LONDON, Nov 24 (Reuters) – The State of New York produced
just 1,000 barrels of oil per day in 2013, but consumed almost
620,000 barrels per day of refined fuels, according to the U.S.
Energy Information Administration.
Virtually every gallon of gasoline which New York motorists
put into their cars, and the fuel oil used to heat their homes
and offices through the long, cold winter, was refined from oil
produced outside the state.
LONDON, Nov 21 (Reuters) – North America’s peak electricity
demand is forecast to increase by just 1 percent a year for the
next decade, the slowest rate of growth on record.
Energy efficiency and conservation programmes, as well as
time-of-use pricing, have weakened the link between economic
growth and electricity demand, and in some areas the correlation
is no longer positive.
LONDON, Nov 19 (Reuters) – “Keystone” would be a fitting
epitaph for Democratic lawmakers, who will lose their majority
in the United States Senate in January 2015.
By voting against the Keystone bill on Tuesday, Senate
Democrats have effectively ended the re-election hopes of Mary
Landrieu, a member of their own caucus from the strongly pro-oil
and pro-pipeline state of Louisiana who is locked in a run-off
after failing to win an outright majority in the mid-term
election earlier this month.
LONDON, Nov 19 (Reuters) – One of my first assignments as a
newly-minted graduate in the late 1990s was to produce a 30-year
forecast for the Bangladesh taka against the U.S. dollar on
behalf of a client contemplating a multi-billion dollar
Even then, I realised this was not a sensible question. I
wasn’t even sure how much of Bangladesh would still be above sea
level in 30 years, let alone the exchange rate. If the economics
of the project depended on an exchange rate forecast in three
decades time, it was not a very good project.
LONDON, Nov 18 (Reuters) – The biggest product of the U.S.
petroleum industry is not oil, gas or condensate but water –
billions and billions of gallons containing dissolved salts,
grease and even naturally occurring radioactive materials.
In 2007, when the shale revolution was still in its infant
stages, the U.S. oil and gas industry was already producing more
than 20 billion barrels of waste water per year, according to
researchers at the Argonne National Laboratory (“Produced water
volumes and management practices in the United States”, 2009).
LONDON, Nov 17 (Reuters) – As ministers from the 12 members
of the Organization of the Petroleum Exporting Countries (OPEC)
prepare to fly to Vienna for their 166th meeting next week, the
quiet consultations and soundings have already begun.
OPEC must decide whether and how to respond to the 30
percent decline in oil prices since the middle of June, in what
may be the organisation’s toughest test in five years.
LONDON, Nov 17 (Reuters) – Hedge funds have been badly
wrong-footed by the slide in oil prices over the past five
months, and by trying to turn their positions around have
accelerated the rout.
Going into the summer, hedge funds and other money managers
had amassed one of the largest bullish positions on oil prices
LONDON, Nov 14 (Reuters) – The best way to think about the
dramatic slide in oil prices over the last five months, Brent
has fallen by more than 30 percent, is that the market is caught
in a negative bubble.
The downward lurch in oil prices over such a short space of
time is the mirror image of the price spike in the first half of
LONDON, Nov 14 (Reuters) – “As a result of the fall in
demand and the rise in non-OPEC supplies, we recognised too late
that oil was overpriced, that it had reached an unwarrantably
high level, destroying the state of virtual equilibrium between
supply and demand,” the Saudi oil minister told his audience.
The recent sharp drop in prices had not been good for either
producers or consumers, he explained. “Neither … can plan with
confidence for long-term energy production, investment and
consumption … What the oil industry badly needs is price
stability in the long term.”
LONDON, Nov 13 (Reuters) – Beijing is one of the most
polluted cities in China, according to official statistics.
Every time China hosts a major international event the
government has to take extraordinary measures to clean up the
air and avoid suffocating its prominent guests in a dangerous