The Energy Crisis Has Arrived : Matt Simmons

simmonsco-intl.com (pdf) :

(2006-07-01 10:48:45 SGT) [Energy] Permalink

Fiscal crisis for Mexico as oil starts to dry up

peakoil.com :

Much of Mexico's giant oil production apparatus is in an apparently unstoppable decline. At current extraction rates, the nation has only 10 years of proven oil reserves remaining. And as Mexico prepares to vote in Sunday's presidential election, the leading candidates disagree bitterly about what, if anything, can be done to halt the impending collapse of the industry that forms the backbone of the national economy.

Petronas annual profit surges 23% to record US$12 billion

business-times.asia1.com.sg :

Malaysia's national oil and gas company Petronas said its full-year net profit surged 22.6% to a record high, thanks to higher oil prices and increased output. For the year through March, Petroliam Nasional Bhd's net profit rose to a record RM43.59 billion (US$12.1 billion), compared with RM35.6 billion a year earlier.

Petronas is Malaysia's most profitable firm and only Fortune 500 company. Analysts estimate that if Petronas was a listed company, it would be valued at around US$250 billion today. Petronas' total international reserves were at 5.94 billion barrels of oil equivalents as of Jan 1, 2006.

Lighting key to energy saving

peakoil.com -> news.bbc.co.uk :

A global switch to efficient lighting systems would trim the world's electricity bill by nearly one-tenth, concludes a study from the International Energy Agency (IEA). The carbon dioxide emissions saved by such a switch would dwarf cuts so far achieved by adopting wind and solar power. "Lighting is a major source of electricity consumption," said Paul Waide, a senior policy analyst with the IEA and one of the report's authors. "19% of global electricity generation is taken for lighting - that's more than is produced by hydro or nuclear stations, and about the same that's produced from natural gas."

For the individual, the most obvious switch to make is from incandescent bulbs to compact fluorescent systems (CFLs), marketed in many countries as "energy-saving bulbs". "The overall cost of 10,000 hours of light provision from incandescents is 85 euros," said Paul Waide, "but for CFLs it's 25 euros, because they use so much less energy, and because you might have to buy only one CFL for every 10 incandescents."

(2006-07-01 00:42:43 SGT) [Energy] Permalink

BP unit accused of price manipulation

peakoil.com -> msnbc.msn.com :

Detailed allegations by federal investigators that BP traders illegally manipulated propane prices in 2004 could hurt the oil and gas industry's image at a time when consumers and Congress are upset about soaring energy costs and record profits.

Executives from BP and other major oil companies have testified before Congress and stressed in TV interviews that today's sky-high prices for gasoline and other fuels are the result of market forces beyond their control. "Well, that's going to be a tough sell when you have headlines showing that they caught you manipulating the market," said Phil Flynn of Chicago-based Alaron Trading Corp.

Half of global car exhaust produced by US vehicles

peakoil.com -> mg.co.za :

Americans represent 5% of the world's population but drive almost a third of its cars, which in turn account for nearly half the carbon dioxide pumped out of exhaust pipes into the atmosphere each year. American cars are also less fuel efficient than passenger vehicles elsewhere, emitting 15% more carbon dioxide, and are driven further across America's wide open spaces, said a report by the Environmental Defence watchdog group.

With suburban sprawl far outpacing the growth of public transport networks, Americans are commuting more each year, shopping more, and driving further to the shops each time. Between 1990 and 2001 the number of kilometres travelled on American shopping trips rose by 40%.

(2006-07-01 00:30:34 SGT) [Env] Permalink

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