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Keyword: energy

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  • Atlantic Offshore Oil and Gas Exploration May Soon Be a Reality

    01/27/2015 2:52:02 PM PST · by ThethoughtsofGreg
    American Legislator ^ | 1-27-15 | John Eick
    Big news today out of the Interior Department: much of the Atlantic coastline from Virginia to South Carolina will soon be opened up for oil and natural gas drilling. In 2010, Interior proposed opening parts of the Virginia coast to drilling, but pulled back after the Deepwater Horizon incident in the Gulf of Mexico. At the recent States and Nation Policy Summit this past December, ALEC’s Energy, Environment and Agriculture Task Force adopted a resolution calling upon the Obama Administration to expand access to additional offshore resources in its 2017-2022 Outer Continental Shelf (OCS) oil and natural gas leasing program...
  • Obama Visits Saudi King After Curbing Oil Expansion

    01/27/2015 9:59:25 AM PST · by raptor22 · 21 replies
    Investor's Business Dailt ^ | January 27, 2015 | IBD EDITORIALS
    Energy: While taking credit for increased oil and gas production on private and state lands, the president moves to put 12 million acres of the oil-rich Arctic National Wildlife Refuge off limits. OPEC and the Saudis are smiling. Whoever's in charge of presidential optics these days fits the classic definition of the blind leading the blind. It's bad enough that President Obama doesn't have time to get to Paris for a global protest against terrorism after the Charlie Hebdo attack but can meet and greet the San Antonio Spurs. But then he privately slams an invitation by Congress to Israeli...
  • Foreign Firm Funding U.S. Green Groups Tied to State-Owned Russian Oil Company

    01/27/2015 7:59:35 AM PST · by george76 · 23 replies
    Washington Free Beacon ^ | January 27, 2015 | Lachlan Markay
    Executives at a Bermudan firm funneling money to U.S. environmentalists run investment funds with Russian tycoons. A shadowy Bermudan company that has funneled tens of millions of dollars to anti-fracking environmentalist groups in the United States is run by executives with deep ties to Russian oil interests and offshore money laundering schemes involving members of President Vladimir Putin’s inner circle. One of those executives, Nicholas Hoskins, is a director at a hedge fund management firm that has invested heavily in Russian oil and gas. He is also senior counsel at the Bermudan law firm Wakefield Quin and the vice president...
  • Massachusetts Nuclear Reactor Shuts Down During Snowstorm

    01/27/2015 6:21:31 AM PST · by Oldeconomybuyer · 13 replies
    ABC News ^ | January 27, 2015
    PLYMOUTH, Mass. - Officials say a Massachusetts nuclear power plant was forced to shut down during the blizzard but there was no danger to the public. In a statement, officials at the Pilgrim nuclear power plant in Plymouth said it stopped operating in accordance with procedure after distribution lines that send power from the plant to the electric grid became inoperable because of the weather. The plant said safety systems worked as designed and there was no threat to plant workers or the public.
  • The most important thing to understand about the coming oil production cutbacks

    01/27/2015 4:42:52 AM PST · by thackney · 25 replies
    Resource Insights ^ | JANUARY 25, 2015 | KURT COBB
    What the current oil price slump means for world oil supply is starting to emerge. "Layoffs," "cutbacks," "delays," and "cancellations" are words one sees in headlines concerning the oil industry every day. That can only mean one thing in the long run: less supply later on than would otherwise have been the case. But perhaps the most important thing you need to understand about the coming oil production cutbacks is where they are going to come from, namely Canada and the United States. Why is this important? For one very simple reason. Without growth in production from these two countries,...
  • U.S. Oil Well Shut-ins Start as Crude Rout Batters Small Producers

    01/27/2015 12:48:03 AM PST · by Up Yours Marxists · 24 replies
    Reuters ^ | January 27, 2015 06:16 GMT | Terry Wade and Anna Driver
    (Reuters) - Collapsing crude prices are confronting scores of smaller U.S. oil producers with the grim choice of either shutting older high-cost wells or burning through cash in the hope of riding out the downturn. As oil prices fell by more than half over the last six months from more than $100 per barrel, the U.S. oil industry responded by slowing its blistering growth and dialing back expansion plans. Now, with U.S. crude around $46 a barrel, operators are already closing some small old wells, known as strippers, and tens of thousands of similar wells are on the verge of...
  • Things Are Bad In Texas: Crash in oil prices is weighing on economy.

