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'Apocalyptic' storm floods Sardinia, 16 dead

AP Photo ROME (AP) — Emergency crews worked to reach remote parts of flood-ravaged Sardinia on Tuesday after a torrential rainstorm killed at least 16 people, downed bridges and swept cars away. Italy’s civil protection chief, Franco Gabrielli, said one person remained unaccounted for and that the toll of 16 may still rise as crews reach isolated areas in the countryside where some homes are submerged. The island, famed for its Costa Smeralda beaches of crystal clear water and dry Mediterranean climate, received more than 400 millimeters of water in 24 hours, he told Sky TG24. Olbia Mayor Gianni Giovanelli said the city had been destroyed by the “apocalyptic” storm, with bridges felled by gushing, muddy rivers and water levels reaching 3 meters (10 feet) high in some places. Premier Enrico Letta convened the cabinet Tuesday morning to declare a state of emergency to free up funding and resources. […]

Posted On : Published By : Tom Whipple
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‘Apocalyptic’ storm floods Sardinia, 16 dead

AP Photo ROME (AP) — Emergency crews worked to reach remote parts of flood-ravaged Sardinia on Tuesday after a torrential rainstorm killed at least 16 people, downed bridges and swept cars away. Italy’s civil protection chief, Franco Gabrielli, said one person remained unaccounted for and that the toll of 16 may still rise as crews reach isolated areas in the countryside where some homes are submerged. The island, famed for its Costa Smeralda beaches of crystal clear water and dry Mediterranean climate, received more than 400 millimeters of water in 24 hours, he told Sky TG24. Olbia Mayor Gianni Giovanelli said the city had been destroyed by the “apocalyptic” storm, with bridges felled by gushing, muddy rivers and water levels reaching 3 meters (10 feet) high in some places. Premier Enrico Letta convened the cabinet Tuesday morning to declare a state of emergency to free up funding and resources. […]

Posted On : Published By : Tom Whipple
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The Decline of Oil

So-called environmentalists never tire of predicting the end of oil. They’ve been talking about “peak oil” for decades, after which annual production would inevitably decline as we drain the world’s finite supply. In fact, proven reserves (oil that we know is there and is recoverable with current technology and under current law) have been steadily rising, despite the fact that the world pumps 83.9 million barrels a day out of the ground, a 32 percent increase over 20 years ago. New techniques, such as fracking and horizontal drilling, have brought new life to both old fields and new ones whose oil had previously been unrecoverable. And vast new fields, such as the giant finds off the coast of Brazil, have added new reserves. Much of that 32 percent increase in world production has gone to power the fast-rising economies of the developing world, such as China, India, and Brazil. Oil […]

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When is the oil going to run out – and should we worry about it?

Oil drilling in the United States Energy experts have warned recently that Britain currently stores enough natural gas for only thirteen days of supply. Such a stark reality indicates how little reserve actually exists to fall back on. The news also brings to mind the concept of energy and fossil fuel shortage, depicted in movies such as ‘Mad Max’. But with our entire economy and way of life dependent on one particular fossil fuel, namely crude oil, how long can we expect this commodity to last, and for the present levels of production to be maintained? A study by a German think tank published in September, 2010 , warned of the potential for a dire global economic crisis in the next fifteen years as a result of a peak and irreversible decline in world oil supplies. The study stated that there is “some probability that peak oil will occur […]

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Oil Drifts Lower as Iran Talks Eyed

Crude-oil futures drifted lower in Asian trading hours Monday as investors wait for talks over Iran’s nuclear program to commence later this week and economic data releases for hints about U.S. monetary policy. On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at $93.47 a barrel at 0602 GMT, down $0.37 in the Globex electronic session. January Brent crude on London’s ICE Futures exchange fell $0.37 to $108.13 a barrel. The premium of ICE Brent crude to Nymex WTI remains wide at around $14.68 a barrel after the two benchmarks moved in opposite directions last week. “WTI prices remained weak on rising stock levels, planned and unplanned refinery maintenance, strong import levels and rising oil production,” Barclays BARC.LN +0.67% Barclays PLC U.K.: London GBp 251.13 +1.68 +0.67% Nov. 18, 2013 10:27 am Volume : 6.84M P/E Ratio 100.45 Market Cap GBp40.15 Billion Dividend […]

