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Is North America Setting off an Oil Supply Shock

oil prices

The boom in North American energy (primarily related to shale in the U.S. and oil sands in Canada) is one of the biggest stories in the global economy.

A new report from The International Energy Agency (IEA) discusses the consequences of the boom in dramatic fashion, arguing that it’s as big of

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U.S. Shale oil leases to California Illegal Says Court

gavel

A US judge ruled the federal government violated national environmental law by declining to conduct a full-fledged environmental impact study of its oil leasing for California’s Monterey Shale Formation, reports Reuters.

The Obama administration did not fully weigh the effects of fracking on the environment, said US District Judge Paul Grewal

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The Oil Exploration Hackers

world oil prices

Oil Explorers Beware: Hackers Are Eyeing What You Know

The World Runs on Oil

While most would think that the risks junior oil and gas companies are taking in exploring new frontiers as far away as the remote reaches of Africa are related to government instability and conflict, another risk they face is right

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Massive Oil Deposit Discovered in Australia

shale field australia

Brisbane company Linc Energy yesterday released two reports, based on drilling and seismic exploration, estimating the amount of oil in the as yet untapped Arckaringa Basin surrounding Coober Pedy ranging from 3.5 billion to 233 billion barrels of oil.

At the higher end, this would be “several times bigger than all of the oil

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Just Released: Drunken Stupor Brought Oil Prices Sky High

oil prices

On June the 30th 2009 oil mysteriously jumped by more than $1.50 a barrel during the night, to reach its highest price in eight months, the kind of swing that is caused by a major geopolitical event.

The amazing, true cause of this price spike has now been released by a Financial Services Authority

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Iran Re-Threatens Hormuz Closure

Strait of Hormuz

DUBAI (Reuters) – Iran renewed threats on Sunday to close the Strait of Hormuz unless sanctions against it were revoked, though it remains unclear how Tehran could shut down the vital oil shipping channel given the significant American military presence there.

The Iranian parliament is considering a bill calling for the

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Russian Economy Falling, Increasing Austerity

Russia

As a result of the stagnation in the eurozone, the economic crisis in Russia has worsened considerably. Faced with a looming recession, the Kremlin is preparing massive cuts in social spending.

The signs of an incipient recession have been mounting in recent months. Due to falling oil prices, the rouble has fallen against

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Iran Moves to Evade Sanctions

Iranian oil tanker

Iran is trying to sell some of its oil through a private consortium in an attempt t circumvent the US-led international sanctions regime inflicting enormous pain on the Iranian economy.

“The head of the oil products exporters’ union,” reports Reuters, “said the agreement between the exporters’ union, Iran’s central

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Iranian Oil Tankers Sit Full and Motionless

By and

iranian tanker

BANDAR ABBAS, Iran — The hulking tanker Neptune was floating aimlessly this week in the warm waters of the Persian Gulf, a fresh coat of black paint barely concealing its

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Yuan Used by China to Buy Iranian Oil

China is promoting the usage of the yuan as a rival international currency to the dollar

China is buying crude oil from Iran using its currency the yuan, an Iranian diplomat has said.

Oil transactions are usually settled in dollars but US sanctions make it difficult for Iran to accept payments in the US

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Why China and Philippines at Risk of War

China warned its citizens in the Philippines to “stay indoors” on Thursday as its state media warned of war over a month-long dispute in the South China Sea.

Territorial rivalry has escalated throughout the seas around China as regional and international navies seek to establish rights of passage against an expanding Chinese presence.

Chinese

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Deformed Wildlife in wake of Gulf Oil Spill

Deformed Gulf Shrimps On the left is a Gulf shrimp with growths, while on the right are a group of shrimps without either eyes or eye sockets.

Al Jazeera just published a thoroughly disturbing report on the deformed fish and shellfish that are being pulled from the Gulf in the wake of

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U.S. Marines Sent to Protect Natural Resources Near Australia

U.S. Marines began arriving in Australia after an agreement between President Barack Obama and Prime Minister Julia Gillard to increase cooperation and allow a greater regional presence for American forces.

The first 200 of as many as 2,500 Marines arrived in the northern city of Darwin yesterday, Gillard said in a statement. Obama first announced

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Fox News Commentator Makes Revealing Statement

Fox News commentator and The Daily Caller editor-in-chief Tucker Carlson, in response to a question about U.S. military action, openly called for the full-scale annihilation of Iran during an appearance on Fox News’s late-night show Red Eye.

CARLSON: “I think we are the only country with the moral authority […] sufficient to do that.

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Iran Strikes Back: Cuts Oil to Six EU Countries

Iranian state TV says Tehran has cut oil exports to six European countries in response to European Union sanctions, which include a boycott of new oil contracts with Iran.

The World Runs on Oil

No details were immediately made available on the Press TV report on Wednesday, including which six nations were affected by

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Kuwait Official: Crude may Skyrocket to $160

Oil prices could soar to as high as $160 a barrel if tension over an Iranian oil embargo persists or in the event of conflict, a top Kuwaiti oil executive said in remarks published on Monday.

“If the embargo on Iranian oil persists, or in case of a military move over the closure

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Iran Warns its Neighbours

Iran’s foreign minister warned Arab neighbors on Thursday not to put themselves in a “dangerous position” by aligning themselves too closely with the United States in the escalating dispute over Tehran’s nuclear activity.

Iran has threatened to close the Strait of Hormuz, used for a third of the world’s seaborne oil trade, if pending Western

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Crude Prices Pushed Over Iranian Hype

barrel of crude oil

The price of crude oil and growing tensions with Iran are bubbling to the top of economists’ and policymakers’ worry lists for 2012, as U.S. and European Union sanctions threaten to reduce the sales of Iranian oil and put pressure on one of the world’s largest petroleum exporters.“It’s been in the background for quite

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U.S.: Hormuz Blockade Would Trigger Release of Oil Reserves

Iran announced on Friday new military exercises in the Strait of Hormuz, but the West has readied plans to use strategic oil stocks to replace almost all Gulf oil lost if Iran blocks the waterway, industry sources and diplomats told Reuters.

They said senior executives of the International Energy Agency (IEA) discussed on

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U.S. Focuses on Thwarting China, Iran

The U.S. Army, Navy, Air Force and Marines must combine resources to thwart any efforts by countries such as China and Iran to block America’s access to the South China Sea, the Persian Gulf and other strategic regions, according to a draft of a Pentagon review.

The military services must work more cooperatively to pool

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