Shell : Biofuels from food crops "morally inappropriate"

Royal Dutch Shell, the world's top marketer of biofuels, considers using food crops to make biofuels "morally inappropriate" as long as there are people in the world who are starving, said Eric G Holthusen, Fuels Technology Manager Asia/Pacific. Shell Global Solutions has developed alternative fuels from renewable resources that use wood chips and plant waste rather than food crops that are typically used to make the fuels.

"We think morally it is inappropriate because what we are doing here is using food and turning it into fuel. If you look at Africa, there are still countries that have a lack of food, people are starving, and because we are more wealthy we use food and turn it into fuel. This is not what we would like to see."

Greenspan raises red flag on energy

peakoil.com -> denverpost.com :

Amid soaring fuel costs and diminishing world oil supplies, former Federal Reserve Chairman Alan Greenspan warned that the nation needs to develop alternative energy sources or risk dire economic consequences. "If the world oil industry were to get into very serious difficulty, its impact on the world economic system would be very difficult to absorb," said Greenspan, addressing a crowd at the Aspen Institute's Aspen Ideas Festival.

Greenspan called for a mixture of solutions, from plug-in hybrid cars to ethanol to nuclear power. Greenspan's comments came a day after oil prices reached a record high, pushing above $75 a barrel on the New York Mercantile Exchange. Greenspan also sounded alarms about dwindling natural-gas supplies and the dangers posed by global warming. Greenspan said the nation may also need to develop more nuclear facilities and import more natural gas.

Saudi Aramco raises oil prices for Asia

peakoil.com -> financialexpress.com :

Saudi Aramco, the world's biggest oil company by output, raised prices for three crude grades it will export to Asia in August as refiners' profit from making diesel and kerosene increases. The refining margin in Singapore, Asia's biggest oil trading center, has almost doubled in the second quarter from the previous three-month period.

Saudi Aramco raised differentials over its benchmark price for Super Light crude oil by 40 cents to $7.25 a barrel, Extra Light by 45 cents to $3.65 a barrel and Arab Light by 15 cents to 35 cents a barrel. These so-called light grades yield more gasoline, diesel and kerosene after processing. Saudi Aramco kept prices of its Arab Medium and Arab Heavy grades unchanged at minus $2.85 a barrel and minus $5.95 a barrel.

(2006-07-08 08:21:31 SGT) [Energy] Permalink

Oil hits record $75.78 on strong demand

washingtonpost.com :

Oil hit a record high of $75.78 a barrel, boosted by strong demand in the United States and global tension ranging from Iran's nuclear work to North Korea's missile tests. U.S. crude was up 16 cents at $75.30, having earlier hit an all-time high of $75.78. Adjusted for inflation, oil is more expensive than at any time since 1980, the year after the Iranian revolution.

Oil has rallied from below $20 at the start of 2002, driven by rising global demand led by the U.S. and China that has stretched oil producers and refiners. The United States uses 40% of the world's gasoline and a quarter of its crude oil supply. Growing demand and a strain on supply suggest that strong oil prices are here to stay unless a recession leads to a collapse in demand, investors say.

(2006-07-08 00:29:52 SGT) [Energy] Permalink

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