    01/26/2015 8:14:04 AM PST · by SeekAndFind · 74 replies
    Business Insider ^ | 01/26/2015 | Myles Udland
    The crash in oil prices is weighing on Texas' economy. The January Texas manufacturing survey from the Dallas Fed was a huge miss, with the general business activity reading coming in at -4.4. Expectations were for the composite index to come in at 3.0, down from 4.1 in December. Factory activity in the region was flat in January. The big takeaway, however, is that as with last month, numerous business executives expressed concerns over how the crash in crude oil prices would affect results.
  • Falling Gas Tax Revenue Has California Lawmakers Considering Mileage Tax Plan

    01/26/2015 10:47:33 AM PST · by C19fan · 64 replies
    CBS SF Bay Area ^ | January 25, 2015 | Staff
    With an increase in electric and hybrid vehicles along with better fuel-efficient vehicles, changing Bay Area drivers habit are posing a serious problem for state coffers. As motorists use less and less gas, gas tax revenues to pay for state highways, roads and bridges shrink. Meanwhile, as gas prices fall, so does the sales tax generated by fuel sales. In California, among the taxes collected on fuel is a 2.25% sales tax on gasoline and a 9.67 percent tax on diesel.
  • Renewable Energy Advocate Falsely Claims Industry is not Supported by Taxpayer Dollars

    01/26/2015 10:47:22 AM PST · by MichCapCon · 1 replies
    Michigan Capitol Confidential ^ | 1/23/2015 | Tom Gantert
    An advocate of renewable energy claimed in a recent Detroit News op-ed that Michigan does not subsidize "clean energy." Dan Scripps, president of an industry trade association called the Michigan Energy Innovation Business Council, wrote: “It is important to clear up another point: Michigan does not subsidize renewable energy. Clean energy, including wind and solar, receives no subsidies from the state of Michigan.” The claim is contradicted by several sources. Research from the “North Carolina Clean Energy Technology Center” tracks financial "incentives" that promote renewable energy offered by local, state and federal municipalities as well as utilities. According to the...
  • Obama Films Anti-Oil Drilling Video - From a Jet

    01/26/2015 7:23:11 AM PST · by SoFloFreeper · 5 replies
    BREITBART ^ | 1/25/15 | Winton Hall
    .... Obama released an anti-oil drilling environmental video shot aboard Air Force One–an aircraft that has a 53,611 gallon fuel capacity.
  • A Fresh Angle: Taking on 'Big Wind' With Competition

    01/26/2015 7:18:55 AM PST · by MichCapCon · 1 replies
    Michigan Capitol Confidential ^ | 1/22/2015 | Jack Spencer
    Cal Peters retired from the Michigan Department of Environmental Quality in 2013 after being employed as an investigator with the Air Quality Division for 33 years. In 2014, when the state of Ohio enacted significant reforms to its “Renewable Portfolio Standard (RPS),” or renewable energy mandate, Peters observed, and to an extent participated, with a unique perspective. Mindful that the Michigan Legislature is preparing to review its RPS this year, Michigan Capitol Confidential interviewed Peters on Jan. 8. The following are excerpts from that interview. Q: You have said that you followed the changes Ohio made regarding its renewable energy...
  • Federal gas tax increase needed for roads, bridges and highways

    01/25/2015 11:12:00 PM PST · by Tolerance Sucks Rocks · 50 replies
    The Contra Costa Times ^ | January 24, 2015 | Contra Costa Times
    The president was a conservative's conservative. He had campaigned on reducing taxes and made it his legacy. But when a gas tax increase was proposed, it was a different story. In his weekly radio address, he said, "We simply cannot allow this magnificent (highway) system to deteriorate beyond repair." That was 1982. The president was Ronald Reagan. Unfortunately, the disrepair Reagan feared has come to pass. The federal gas tax of 18.4 cents hasn't been raised since 1993, and the Highway Trust Fund is severely underfunded. A 10- to 15-cent a gallon increase would provide enough money to meet the...
  • Former Shell President Hofmeister Sees Oil at $80 by the Summer

    01/25/2015 10:49:41 PM PST · by Citizen Zed · 9 replies
    The Street ^ | 1-22-2015 | Michelle Rama-Poccia
    When a massive truck slams on the brakes to avoid a crash, it takes awhile for it to get back up to highway speed again. That, in essence, is the problem oil companies will face when they want to increase production if supplies start to fall short. The selloff in crude oil has put drilling on hold. Unless more drilling resumes soon, a surplus of 1 million barrels a day will be exhausted. John Hofmeister, a former president at Royal Dutch Shell , predicts that will happen by the summer and will send prices up to $80 a barrel. "When that cost correction...
  • No fracking? Then no bonds, New Mexico bill says

