The US should consider new gasoline and diesel taxes and expand domestic oil and natural gas production to recently opened offshore areas to increase the nation’s energy security, IEA chief economist Fatih Birol said today. The US government should consider…
The International Energy Agency fears that an expected recovery in oil demand from 2010 and oil project cancellations due to low crude prices and the credit crisis will mean no spare oil capacity at the end of 2013. “That is…
The world will never be able to produce more than 89m barrels a day of oil, the head of Europe’s third-largest energy group has warned, citing high costs in areas such as Canada and political restrictions in countries such as…
The German Financial Times features an article that links the record high oil prices of last July to the onset of the financial turmoil and economic crash. Thomas Fricke writes the following: No financial analyst managed to predict that 2008…
Petroleos Mexicanos (PEMEX), Mexico’s state oil company, will probably report its fastest drop in production since 1942, eroding revenue as plunging crude prices limit the amount of cash available to drill for new reserves. Pemex last year likely extracted 2.8…
Offshore drilling companies are having a hard time expanding their fleets because the economic conditions have made new vessels harder to finance. Scorpion Offshore announced today that it was unable to secure financing for their Deepwater Rig semisubmersible. Keppel FELS…
Toyota Motor Corp. said Saturday it is confirming plans to have an all-electric vehicle on U.S. roads by 2012 by introducing an ultra-compact battery-powered concept car at the North American International Auto Show in Detroit. “Last summer’s $4-a-gallon gasoline was…
ASPO International is pleased to inform about the Permanent Oil Crisis conference in Amsterdam, Netherlands, 21-22 January 2009. Despite the present, temporarily low oil prices and financial turmoil now is the time to look beyond 2009. Low oil prices, Low…
The era of cheap gas is coming to an end, Russia’s Prime Minister Vladimir Putin has told ministers from the world’s major gas-exporting countries. The Gas Exporting Countries Forum (GECF) meeting in Moscow has agreed a charter and plans for…
Global oil output could peak by 2020 – much earlier than expected – amid a collapse in investment due to the financial crisis, the International Energy Agency’s (IEA) chief economist Fatih Birol claimed. In an interview published today, Birol told…