Energy & Oil

Energy & Oil
Tuesday, July 29th 2008 - 21:00 UTC

OPEC president predicts oil below 100 USD a barrel

OPEC president Chakib Khelil

The price of crude sunk to below 121 US dollars a barrel, touching on its lowest point since May, in the wake of a strengthening dollar and the comments of OPEC president Chakib Khelil, who called current prices “abnormal” and predicted that the barrel price could sink below 100 dollars in the long term.

Monday, July 28th 2008 - 21:00 UTC

Chilean commuters take to bikes to keep fit and save

Chilean bike manufacturers and promoting groups reported this week that bicycle sales increased 30% during the first six months of 2008 in Santiago. New lightweight and easily transportable aluminum bikes have much to do with this sharp increase in sales and bike use, as do increased petroleum prices and new bicycle cycle lanes

Monday, July 28th 2008 - 21:00 UTC

UK Government blamed for fuel prices said nationwide poll

More than a third of people in the UK believe the Government is primarily responsible for high fuel prices, a new poll has shown.

Monday, July 28th 2008 - 21:00 UTC

Proud Chavez shows “why don't you shut up?” t shirt

A joking Chavez show the t-shirt gave by the King

Venezuelan president Hugo Chavez during his weekly program “Hello President” exhibited a t short with the phrase “Why don't you shut up?”, a gift from the King of Spain during his recent visit to several European countries.

Thursday, July 24th 2008 - 21:00 UTC

Arctic holds massive oil and gas reserves say US scientists

The Arctic could hold as much as 90 billion barrels of undiscovered oil and has as much undiscovered gas as all the reserves known to exist in Russia, US government scientists have said in the first governmental assessment of the region's resources.

Tuesday, July 22nd 2008 - 21:00 UTC

Massive investment in Magallanes region gas exploration

Chile's government owned oil and gas company ENAP is planning to invest over 300 million US dollars in the next three years to develop natural gas deposits in Magallanes Region, in the extreme south of the country.

Monday, July 21st 2008 - 21:00 UTC

Paraguay downplays discovery of oil in commercial volumes

Oil camp in the forrest

The Paraguayan government confirmed the existence of oil deposits in an inhospitable area to the north of the country. However one long year must elapse before the deposits can be considered commercially exploitable.

Monday, July 21st 2008 - 21:00 UTC

Mercosur “fantastic but frustrated” idea, ripe in mistakes

Pte. of EU council of wise men

Mercosur is an idea which “involved a fantastic but frustrated will power” according to former Spanish Socialist president Felipe Gonzalez. A previous common infrastructure commitment is more important for integration that having “political groupings such as Mercosur”.

Friday, July 18th 2008 - 21:00 UTC

Petrobras workers preparing nationwide strike in August

Brazilian offshore oil workers will end a five-day walkout on the original Saturday deadline, but warned they may call a new, nationwide strike against state oil company Petrobras next month. Petrobras issued a statement saying the strike and a later work slowdown by refinery workers had not affected production levels.

Wednesday, July 16th 2008 - 21:00 UTC

Oil in biggest one-day drop in 17 years: closes at 138.69

Oil prices fell sharply Tuesday on concerns that a slowing US economy will decrease demand for oil. The price of crude oil in New York at one point fell more than 9 US dollars a barrel in New York trading, the biggest one-day drop in dollar terms in 17 years.

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