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Putin: Greenpeace should not 'raise a clamor'

Russian President Vladimir Putin said holding a large group of Greenpeace activists should serve as a lesson to environmental groups. Greenpeace should not "raise a clamor but [work to] minimize ecological risks should they appear," Putin said in a statement published Thursday by state news agency RIA Novosti. Thirty people were arrested in September after Greenpeace activists scaled a drilling platform in the Russian arctic. The group was using its Arctic Sunrise ship to campaign against Gazprom’s operations in the northern Pechora Sea. Gazprom’s Prirazlomnaya rig was towed to the region last year as the first ice-resistant oil rig in the world. Greenpeace said it was concerned about the potential for an oil spill in the harsh arctic environment. The detained Greenpeace activists are to be released as part of a general amnesty measure signed by Putin this week. Putin said he encouraged dialogue […]

Posted On : Published By : Tom Whipple
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Putin: Greenpeace should not ‘raise a clamor’

Russian President Vladimir Putin said holding a large group of Greenpeace activists should serve as a lesson to environmental groups. Greenpeace should not "raise a clamor but [work to] minimize ecological risks should they appear," Putin said in a statement published Thursday by state news agency RIA Novosti. Thirty people were arrested in September after Greenpeace activists scaled a drilling platform in the Russian arctic. The group was using its Arctic Sunrise ship to campaign against Gazprom’s operations in the northern Pechora Sea. Gazprom’s Prirazlomnaya rig was towed to the region last year as the first ice-resistant oil rig in the world. Greenpeace said it was concerned about the potential for an oil spill in the harsh arctic environment. The detained Greenpeace activists are to be released as part of a general amnesty measure signed by Putin this week. Putin said he encouraged dialogue […]

Posted On : Published By : Tom Whipple
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British official: Shale could reduce Europe's dependence on imports

British Secretary of State for Energy and Climate Change Ed Davey said shale natural gas may help reduce the European energy sector’s dependence on Russia. It’s unlikely European countries would duplicate the U.S. shale progress because the geology and regulatory regimes are more complex "but exploiting shale gas Europe-wide has the potential to contribute significantly to energy security whilst reducing dependence on imports from outside the European Union, most notably from Russia," Davey said Thursday at University College London. Shale natural gas won’t be a "silver bullet" for members of the European community but will add diversity to the base of energy resources, he said. European consumers get about 20 percent of their natural gas needs from Russia. The British government this week published policy guidelines meant to provide energy companies with the information they need to exploit the country’s fledgling shale natural gas […]

Posted On : Published By : Tom Whipple
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British official: Shale could reduce Europe’s dependence on imports

British Secretary of State for Energy and Climate Change Ed Davey said shale natural gas may help reduce the European energy sector’s dependence on Russia. It’s unlikely European countries would duplicate the U.S. shale progress because the geology and regulatory regimes are more complex "but exploiting shale gas Europe-wide has the potential to contribute significantly to energy security whilst reducing dependence on imports from outside the European Union, most notably from Russia," Davey said Thursday at University College London. Shale natural gas won’t be a "silver bullet" for members of the European community but will add diversity to the base of energy resources, he said. European consumers get about 20 percent of their natural gas needs from Russia. The British government this week published policy guidelines meant to provide energy companies with the information they need to exploit the country’s fledgling shale natural gas […]

Posted On : Published By : Tom Whipple
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If Gasoline Cars Still Dominate in 2040, What Fuel Will They Burn?

Today, I came across two news stories that would seem to contradict each other. Both are based on newly released U.S. government agency reports. The first headline reads, " Gas-Powered Vehicles To Dominate Roads in 2040, Feds Say .’ Published on the car-centric Edmunds web site, it contends "In 2040, 78 percent of all cars and trucks will run on gasoline, compared to 82 percent in 2012." By contrast, "Plug-in hybrid and electric vehicles will take a backseat to gas-powered vehicles, accounting for just 1 percent of total sales in 2040…" Now some of this clearly has to do with the legacy effect. Many, if not most of the 15 million gasoline cars purchased this year will likely still be in service some twenty years from now. That’s 2034. Even the most optimistic projections of EV sales – that includes plug-in and fully electric models – sees them capturing […]