    01/25/2015 8:06:46 PM PST · by CedarDave · 16 replies
    New Mexico Watchdog ^ | January 23, 2015 | Rob Nikolewski
    SANTA FE, N.M. — New Mexico receives about $2 billion a year in direct revenue from oil and gas production through severance taxes, property taxes and royalty and rental income. At the same time, a number of communities in the state have passed ordinances restricting oil and gas development. Now, as lawmakers start their 60-day legislative session, here comes a bill that’s sure to spark plenty of arguments. A state senator has introduced legislation that would strip severance tax bonds from communities that impose 25 percent or more in costs to mining as well as oil and natural gas production....
  • The Weekend Is Over And Crude Oil Is Getting Smoked Again ($44.45)

    01/25/2015 5:10:15 PM PST · by blam · 51 replies
    BI ^ | 1-25-2015 | Myles Udland
    Myles UdlandJanuary 25, 2015 Good evening! The weekend is over in New York and near 7:05 pm ET, the price of West Texas Intermediate crude oil was down another 2.5% to $44.45 a barrel.(snip)(snip)
  • I’m Linda, Fly Me ( Tom Daschle: Ambitions grounded by his wife’s baggage)

    01/17/2003 2:47:51 AM PST · by KQQL · 188 replies · 1,401+ views
    laweekly ^ | 01/17/2003 | by Doug Ireland
    The real reason Tom Daschle didn’t run for president. The national press corps didn’t bother to tell you why Tom Daschle, the Democrats’ Senate leader, decided at the 11th hour not to run for president: In the end, he calculated that he couldn’t survive scrutiny of his persistent service to the clients of his wife. Linda Daschle has been one of the airline industry’s top lobbyists for two decades — when she wasn’t busy running the Federal Aviation Administration (FAA), which explains why, just 11 days after the 9/11 attacks, her husband rushed through the Democratic Senate, which he controlled,...
  • Obama Proposes to Make ANWR a Wilderness

    01/25/2015 10:18:39 AM PST · by kristinn · 35 replies
    McClatchy ^ | Sunday, January 25, 2015 | Sean Cockerham
    The White House is proposing to designate the oil-rich coastal plain of the Arctic National Wildlife Refuge as wilderness permanently off limits to drilling. The proposal sets up a showdown with Alaska Republican Sen. Lisa Murkowski, chair of the Senate Energy and Natural Resources Committee, who said the White House also intends to put much of the Arctic Ocean off limits to drilling in the new five-year offshore leasing plan to be released this week. SNIP Obama’s proposal to designate 12.3 million acres of the Arctic National Wildlife Refuge as wilderness would require Congressional approval, and there is no chance...
  • ANWR: America's Untapped Resource

    03/27/2003 8:30:26 AM PST · by Stand Watch Listen · 6 replies · 633+ views
    CNSNews.com ^ | March 27, 2003 | Paul M. Weyrich
    America's greens chalked up a `victory' when the United States Senate voted last week to omit funding for oil drilling in the Arctic National Wildlife Refuge from the fiscal year 2004 budget. Not surprisingly, the Sierra Club's national office trumpeted the vote as one "to protect this spectacular (Alaskan) landscape." And it also claims with a straight face to favor reducing our dependence on foreign oil. We both agree on the last point. But the Sierra Club sees your SUV and its thirst for gas as the problem in our achieving that important goal. This powerful green lobby pushes...
  • Troll fest: Obama administration now picking a fight with Republicans over Alaska drilling

    01/25/2015 11:53:09 AM PST · by SeekAndFind · 27 replies
    Hotair ^ | 01/25/2015 | NOAH ROTHMAN
    The White HouseÂ’s Troll Fest, 2015 continues apace. In fact, if you are getting the impression by now that the Obama administration has no higher priority than provoking fights with Republicans, youÂ’re probably right. On Sunday, the White House leaked a proposal to The Washington Post in which the administration revealed plans to make the 1.4 million-acre Arctic National Wildlife Refuge (ANWR) and parts of the Arctic Ocean off limits to drilling. Some of this can be accomplished via new regulations administered by the Department of the Interior, but not entirely. They have also proposed additional restrictions on oil...
  • Texas, the ‘great American job machine,’ is responsible for the +1.2M net US job increase since 2007

