Oil Price Daily News Update

Oil Price Daily News Update


China Plays Politics with Rare Earth Elements

Posted: 03 Apr 2012 03:44 PM PDT

The race to control and discover rare earth (RRE) minerals whose production plays a significant role in modern warfare equipment and consumer electronics is on as the US, EU and Japan take on China, which controls 95% of RRE production. RREs such as tungsten, niobium, dysprosium, yttrium and neodymium are used in the production of defense technology, from guided missiles and drones to fighter jets and night vision equipment, and a recent report by the US Government Accountability Office (GAO) says that its supply of RREs is not secure and that…

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Time to Switch to Switchgrass

Posted: 03 Apr 2012 03:42 PM PDT

Scientists in the United States announced plans to use remote sensing data to map grasslands in and around Nebraska in order to determine what areas are best suited for cellulosic biofuel derived from switchgrass. USGS officials said it would take much of the “guesswork” out of deciding where to plant crops for the use of biofuels on U.S. grasslands. With what could be considered standard forms of alternative energy — wind and solar power — gaining momentum, most of the guesswork for biofuels may be in its future. Expensive gasoline does…

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In Major Policy shift, Turkey to Buy Libyan Crude to Replace Iranian

Posted: 03 Apr 2012 03:38 PM PDT

Washington’s attempts to corral recalcitrant nations to support increased sanctions on Iran by boycotting their oil exports have seen a number of countries effectively ignore the U.S. pleas, including China and India. Now however, the Obama administration has apparently scored a diplomatic victory with one of Iran’s neighbors, as Turkey has announced that it will replace Iranian crude imports with oil shipped in from Libya. But not immediately. On 30 March Turkish Energy Minister Taner Yildiz announced, “We will…

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How Energy Independence Influences Brazilian Geopolitics

Posted: 03 Apr 2012 03:35 PM PDT

Brazil is a rare gem, a rising power that has put itself on the path of energy independence thanks to a combination of forward-looking energy policies and newly discovered oil reserves. But what does this actually mean for Brazilian foreign policy? Analysis Energy security is one of those rare issues that most people in the world can agree on. Energy security is the fear of cold winters that sets a place for Russia at Europe’s dinner table. It is the compulsion that might have cost the United States its global pre-eminence, and the exception…

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How to Solve our Sustainability Problems

Posted: 03 Apr 2012 03:33 PM PDT

We live in a world with very limited solutions to our sustainability problems. I often hear the view, “If we would just get off fossil fuels, then our society would be sustainable.” Or, “If the price of oil would just go high enough, then renewables would become economic, and our economy would be sustainable.” Unfortunately, our problems with sustainability began a long time before fossil fuels came around, and the views above represent an incomplete understanding of our predicament. When fossil fuels became available, they…

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Asia’s Oil Majors Look to North America for Oil and Gas

Posted: 03 Apr 2012 03:28 PM PDT

The price difference between North American natural gas and that in Asia has attracted many Asian firms, such as PetroChina Co., Mitsubishi Corp., and Cnooc Ltd., to invest in the Canadian oil and gas industry. So far this year, over $8.7 billion worth of deals have been announced in Canada, the most since 2009 when the total reached $47 billion. The price differential was partly what attracted Petroliam Nasional Bhd (Petronas), the Malaysian state-owned oil company, to Canada, where it is now in the process of negotiating an acquisition exceeding…

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Petrobras Now being Drawn into the $11 Billion Chevron Case

Posted: 03 Apr 2012 03:26 PM PDT

Following the deepwater horizon spill at BP’s Macondo well in the Gulf of Mexico back in 2010, Brazilian authorities have increased their scrutiny of wells of their own shores. Gianna Bern, the president of Brookshire Adivsory, a Chicago based risk management firm, said that, “the Brazilian government is going to come down with some significant penalties even for minor accidents, there are indeed some very draconian measures that are being implemented.” Back in November 2011, roughly 3000 barrels of crude spilled into the ocean…

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New Air Borne Turbine Enables Wind Power in More Locations

Posted: 03 Apr 2012 03:24 PM PDT

Wind turbines suffer from inconsistency due to the varying levels of wind that blow at ground level. Wind in the upper atmosphere blows with much more power and more consistently. In order to exploit this more constant energy source many companies have been trying to develop ways of positioning turbines at high altitude. Building taller wind turbines is not effective, due to the engineering difficulties, the manufacturing, transport, and construction of the tower, and the maintenance and repairs. The costs would be far too high. Instead companies…

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