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Posts Tagged ‘oil’

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Oil and Coal Could Cost US $30 Trillion By 2030 Says Study

Oil WellAmerica’s economy and quality of life as we know it is at risk, according to a new study released by Environment America. The study claims that “big oil and dirty coal” could cost the United States $30 trillion dollars by 2030, four times the earnings of American workers in 2007 alone. According to the study, 85 percent of America’s energy is supplied by fossil fuels. American consumers and businesses spent 7 percent, or $921 billion, of the nation’s GDP on fossil fuels, more than the total spent on education or the military. Full Story : DigitalJournal.com….

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Deadly Protests Force Peru’s PM to Resign after Law Opens Up Amazonian Land to Oil, Gas Companies

peruAt least 34 people have been killed in clashes between indigenous groups and the Peruvian police after the government passed a law opening up regions in the Amazon for foreign oil and gas ventures. The crisis has escalated to such heights that Peru’s Prime Minister, Yehude Simon, has said that he plans on resigning due to his failure to win the support of the indigenous population in moving ahead with the land law‚Äîbut has the Amazon been spared? Full Story : Treehugger.com….

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Court orders $507.5 million damages in Exxon Valdez spill

exxon-validezA federal appeals court on Monday ordered Exxon Mobil Corp to pay $507.5 million in punitive damages stemming from the 1989 Exxon Valdez oil spill off Alaska, plus 5.9 percent interest running from the 1996 trial judgment, the opinion said. The amount is a fraction of the $5 billion in punitive damages originally awarded to fishermen, Alaska natives, business owners and other litigants by a jury in 1996, and equals the compensatory damages agreed to in a subsequent settlement, the opinion said. The oil spill from the Exxon Valdez supertanker in 1989 was the worst in the nation’s history, blackening more than 1,200 miles of Alaska’s coastline. The clean-up alone cost around $2.5 billion. Full Story : YahooNews…..

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“60 Minutes” Exposes Chevron’s Environmental Atrocity in the Amazon

chvron-oilChevron, according to a ‚Äú60 Minutes‚Äù report that aired last night, is the third largest company in the United States, with oil interests all over the world. While reaping a tidy profit‚Äìdespite the economic downturn, Chevron managed to increase revenues by 25% (to $263 billion USD) in 2008 ‚Äî Chevron has consistently engaged in business and environmental practices that have had very real and devastating consequences for communities and ecosystems in South America, Africa, and on other continents. Full Story : Matadorchange.com….

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Chavez Moves to Take Over Oil Service Companies in Venezuela

chavez_hugoVenezuelan President Hugo Chavez signed a law to allow the government to seize assets from oilfield services companies and said he‚Äôll start taking over boats and docks on Lake Maracaibo today. The National Assembly approved the law earlier yesterday, allowing for the nationalization of services including water injection at wells, gas compression and dock control. Full Story : Bloomberg.com….

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U.S. companies waste $2.8B per year powering unused PCs

green-planetComputers that are powered on but not in use are expected to emit approximately 20 million tons of CO2 this year alone, roughly equivalent to the impact of 4 million cars, according to a report released by 1E and the Alliance to Save Energy . In U.S. alone companies waste $2.8 billion annually to power 108 million unused machines. Full Story : Infoworld.com…

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20-Year Anniversary of Exxon Valdez Oil Spill

exxon-validezTwenty years ago shortly after midnight on 24 March 1989, the Exxon Valdez grounded on a reef in Prince William Sound in the Gulf of Alaska. Nearly 40 million liters of oil spilled from the Exxon Valdez . The accident became a lightening rod for environmentalists and lawmakers, but has also prompted hundreds of scientific studies looking at the implications of the disaster on local people, the ecosystem, remediation practices and oil spill response. Full Story : Nature.com….

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Russia outlines plans to support oil prices

Russia on Sunday proposed a list of measures to support world oil prices, calling for lower output from producers as part of the plan. Greater coordination among producers will raise concerns among oil consuming nations. Full Story : Reuters.com…..

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Too much oil on the market, says Iran oil minister

Oil WellIran’s oil minister suggested Saturday that a weekend OPEC meeting should decide to cut back on crude output. Other influential OPEC members have also said the group should reduce production. Full Story : AP.com….

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New Study Finds Corn-based Ethanol More Harmful Than Oil-based Gasoline

cornA recent ethanol study by the University of Minnesota suggests that corn-based ethanol maybe more harmful (climate change, greenhouse gases, health effects) and costly to the environment than gasoline itself. An acre of U.S. corn yields about 7,110 pounds of corn for processing into 328 gallons of ethanol and planting, growing and harvesting that much corn requires about 140 gallons of fossil fuels and costs $347 per acre.

