Oil is, after all, a primary source of man-made global warming, while spillages and drilling have sometimes inflicted lethal environmental damage. Despite the sharp falls of recent months, dramatic price rises have also underwritten every postwar global recession, including the current economic malaise.
Posts Tagged ‘The Wall Street Journal’
Oil: Up 9% on the Week, Down for Month
With oil prices off more than $90 from this year’s historic highs, OPEC has in the past two months announced output reductions totaling about two million barrels a day. Many analysts expect the organization to cut output further, but they’re unsure of when.
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OPEC to Discuss Another Round of Production Cuts
Having failed twice in two months to calm plunging oil markets, OPEC ministers are set to weigh another round of steep production cuts as the world’s economic travails continue to drive crude prices to levels unseen in years.
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China natural gas opportunity for Chevron, Total and Royal Dutch Shell
China’s desire to boost natural-gas output and master advanced drilling technology has led it to open up a handful of onshore blocks to foreign partners, including Chevron Corp., Royal Dutch Shell PLC and Total.
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Oil Slick: Oil-Market Bears Speak Chinese–Or Do They?
What will it take to raise oil prices? On Monday, a Saudi Aramco supertanker was hijacked by Somali pirates. Chevron and Shell both announced pipeline disruptions in Nigeria. And yet crude oil prices barely moved, still trading around $56 a barrel.
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How to Put the Squeeze on Iran
U.S. outreach to foreign banks and to oil companies considering investing in Iran’s energy sector has reportedly convinced more than 80 banks and several major potential oil-field investors to cease all or some of their business with Iran. Among them: Germany’s two largest banks (Deutsche Bank and Commerzbank), London-based HSBC, Credit Suisse, Norwegian energy company StatoilHydro, and Royal Dutch Shell.
Crude Oil Falls 5.8% on Demand Concerns
Crude-oil futures fell on signs that a widening economic slowdown may freeze growth in petroleum demand next year.
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Shell Wagers That Delays Will Pay Off
Practically speaking, therefore, it is easier for Shell to ease off in Canada during a period of uncertainty than in many other countries.
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Green Ink: Peak Oil and Hunting Elephants
THE WALL STREET JOURNAL
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October 30, 2008, 8:00 am
Posted by Keith Johnson
Peak oil will come sooner than expected and is a bigger threat to the U.K. than terrorism, an industry group concludes, in The Guardian. Big Oil is certainly having trouble tapping big new fields. Chevron has spent seven years and $3 billion on a Brazilian field that will supply three days’ worth of global oil consumption, the WSJ reports (sub reqd.). But that’s about all Western majors can get these days: “”If you’re only going after elephants, you’ll never hunt,” says a top Chevron executive. As gasoline prices fall, are American drivers returning to their old habits? Gasoline demand is still down from a year ago—but not as much in recent weeks, reports the NYT. Volatile energy prices are a headache forsavvy companies burned by hedging, so what are poor consumers supposed to do this winter? in the WaPo. Sen. Barack Obama’s half-hour informercial reiterated that energy would be a top priority in his administration, in the WaPo. Make that energy independence, with a special emphasis on reducing demand, Grist notes. The credit crunch and big losses could force T. Boone Pickens to delay construction of the world’s biggest wind farm, in Earth2Tech. China’s GreenGen project is now the world’s biggest clean coal demonstration facility, notes Scientific American, but the project faces a looming coal shortage in China and concerns about cost. Eastern Europe is jumping on the nuclear power bandwagon, both as a way to cut emissions and also to diversify energy supplies away from Russian natural gas, in the IHT. The U.K.’s Royal Society is seriously looking at geo-engineering solutions to battle climate change, The Guardian reports. Finally, check your cows–methane emissions are on the rise suddenly, and scientists don’t know why, in Reuters. |
Higher Oil Prices Lift Shell’s Net
Shell Class B shares closed at £16.70 ($27.70) Wednesday, a drop of almost a quarter from their peak in mid-May as concerns about the global economy have driven down the oil price.
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Crude oil futures rose above $70 on the back of interest rate cuts in the U.S. and China as well as a weaker dollar, 

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