Before the congressional committee, the CEO of BP, Tony Hayward refused to answer on more than 60 occasions which made the representatives accuse him of stonewalling the procedure. Soon after, BP Chairman Carl-Henric Svanberg announced that the CEO would no longer be managing the response to the oil spill. Meanwhile, President Obama stressed BP […]
Oil prices fell for 6 consecutive sessions. STEVE AUSTIN | 2010/07/05 The oil price has ingratiated itself with the lower price band for some time now closing below $73 a barrel in New York on Friday. There seems to be a melange of reasons at play for the price drop. First on the list- oil […]
On the Global economy-some indicators The IMF has raised Global economic growth from 4.2% to 4.6% this year, while the growth for next year has been kept at 4.3 percent. IMF has also predicted the advanced economies to grow by 2.6 percent this year. It estimates the U.S. economy to expand by 3.3 percent […]
An estimated 800 tons of oil have spilled offshore from Mumbai STEVE AUSTIN | 2010/08/16 There was some good news for the Indian shipping industry as the nation’s two premier ports-Jawaharlal Nehru Port Trust and Mumbai Port Trust-reopened for business partially. Thirty-two ships had been stranded at the two ports. Most of these carry vegetable […]
An inovative method allows conversion of plastics back into oil STEVE AUSTIN | 2010/09/06 Though plastic is one of the most versatile synthetically produced materials in the world, it also is one of the environmentally unfriendly substances produced by man. And considering its utility in myriad of industries and life spheres, it is impossible to […]
An energy war seems to have already begun and as the world’s limited oil reserves are getting depleted, the warlike situation will further worsen in the foreseeable future. TOBIAS VANDERBRUCK | 2010/10/11 The alarm bells have started ringing as surveys indicate that oil will become increasingly scarce beyond 2030 at the present rate of consumption. […]
STEVE AUSTIN | 2010/12/13 The year 2008 saw the American economy topple over like a towering stack of light weight cards with the financial and market crash. The recession changed the economy of the country and left many people without jobs and means to sustain their families. More houses were put on foreclosure than ever […]
Liquefied natural gas or LNG should stand for half of the international gas trade by the advent of the year 2025 STEVE AUSTIN | 2011/01/24 No one source of energy has ever affected the course of geopolitics the way oil has. Barrel prices going up and down seem to work like the ECG of the […]
as Egypt’s post-peak oil production plummets, so do food subsidies and food prices surge. TOBIAS VANDERBRUCK | 2011/01/31 Riots over high food are snowballing through the Middle East, and the latest theatre of these riots, Egypt, has Western Powers worried. Very worried. Never mind a democratic regime, free elections and freedom of speech. The real […]
Prime minister Putin just forced Russia’s largest oil company to open its pipeline to competitors like Surgutneftegaz. STEVE AUSTIN | 2011/03/03 Oil prices are always experiencing a little fluctuation. In the past few years, there have quite a few sudden rises in oil prices with a subsequent fall in the stock market. The London Brent […]