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@ a glance : Exxon Mobil posts record $45.2 billion profit in 2008

Another year, another record profit statement from Exxon Mobil, the world’s largest publicly traded oil company. The specific mind-numbingly large figure is $45.2 billion Full Story : Autoblog….

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@ a glance : Gulf states agree on monetary union

Gulf Arab states will maintain their 2010 deadline for a single currency, the secretary-general of the Gulf Cooperation Council (GCC) has said. Full Story : Aljazeera.net……

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Quick Note :Ecuador to cut private output to comply with OPEC

Ecuador will lower oil output from some private companies to comply with OPEC’s biggest supply cut agreed earlier this month, President Rafael Correa said. Full Story : Business Spectator…

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Honda To Build Hybrid Motorcycles.

Honda Motorcycle HybridHonda Motor Co., the world’s leading motorcycle manufacturer, announced recently that it will be producing gas-electric motorcycle that would use a hybrid drivetrain. Fifty percent fuel economy is expected from the hybrid model. Honda plans to use lithium-ion batteries that will provide a range of about 60 miles. The range of the motorcycle is expected to be 30 kilometers in one charge.

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Bill Gates Invests in Bio Fuels

Bill GatesThe San-Diego based Sapphire Energy, is trying to make second generation bio fuels out of algae. The company hopes to make the fuel can be made available commercially in three to five years for a cost of $50 to $80 per barrel. It plans to produce about 10,000 barrels a day, and last May it announced that it succeeded in creating “ASTM-certifiable 91 octane gasoline”, the premium fuel at the pump, from algae. Bill Gates’ Cascade Investment is putting money in the firm.

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US oil agency accused of ethics violations

EmissionsThe US interior department agency Minerals Management Service was accused of ethics violations, ranging from accepting high-priced gifts from energy companies and manipulating contracts to cocaine use and sexual misconduct. An investigation by Minerals Management Service Inspector General Earl Devaney revealed, nearly a third of the staff of the Denver Minerals Management Service office accepted gifts from oil and gas companies between 2002 and 2006. The report also says that several employees “frequently consumed alcohol at industry functions, had used cocaine and marijuana, and had sexual relationships with oil and gas company representatives”. MMS collects roughly $10 billion in royalties each year.

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Google invests in Geothermal Energy

Geothermal energy is the heat of the Earth, which can be tapped into to produce electricity. Even though it has great potential as a renewable energy source it doesn’t get much attention it deserves. 2% of the heat below the United States at depths of 3-10 kilometers would be supply 2500 times the nation‚Äôs current energy needs. Through its philanthropic division Google.org, Google will be investing nearly $10.5 million into three projects researching advanced geothermal power. The technology Google focuses on is called EGS. EGS produces heat and electricity by harnessing the energy from hot rock deep below the earth’s surface, expanding the potential of traditional geothermal energy by orders of magnitude.

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Last Month’s Oil Supply highest in history.

Oil WellLast month’s oil production was the highest in the 48 years history of OPEC. Less demand and high supply helped to bring down the price to $113.50 a barrel,¬†lowest since last April. The production increase was led by Saudi Arabia, which had come under increasing pressure for doing too little to compensate for lower supplies from countries outside OPEC. Less demand caused by economic slow down and high oil prices had also played a role in the fall of the oil prices.

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Iran Test fired Long range Missiles.

Iran Missile RangeIran warned the United States and Israel it was ready to retaliate for any attack on their country,following the test fire of nine long range missiles. Iranian officials have said the missiles could reach targets 2,000 km away. Iranian President Mahmoud Ahmadinejad has insisted his country had no intention of attacking Israel. Crude Oil prise rose $2 to around $138 a barrel. Iran is the world’s fourth largest oil producer. The French, German and Italian governments expressed concern at the missile tests.

Image Credit:www.iranwatch.org

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Iran Launches rocket

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Oil Price “fake & imposed”: Ahmadinejad

AhmadinejadIran’s president Ahmadinejad said, that the oil market is plentifully supplied and the rally to record high prices is “fake and imposed”. Iranian president also took aim at high energy taxes in consumer nations. He blamed the decreasing US dollar value and reiterated that oil should be sold in a basket of currencies rather than dollars. Iran has been accused by western nations of building nuclear weapons. Iran is the world’s fourth-largest oil exporter.

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