Daily Archives: October 12, 2009

Ed Crooks

On Energy Source:

The American Petroleum Institute is wasting its breath protesting about the loss of gas leases

Oil heads towards $73 as fears are revived of its effect on the world economy

Elsewhere:

Bi-partisan agreement on the US climate and energy bill (NY Times)

…but plenty of problems remain (WSJ)

Exxon faces a Chinese counter-bid for Ghana field (WSJ)

Energy crisis postponed as new gas resources save the world (The Telegraph)

New way to tap gas may expand global supplies (NY Times)

Abu Dhabi hopes to make biofuels from plants grown in salt water (The National)

Crude oil prices rose on Monday with Nymex November West Texas Intermediate up $1.02 to $72.79 a barrel while ICE November Brent crude moved $1.07 higher to $71.07 a barrel.

On Friday, the International Energy Agency warned that rising commodity prices, notably oil, could still “easily derail” global economic recovery.

The energy watchdog of the developed world upgraded its consumption forecasts for 2009 and 2010 by 200,000b/d and 350,000b/d respectively.

Global oil demand is expected to average 84.6m b/d in 2009, down 1.9 per cent on the previous year. In 2010, demand is expected to reach 86.1m b/d, up 1.7 per cent on this year.

Sheila McNulty

The American Petroleum Institute is incensed that Ken Salazar, Secretary of the Interior, has removed 60 federal leases from development in Utah, after protests by environmentalists and others that they undermined key areas of the state. Here is what Jack Gerard, API President, had to say:

That Secretary Salazar is removing 60 federal leases from development is just another in a series of actions this administration has taken to delay or thwart oil and natural gas exploration in areas where its development has been designated, and where lease sales have been carefully planned.

Yet Mr Gerard’s arguments that removing leases from development will thwart natural gas exploration comes at an awkward time.

James Fontanella-Khan

China in push for resources in Guinea
Chinese to bring in billions of dollars of financing (FT)

Energy no longer fits market structure
Lord Turner challenging free-market orthodoxy (FT)

Forecast for oil use increases
IEA says global demand will rise at a better-than-expected rate in 2010 (WSJ)

Soros to invest $1bn in green technology
‘Global warming is a political problem’ says billionaire investor (FT)

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