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Officials fear melted reactor fuel is now exposed at Fukushima

Tepco: We don’t know at this point if fuel is uncovered — Large drop in water level — Experts ‘struggling’ to find condition of nuclear cores, nothing is known for all 3 reactors TEPCO: Water in reactor half expected level — Officials with the operator of the damaged Fukushima Daiichi nuclear plant say the water level inside the No.2 reactor’s containment vessel is about half what they had estimated. […] They found the water was around 30 centimeters [11.8 inches] deep. TEPCO officials […] say they don’t know whether the fuel is entirely submerged. […] They believe then flowing out of the reactor building through holes in the chamber. NHK WORLD , June 10, 2014: TEPCO officials are struggling to find […] the condition of the melted fuel […] Officials believe that at reactor number 2, water is leaking […] at the bottom of the containment vessel, but do […]

Posted On : Published By : Tom Whipple
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IEA outlook: ‘Golden Age’ of gas to extend to China

The “Golden Age” of natural gas that has taken such a strong foothold in North America will extend to China over the next 5 years, driven by booming demand, according to the latest 5-year gas market outlook from the Paris-based International Energy Agency . In its Medium-Term Gas Market Report 2014, IEA noted that a near-doubling of Chinese gas demand by 2019 will offset a slowdown in demand in other regions. The annual report sees global demand rising 2.2%/year by the end of the forecast period compared with the 2.4%/year rate projected in last year’s outlook. Much of this demand, IEA says, will be met by LNG as well as new pipelines. “In a shift away from the traditional dominance of state-owned suppliers, private-sector operators in Australia, Canada, and the US are taking the lead in the expansion of the LNG trade, which is expected to grow by […]

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China Looks to U.N. in Vietnam Spat Over Oil Rig

A Chinese vessel near the oil rig in disputed waters in the South China Sea. Agence France-Presse/Getty Images China told the United Nations that Vietnam is the aggressor in the countries’ monthlong standoff over a Chinese oil rig in disputed waters, defending Beijing’s conduct and postitioning itself as the victim in the conflict. Despite Beijing’s shunning of international forums when it comes to dispute resolution, Chinese officials on Monday sent U.N. Secretary-General Ban Ki-moon what it called a position paper detailing Vietnam’s "illegal disruption" of the "routine" activities of an offshore drilling platform that China deployed near the Paracel Islands in May. China maintained its resistance to seeking a multilateral resolution in the dispute, but the approach suggested that Beijing is growing uneasy about the damage its reputation has suffered from the spat with Vietnam and from a similar dispute with the Philippines, both of which have characterized China […]

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China’s Record Oil Hoarding Seen Keeping Crude Above $100

China is hoarding crude at the fastest pace in at least a decade, shielding itself from supply disruptions and helping keep prices above $100 a barrel. The country imported a record volume in April as it emulates steps taken by the U.S. in the 1970s to create a strategic petroleum reserve, government data show. Chinese President Xi Jinping is building stockpiles as his nation clashes with Vietnam over resources in the South China Sea and faces potential risks to oil sales from Russia , Africa and the Middle East because of sanctions and violence. The purchases are helping drive oil prices higher, according to Barclays Plc, Citigroup Inc. and Nomura Holdings Inc. As China’s thirst for crude grows with the expansion of its emergency stockpiles and refining, the International Energy Agency estimates that the Asian nation is poised to surpass the U.S. as the world’s largest oil consumer by […]

Posted On : Published By : Tom Whipple
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China ramps up spending to spur economy, central bank sees stable policy

China’s central bank said on Wednesday it will keep monetary policy steady in 2014, even as the finance ministry said fiscal spending had surged nearly 25 percent in May from a year earlier, highlighting government efforts to energize the slowing economy. Total fiscal spending in May rose to 1.3 trillion yuan ($208.75 billion), quickening sharply from a 9.6 percent rise in the first four months of the year. The higher spending comes as the world’s second-biggest economy got off to a soft start to the year, growing at its slowest pace in 18 months in the first quarter. The economy has since shown some signs of stabilizing, but the recovery appears patchy and analysts do not rule out further stimulus measures, especially if the cooling property market starts to rapidly deteriorate. Fiscal revenues rose 7.2 percent in May from the same month last year, slowing from […]

