Saturday, Feb 14th
Last update09:18:39 AM GMT
Energy Glance
A new technique that tapped previously inaccessible supplies of natural gas in the United States is spreading to the rest of the world, raising hopes of a huge expansion in global reserves of the cleanest fossil fuel.
Italian and Norwegian oil engineers and geologists have arrived in Texas, Oklahoma and Pennsylvania to learn how to extract gas from layers of a black rock called shale. Companies are leasing huge tracts of land across Europe for exploration.
Reporting from Denver - Interior Secretary Ken Salazar said Thursday that only 17 of 77 oil and gas leases on Utah public lands that the Bush administration auctioned off in December were valid and that his agency would prevent development on the remaining parcels, at least in the near future.
The phenomenon of "floating storage", which has been brought about by a huge over-supply of global tanker capacity and unusual market conditions, is just one example of the multitude of ways in which a small group of private, mostly Swiss-based companies have become adept at turning vast profits from the closed and often murky world of independent oil trading.
The resulting profit can be anything between 15 and 20 per cent – tens of millions of dollars – even after the cost of hiring a tanker is deducted.
Boosters of nuclear power plants usually depend on the fact that the facilities emit no greenhouse gases for their rationale, and a powerful one it is. They generally ignore problems of proliferation, terrorist vulnerability, the need to isolate and store waste products essentially forever, the expense of building the plants (once they're built they're relatively cheap to operate, but building them is very expensive), and the lack of capacity to enrich and manufacture their fuel.
Transcripts and taped conversations of actions that took place in 2007, included in the commission’s case, reveal the secretive workings of high-frequency trading, a fast-growing Wall Street business that is suddenly drawing scrutiny in Washington. Critics say this high-speed form of computerized trading, which is used in a wide range of financial markets, enables its practitioners to profit at other investors’ expense.
Texas Land Commissioner Jerry Patterson called on the state's powerful oil regulatory agency Tuesday to open hearings into allegations that Irving-based Exxon Mobil Corp. improperly plugged and sabotaged oil wells in a South Texas county after failed negotiations to reduce royalty payments.
The world is heading for a catastrophic energy crunch that could cripple a global economic recovery because most of the major oil fields in the world have passed their peak production, a leading energy economist has warned.
Higher oil prices brought on by a rapid increase in demand and a stagnation, or even decline, in supply could blow any recovery off course, said Dr Fatih Birol, the chief economist at the respected International Energy Agency (IEA) in Paris, which is charged with the task of assessing future energy supplies by OECD countries.
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