Exports of anhydrous ethanol from Brazil to the US dropped to only 22.3 million l. in the 3 months through June, compared with 376.2 million l. shipped to the US in the same period last year.
It was more than a resurgence of economic pessimism that slashed the August contract for benchmark US light, sweet crudes by $11.60/bbl through seven of eight trading sessions to a $59.89/bbl close July 10 on the New York market, said Paul Horsnell, a managing director and head of commodities research at Barclays Capital in London.
Demand for oil will shrink this year—as will demand for almost all sources of energy in the US—because of economic contraction. Gas, coal, and nuclear energy demand will decline, but the use of hydroelectric power generation and all other renewable energy sources will grow from last year.
Over-the-counter derivative regulatory reforms should not jeopardize businesses’ efforts to manage financial risk, US Treasury Secretary Timothy F. Geithner said on July 10.
US House and Senate committees have each approved amendments to Section 526 of the 2007 Energy Independence and Security Act. But the devil, once again, is in the details.
US Senate Majority Leader Harry M. Reid (D-Nev.) joined Sens. Orrin G. Hatch (R-Utah) and Robert B. Menendez (D-NJ) in introducing legislation on July 8 to increase use of natural gas in US motor vehicles.
Natural gas liquids and condensate projects slated for start-up 2009-10 in some countries of the Organization of Petroleum Exporting Countries will add 2 million b/d to capacity at peak output.
Valero Energy Corp. is getting into renewables, having bought several ethanol plants earlier this year and having built a wind farm in northwest Texas near its McKee refinery.
Refining margins in the US are likely to shrink in coming years because stricter fuel economy standards and rising mandates for blending ethanol and other biofuels will reduce gasoline demand, Deloitte LLP said in a recent study.
The al-Qaeda terrorist organization has vowed to avenge the deaths of Muslims in the Chinese province of Xinjiang by targeting Beijing’s extensive workforce and projects around the globe, including its oil and gas interests, according to a private intelligence report.
Egyptian authorities have announced the arrest of 26 men, most of them engineers and technicians suspected of links with the terrorist al-Qaeda organization, on charges of plotting attacks on oil pipelines and ships transiting the Suez Canal.
The Canadian oil and gas industry has been hit by a rash of terrorist attacks in recent years, and the outlook is for much of the same, at least according to a recent risk report.
Oil and gas executives report they are beginning to see some relief in drilling and completion costs, partially because service companies have become more willing to renegotiate contracts.
From our assessment, the gas structures damaged during Hurricanes Gustav and Ike in the Gulf of Mexico present better economics and redevelopment potential than oil structures, and we predict that companies will redevelop 196 million boe, or nearly 95% of the remaining reserves.
This article concludes a two-part series that presents experience in 2008 with various marketed process simulators modeling Suncor’s 85-MMscfd Simonette sour-gas plant in northwestern Alberta.