    01/25/2015 12:01:27 PM PST · by SeekAndFind · 18 replies
    AEI ^ | 01/23/2015 | Mark J. Perry
    The Texas Workforce Commission released state employment data today for the month of December, and job growth in the Lone Star State continues to lead, and in fact carry the nation’s improving labor market as the chart above shows. Here are some highlights of the December employment report for Texas:1. Texas ended the year with the state’s largest ever year-over-year payroll gain with the eye-popping addition of 457,900 new jobs between December 2013 and December 2014. That’s more than 1,700 new payroll jobs that were added every business day last year in the Lone Star State, and 220 new jobs...
  • Obama Seeks to Name Potentially Oil-Rich Part of Alaska Protected 'Wilderness'

    01/25/2015 11:20:14 AM PST · by jazusamo · 36 replies
    CNSNews ^ | January 25, 2015 | AP
    WASHINGTON (AP) — President Barack Obama is boosting protection of Alaska's Arctic National Wildlife Refuge and will ask Congress to designate more than 12 million acres as a wilderness area, including its potentially oil-rich Coastal Plain. The designation would seal off the area in Alaska's northeast corner from oil exploration and give it the highest degree of federal protection available to public lands. Obama and the Interior Department announced the effort Sunday.
  • Oil, Gas Salary Adjustments Amid Oil Price Decline

    01/25/2015 8:12:38 AM PST · by thackney · 18 replies
    Rig Zone ^ | January 23, 2015 | Gene Lockard
    As many energy industry companies revise their capital expenditures downward for 2015 amid the steep drop in crude oil values, they are making a variety of decisions with regard to worker compensation, according to Aon Hewitt, a global human resource company that tracks corporate performance, reward and talent. The slide in crude oil prices picked up speed late in 2014, about the time that financial decisions for 2015 were being made. As prices continued to dip, many companies within the industry revisited the budgeting process early in the new year in light of the current reality of sub-$50/barrel crude oil....
  • BSEE to Investigate Damage to Unmanned Platform off Louisiana Coast

    01/25/2015 8:10:39 AM PST · by thackney · 11 replies
    Rig Zone ^ | anuary 23, 2015 | Gene Lockard
    The Bureau of Safety and Environmental Enforcement (BSEE) and the U.S. Coast Guard are preparing to investigate an unmanned platform off the coast of Louisiana that has been damaged, BSEE said in a statement. The platform is operated by Energy XXI, GOM, LLC, and is located in 50 feet of water in South Timbalier (ST) Block 27 in the Gulf of Mexico, about 5 miles south of port Fourchon, Louisiana. Energy XXI reported to BSEE at approximately 4:30 a.m. that the ST 27 IA platform had been damaged, and that the damage was possibly caused by a vessel. There was...
  • Video: Anadarko turns massive Gulf spar into marine habitat

    01/25/2015 7:46:15 AM PST · by thackney · 5 replies
    Fuel Fix ^ | January 23, 2015 | Collin Eaton
    Anadarko Petroleum Corp. has turned a 7,200-ton cell spar hull into a dark cave-like habitat for fish, sea anemones and other deep-sea creatures 200 miles off the coast of Louisiana. The Red Hawk spar facility, which began its operations in the Gulf of Mexico a decade ago, is a series of 560-feet-long steel cylinders used to keep Anadarko’s deep-water natural gas production equipment afloat. The Woodlands oil explorer hopes its $30 million investment to transform it into an artificial reef in late September will be a boon to the fishing industry that supports local economies along the Gulf Coast, said...
  • Utah Proposes Winter Wood Burning Ban to Improve Air Quality

    01/24/2015 7:09:05 PM PST · by Diana in Wisconsin · 49 replies
    AccuWeather ^ | 1-24-15 | Jillian MacMath
    In an effort to improve air quality across Utah during the winter season, the Utah Department of Environmental Quality (DEQ) has proposed a seasonal wood burn ban, much to the chagrin of many locals. The ban would eliminate solid fuel burning in fireplaces and wood/coal stoves from Nov. 1 to March 15, except for homeowners whose homes are heated solely by wood. The proposal comes after Gov. Gary Herbert requested the the Air Quality Board explore options for improving wintertime air quality along Utah's Wasatch Front and Cache Valley. The region suffers from winter temperature inversions, which occur when a...
  • Global economy hopes raised after European stimulus

