Posts tagged Energy
Oil Demand Expected To Rise
Feb 12th
As demand for oil increases prices will follow. There is more oil out there that if enters the market as a competing source could drive prices down.
IEA revises up global oil demand growth for 2010
Global oil demand will grow by more than previously expected in 2010, the International Energy Agency (IEA) said on Thursday, with all the growth coming from emerging markets.
The industrialised world is going through an “oil-less” recovery, the IEA said, with signs demand has peaked in developed countries despite many returning to economic growth.
The Paris-based adviser to 28 industrialised economies revised upwards its demand growth estimate for 2010 by 120,000 barrels per day (bpd) to 1.6 million bpd.
The strong rebound in demand follows two years of falling consumption as the world struggled with the deepest financial crisis since the 1930s. The IEA estimated oil demand would now average 86.50 million bpd this year, just 10,000 bpd below the all-time peak seen in 2007.
“The demand growth is all coming from countries east of Suez,” David Fyfe, head of the oil industry and markets division of the IEA told Reuters Insider TV.
“The emerging economies of China, India, the rest of Asia and the Middle East is where all the action is.”
Fyfe said while demand for motor fuels and petrochemicals may rise slightly in industrial countries, there has been a huge shift away from using oil for power and heating generation. –more
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Solar Subsidies Fail
Feb 11th
There have been many debates about the stimulus package and whether or not it will help. It turns out that the solar subsidies did create jobs. Unfortunately the majority of jobs where created overseas and solar manufacturing jobs were actually lost here in the the US.
Solar Subsidies Fail to Create Green Jobs, Again
Despite massive amounts of stimulus funding being spent on wind farms—nearly $2 billion—the vast majority (80%) of it has been spent on overseas companies. ABC contacted Russ Choma at the Investigative Reporting Workshop who suggested that the project has resulted in nearly 6,000 jobs for overseas manufacturers and only a few hundred over here.
To add insult to injury, ABC’s Jonathan Karl reports that “a recent report by American Wind Energy Association showed a drop in U.S. wind manufacturing jobs last year.” That’s right—even with a government-subsidized demand, wind manufacturing decreased.
As Foundry readers may remember, this not the first time that China has benefited from a country deciding to waste its money subsidizing the green projects. Derek Scissors reported back in August how Chinese companies were benefiting from Germany’s decision to heavily subsidize solar power. –more
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Another Big Oil Find
Jan 13th
Here is yet another oil find in the US. With so much oil here, why do we buy so much from possible terrorists. This further reinforces my pretend conspiracy theory that the Oil companies and the US government want to use up all the oil in the rest of the world so all that is left is here in the US which will pay off the national debt and make those companies rich…in about 200 years.
Firms announce big oil find beneath shallow Gulf waters
McMoRan Exploration Co. today announced what it said could be one of the largest oil and natural gas discoveries in the shallow waters of the Gulf of Mexico in decades.
The discovery was made at the Davy Jones ultra-deep prospect located on South Marsh Island Block 230 in about 20 feet of water and 10 miles off the Louisiana coast, the New Orleans company and Energy XXI, one of its Houston partners in the project, said in statements this morning.
The well was drilled to 28,263 feet and found a 135-foot column of hydrocarbon-filled sands in the Wilcox section of the Eocene and Paleocene geologic trends.
That puts the estimated the size of the discovery close to 2 trillion cubic feet of resources, rivaling some oil and gas discoveries in the deep water Gulf.
If development drilling confirms what early testing has shown, “this is going to be a huge reserve,” McMoRan’s co-chairman, James R. Moffett, said in a conference call this morning.
What’s more, Energy XXI Chairman and CEO John Schiller said the discovery “verifies the ultra-deep potential of the Gulf of Mexico shelf and opens this horizon as a major exploration frontier.”
Investors responded by driving up the stock prices of McMoran and Energy XXI by more than 25 percent in morning trading.
“Success at Davy Jones could be a transformative event for (the companies),” said Jefferies Research, in a note to investors, noting the prospect could boost McMoRan’s year-end proved reserve base by 150 percent and Energy XXI’s by 60 percent. –more
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