It was bound to happen at some point. Today, four weeks into the new year, Brent crude did what it hasn’t done since 2008: topped $100 a barrel.
This is from Reuters:
Brent crude oil futures surged above $100 a barrel for the first time in 28 months on Monday on concerns that anti-government protests in Egypt could create instability across the Middle East, possibly disrupting oil shipments through the Suez Canal.
The question now is how long it stays up here and what damage it could do to the global economic recovery.
Many thanks for all your questions for James Cameron, vice chairman of Climate Change Capital. His answers will appear on this site on Friday, February 4th.
Next week, the person in the hotseat will be Josh Fox, the Oscar-nominated director of the film the entire natural gas world is talking about: Gasland.
This is your chance to ask Josh all about his experience of making a movie about shale gas; from what resistance he had to overcome from gas companies when making the film, to the truth behind the famous tap-on-fire sequences, to what governments are likely to do to regulate fracking in future.
Email all your questions to firstname.lastname@example.org by the end of Sunday, February 6th.
ExxonMobil has made some interesting – if not surprising – forecasts in its annual Outlook for Energy, in which it projects long-term energy trends. The report is not just what Exxon hopes will happen but rather based on detailed analysis of 100 countries, 15 demand sectors and 20 fuel types.
It says energy demand in developing nations will rise more than 70 per cent through 2030 even as energy efficiency measures keep demand flat in the developed world. So, combining the developing and developed world, overall global energy demand will rise 35 per cent from 2005 levels.
The strong profits for the fourth quarter of 2010 reported by ConocoPhillips underline just how much its efforts to slim down and focus on organic growth are paying off. Indeed, the results are so good that the strategy is something other companies might want to consider.
Conoco reported net profit of $2bn in the fourth quarter of 2010, up from $1.3bn in the year-earlier period. Asset sales and organic growth, combined with higher oil prices, improved its bottom line. Excluding gains from asset dispositions, impairments and other items, its adjusted earnings for the quarter were $1.9bn, or $1.32 per share.
In this week’s readers’ Q&A session, Ian Simm, chief executive of Impax Asset Management, answers your questions.
Below, he discusses impediments to biofuels, EU support for Chinese renewables and gas’ future as a clean energy source.
Next in the hotseat is James Cameron, vice chairman of Climate Change Capital. He will be answering your questions next Friday, February 4th. Send in your questions for consideration by the end of Sunday, January 30th to email@example.com.
But for now, over to Ian: