DrumBeat: September 26, 2006

[Update by Leanan on 09/26/06 at 9:23 AM EDT]

Many skeptical of gas plunge

WASHINGTON — There is no mystery or manipulation behind the recent fall in gasoline prices, analysts say. Try telling that to many. motorists.

Almost half of Americans believe the plunge at the pump has more to do with politics and the November elections, than economics.

Retired farmer Jim Mohr of Lexington, Ill., rattled off a tankful of reasons why pump prices may be falling, including the end of the summer travel season and the fact that no major hurricanes have disrupted Gulf of Mexico output.

"But I think the big important reason is Republicans want to get elected," Mohr, 66, said while filling up for $2.17 a gallon. "They think getting the prices down is going to help get some more incumbents re-elected."

Cheap gas until the election?: Recent hype can't disprove peak oil.


Plunging oil prices put paid to 100-dollar forecast


Past the Peak: Actions everyone can take to prepare for the possible end of an era

Except for scores of cars abandoned on the shoulder, the eight-lane highway was nearly empty one Friday morning last September. Gas stations along the feeder roads were closed, with trash overflowing the bins and blowing across the pavement. Shopping center parking lots were empty; entry doors were blockaded. It was the day before the much-anticipated arrival of Hurricane Rita and the entire Houston area had evacuated. The highway, a virtual parking lot only the day before, now looked like a scene out of a sci-fi movie. It also looked eerily prescient of a day when people might no longer be able to afford to drive cars long distances along the extensive interstate highway system.


Indonesia: Residents of Medan protest blackouts during Ramadhan

Muslims in Medan are blaming state power company PLN for recurring power cuts, which they say are disrupting special activities during the fasting month of Ramadhan.

The caretaker of Medan's main Al Ikwhan mosque, Asno Susanto, said the North Sumatra branch of PLN had broken its promise not to cut power during the month.


Coal-rich Zimbabwe faces acute shortages

HARARE - Drastic coal shortages despite massive natural deposits have had a ripple effect throughout Zimbabwe's economy and ruined a deal to renovate the country's biggest steelworks, the government has acknowledged.


Russia holds out olive branch to Shell: Minister says country is 'long way' from backing out of 1993 deal. US adds voice to concerns.


BP: Prudhoe Bay to resume full oil output end of October


Saudi Aramco to Open a 1.2m bpd Oil Field

Saudi-based international petroleum company, Aramco, signed two contracts for the development of the 1.2 million barrels per day (bpd) Khureis Increment Program (KIP).

...According to Aramco's website, the KIP is the largest crude increment undertaken in the company's history, and is one of the largest industrial projects being executed in the world today. The program is slated for completion by mid-2009.


B.C. boosting natural gas production: New B.C. rigs are simpler and faster to operate than anything else in Western Canada.


Iraqi Govt Won't Recognize Kurdistan Oil Contracts

Iraqi Oil Minister Hussein al-Shahristani said in remarks published Sunday that the federal government in Baghdad won't recognize oil contracts signed recently by officials of the Kurdistan Regional Government.


Hyundai Heavy Wins World's Largest Oil-Facility Order

Hyundai Heavy Industries Co., the world's biggest shipyard, said it won a $1.6 billion contract from the United Arab Emirates to build offshore oil production facilities, the single-largest order ever.


Lower oil, gas prices hitting Canadian drilling companies


Raymond J. Learsy: The Potential Collapse of Oil Prices Makes Restraint of Gasoline Consumption Key to Controlling CO2 Emissions.


Global temperature highest in thousands of years

The planet's temperature has climbed to levels not seen in thousands of years, warming that has begun to affect plants and animals, researchers report in Tuesday's issue of Proceedings of the National Academy of Sciences.