    01/24/2015 10:50:50 PM PST · by Tolerance Sucks Rocks · 18 replies
    12 News ^ | January 25, 2015 | Pan Pylas
    DAVOS, Switzerland (AP) - The global economic outlook just got brighter after this week's big stimulus from the European Central Bank, leading policymakers from around the world said Saturday. In a panel at the World Economic Forum in Davos, they said a perkier Europe, coupled with a prolonged period of low oil prices, could help shore up the global economy following a period of underperformance that has prompted many forecasters to reduce their growth forecasts. "Lower oil prices and the big decision by ECB could further improve world economic outlook," said Haruhiko Kuroda, governor of the Bank of Japan.
  • Saudi oil policy 'just took turn for the worse'

    01/23/2015 10:47:10 AM PST · by Rusty0604 · 29 replies
    CNBC ^ | 01/23/2015 | John Kilduff
    In earlier time, the death of Saudi Arabia's King Abdullah bin Abdulaziz Al Saud would have rocked the oil market. The succession plan has always pointed in a direction away from U.S. interests and a turn toward an even harder line on Middle East issues. The antipathy toward Iran will be levered up, and the various Sunni-Shia battles will likely see greater escalation. Oil prices have quickly jumped $1.00 per barrel on the news in a knee-jerk reaction to the uncertainty. What is more likely is an even greater commitment to over supplying the market, in attempt to drive out...
  • Keystone debate ends with Democrats' ire

    01/23/2015 1:01:55 PM PST · by Cincinatus' Wife · 8 replies
    CNN ^ | January 23, 2015 | Alexandra Jaffe
    Washington (CNN)Senators worked till midnight on Thursday moving through a series of amendments to a bill that would green-light construction of the controversial Keystone XL pipeline, but Senate Democrats wanted to stay longer. At least, they were frustrated with what they said was a double standard from Senate Majority Leader Mitch McConnell, who moved to end debate on the bill and set up a final vote next week after tabling a number of Democratic amendments. The Senate had already voted on 15 amendments, 10 of which were offered by Democrats and another five from Republicans. But Democrats cried foul at...
  • EPA Putting Electricity Grid At Risk

    01/23/2015 11:58:15 AM PST · by Tolerance Sucks Rocks · 15 replies
    The Daily Caller ^ | January 22, 2015 | Mike Duncan
    When the temperature dips below freezing, reliable electricity becomes more than a matter of convenience but a matter of life and death. Unfortunately, the reliability of our electric grid is at-risk due to EPA regulations that are shutting down America’s coal plants.Existing EPA regulations already have led to the scheduled shutdown of nearly 20 percent of the U.S. coal fleet. EPA’s newest carbon regulations being finalized this summer will lead to even more shutdowns. With coal responsible for generating nearly 40 percent of America’s electricity, these shutdowns will further strain our nation’s electricity grid and could leave many Americans in...
  • 7 On, 7 Off - The Roughneck Life

    01/23/2015 9:48:47 AM PST · by thackney · 32 replies
    Oil Pro ^ | 1/22/2015 | Alec Rothman
    So your off week is about over with. It went by too fast again and there is some work to be done before going back to the rig. You still need to do your laundry and pray that at least half of that oil base will come off this time in the wash. You still need to go food shopping - you know the usual grub: protein shakes, cold cuts, bread, eggs, steaks, etc. And, you need to fill up that darn 20+ gallon tank of gas for your 4x4 work truck that you're going to drive on your way...
  • Oil Majors Seek To Claw Back Costs From Service Firms

    01/23/2015 8:13:07 AM PST · by thackney · 4 replies
    Reuters via Rig Zone ^ | January 22, 2015 | Dmitry Zhdannikov
    Global oil majors say they are demanding cheaper but better services from engineering and service companies, or simply taking work back in-house, after losing hundreds of billions on cost overruns in the last five years. Cost overruns and delays were the main reason why oil majors generated less cash than shareholders expected when oil was over $100 per barrel.... While keen to avoid accusations of ganging up to force terms on suppliers, they are exploring measures that are likely to put further pressure on services companies such as Schlumberger and Halliburton, which have already cut thousands of jobs as business...
  • Mitch McConnell Did Something Last Night to Senate Dems That Has Them Furious

    01/23/2015 7:01:55 AM PST · by cotton1706 · 66 replies
    theblaze.com ^ | 1/23/15 | Pete Kasperowicz
    Sen. Mitch McConnell (R-Ky.) late Thursday left Democrats angry and sputtering on the Senate floor, as he used his new power as majority leader to brush off several Democratic amendments in an effort to speed up work on a bill to approve the Keystone pipeline. McConnell has so far made a point of allowing amendment votes, something Democrats barely allowed for the last few years. Earlier Thursday, McConnell boasted that the Senate had already held more amendment votes on the Keystone bill than Democrats allowed during all of 2014. “We’ve actually reached a milestone here that I think’s noteworthy for...
  • Senate’s marathon Keystone debate ends in anger

