As the West dithers and dallies over whether to support the Libyan rebels, Gaddafi’s forces are rapidly gaining momentum across the country. This morning the dictator’s troops seemed to have taken the town of Brega after seizing control of the strategic oil town of Ras Lanuf on Saturday. They now look like they will regroup … Read More
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OPEC’s “Fictional” Comfort Blanket
Many people are now getting jittery about Saudi Arabia. Protesters in the Kingdom have called for a “day of rage” his Friday to show their dissatisfaction with King Abdullah’s regime. Meanwhile the King has tried to head off serious unrest in the country by pledging to boost spending on housing, social welfare and education. And … Read More
“An oilquake that shakes our world to its core”
The press reports this morning that members of Opec have joined Saudi Arabia in boosting oil output to make up the fall in output from Libya. The countries concerned – Kuwait, UAE and Nigeria – have all promised to boost production. In many ways you could argue that OPEC’s gamble is trying to delay the … Read More
BP Spill: 50% of Residents Suffered Adverse Health Effects
One of the most unreported legacies of the Exxon Valdez oil spill was the devastating long-term health impact of many of the clean-up workers and communities. Thousands of people suffered short-term and long-term effects from the spill. An unknown number have died. It was in part this lethal legacy that was a shadow of fear … Read More
UK Gov: its “crazy” not to prepare a low-carbon future
Three years ago during the last oil price hike when oil reached $150 a barrel, there were repeated calls for a concerted effort for the international community to finally wean itself off its chronic oil addiction. There were repeated calls that the combined financial crisis and energy crunch was a prefect reason to kick-start the … Read More
Drilling Resumes, but Doubts Remain
Yesterday the US Interior Department approved the first new deepwater drilling permit since BP’s Deepwater disaster last April. The permit for Noble Energy to drill about 70 miles southeast of Venice, Florida, comes more than four months after the Interior Department lifted its deep-water drilling moratorium, and nearly a year after the disaster. “This permit … Read More
Mad Dogs and Englishmen
As Colonel Gaddafi’s power slowly ebbs away in Libya, many people will be worried that he is planning a brutal, bloody, finale. Predicting the unpredictable dictator is a dangerous game. But in mapping how the end game is going to play out, you could also play the blame game in how we got here. And … Read More
Here we go again! Blah baby Blah
As oil prices surge in response to the appalling violence in Libya, the House Natural Resources Committee offered their usual worn out suggestions for addressing America’s vulnerability to oil price shocks; more domestic drilling. Clearly energy only means one thing to this GOP dominated committee, fossil fuels. Domestic drilling may help Americans feel like something’s … Read More
Tar Sands Threatens Canada-EU Deal
This is a diplomatic row that has been rumbling for some time and it could get nasty. Back in 2009, the EU proposed legislation that would cut imports of dirty tar sands from Canada, as part of its Fuel Quality Directive, which was introduced to encourage cleaner, greener fuels. Canada was worried that the tar … Read More
“The last man will switch off the button”
At one point yesterday, Brent crude, the European benchmark grade of oil was topping $108 a barrel—its highest level in 2½ years. Such is the surge in oil prices caused by the Libyan crisis that it could derail the global economic recovery according to Fatih Birol, the International Energy Agency’s chief economist. Analysts argue that … Read More