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