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EIA: world petroleum use sets record high in 2012 despite declines in North America and Europe

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The world’s consumption of gasoline, diesel fuel, jet fuel, heating oil, and other petroleum products reached a record high of 88.9 Between 2008 and 2012, Asia’s consumption increased by 4.4 In 2011 and 2012, higher oil prices and increased fuel efficiency of light-duty vehicles contributed to reduced US consumption.

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MIT/UC Davis professors challenge claims that ethanol production decreased gasoline prices in 2010 and 2011

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Source: Knittel and Smith (2012). Two professors from MIT and UC Davis have released a paper challenging the recent claims by the Renewable Fuel Association (RFA) and US Secretary of Agriculture Vilsack that ethanol production decreased gasoline prices by $0.89 in 2010 and 2011, respectively. Click to enlarge. Christopher R.

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Annual global oil & gas capital expenditure to pass $1-trillion mark in 2012

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Increased activity in the Exploration and Production (E&P) sector will be the primary driver in pushing oil and gas capital expenditure (capex) to $1.039 trillion for 2012, according to the latest report by business intelligence firm GlobalData. of the 2012 global total. billion, representing a share of 24.5%

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Record $86B in 2011 US oil and gas upstream deals, led by unconventional sector with $62B

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United States M&A activity for upstream oil and gas deals set records in 2011 for both deal values and deal counts, according to PLS, Inc., a provider of information, marketing and advisory services for the oil and gas industry. We expect continued strong activity in oil and liquids-rich resource plays in 2012.

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Neste Oil reports improvement in renewable fuels business, but still loss-making

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In its interim report for January–September 2012, Neste Oil said that while the third-quarter performance of its Renewable Fuels business (NExBTL) improved by €38 million (US$49 million) from the corresponding period last year, the business still recorded a loss due to low margins, particularly during the first part of the quarter.

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Pike Research forecasts global biofuels market to double by 2012 to $185.3B

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billion in 2011 to $185.3 BGPY in 2011) would represent just 7% of the estimated global transportation fuels market in 2021. Key trends identified in the report include: Oil prices are expected to climb over the next decade, driving increased interest in. billion by 2021. However, despite strong. BGPY of biofuels demand.

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IEA WEO-2012 finds major shift in global energy balance but not onto a more sustainable path; identifies potential for transformative shift in global energy efficiency

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The global energy map is changing significantly, according to the 2012 edition of the Internal Energy Agency’s (IEA) World Energy Outlook ( WEO-2012 ). by subsidies that amounted to $523 billion in 2011, up almost 30% on 2010 and six times more than subsidies to renewables. — WEO-2012. Oil demand reaches 99.7

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