    01/23/2015 7:04:41 AM PST · by cotton1706 · 15 replies
    politico.com ^ | 1/23/15 | Elena Schor
    The new, freewheeling Senate of Majority Leader Mitch McConnell presided over an agitated debate on the Keystone XL pipeline that churned into Friday’s wee hours and ended with aggrieved Democrats crying Koch. Around midnight, a seemingly endless series of amendment votes and quorum calls shifted as McConnell moved to end debate on a bill that would yank President Barack Obama’s authority over the proposed oil pipeline — after quickly disposing of five Democratic amendments. Story Continued Below . . Blindsided Democrats accused the Kentucky Republican of shutting down a Senate that he had promised to run in a more open...
  • Iowa ethanol lobby starts 2016 campaign to regain influence

    01/23/2015 5:38:59 AM PST · by thackney · 75 replies
    Fuel Fix ^ | January 22, 2015 | Associated Press
    Renewable-fuels advocates are promising to spend millions putting ethanol back in the debate for Iowa’s first-in-the-nation caucus next year as cheap oil and setbacks in biofuels policy make the additive less central to voters. Iowa Governor Terry Branstad, backed by state corn-grower and renewable-fuels associations and the Washington-based biofuels lobby Growth Energy, on Thursday formed America’s Renewable Future, to make the Renewable Fuels Standard an issue in the 2016 race. The Iowa caucus is set for early January. “We are designing it to look like a presidential campaign, but the RFS is our candidate,” said Eric Branstad, the governor’s son...
  • Death of King Unlikely to Alter Saudi Oil Policy

    01/23/2015 5:22:12 AM PST · by thackney · 3 replies
    Wall Street Journal ^ | Jan. 23, 2015 | RUSSELL GOLD, NICOLE FRIEDMAN and LYNN COOK
    Saudi Arabia has charted a long-term course to drive down oil prices and maintain its major share of the global market—and a change of who is on the throne in Riyadh won’t likely alter this course, energy experts said. Even after the death of King Abdullah, announced early Friday, the kingdom is likely to continue to pump crude in the face of a global glut, which has helped push prices down by more than 55% since last June. Surrounded by unrest and uncertainty in the Middle East, Saudi Arabia is protecting itself by exploiting its big advantages—huge oil reserves and...
  • Low gas prices, incentives change math for electric cars

    01/22/2015 7:14:12 PM PST · by jazusamo · 148 replies
    Fox News ^ | January 22, 2015 | AP
    Drivers trying to calculate whether it's practical to own an electric car are facing a new math. U.S. gas prices have fallen more than $1 per gallon over the last 12 months, to a national average of $2.06, according to AAA. That makes electric cars — with their higher prices tags — a tougher sell. "Fuel savings are not top of mind to many consumers right now," says John Krafcik, president of the car shopping site TrueCar.com. Automakers have responded by slashing thousands of dollars off the sticker price of electrics. Incentives averaged $4,159 per electric car last year, up...
  • Virgin Australia cuts US airfares as fuel prices plunge

    01/22/2015 10:06:40 AM PST · by Daffynition · 1 replies
    news.com.au ^ | January 22, 2015 | staff reporter
    VIRGIN Australia has become the first airline to react to months of declining jet fuel prices, announcing it will restructure its US airfares to reflect the savings. Although it will not do away with the fuel surcharge altogether, the airline will incorporate fuel costs into fares the same as other operating expenses. Flights from Brisbane and Sydney to Los Angeles, are the only routes Virgin Australia operates which attract a fuel surcharge of $680.
  • Five Years Later, Granholm's Green Economic Vision has Failed to Materialize

    01/22/2015 10:04:13 AM PST · by MichCapCon · 12 replies
    Michigan Capitol Confidential ^ | 1/20/2015 | Tom Gantert
    According to the press releases issued by the administration of then-Gov. Jennifer Granholm five years ago, Michigan's economy was undergoing a transformation. In a June 2010 press release, Granholm declared that the company LG Chem in Holland was making Michigan “a world capital for advanced batteries.” In October of 2010, she said in a press release about a proposed biogas facility in Reed City that the state was being transformed into “the clean energy capital of North America.” Five years later, plans for a biogas facility in Reed City died and LG Chem was made to repay $842,000 from a...
  • 'Vindskip' cargo ship uses its hull as a giant sail

