LONDON, Sept 26 (Reuters) – Higher oil prices have had a
traumatic effect on U.S. airlines, forcing carriers to
re-examine every aspect of the way they do business in a bid to
Between 2002 and 2012, the price of jet fuel quadruped from
70 cents per gallon to over $3. Fuel bills rose from 15 percent
to more than 40 percent of the total operating costs of U.S.
airlines to become their single largest operating expense.
LONDON, Sept 24 (Reuters) – The United States is
experiencing the largest and most sustained drop in oil demand
since the start of the petroleum era in 1859 thanks to
improvements in efficiency and the switch to alternative fuels.
Quietly and almost unnoticed by most commentators,
efficiency and fuel switching are making an even bigger
contribution to the North American energy revolution than
hydraulic fracturing and horizontal drilling.
LONDON, Sept 22 (Reuters) – Bandar Abbas, home of Iran’s
navy and the main port in the strategically important Strait of
Hormuz, is currently hosting two Chinese naval vessels on a
five-day goodwill visit, underlining the increasingly warm
relationship between the two countries.
It is the first such port call to Iran by the People’s
Liberation Army Navy (PLAN) and highlights the efforts both
China and Iran are making to counterbalance the power of the
United States in the Middle East and along the sea lanes
connecting the oil fields of the Gulf with major
energy-consuming centres in Asia.
LONDON (Reuters) – Natural gas liquids are the fastest-growing section of the U.S. oil and gas business, with production and exports setting new records in the second quarter of 2014, according to government statistics.
The business attracts far less attention than crude oil or natural gas because of the bewildering array of definitions employed when talking about natural gas liquids and the patchwork of fragmentary statistics on their production.
LONDON, Aug 29 (Reuters) – Doubts about the sustainability
of the North American oil and gas boom centre on rapidly
declining output from many shale wells after they are initially
Shale sceptics point to the need to drill an ever-increasing
number of new holes just to replace the declining output from
existing wells, let alone expand production. At some point it
will become impossible to keep up, they argue.
LONDON, Aug 28 (Reuters) – The independent companies at the
forefront of the U.S. shale boom will finally earn enough from
selling oil and gas to cover their capital expenditures next
year, for the first time since 2008.
Free cash flow, which measures operating cash flow minus
capital spending, for the 25 leading independent oil and gas
producers is expected to show a surplus of $2.4 billion in 2015,
according to a consensus forecast in the Financial Times.
LONDON, Aug 27 (Reuters) – Shared development of oil, gas
and possibly other natural resources is the most promising
option for reducing tensions in the South China Sea and should
be the focus of efforts to improve diplomatic relations between
China and its coastal neighbours.
Joint development agreements (JDAs) are already common
across Asia. Most of the countries with a disputed claim in the
South China Sea have signed at least one joint agreement to
explore for oil and gas, either in the South China Sea or in
neighbouring areas like the Gulf of Thailand and the East China
Sea, so there are plenty of precedents to draw on.
LONDON, Aug 26 (Reuters) – China and the United States
appear headed for a damaging confrontation over the extent of
China’s territorial claims in the South and East China Seas.
Now that China has become the world’s largest importer of
oil, and energy more generally, the country’s need to develop
more indigenous energy supplies has become urgent.
LONDON, Aug 22 (Reuters) – “I believe and will prove that
our country is not deficient in oil reserves. If I can use my
20-year lifetime in exchange for a large oil field, I will.”
Those comments, recorded in an illustrated history of the
Songliao Basin published by China National Petroleum Corporation
(CNPC), are attributed to Wang Jinxi, an oil field worker who
became a hero of Communist China during the 1960s and 1970s.
LONDON, Aug 20 (Reuters) – For those trained in law, social
sciences and the arts, I have some bad news: the best days may
be over because the future belongs to scientists, engineers and
In high school and university classrooms across the United
States, a quiet revolution is underway as students adapt to a
difficult job market by choosing more quantitative disciplines.