DrumBeat: October 25, 2006

[Update by Leanan on 10/25/06 at 9:26 AM EDT]

From the Financial Times: An unsustainable outlook

As major oil discoveries become rarer and as motorists face the highest petrol bills in a generation, the debate over whether the world is running out of oil is again rearing its head.

In books, speeches and articles, and particularly on the internet, the doomsayers – known as “peak oil” theorists – are warning that the world’s oilfields are on the decline and will soon be unable to match mankind’s insatiable appetite for energy.

Global warming: Here come the lawyers Why Detroit, Big Oil, and utilities should worry about the next wave of suits.


Royal Dutch looking very bullish on oil

If you think oil prices are going into the toilet, think again. Royal Dutch Shell's $7.7-billion attempt to take Shell Canada private says the cheap oil scenario -- dreaded by investors, cherished by SUV drivers and politicians -- will be short-lived or won't happen. As far as bullish indicators go, this one's a beaut.


Climate change 'will threaten Britain's water supply'


Plutonium Or Greenhouse Gases? Weighing The Energy Options

Can nuclear energy save us from global warming? Perhaps, but the tradeoffs involved are sobering: thousands of metric tons of nuclear waste generated each year and a greatly increased risk of nuclear weapons proliferation or diversion of nuclear material into terrorists' hands.


When it comes to global warming, market rule poses a mortal danger


Ethiopia: Ministries Looking to Alternative Fuel

As the price of fuel increases on the international oil market, Ethiopia has set its sights on ethanol and bio-diesel to guarantee the supply of affordable fuel in the future.


World's Third Largest Refinery Damaged by Fire

Reliance officials said the fire started on Wednesday morning and damaged a hydrotreater which removes sulphur from heavy feedstock.


Clean, green oil sands seen as affordable: Industry could be 'carbon neutral,' report says.


Leading utility companies urge action to reverse unsustainable trends

Today, the World Business Council for Sustainable Development (WBCSD), along with eight of the world's leading electric utility companies, released Powering a Sustainable Future (PDF, 14 Mb), a report which contains an "agenda for concerted action" to secure future electricity generation, to bring more power to more people and to decrease the industry's greenhouse gas emissions.


The Emerging Russian Giant: Moscow plays its cards strategically


Global warming a hot topic for personal finances

"The US, in essence, borrows about US$2 billion a day, every day, principally from Asian states, to finance its consumption...

"The single largest category of imports is the US$1 billion a day borrowed to import oil. The accumulating debt increases the risk of a flight from the dollar or major increases in interest rates."


Russia prolongs Shell project probe, may prosecute


Marine energy cash made available

Wave and tidal energy developers are being encouraged to apply for cash under the Scottish Executive's £8m marine energy programme.


Australia plans world's biggest space-age solar power station

Australia has announced plans to build the world's biggest space-age solar power station as part of a 500 million dollar (375 million US) radical rethink on climate change.


Where's the will to break energy status quo?

Berating the Kyoto Protocol for failing to cut greenhouse-gas emissions is a bit like kicking the dog at a party when someone passes wind. Sure, it's nice to skirt the blame, but don't fault the Kyoto accord for society's flatulence.


If House changes hands, oil drilling threat will recede


Gore stumps in Berkeley for oil production tax

Former Vice President Al Gore, calling global warming a worldwide crisis that requires immediate attention, urged Californians on Monday to approve Proposition 87, the ballot initiative to tax oil production to fund alternative fuel development.


A more efficient US? Energy agency prods only a bit

After a six-year delay, the Energy Department proposes standards so moderate that even some firms complain.


Biofuel Monocultures

So why are environmentalists so happy that we’ve just found a new way to deforest the planet and plant monocultures? Why are the Americans in particular suddenly embracing biofuel as though it is the solution to everything from global warming to energy shortages?


DOE Offers $16 Million for Research In Power Electronics and Motors for PHEVs, HEVs and FCVs


Nothing to fear from a Bigfoot

Not merely do professional alarmists refuse to countenance economics, they staunchly avert their eyes from examining why doleful projections have been wrong in the past.


Ethanol producers hurt by lower oil prices


US Occupation of Iraq: A Reason to be Proud!

Motivated not so much by greed as by fear really, are they trying desperately to stave off an impending approach of the peak oil phenomenon?

Is it their hope to grab up as much of the world's remaining fossil fuels as they can so that, when the wells begin to dry up, we Americans, along with those we call allies, will be assured an extra degree of comfort while the rest of the world scrambles about for diminishing supplies of heat, electricity, water, and food?


[Update by Leanan on 10/25/06 at 10:44 AM EDT]

Summary of Weekly Petroleum Data for the Week Ending October 20, 2006: Oil rises after crude inventories fall by 3.3 million barrels, expectation was for an increase of 2.1 million barrels.