    01/22/2015 8:33:52 AM PST · by BenLurkin · 25 replies
    cnn ^ | Peter Shadbolt,
    Called the "Vindskip," the Norwegian design uses the high sides of its container ships as sails, turning the whole vessel into a wind-assisted airfoil. Designed by Lade AS, the Oslo-based company says the hybrid merchant ship -- which would still have a liquefied natural gas-powered engine -- could achieve fuel savings of 60% and reduce emissions by 80%. It's the brainchild of Terje Lade, who used his skills as a speed sailor to develop his aerodynamic design. He says the futuristic container ship works more like an airplane than a conventional sailing ship. .... The ship would be able to...
  • OPEC, Oil Companies Clash At Davos Over Price Collapse

    01/22/2015 5:26:41 AM PST · by thackney · 18 replies
    Reuters via Rig Zone ^ | January 21, 2015 | Dmitry Zhdannikov
    OPEC defended on Wednesday its decision not to intervene to halt the oil price collapse, shrugging off warnings by top energy firms that the cartel's policy could lead to a huge supply shortage as investments dry up. The strain the halving of oil prices since June is putting on producers was laid bare when non-member Oman voiced its first direct, public criticism of the Organization of the Petroleum Exporting Countries' November decision not to cut production but instead to focus on market share. Oil prices have collapsed to below $50 a barrel as a result of a large supply glut,...
  • MIT Climate Scientist: Global Warming Believers a ‘Cult’

    01/21/2015 10:54:19 PM PST · by 2ndDivisionVet · 40 replies
    Breitbart's Big Government ^ | January 21, 2015 | Howie Carr
    An MIT professor of meteorology is dismissing global-warming alarmists as a discredited “cult” whose members are becoming more hysterical as emerging evidence continues to contradict their beliefs. During an appearance on this writer’s radio show Monday, MIT Professor emeritus Richard Lindzen discussed the religious nature of the movement. “As with any cult, once the mythology of the cult begins falling apart, instead of saying, oh, we were wrong, they get more and more fanatical. I think that’s what’s happening here. Think about it,” he said. “You’ve led an unpleasant life, you haven’t led a very virtuous life, but now you’re...
  • 12 Signs That The Economy Is Really Starting To Bleed Oil Patch Jobs

    01/21/2015 7:17:17 PM PST · by Kartographer · 31 replies
    theeconomiccollapseblog. ^ | 1/20/15 | Michael Snyder
    #1 It is being projected that the U.S. oil rig count will decline by 15 percent in the first quarter of 2015 alone. And when there are less rigs operating, less workers are needed so people get fired. #2 Last week, 55 more oil rigs shut down. That was the largest single week decline in the United States in 24 years. #3 Oilfield services provider Baker Hughes has announced that it plans to lay off 7,000 workers. #4 Schlumberger, a big player in the energy industry, has announced plans to get rid of 9,000 workers. #5 Suncor Energy is eliminating...
  • Low Oil Price Brings Layoffs at Energy Firm Baker Hughes (BHI)

    01/21/2015 2:45:39 PM PST · by SeekAndFind
    ABC News ^ | 01/21/2015 | Richard Davies
    Falling gasoline prices may be great for consumers, but they’re tough on energy firms and their workers. The latest layoffs announcement comes from the oilfield services firm Baker Hughes, which plans to cut 7,000 employees — 11 percent of its workforce. Global oil prices have plunged 60 percent since last June, making some drilling operations unprofitable. “While market demand ended up being more resilient in the fourth quarter than many had predicted, the recent declines seen in rig counts will clearly affect results in 2015,” said company CEO Martin Craighead. Speaking to analysts about the layoffs, he said, “This is...
  • Rickards: Brace For Financial Storm 6x Larger Than 2008

    01/21/2015 12:09:48 PM PST · by alexmark1917 · 38 replies
    Over the coming months, I believe we could see an economic meltdown at least six times the size of the 2007 subprime mortgage meltdown... The next financial collapse, already on our radar screen, will not come from hedge funds or home mortgages. It will come from junk bonds, especially energy-related and emerging-market corporate debt. The Financial Times recently estimated that the total amount of energy-related corporate debt issued from 2009-2014 for exploration and development is over $5 trillion. Meanwhile, the Bank for International Settlements recently estimated that the total amount of emerging-market dollar-denominated corporate debt is over $9 trillion. Energy-sector...
  • Eni warns oil may shoot up to $200 without Opec cuts {in 4~5 years}

