Game-Changer on Oil
This Petrobras story has the potential to be absolutely huge for the oil market. If true, these new estimates of the size of this offshore oil field make it the single-biggest find of oil anywhere in the world in 7 years. Wow!
However, remember that we have seen other claims to giant oil fields in Latin America that turned out to be not so much.
In other energy news ...
Global warming 'cure' found by scientists
A "technical fix" that could stop global warming by taking billions of tons of carbon dioxide out of the atmosphere and save the coral reefs from being destroyed by acidification has been developed by scientists.
That's the good news. The bad news ...
Researchers estimate that it would take a cube of volcanic rock 10 kilometres across to return the concentration of carbon dioxide in the Earth's atmosphere to pre-industrial levels.
Act now to avoid an energy crunch
The International Energy Agency’s annual energy outlook sounds the alarm, warning that without immediate steps to cut energy use and huge investment by oil producers, a supply-side crunch is a real possibility.
The annual report contains some eye-popping projections. China will overtake the US to become the world’s biggest energy consumer soon after 2010. Sales of new vehicles will exceed those in the US by 2015, almost quadrupling Chinese demand for transport fuel by 2030. By then, more than 1,300GW of new electricity generating capacity will be needed to power its economy – more than all the power stations in North America alone.
Higher Pump Prices Could Take $15 Billion out of U.S. Shoppers’ Wallets By Christmas Day
Americans will hit the shopping malls this holiday season with up to $15 billion less to spend due
to higher gas prices compared with a year ago. That could put a real crimp in the critical holiday selling season, which in turn could put a major dent in the consumer-driven U.S. economy.
Why the dollar will keep falling
The IEA reckons that oil could hit $159 a barrel by 2030, with demand of 120m barrels a day far outstripping supply of 116m barrels a day. And this is assuming we can get supply that high – it’s currently just 85m barrels a day, and if you believe in the Peak Oil theory, then it’s not going to go much higher than that.
However, remember that we have seen other claims to giant oil fields in Latin America that turned out to be not so much.
In other energy news ...
Global warming 'cure' found by scientists
A "technical fix" that could stop global warming by taking billions of tons of carbon dioxide out of the atmosphere and save the coral reefs from being destroyed by acidification has been developed by scientists.
That's the good news. The bad news ...
Researchers estimate that it would take a cube of volcanic rock 10 kilometres across to return the concentration of carbon dioxide in the Earth's atmosphere to pre-industrial levels.
Act now to avoid an energy crunch
The International Energy Agency’s annual energy outlook sounds the alarm, warning that without immediate steps to cut energy use and huge investment by oil producers, a supply-side crunch is a real possibility.
The annual report contains some eye-popping projections. China will overtake the US to become the world’s biggest energy consumer soon after 2010. Sales of new vehicles will exceed those in the US by 2015, almost quadrupling Chinese demand for transport fuel by 2030. By then, more than 1,300GW of new electricity generating capacity will be needed to power its economy – more than all the power stations in North America alone.
Higher Pump Prices Could Take $15 Billion out of U.S. Shoppers’ Wallets By Christmas Day
Americans will hit the shopping malls this holiday season with up to $15 billion less to spend due
to higher gas prices compared with a year ago. That could put a real crimp in the critical holiday selling season, which in turn could put a major dent in the consumer-driven U.S. economy.Why the dollar will keep falling
The IEA reckons that oil could hit $159 a barrel by 2030, with demand of 120m barrels a day far outstripping supply of 116m barrels a day. And this is assuming we can get supply that high – it’s currently just 85m barrels a day, and if you believe in the Peak Oil theory, then it’s not going to go much higher than that.
Check out my new gold and energy blog at MoneyAndMarkets.com
posted by Sean Brodrick @ 2:44 PM
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