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Goldman Says Keeping U.S. Oil-Export Ban to Add Value to Economy

A four-decade-old U.S. ban on crude exports should remain until a “saturation” point when domestic refining capacity becomes insufficient to absorb increased oil production, according to Goldman Sachs Group Inc. (GS) Maintaining the statutory curb on shipments overseas will deliver the “highest value” to the U.S. economy, the bank said in an e-mailed report today. At current extraction costs, the export ban may start to weigh on U.S. output growth in coming years, it predicted. Rising production from shale formations has allowed the U.S., the world’s biggest oil consumer, to import less crude, fueling speculation that the curb on exports could be lifted. A 1975 federal law bans most shipments overseas, with only deliveries of refined products including gasoline and diesel allowed. Supporters of the ban say keeping U.S.-produced oil at home helps reduce fuel prices for industry and consumers. “Keeping the ban in place would be the optimal […]

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Americans by 2-to-1 Would Pay More to Curb Climate Change

Americans are willing to bear the costs of combating climate change, and most are more likely to support a candidate seeking to address the issue. By an almost two-to-one margin, 62 percent to 33 percent, Americans say they would pay more for energy if it would mean a reduction in pollution from carbon emissions, according to the Bloomberg National Poll. While Republicans were split, with 46 percent willing to pay more and 49 percent opposed to it, 82 percent of Democrats and 60 percent of independents say they’d accept higher bills. “We’re already hitting 110 degrees here,” said Larry McNamed, a 44-year-old independent in Henderson, Nevada . “A lot of people are trying to sweep this under the rug, but we need to do something. It’s only going to get hotter.” President Barack Obama is moving forward with new rules that would require states to reduce carbon emissions from […]

Posted On : Published By : Tom Whipple
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Crude-by-rail transportation provides Bakken Shale production access to major markets

As onshore crude oil production in the United States increased over the past few years, producers have increasingly moved crude oil out of production areas by rail. Producers in North Dakota, in particular, have used rail to ship crude oil to refineries and midstream companies at newly built unloading terminals on the East Coast and West Coast. The number of rail carloads of crude oil began rising in 2012, as production in the Bakken Shale and other shale plays grew. According to the North Dakota Pipeline Authority, Bakken rail outflow capacity totaled 965,000 barrels per day (bbl/d) at the end of 2013, compared to 515,000 bbl/d of pipeline capacity. While some refineries are being built or planned for the area, […]

Posted On : Published By : Tom Whipple
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How dangerous are America's aging gas lines?

Minerva Mendoza lived in her tiny East Harlem apartment for 18 years. But for the last few months, she’s been afraid to go back to her home. Minerva Mendoza The blast happened less than 20 minutes after a neighbor called to report a gas smell. According to the National Transportation Safety Board, which is still investigating the explosion, a 125-year-old gas main running under Park Avenue was leaking near the buildings that exploded. The spark that started the blaze remains a mystery. But it cast a spotlight on the labyrinth of aging pipes carrying gas not only under New York, but cities throughout the country. Older cities on the East Coast, like New York, Boston and Philadelphia, are especially vulnerable, as they were built on cast-iron vintage pipe. While 2.5 percent of mains in America are cast iron, they account for 10.5 percent of incidents, according to the U.S. […]

Posted On : Published By : Tom Whipple
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How dangerous are America’s aging gas lines?

Minerva Mendoza lived in her tiny East Harlem apartment for 18 years. But for the last few months, she’s been afraid to go back to her home. Minerva Mendoza The blast happened less than 20 minutes after a neighbor called to report a gas smell. According to the National Transportation Safety Board, which is still investigating the explosion, a 125-year-old gas main running under Park Avenue was leaking near the buildings that exploded. The spark that started the blaze remains a mystery. But it cast a spotlight on the labyrinth of aging pipes carrying gas not only under New York, but cities throughout the country. Older cities on the East Coast, like New York, Boston and Philadelphia, are especially vulnerable, as they were built on cast-iron vintage pipe. While 2.5 percent of mains in America are cast iron, they account for 10.5 percent of incidents, according to the U.S. […]

Posted On : Published By : Tom Whipple