U.S. to Fund $35m in Bio-Oils Research Amid Food Price Concerns

Oil Price Daily News Update


NYMEX Energy Snapshot for April 11 2012

Posted: 12 Apr 2012 06:01 AM PDT

Wednesday was a day of marginal changes for the NYMEX market, with exceptionally modest gains and losses being the general order of the day.The NYMEX Crude future made no changes up or down, remaining at $102.70 per barrel. The Brent price experienced an extremely mild loss, dipping $0.03 per barrel or 0.03% to finish at $120.29 per barrel. The WTI Cushing price saw a modest gain, raising $1.68 per barrel or 1.66% to finish at $102.70 per barrel.The NYMEX Heating Oil future slipped minutely, losing 0.26 cents per gallon or 0.08% and finishing at…

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Upcoming UGGS Fracking Report Game Changer?

Posted: 11 Apr 2012 03:22 PM PDT

There is currently no more contested U.S. energy initiative than to pen up the country’s vast potential reserves of natural gas by utilizing the “hydraulic fracturing” technique, more familiarly known as “fracking.” To its proponents, fracking offers a way out of U.S. dependence on foreign energy imports, and is relatively environmentally benign. To opponents of the technique, it not only has the potential to pollute underground water reserves, but leads to an increased possibility of earthquakes, as the injection…

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From Black Gold to Silver Screen: Entertainment and Energy’s Endless Ballet

Posted: 11 Apr 2012 03:15 PM PDT

Two high-speed hot rods careen down the darkened streets of Metropolis, USA as life-long rivals try to prove who truly is the King of Speed. Engines roar, tires squeal and there are even a few near-misses with the few regular cars that dare take to their speedway. In the end, with exhaust pipes belching flames as both racers push their cars to the limit, the hero prevails and proves that he’s the real deal. Okay, maybe that sounds like every scene from every “Fast and Furious” movie that doesn’t involve trash-talking, a garage or Vin Diesel showing…

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U.S. to Fund $35m in Bio-Oils Research Amid Food Price Concerns

Posted: 11 Apr 2012 03:13 PM PDT

The US Department of Energy and the US Department of Agriculture will jointly spend $35 million in research toward developing biomass-based oil supplements (bio-oils) that could eventually be mixed with petroleum, as the world struggles with increasing food prices as a result of biofuels production. The DOE describes the bio-oils as “precursors for fully renewable transportation fuels” that could be integrated into the oil refining processes for conventional gasoline, diesel and jet fuels. The Biomass Research and Development Initiative…

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Japan to Reconsider Nuclear Power in an Attempt to Guarantee Electricity Supply

Posted: 11 Apr 2012 03:11 PM PDT

Japan is facing an electricity crunch this summer, potentially so severe, that companies such as Komatsu, the world’s No. 2 maker of construction machinery, have said they will move factories overseas if electricity supply isn’t guaranteed. Bloomberg reports that all but one of Japan’s 54 reactors are now offline after the March 11 earthquake and tsunami last year crippled Tokyo Electric Power Co.’s Fukushima Dai-Ichi nuclear station. The reactors, which previously supplied 30 percent of Japan’s electricity, have either…

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Kenya Must Get it Right With Oil

Posted: 11 Apr 2012 03:08 PM PDT

Last month, Kenya declared that oil was discovered off its coast for the first time. Nairobi expects explorers to invest at least $40 million in the country and dozens of international oil companies have already expressed interested in offshore blocks. But with civil war simmering in neighboring Somalia and a looming water crisis in the region, Nairobi should take heed that the power which comes from oil reserves does not lead to corruption as the country heads toward national elections. British energy exploration Tullow Oil last month said…

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U.S. Firms Accused of Buying Natural Gas from Known Mexican Smugglers

Posted: 11 Apr 2012 03:05 PM PDT

For five years Pemex Exploracion y Produccion has accused US companies of enabling a black market in natural gas liquids to exist by knowingly buying stolen gas from Mexican bandits. The organised group steal gas from the Burgos field in the Tamaulipas and Nuevo Leon states of northern Mexico, and transport the fuel across the border in hijacked tankers. So far they have continued to elude army troops and helicopters deployed to defend the field. Attorney James Teater said of the criminals that “as long as they see a market for stolen Pemex…

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Iran Continues to Cut its Oil Exports to European Countries

Posted: 11 Apr 2012 03:03 PM PDT

Iran used to count Britain, France, Spain, the Netherlands, Greece, Germany, Italy and Portugal amongst its European customers. However when the EU and US sanctions were announced back in January, Tehran said it would enact its own sanctions immediately, before European countries lined up alternative suppliers. Britain and France were the first to feel Iran’s riposte earlier in the year when all Iranian imports to the two countries were halted. On Tuesday Ahmadinejad announced that they had cut off all oil sales to Greece and Spain as part…

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Chesapeake Sells Assets to Help Reduce Long-Term Debts of $10.6 Billion

Posted: 11 Apr 2012 03:01 PM PDT

With natural gas prices at a ten year low many nat gas producers are struggling to make any profits. Chesapeake Energy Corp. has found itself with mounting debts and has therefore sold off $2.6 billion worth of assets in attempt to raise cash. Chesapeake was the second largest producer of natural gas in America, but moved away from extracting more gas as the prices fell; instead it is now concentrating on reducing its $10.6 billion of long-term debt. Chesapeake has been following a strategy to raise its production levels of natural gas liquids,…

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