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Oil Price Daily News Update


Blame to Spare on Tar Sands Debate

Posted: 15 Feb 2012 01:47 PM PST

Environmental groups in Maine have decided that tar sands oil from western Canada wasn’t their cup of tea even though the pipeline company behind the scenes said it really wasn’t there’s either, at least for now. As the Sierra Club was saying “no sir” to tar sands oil in Maine, one of the former GOP hopefuls, Rick Perry, was saying “yes sir” in The Wall Street Journal, describing the planned Keystone XL as an economic panacea not seen since the New Deal brought the U.S. economy out of the Great Depression in the 1930s. With tar sands pipelines…

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Shale Gas Revolution to Free Eastern Europe from Reliance Upon Russia?

Posted: 15 Feb 2012 09:40 AM PST

Major players including the United States, the EU, Russia, and China are vying for control and influence over scarce energy resources that will only become more valuable and in demand going forward. These powers will play a critical role in the global energy sector that will largely shape the political and economic context of this century. Holding the largest reserves of natural gas in the world, it appears Russia will continue to be the dominant energy supplier to much of Europe in the foreseeable future. Quite simply, the massive Soviet-era Druzhba…

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Lack of Power Lines Prevents New Offshore Wind Farms in Germany

Posted: 15 Feb 2012 08:53 AM PST

The German government plans to increase the share of its energy produced from renewable sources from the current level of 20 percent to 35 percent by 2020. A large portion of this increase will be delivered by offshore wind farms. However there is a problem. E.on, the German energy giant warned that progress to install power lines connecting offshore wind farms to the mainland power grid is far too slow and will result in delaying the countries green energy ambitions. E.on has been waiting 15 months for power lines to be constructed that will connect…

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Dominican Republic Turns to Gazprom for Help on Energy Strategy

Posted: 15 Feb 2012 08:51 AM PST

Last week the Russian energy giant, Gazprom, sent a delegation to the Dominican Republic following an invitation to perform geological surveys and help in the development of electrical power projects. A group of deputies from the republic’s National Congress, including the chairman of the parliamentary energy commission, Pelegrin Seman, stated that their nation’s reliance upon foreign fuels is too high. They are forming legislation to help develop oil and gas reserves on the Haitian Shelf, to construct renewable energy projects, and…

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South Africa Caught in Fallout from Increased Sanctions Against Iran

Posted: 14 Feb 2012 04:01 PM PST

The U.S. new sanctions initiative, strongly supported by Israel, to impose new sanctions against Iran, is designed to punish it for its purported covert nuclear weapons program by imposing new restrictions on Tehran. As a result, many of Iran’s oil customers are scrambling to avoid collateral damage to their economies. The sanctions’ potential fallout is now hitting South Africa, Africa’s biggest economy, which receives nearly 25 percent of its needs from Iran, roughly 98,000 barrels per day (bpd), or about 4 percent of Iran’s…

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With Friends Like Moscow, Who Needs Venezuela’s Oil?

Posted: 14 Feb 2012 03:58 PM PST

Venezuela said it was ready to welcome a Russian energy company into the giant Orinoco oil belt, solidifying a relationship propped up by a multi-million investment from Moscow last year. Both sides announced recently they’d starting working through a Caracas-controlled joint venture in a 21,000-square-mile section of the vast oil reserve. When the Iranian president paid a visit to the region, House Republicans cried foul over the “tour of tyrants” though Russia’s relationship with Caracas barely makes headlines. While Moscow is certainly no Tehran,…

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Fracking and Water: A New Way To Profit from the Industry’s Biggest Problem

Posted: 14 Feb 2012 03:55 PM PST

While oil and water don’t mix, for the fracking industry… the two go hand-in-hand. You see, while WATER is one of the oil industry’s biggest threats – it’s also one of investors’ biggest opportunities. Consider this:  Each horizontal well in North America that uses hydraulic fracturing, or fracking, uses 2-6 MILLION gallons of sweet fresh water. And the entire North American industry will use an estimated 72 BILLION gallons in 2012. The cost involved in handling that water could be in the billions of dollars within…

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Why We Shouldn’t be Worrying About Peak Oil

Posted: 14 Feb 2012 03:50 PM PST

Everything you think you know about energy security and energy independence is wrong. All too often you hear that fossil fuels will soon reach their peak, that our consumption of oil causes global insecurity vis-a-vis rogue states and terrorist organizations, and that the United States would benefit tremendously from becoming completely energy independent. Under closer scrutiny, however, the alarmist scenarios, political correctness, and chic notions of sustainability that dominate today’s energy discourse simply do not stand up to actual…

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Regenerative Agriculture: Feeding the Future

Posted: 14 Feb 2012 03:46 PM PST

It is an illusion to think we can continue to use as much energy as we do now. No one can entirely rule-out that some extravagant technology will be forthcoming, e.g. solar power or nuclear fusion on the full-scale of 500 EJ/year as we get through now, but the particular issue of matching liquid fuels derived currently almost entirely from petroleum appears insurmountable. The “solution” is probably the collective of individual solutions, and that means adopting a completely different paradigm of human philosophy and intention. The most pressing…

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Searching for a Cost Effective Way to Deal with Air Pollution

Posted: 14 Feb 2012 03:40 PM PST

It costs $50 million per gigawatt to put 99% effective particulate air pollution control onto coal plants. China has about 650 GWe of coal power installed in 2011. It would probably be cheaper for China to do the particulate retrofits (say $30 million per GWe). Therefore $20 billion would enable a 99.5% reduction in particulates. The United States has 315 GWe of coal power installed in 2011. It would cost about $16 billion for electrostatic precipitators on all coal plants in the United States. There needs to be combination of mitigation devices…

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