    01/21/2015 10:02:40 AM PST · by thackney · 48 replies
    BBC ^ | 21 January 2015 | BBC
    talian oil group Eni has warned oil could shoot up to $200 a barrel if the Opec cartel fails to cut supplies. Eni's chief executive, Claudio Descalzi, said the oil industry would cut capital spending by 10-13% this year because of slumping prices. He said that would create longer-term shortages and sharp price rises in four to five years' time. Mr Descalzi was speaking at the World Economic Forum in the Swiss resort of Davos. He said: "Opec is like the central bank for oil which must give stability to the oil prices to be able to invest in a...
  • Commentary: What I think about when I think about crude {causes for price}

    01/21/2015 9:29:32 AM PST · by thackney · 10 replies
    Fuel Fix ^ | January 21, 2015 | Matt Smith
    Japanese novelist Haruki Murakami was so consumed by running he combined two of his loves to write a book called ‘What I Talk About When I Talk About Running‘. Although an odd concept, it’s actually quite a compelling read. Not only did I think this title was really great (although paraphrased from Raymond Carver), but it also reminded me of my own rather obsessive compulsions. So here are some of the things that I currently think about when I think about crude oil.–Global economic growth. Crude oil demand growth is highly dependent upon economic growth, and specifically from emerging markets....
  • Oman Oil Minister Slams OPEC Policy on Prices, Market Share

    01/21/2015 7:56:25 AM PST · by thackney · 7 replies
    Reuters via Rig Zone ^ | January 21, 2015 | Rania El Gamal & Andrew Torchia
    Oman oil minister Mohammad bin Hamad al-Rumhy sharply criticised OPEC's production policy on Wednesday, saying it was creating volatility in the market without benefiting oil producers and that his country was suffering. In November, OPEC decided to keep its output unchanged despite sliding prices. Analysts believe the policy is being engineered by Saudi Arabia and other top Gulf producers to protect their market share against higher-cost suppliers outside OPEC, such as U.S. shale oil producers. Oman is a significant oil producer but it lacks the huge oil and financial reserves of its Gulf neighbours, and it is not an OPEC...
  • Stakeholders Seek Nigeria’s Withdrawal from OPEC

    01/21/2015 6:33:16 AM PST · by thackney · 3 replies
    This Day Live ^ | 20 Jan 2015 | Ejiofor Alike
    Stakeholders in Nigeria’s oil and gas sector have queried the relevance of Nigeria’s membership of the Organisation of Oil Exporting Countries (OPEC) and urged President Goodluck Jonathan to withdraw the country from the cartel. These stakeholders gathered at the weekend in Lagos at a symposium organised in honour of a former Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Ayodele Marinho, who celebrated his 80th birthday. They argued that OPEC as presently constituted serves only the interest of Saudi Arabia and its Gulf allies, which have contributed in the plummeting prices of crude oil because of a selfish...
  • Why Didn't the Media-Proclaimed Experts Predict the Oil Price Plunge?

    01/20/2015 6:38:02 PM PST · by servo1969 · 32 replies
    RushLimbaugh.com ^ | 1-20-2015 | Rush Limbaugh
    RUSH: This is a good point here. A story by Alex Pollock at Real Clear Markets: "Why Did No One Predict the Oil-Price Collapse?" This interests me. "We have just had a free fall in one of the most important prices in the world-the price of oil. Looking back, we are keenly aware that it dropped about 60% from its 2014 high to its recent low. Although some people thought the price of oil would go down, nobody (at least nobody that I can find) publicly predicted anything like this big a drop. Why? Oil prices went from $108 a...
  • Baker Hughes' to Lay Off 7K Workers Amid Oil Slump (Booming Economy!)

    01/20/2015 12:05:20 PM PST · by tcrlaf · 34 replies
    Fox Biz ^ | 1-20-2015 | Rueters
    Oilfield services provider Baker Hughes Inc said it expects to lay off about 7,000 employees, days after industry leader Schlumberger Ltd said it would cut jobs as drilling activity slows due to a steep fall in oil prices. Global oil prices have tumbled almost 60 percent since June, hitting five-year lows as growing production and tepid global demand has caused a supply glut and prompted oil producers to scale back spending. Schlumberger said last week it would cut 9,000 jobs, or about 7 percent of its workforce.