Oil Price Daily News Update
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- Overcoming the Impossible: Developing Nuclear Fusion
- Iran could Avoid Economic Blow of US Sanctions by Accepting Chinese Yuan
- US Gas Pipelines under Cyber Attack, Says DHS
- Abundance of Methane Hydrates will Destroy the Oil Market
- Britain Fear Spike in Oil Prices due to Insurance Ban for Iranian Crude Tankers
- Japan has Shut Down its Last Nuclear Reactor
- British Hope their ‘Green Deal’ will cut Energy Imports by $5 Billion a year
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Overcoming the Impossible: Developing Nuclear Fusion Posted: 08 May 2012 05:47 PM PDT The ITER project, an acronym for International Thermonuclear Experimental Reactor, seeks to do the possible with impractical tools. There is no doubt that humanity can accomplish fusion in a quick and dirty way by making a bomb, or run reactions that don’t produce useful amounts of energy outputs, but unlike fission the ability to run a steady state reaction that produces more energy than it takes to drive the reaction eludes us.The ITER effort is based on the tokamak, a donut looking thing that circulates fuel plasma around endlessly…
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Iran could Avoid Economic Blow of US Sanctions by Accepting Chinese Yuan Posted: 08 May 2012 05:37 PM PDT The Iranian currency shuffle continued again this week as Tehran announced it would take the Chinese yuan as payment for crude oil deliveries from its trading partner in Beijing. While the U.S. secretary of state was in New Delhi convincing one of Tehran’s more faithful clients to back away from Iranian crude, Iranian officials were warming to the yuan to process the roughly $20 billion worth of crude oil it sells to China every year. Deadlines for Iranian sanctions are fast approaching, but in a global economy still fueled by petroleum, customers…
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US Gas Pipelines under Cyber Attack, Says DHS Posted: 08 May 2012 05:32 PM PDT The Department of Homeland Security has issued an alert warning that computer networks connected to privately-owned natural gas pipelines are presently under cyber attack in an “intrusion campaign” that began some four months ago and could extend to Canada. The “amber” alert, the second highest cyber threat level, has been ongoing since December 2011, when the DHS noted that “multiple natural gas pipeline organizations have reported either attempts or intrusions related to this campaign”. The reiteration…
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Abundance of Methane Hydrates will Destroy the Oil Market Posted: 08 May 2012 05:29 PM PDT U.S. Department of Energy (DOE) Secretary Steven Chu contributed a statement to an announced breakthrough in research into tapping the vast fuel resource of methane hydrates that could eventually bolster already massive U.S. natural gas reserves.As Al Fin pointed out yesterday natural gas is priced to a barrel of oil equivalent at about $10-$11 per the estimable Geoffrey Styles view, something less than 10% of the cost of oil. For North Americans adding a viable and hopefully low cost means to make use of gas hydrates could be giant boost…
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Britain Fear Spike in Oil Prices due to Insurance Ban for Iranian Crude Tankers Posted: 08 May 2012 05:20 PM PDT The European ban, due to take effect at the beginning of July, on importing Iranian oil will also prevent European insurers from covering any tankers carrying crude from Tehran to the rest of the world. This effect will be felt particularly hard in London, which is the main district for marine insurance.Without insurance tankers will not transport goods, so it is of utmost importance to Asian buyers of Iranian crude that they find other means to replace the shipping insurance cover predominantly provided by London insurers.Indian and Chinese firms…
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Japan has Shut Down its Last Nuclear Reactor Posted: 08 May 2012 05:16 PM PDT Japan, the third largest economy in the world, has relied on nuclear energy to provide 30% of its energy for four decades, but this weekend it became the first major, modern economy to operate without nuclear power.On Saturday the Tomari Nuclear Power Plant’s reactor 3 shut down, leaving Japan’s energy grid completely nuclear free.Junichi Sato of Greenpeace in Japan said that, “there is an increased chance of earthquakes in Japan, so that has a significant risk to the Japanese people and the Japanese economy. The only way forward…
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British Hope their ‘Green Deal’ will cut Energy Imports by $5 Billion a year Posted: 08 May 2012 05:12 PM PDT British energy officials have recently been on a trip to the United States, where on Monday, in Houston, Texas, they shared their dream of a market friendly energy efficiency promotion.The ‘dream’ that they were trying to share is the British government’s Green Deal, a program that the government are sponsoring with the aim of encouraging the population to insulate buildings, in order to increase their energy efficiency. The government will support this program by offering low cost loans to cover the necessary improvements. The…
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