The oil industry must brace for five energy “tsunamis” that threaten to drag prices as low as $10 a barrel in less than a decade, according to Engie SA’s innovation chief.
It was a roller coaster year for oil prices. And little wonder.
Regardless of the outcome of the meeting on 30 November, the future of OPEC looks uncertain. The organisation is facing a perfect storm, squeezed as it is between the revolution in shale oil, which has increased global supply and brought down prices, and the prospect of a global peak demand, and falling costs of alternatives.
Anyone planning to trade the outcome of this week’s OPEC meeting might consider the lessons of the group’s last production cut. Then take a deep breath.
Gasoline is like some kind of drug: we know it’s bad for the planet, but we just can’t give it up. Now a number of voices from the energy industry suggest that our addiction could begin to ease, thanks to the rise of electric cars.
Just when you thought it was safe to drive a gas-guzzler again — peak oil is back. And it’s after your wallet, your air, and your planet.
Food vs. fuel. It’s an argument you’ve likely heard before, and you’re likely to hear again. People in the world are still going hungry, so we shouldn’t be using crops to make fuel. The corn grown in the United States should be going into the bellies of starving children, not our gas tanks. Read more
Telsa Motors Inc.’s plan to cut jobs in China underscores the electric-car pioneer’s struggles in the country, a crucial market for the developing technology.
“Under the Dome,” a searing documentary about China’s catastrophic air pollution, had hundreds of millions of views on Chinese websites within days of its release one week ago. Then on Friday afternoon, the momentum over the video came to an abrupt halt, as major Chinese video websites deleted it under orders from the Communist Party’s central propaganda department.
Brazil’s state-controlled oil company, Petrobras, is embroiled in what might become one of the largest corruption scandals in the nation’s history.
This week The New York Times reported that prosecutor general Rodrigo Janot had prepared indictments on at least 11 executives from Brazil’s largest construction companies.
According to the story, Janot:
is opening the way for a trial that would focus scrutiny on growing testimony about a web of illicit dealings between former executives at Petrobras, the state-controlled oil company, powerful contractors and political figures in Ms. Rousseff’s government.
“We are following the money and we will reach all of these perpetrators,” Mr. Janot said Saturday night in an interview with the Globo television network.
The scandal, which involves claims of bribes to obtain contracts with Petrobras, stunned Brazil’s business establishment in November, when police arrested the executives and transferred them to a jail in the southern city of Curitiba. If testimony already obtained in the case is proven true, the case would dwarf previous corruption scandals in Brazil.
Evidence points to vast sums of money changing hands:
Pedro Barusco, once an obscure, third-tier executive at Petrobras, has agreed to return about $100 million in bribes related to his time at the company, a disclosure that could rank him among the largest known bribery recipients in Brazil’s history. Separately, Augusto Mendonça, an executive at Toyo Setal, a shipbuilding company, testified last week that he paid more than $23 million in bribes directly to the governing Workers Party and to Petrobras executives in exchange for contracts to build oil tankers.
The scandal already affecting the popularity of President Dilma Rousseff, who was narrowly re-elected in May. Rousseff is a former energy minister who once served as chairwoman of the board at Petrobras.
A new opinion survey released on Sunday by Datafolha, a prominent Brazilian polling company, showed that 68 percent of Brazilians hold Ms. Rousseff responsible for the bribery scandal. At the same time, Ms. Rousseff, who narrowly won re-election in October, has an approval rating of 42 percent, the survey showed.