A U.S. startup company says it has developed a technology to convert plastic waste into a highly refined, low-sulphur oil, an innovation company officials say could provide a domestic source of fuel and keep untold amounts of plastic out of landfills.
The European Union says crude oil extracted from Alberta’s tar sands should be ranked as a dirtier fuel source than oil tapped from conventional oil wells, a move that could effectively ban the import of the controversial oil.
The European Commission endorsed a measure (more…)
Muammar Gadhaffi’s 42 year-old regime is in its death rattle – maybe today, maybe tomorrow, his administration that has ruled Libya with a quixotic and brutal hand is about to pass, in Trotsky’s piquant phrase, “into the dustbin of history,” prompting the question “what next?” (more…)
After burning through five energy ministers, President Rafael Correa was finally able to pass the petroleum reform that replaces a production-sharing model with a flat rate per barrel produced payment scheme. The oil of Ecuador now belongs to the Ecuadorian state.
The amount of food wasted each year by Americans represents the energy equivalent of 350 million barrels of oil, or about 2 percent of the nation’s annual energy consumption, according to a new study. Researchers at the University of Texas say it takes the equivalent of about 1.4 billion barrels of oil to produce, process, package, and transport a year’s worth of food in the (more…)
America’s military should wean itself off oil by 2040 in order to end the high vulnerability of its fuel supply to attack and price spikes, according to a new report. The U.S. Department of Defense currently relies on petroleum for about 77 percent of its energy needs, including aircraft, ground transportation, ships, and weapons, according to the Center for a New American (more…)
(Reuters) Here is an explanation of how a relief well works, as explained by industry and academic experts as well as Kent Wells, BP’s senior vice president of exploration and production.
* A relief well provides access to a blown-out well far beneath the seabed, at or close to the bottom of the problem well.
* Typically, it is drilled parallel to the problem well (more…)
What you don’t know will hurt you. That’s the message in Michael Lewis’ new book, “The Big Short,” which traces today’s worldwide economic downturn to a single problem: the secretive nature of prices in the subprime mortgage bond markets.
What’s this got to do with energy? Our industry has its own opaque corners that can cause widespread damage. This week the International Energy Agency (IEA) is attempting to focus light on a big one: energy subsides for fossil fuels. (more…)