Posted On : Published By : Tom Whipple
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Crude Oil Slips as Investors Shrug off Fed Taper

Crude-oil futures traded lower in Asian hours Friday as strong supply fundamentals capped any major gains on account of the U.S. Federal Reserve’s endorsement of economic recovery through its tapering. On the New York Mercantile Exchange, light, sweet crude futures for delivery in February traded at $98.77 a barrel at 0734 GMT, down $0.27 in the Globex electronic session. February Brent crude on London’s ICE Futures exchange fell $0.28 to $110.01 a barrel. "The stance of U.S. monetary policy is well down the list of key drivers for the prices of most commodities," Julian Jessop, head of commodities research at Capital Economics, said in a note. He said commodity prices decoupled from other financial markets at least two years ago and supply has been the key driver of prices for most commodities, including oil, which should be pressured by ample supply in 2014. Oil markets are […]

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WTI-Brent Spread Narrowing as U.S. Exports Record Fuels: Energy

The price gap between the world’s two biggest oil benchmarks probably will narrow next year as U.S. exports of refined fuels reach a record and crude supply from the Middle East and North Africa expands. West Texas Intermediate, the U.S. benchmark, will average $6 a barrel less than Europe ’s Brent in 2014, from $11.65 now, according to Commerzbank AG. Goldman Sachs Group Inc. is predicting $9 and Barclays Plc $8.30. The world’s most-traded energy spread already contracted 39 percent from the eight-month high of $19.01 reached Nov. 27. While the U.S. is pumping the most crude oil in a quarter century, laws prohibit most exports, driving down costs for domestic refiners and spurring record shipments of everything from diesel to gasoline that will diminish stockpiles. The forecasters expect Brent prices to weaken as regional supply recovers, led by Iran and Libya. “The continuing arbitrage for oil products out […]

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Brent Heads for Weekly Gain on Growth Prospects After Fed Move

Brent crude headed for a weekly increase on speculation that the Federal Reserve ’s plans to reduce stimulus indicate the economic recovery is gaining strength and will support fuel consumption. Brent futures were little changed in London, having advanced 1.6 percent this week. The Federal Reserve, which announced on Dec. 18 it will taper its program of bond-buying amid improved prospects for the job market, will probably reduce purchases in $10 billion increments over the next seven meetings, economists in a Bloomberg News survey said. West Texas Intermediate prices will probably decline next week amid ample U.S. crude inventories, a separate Bloomberg survey showed. “The improvement in the U.S. economy is clear, and that should offset any small negative impact from tapering,” said Amrita Sen, chief oil market strategist at Energy Aspects Ltd., a London-based consultant. “It has taken a few months for the market to acknowledge the upside […]

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Natural-Gas Futures Settle at Highest Price Since July 20, 2011

-Natural-gas futures climbed 4.9% to the highest level in nearly two-a-half years Thursday as government data showed strong demand pulled record volumes of gas from storage last week. Gas inventory fell by 285 billion cubic feet in the week ended Dec. 13, the Energy Information Administration said. That far exceeded the average of forecasts gathered by The Wall Street Journal for a decline of 260 bcf. It exceeded the top end of the forecast range of 280 bcf. The EIA said gas inventory dropped to 3.248 trillion cubic feet, a three-year low for this time of year. The stockpile is 13.1% below a year ago, which is the biggest deficit since July 12. Stocks also are 7.4% […]

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EIA: OPEC December Oil Output Up 100,000 Barrels a Day Vs. November

OPEC’s crude-oil output is up by 100,000 barrels a day in December from November, despite a 200,000 barrel-a-day drop in flow from Saudi Arabia, U.S. government estimates published Thursday show. Crude output from the Organization of the Petroleum Exporting Countries is averaging 29.4 million barrels a day, slightly more than the month-earlier level that was the lowest since May 2011, the Energy Information Administration said. EIA’s estimate shows labor disputes in Libya are keeping the North African nation’s December oil output at the November level of just 200,000 barrels a day. That is down from average output of 1.4 million barrels a day in the last two months of 2012, EIA data show. Output from Saudi Arabia is estimated at 9.5 million barrels a day, down 200,000 barrels a day from a month earlier, but 200,000 barrels a day more than the average in November […]

Posted On : Published By : Tom Whipple