Archive for January, 2008
Gasoline prices fall below $3 per gallon
NEW YORK (Reuters) - The average price for a gallon of gasoline in the United States fell below $3 due to less demand and slightly lower oil prices, and was likely to hold steady, according to an industry analyst.
The national average for self-serve, regular unleaded gas was about $2.98 a gallon on January 25, down [...]
Gasoline black market thrives in Iran
BANDAR ABBAS, Iran - Each day, the boulevard in this port city derisively dubbed “OPEC Street” is lined with dozens of vendors selling plastic jugs of black-market gasoline to desperate drivers who haggle over the price of a tankful.
Iran is the world’s fourth-largest producer of oil. But its government imposed gasoline rationing last year in [...]
Eni Wins Alaska Break After Biggest Oil Deal Setback
Jan. 27 — Eni SpA, the energy company stripped of control of the world’s biggest oil project earlier this month, got Alaska to agree to cut its tax rate on a state development to 5 percent if oil prices tumble.
Eni’s royalty payments to the state of Alaska for crude pumped from the Nikaitchuq field will [...]
OPEC shrugs off pleas to raise supply of crude oil
OPEC yesterday dismissed further calls to boost oil output from top consumer the United States, saying the global market is well supplied and the producer group has little control over oil prices near US$90 (HK$702) a barrel.
Qatar’s oil minister said there is no need for OPEC to boost output at its February 1 meeting.
In the [...]
America is being bought out from under us.
When US President, George Bush, finished doing his sword dances and Arabian stallion inspections, when he finished making a speech in Abu Dhabi on the importance of freedom that fell flat, when he finished lounging in his fur-lined George of Arabia robe in the Saudi king’s tent, he went home. Or to what was left [...]
Slower ships to China as ship owners save fuel
BERLIN (Reuters) - Oil at more than $90 a barrel is concentrating minds in the shipping industry. Higher fuel costs and mounting pressure to curb emissions are leading modern merchant fleets to rediscover the ancient power of the sail.
more stories like this
The world’s first commercial ship powered partly by a giant kite sets off on [...]
US and Saudi Arabia worried over high oil prices
RIYADH, Jan 19: When the Saudi King sat across the President of the US, it was not just a meeting of two world leaders; it was a meeting between the world’s largest crude producer and the largest consumer. And with oil prices rallying around the $100 mark, it was but natural that the issue would [...]
US reaches agreement on oil stability
US Energy Secretary Samuel W. Bodman and his Saudi counterpart Ali al-Nuaimi agreed on the need to maintain stability in oil markets.
The two men discussed “the situation in the world oil markets, with respect to supply, demand and the inventory level, while there has been an agreement over the importance of maintaining balance and stability [...]
Construction gains pace
THE construction boom is gathering strength, with the value of work on the books doubling since the middle of 2006 to almost $50billion.
Huge new oil, gas and mining projects are competing with state government infrastructure projects for construction teams.
In June 2006, the value of work outstanding on state government infrastructure projects was just $5.9 billion. [...]
Bulgarians protest Russian energy policy
SOFIA, Bulgaria: Hundreds of Bulgarians protested on Friday against Russia’s energy policy, which they fear will make their country completely dependent on Russian oil and gas sources.
Carrying posters reading “Stop Soviet imperialism” and “Putin - out of Bulgaria,” demonstrators marched in central Sofia to oppose energy agreements between Bulgaria’s Socialist-led government and Russia that were [...]
