Remember US President George W Bush’s “Axis of Evil“? Well now there’s the “Axis of Diesel” – the petro-states of Russia, Iran and Venezuela which were able to take their windfall profits from the peak oil prices of mid-2008 and use them to extend their military spending and foreign assistance, but which are now facing […]
Tag Archives | oil
I’m on holiday this week but just as I was leaving the office, a US reader who had dragged himself away from presidential and vice-presidential nominations sent this link which is circulating amongst the petchem workers of the US Gulf as Hurricane Gustav approaches.
Gosling’s Black Seal 80 proof Bermuda Black Rum is black and sticky, the base of Bermuda’s own Dark and Stormy cocktail, and comes top in today’s Blog “Drink which looks most like Oil” competition. Also high on the list must be the Black Russian, not only oil-like in colour but also geographically correct.
Dry-cleaners across the US are going out of business at the fastest rate for 40 years due to the recent hikes in prices for perchloroethylene, the cleaning solvent, as well as plastics for garment bags, energy to run the machines, and fuel for their vans, according to this article in today’s Times Online. Not to mention the doubling in the cost of metal coat-hangers, due to the imposition of a tariff on Chinese metal coat-hangers, almost all of which supply American dry-cleaners.
A hedge-fund manager told US congress last week that without traders’ speculation in oil futures, the price of crude would drop to $65-70/barrel, according to this article in yesterday’s London Sunday Times. Congress is considering introducing measures to limit futures speculation, although the Commodities Futures Trading Commission (CFTC) insists it’s nothing to do with the traders and purely a supply/demand issue. US Treasury Secretary, Hank Paulson is in London this week for more talk along these same lines.
A report released by KPMG LLP’s Global Energy Institute on Friday said a majority of oil and gas executives interviewed did not believe global warming was caused by carbon dioxide emission. A huge 62% of these executives believe that it was just a natural phenomenon while 9% believe the world isn’t getting hotter.
I’m delighted to receive in the post today my prize copy of the book “Empires of Oil” and the promise of another tome, “Crude Continent – The Struggle for Africa’s Oil Prize”, when it is published in September. This was from the competition in the Petroleum supplement of The Times two weeks ago, which I encouraged Blog readers to enter too. I wonder how many of us were winners.
Oil tankers are carrying scarecrows on board to scare off pirates. An article in Times Online has this picture of a threatening oil worker on the deck of a large oil carrier. “If pirates see that people are watching them from the ship they tend to go for other vessels,” said Pottengal Mukundan, director of the International Maritime Bureau.
In a pullout section on “Petroleum” in the London Times today (but not sadly online), you can win one of ten sets of the books “Battle for Barrels” and “Empires of Oil”, by Duncan Clarke. Also one of ten copies of “A Crude Awakening”, the highly controversial documentary about the planet’s dwindling oil resources. Email your name and address to: email@example.com. Winners chosen 14 April.