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Latest Energy News | World News

  • Nuclear Ambitions Hurt Iran More Than War With Iraq

    Published: 19 December 2014

    Professor Sadegh Zibakalam (left) speaks as former legislator Ahmad Shirzad looks on at a conference about Iran's nuclear program at Tehran University on December 17. Iran's nuclear activities and ambitions faced rare, blunt criticism at a roundtable at Tehran University, where one of the speakers said the damage done by the nuclear program was greater than that by the 1980-88 war with Iraq, which left tens of thousands dead and caused much devastation. "The imposed war [with Iraq] did not damage us as much as the nuclear program has," professor Sadegh Zibakalam said at the December 17 roundtable, according to…

  • UK Oil Industry Under Serious Threat From Low Oil Prices

    Published: 19 December 2014

    The plunge in oil prices is ruining the United Kingdom’s oil industry in the North Sea, according to a leading executive in oil exploration. “It’s almost impossible to make money at these oil prices,” Robin Allan, the chairman of Brindex, the oil-exploration association, told the BBC in an interview broadcast on Dec. 18. “It’s a huge crisis.”Allan, also a director of Premier Oil, said, “This has happened before, and the industry adapts, but the adaptation is one of slashing people, slashing projects and reducing costs wherever possible, and that’s painful for our staff, painful for companies and painful for the…

  • Russia India Nuclear Deal Not As Exciting As Previously Thought

    Published: 19 December 2014

    The initial euphoria over Russia agreeing to build at least 12 nuclear reactors in India by 2035 has died down as sector experts get around to analyzing the Russian move vis-à-vis India’s ongoing nuclear power program. The agreement, one of 20, was inked during Russian President Vladimir Putin’s summit meeting in New Delhi last week. Both Indian Prime Minister Narendra Modi and Putin pledged to take ties between the 2 nations to a “new degree of closeness,” with cooperation in nuclear energy acting as the linchpin. A report by Indian news agency Press Trust of India said both nations would…

  • Easy Win For Obama In Alaskan Oil Decision

    Published: 18 December 2014

    Three things tend to dominate the character of Alaska: Its exquisite environment, its rich fishing industry and, more recently, its abundance of fossil fuels. President Obama has chosen to support the first two at the expense of the third. On Dec. 16, Obama said he was removing Bristol Bay and neighboring waters from consideration for oil leases. The bay is situated on the state’s southwestern coast just north of the long Alaska peninsula that tapers down to become the Aleutian Islands. It covers 52,000 square miles, about the size of Florida. Bristol Bay has supported native Alaskans for centuries, teeming…

  • Oil Price Pain: Who’s Next After Emerging Markets And Fracking?

    Published: 18 December 2014

    The price of oil has sunk almost 50% since June with West Texas Intermediate crude slipping below $60 a barrel last week and Brent falling below the same level on Tuesday. “Yippee!” I hear you say, “cheap gas and a drop in inflation!” Well, yes in terms of a boost to consumers, and indeed a boost to global GDP, lower oil prices are a good thing and make most of us feel better off. While I wouldn’t want to put a downer on the party, a sudden collapse in oil prices as we are seeing is not all good news.…

  • Oil Sands Not A Dirty Fuel Says EU

    Published: 18 December 2014

    Oil sands in Fort McMurray, Alberta. The European Union voted by an extremely narrow majority Wednesday against a proposed fuel quality directive that would have stigmatized as "dirty" all imports coming from Canadian oil producers, something which Ottawa has been fighting for over two years. The rule, passed by a difference of just 12 votes, will now go to a ratification vote early in 2015. "Our government will continue advocating for Canadian interests and Canadian jobs," Natural Resources Minister Greg Rickford told CP after the vote. "We are encouraged the European Parliament relied on science and the facts in making…

  • IEA Says Coal Demand Will Keep Growing Through 2019

    Published: 17 December 2014

    The global demand for coal will continue to increase during the next five years, although more slowly than in the recent past due to China’s expected efforts to reduce its coal consumption by diversifying its energy sources, according to a new report by the International Energy Agency (IEA). “We have heard many pledges and policies aimed at mitigating climate change, but over the next five years they will mostly fail to arrest the growth in coal demand,” IEA Executive Director Maria van der Hoeven said in releasing the agency’s Medium-Term Coal Market Report on Dec. 15. The report said that…

  • South Stream Demise Could Benefit Both Turkey And Moscow

    Published: 17 December 2014

    Russian President Vladimir Putin may have announced that the proposed South Stream gas pipeline is dead, but it would seem this has given him a good opportunity to widen the growing rift between the EU and Turkey. Work on the 930-kilometer (580-mile) South Stream project was started October 2013 but was suspended in June after the European Commission said it might be breaking EU competition rules. The pipeline was to be partially funded, owned and wholly operated by Russia’s Gazprom and the reality is that the EU is increasingly nervous about tying Europe any closer to the Russian monopoly supplier…

  • New Gas Field In Levantine Basin Could Hold 5 trillion Cubic Feet

    Published: 16 December 2014

    After discovering two huge gas fields beneath the eastern Mediterranean Sea a few years ago, Israeli prospectors kept searching, and now they report discovering a third field that may hold as much as 5 trillion cubic feet of gas. The new Royee prospect, as it is known, is not as large as the Tamar field found in 2009 and the Leviathan field identified in 2010. They hold reserves estimated at 11 and 22 trillion cubic feet of gas, respectively, and because of their size they led to a flurry of exploration in the region, known as the Levantine basin. Two…

  • 10 U.S. Cities Most At Risk From Power Outages

    Published: 16 December 2014

      More intense future hurricanes powered by warming global temperatures will significantly increase power blackouts for some major US cities, researchers predict. Engineers created a new computer model to analyze the future vulnerability of power grids on or relatively near the Gulf and Atlantic coastlines. The findings should help metropolitan areas better plan for global warming.A list of the Atlantic and Gulf coastal region cities whose power grids are most vulnerable to increased hurricane damage because of climate change. (Credit: Johns Hopkins University) “We provide insight into how power systems … may be affected by climate changes, including which areas…