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Oil subdued near $93 ahead of new Iran talks

KUALA LUMPUR, Malaysia (AP) — Oil prices were subdued Monday ahead of the resumption of negotiations in Geneva to curb Iran’s nuclear program. Benchmark U.S. crude for December delivery was down 45 cents to $93.39 a barrel at midafternoon Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract rose 8 cents to close at $93.84 on Friday. Oil has traded between $93 and $96 a barrel over the past two weeks, and is down from nearly $110 a barrel in early October. Iran will resume talks this week with six world powers – the U.S., Britain, France, Russia, China and Germany – aimed at resolving a decade-long standoff over Iran’s nuclear program. Last week’s negotiations failed to reach an agreement but the U.S. administration is hopeful that an initial deal with Iran can be reached in this next round of talks. The countries worry […]

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Brent Drops for a Second Day; Citigroup Lowers Forecast

Brent crude declined for a second day amid signs global markets are adequately supplied after Saudi Arabia exported the most oil in eight years. Futures dropped as much as 0.8 percent in London as Citigroup Inc. said it’s “rescinding” expectations for higher prices amid progress toward an agreement over Iran’s nuclear program . Saudi Arabia exported more crude in September than in any month since November 2005, according to data from the Joint Organizations Data Initiative. Hedge funds became the least bullish on West Texas Intermediate in five months as U.S. inventories expanded. “In the longer run the market is still bearish, with plentiful supplies,” said Andrey Kryuchenkov , an analyst at VTB Capital in London. “The market was a tad overbought from a fundamental perspective.” Brent for January settlement fell as much as 82 cents to $107.68 a barrel on the London-based ICE Futures Europe exchange, and traded […]

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Platts Says Oil Review Shows It’s Meeting Regulator Guidelines

Platts, an energy news and price publisher, said its reporting practices and governance policies comply with guidelines set out by international regulators. The company’s procedures align with principles set out by the Madrid-based International Organization of Securities Commissions, a group of national market regulators from more than 100 countries, Platts said in an e-mailed statement today. The conclusion follows an independent review by Ernst & Young that examined Platts’s price assessment processes, including those for oil, at its offices in London, Houston and Singapore . “The results of the review confirm that Platts sets – and meets – high standards for price reporting,” Larry Neal, president of Platts, said in the statement. “Clearly defined and transparent methodologies are the heart of Platts’ assessment processes.” Platts is a unit of McGraw Hill Financial Inc. (MHFI) European Union antitrust authorities raided the offices of companies including Platts, BP Plc, Royal Dutch […]

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IEA World Outlook: Six Key Trends Shaping the Energy Future

khosla-biofuels-vin.jpg Thomas K. Grose Thanks to “fracking,” the United States is reaching the top spot among world oil producers sooner than expected, and is “well on its way to realizing the American dream” of energy independence, the International Energy Agency (IEA) said Tuesday. “But this does not mean that the world is on the cusp of a new era of oil abundance,” the IEA warned in its closely watched annual World Energy Outlook. Instead, the agency predicted that no other country will replicate the United States’ success with hydraulic fracturing and other unconventional technologies that have led to the North American boom in oil and natural gas production. (See related ” Interactive: Breaking Fuel From Rock ,” ” The Great Shale Gas Rush ,” and ” The New Oil Landscape .”) And by the mid-2020s, the Middle East—the world’s only source of low-cost oil—will again be unchallenged as the […]

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UN climate chief calls on coal industry to change

WARSAW, Poland (AP) — The U.N.’s chief climate diplomat has urged the coal industry to diversify to cleaner energy sources and leave most of the world’s remaining coal reserves in the ground. On the sidelines of a U.N. climate conference, Christiana Figueres told CEOs of coal companies meeting Monday at Poland’s Economy Ministry that their industry needs to change radically to curb emissions of heat-trapping gases that scientists say are warming the planet. The coal event is seen as a provocation by climate activists, who climbed the roof of the Economy Ministry and unfurled a banner that read, “Who rules the world? Fossil industries or the people?” Poland generates about 90 percent of its electricity from coal and Economy Minister Janusz Piechocinski said coal must be a part of talks on reducing CO2 emissions. © 2013 The Associated Press . All rights reserved. This material may not be published, […]

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