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Oil Price Daily News Update


FARC Steps Up Attacks on Colombian Energy Infrastructure

Posted: 02 Apr 2012 03:12 PM PDT

After a lull since 2008, the Revolutionary Armed Forces of Colombia have resumed attacks on Colombia’s oil infrastructure, launched 14 attacks this year alone on a major pipeline run by Ecopetrol SA (ECOPETL), which carries about 70,000 barrels a day of crude to the Caribbean coast. Output declined by 4.8% from January to February as a result of attacks, while the latest attack on 18 March forced ECOPETL to shut down the 771-kilometer pipeline to make repairs. The day before, FARC guerillas reportedly killed 11 soldiers guarding a roadway…

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Iran, Oil Prices and Gambling with the World Economy

Posted: 02 Apr 2012 03:10 PM PDT

The White House last week acknowledged problems in the global oil market but said the situation was secure enough to move ahead with tighter sanctions against Iran. President Obama said he was confident about the current state of the global economy and had assurances there was enough spare capacity to buffer against a severe shock to energy markets. The measure is meant to ensure Tehran doesn’t have the finances to back what’s seen as a nuclear weapons program. It might be something of a political and economic gamble, however. Obama had until…

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Exploring the Witch Hunt Against Hydraulic Fracturing

Posted: 02 Apr 2012 03:04 PM PDT

Natural gas production, from hydrocarbon rich shale formations, known as “shale gas,” is one of the most rapidly expanding trends in onshore oil and gas exploration and production today. A key element in the emergence of shale gas exploration has been the refinement of cost?effective horizontal drilling and hydraulic fracturing technologies. These two processes, along with the implementation of protective Best Management Practices, have allowed shale gas development to move into areas that previously were not accessible. New gas developments…

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Azerbaijan Reportedly Grants Israel “Airbase Deal” – BAD Idea

Posted: 02 Apr 2012 02:57 PM PDT

According to a report in the British media, citing the authoritative U.S. journal “Foreign Policy,” U.S. officials have said that Israel’s military may have secured access to Azeri strategic air bases that could be used in an attack on Iran’s nuclear facilities. If the reports are accurate, then Azerbaijan has placed virtually all of its future oil exports on the negotiating table, as its neighboring export sources, Russia and Turkey, have repeatedly stated that they oppose such an assault. Azerbaijan’s prosperity is…

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The Slow Death of Carbon Policy

Posted: 02 Apr 2012 02:52 PM PDT

In both the EU and the US carbon policy correctness has run its course having been discredited by scandal, the persistence of scientific method, and public pressure to recognize market realities. The proponents of carbon policy changes are caught between panic and despair. They came so close to implementing their policy regimes, and cannot now accept that the world has said ‘No!’ The evidence of the death rattle of carbon policy has been presenting itself for a while but like a degenerative disease it was slow to develop but relentless…

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OTE Corp to Build Two OTEC Plants and an Eco-Industrial Park in the Bahamas

Posted: 02 Apr 2012 02:49 PM PDT

Ocean Thermal Energy Conversion (OTEC) describes a source of renewable energy that is growing in popularity amongst tropical island nations. Warm seawater from the surface is run through a heat converter, to turn a chemical with a low boiling point, such as ammonia, into steam which then turns a turbine to generate electricity. Cold seawater is then pumped from over a kilometre deep and used to chill the steamed ammonia. The Bahamas have recently signed an agreement with a Pennsylvanian company, OTE Corporation, to build two 10 megawatt plants.…

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Will Small Modular Reactors Make Nuclear Power More Attractive to Investors?

Posted: 02 Apr 2012 02:46 PM PDT

Large, modern nuclear reactors can produce more than 1,000 megawatts worth of power, but cost around $7 billion to build. They must also pass vast amounts of safety procedures and certifications, especially after the Fukushima disaster last year. Babcock & Wilcox, a one-time builder of large pressurized water reactors as well as smaller ones suitable for the submarines, have suggested that reducing the size and capacity of nuclear reactors, to about 180 megawatts, could improve safety and reduce the cost. The reactors would be produced in a…

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