Archive for May, 2008
Oil Bounties of the Deep
A multinational consortium has struck oil in ultra-deep waters in the Gulf of Mexico.The companies said an exploration well called Stones #3 had hit reservoirs of natural gas and oil in 7,500 feet of water and at a total depth of 29,400 feet. The well was drilled by Royal Dutch Shell, which holds a 35% stake [...]
Dead chickens, the weirdest renewable
United Press International, quoting the Swedish newspaper Vasterbottens-Kuriren, reports that Umea Energi, a Swedish utility, is using chicken carcasses from local egg farms to fuel an existing waste-to-energy plant.
The utility, in far northern Sweden, incinerates waste to produce both electricity and district heat for Umea, a city of 110,000. A company spokesman noted that “chickens [...]
Experts predict Natural Gas collapse later this summer
Sam Fletcher
Senior Writer
Crude futures peaked at new record above $127/bbl in intraday trading on the New York market May 16 despite claims by Saudi Arabia that it has increased its oil production a “sufficient” 300,000 b/d to 9.45 million b/d.
Saudi officials said they made that move May 10 in response to requests from 50 customers, [...]
Old gas pumps can’t handle ever-rising prices
Mom-and-pop service stations are running into a problem as gasoline marches toward $4 a gallon: Thousands of old-fashioned pumps can’t register more than $3.99 on their spinning mechanical dials.
The pumps, throwbacks to a bygone era on the American road, are difficult and expensive to upgrade, and replacing them is often out of the question for [...]
Out with the old and in with the new!
You may notice a few changes around PRICE of CRUDE. We’ve been working on changing the look of our site to best benefit our readers. Everything is displaying properly in Firefox (which is what we use and recommend). However, there are still a few minor glitches in Internet Explorer. We’re working hard to iron these [...]
OPEC warns oil could reach $200
Opec, the oil producing cartel, has warned that the price of crude could keep rising to reach $200 a barrel.
Opec president Chakib Khelil blamed the falling value of the US dollar, which makes other assets, including oil, more attractive for foreign investors.
His comments came as oil prices hit a fresh high, just below $120 a [...]
Rising prices boost Shell and BP
Oil firms Royal Dutch Shell and BP have made better-than-expected first-quarter profits thanks to the rising price of oil, which is close to $120 a barrel.
Shell made profits of $7.8bn (£3.9bn) in the first three months of the year, up from $6.9bn a year ago.
And rival BP saw its profits rise 48% to $6.588bn (£3.31bn), [...]
US gas: So cheap it hurts
Relatively low taxes have kept pump prices far below most other developed nations, which some say is precisely why the current runup is so painful.
Despite daily headlines bemoaning record gas prices, the U.S. is actually one of the cheaper places to fill up in the world.
Out of 155 countries surveyed, U.S. gas prices were the [...]
Senators ready dueling energy plans
WASHINGTON (Reuters) - Democrats and Republican lawmakers in the U.S. Senate on Thursday set the stage for a divisive energy policy debate with two dueling party-line bills to combat high gasoline prices.
With Senate Democrats promising to unveil a new proposal to tame record-high U.S. pump prices averaging $3.60 a gallon on Friday, Republicans rolled out [...]
Oil falls as Nigeria strike ends
Oil prices have fallen on expectations that oil giant Exxon will restart production following the resolution of a strike in Nigeria.
The eight day strike contributed to near-record high oil prices after the company was forced to almost completely shut down production in Nigeria.
US light, sweet crude was down $2.53 at $110.46 a barrel. In London, [...]
