10:49 AM | Permalink
