Daily Archives: May 12, 2011

Sheila McNulty

There is no doubt it is hard to feel sorry for Big Oil. It pulls in billions of dollars in profits whenever oil prices go up, and yet higher oil prices result in higher petrol prices for the public. So whenever these companies are doing well, the public is doing worse. And that, inevitably, leads to talk about punitive taxes (or at least a loss of tax breaks) for the oil industry.

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Kiran Stacey

Wikileaks has an impeccable sense of timing. As Hilary Clinton meets counterparts from Arctic nations in Greenland to talk about oil, the whistle blowing website publishes a raft of cables showing just how much international tension the country’s natural resources have provoked. Read more

Kiran Stacey

The warnings may finally be coming true. Four months after the OECD warned that the soaring oil price could damage the economic recovery in developed nations (since when Brent has advanced another 19 per cent), the IEA has noticed that global oil demand has begun to flatline. Read more

The justification for Wednesday’s commodity rout is still that RBOB futures fell (or crashed) after the EIA reported larger than expected US stockbuilds in gasoline. The more than 8 per cent move, in the usually much more stable contract, saw the CME lift margins for speculators by 21.4 per cent for Thursday. Read more

FT Energy Source

- France to ban fracking of fossil fuels – FT
- Cheap gas leads power industry to rethink options – Argus
- Panel urges Germany to close nuclear plants by 2021 – NY Times
- RWE profit rises but wary of nuclear taxes – WSJ
- BP refuses to accept liability for drill-ban losses – The Telegraph
- US House approves bill to speed up offshore drilling permits – WSJ
- Senators sek more fuels from coal, biomass, algae – Argus
- Oil industry brands US tax proposals as political ploy – FT
- Round up the usual CEOs – NY Times Green blog
- US floods set to force up price of petrol – FT
- UK faces energy bill spike – The Telegraph
- Offshore wind can shed subsidy in 10-15 years: report – Reuters
- Low carbon quest looks to market – FT
- Brazil government to force Petrobras to cut prices – WSJ
- Cameron ‘must intervene in carbon row’ – The Guardian
- MPs talk tough over SSE mis-selling – FT
- Ofgem blamed for a lack of trust in the ‘big six’ – The Times
- Woodside names ExxonMobil veteran as CEO – WSJ Read more

In this week’s podcast: We talk to the chief economist of the International Energy Agency, Fatih Birol about dropping oil prices, cuts in Iraqi production targets and the future energy mix, post-Fukushima. Read more