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The collapse in world oilprices in the second half of 2014 will have only a moderate impact on the fast-developing low-carbon transition in the world electricity system, according to research firm Bloomberg New Energy Finance. However, the slump in the Brent crude price per barrel from $112.36 on 30 June to $61.60
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 oilprices and increased fuel efficiency of light-duty vehicles contributed to reduced US consumption.
The potential for growth in demand for liquid fuels is focused on the emerging economies of China, India, and the Middle East, while liquid fuels demand in the United States, Europe, and other regions with well-established oil markets seems to have peaked. Rising world oilprices attract investment in areas previously considered uneconomic.
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%
Although growth is expected to climb steadily through 2016, more robust growth is expected between 2017 and 2021, as a combination of higher oilprices, emerging mandate obligations, availability of new feedstocks, and the scaling up of advanced technologies drive increased investment in the industry. dominance and reach 49.5
These scenarios provide projections based on EIA’s Annual Energy Outlook (AEO) 2012 Reference Case, advances in battery technology (e.g., improved battery chemistry that allows for faster and deeper charging and reductions in battery cell and other component costs), and oilprices increasing to $200 per barrel: Low.
US gasoline demand this summer is expected to be the lowest in 11 years, while the average summer fuel price is forecast to be at a record level, according to the US Energy Information Administration (EIA). million bbl/d, according to EIA’s 10 April 2012 Short-Term Energy Outlook (STEO).
Knittel/Smith results for implied gasoline price effects from elimination of ethanol for 2010 using Du/Hayes model and pooled-sample estimates. Source: Knittel and Smith (2012). Again, using the same empirical models in Du and Hayes (2011) and Du and Hayes (2012), we show that ethanol production “causes” our children to age.
The global energy map is changing significantly, according to the 2012 edition of the Internal Energy Agency’s (IEA) World Energy Outlook ( WEO-2012 ). — WEO-2012. A surge in unconventional and deepwater oil boosts non-OPEC supply over the current decade, but the world relies increasingly on OPEC after 2020.
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.
DB has lowered its advanced lithium-ion battery cost projection by about 30% for 2012. ” Their analysis is in the context of the “ surprising [oil] demand strength of 2010 “; 2010 saw absolute incremental demand at around 2.2mb/d of growth—the second highest in 30 years, despite oilprices in the $90/bbl region.
The ratio increased because of both increasing crude oilprices and decreasing natural gas prices. The spot price for Brent crude oil has increased 19% in the last six months, from $103.90 per barrel on 30 March 2012. Source: EIA. Click to enlarge. per barrel on 3 October 2011 to $123.81
quadrillion Btu in 2012 to 12.1 from 2012 to 2040, compared to 1.2% The rising fuel economy of LDVs more than offsets the modest growth in VMT, resulting in a 25% decline in LDV energy consumption decline between 2012 and 2040 in the AEO2014 Reference case. l/100 km) in 2012 to 37.2 l/100 km) in 2012 to 37.2
World oil production capacity to 2020 (crude oil and NGLs, excluding biofuels). Source: Maugeri 2012. Oil production capacity is surging in the United States and several other countries at such a fast pace that global oil output capacity could grow by nearly 20% from the current 93 million barrels per day to 110.6
One of the many charts available from the maps and data library on the AFDC site, this shows the number of light-duty alternative fuel vehicles (AFVs), hybrid electric vehicles (HEVs), and diesel models offered by vehicle manufacturers from 1991 through 2012. Click to enlarge.
The break-even crude oilprice for a delivered biomass cost of $94/metric ton when hydrogen is derived from coal, natural gas or nuclear energy ranges from $103 to $116/bbl for no carbon tax and even lower ($99–$111/bbl) for the carbon tax scenarios. Tyner (2012) Economic analysis of novel synergistic biofuel (H 2 Bioil) processes.
A flood of bearish news has pushed down oilprices to their lowest levels in months, with WTI nearing $45 per barrel and Brent flirting with sub-$50 territory. With a bear market back, there is pessimism throughout the oil markets. However, the WTI/Brent spread has shrunk more dramatically since the collapse in oilprices.
Upstream spending is back to pre-2008 levels as producers, excluding NOCs (national oil companies) and OPEC organizations, are expected to spend close to $270 billion in 2013. The blossoming tight oil sector in the US has reignited talks of energy independence, but growing investment in offshore drilling is opening foreign reserves.
A new study by the French institute Enerdata, commissioned by the European Federation for Transport & Environment (T&E), suggests that the European CO 2 standards for new vehicles due to come into effect in 2012 will lead not only to a European savings on oil (mainly via lower oil import volumes) but also to slightly lower global oilprices.
High oilprices, persistent differences in gas and electricity prices between regions and rising energy import bills in many countries focus attention on the relationship between energy and the broader economy. However, this does not imply a new era of oil abundance, the report cautions.
seen in 2010, according to the newly released BP Statistical Review of World Energy, 2012. The “Arab Spring” affected oil and gas supplies—most notably the complete, albeit temporary, loss of Libyan supply—while the tragic Fukushima accident in Japan had knock-on effects for nuclear and other energy sources around the world.
The plant design is expected to be complete by the end of 2012, with site specific engineering and a decision to begin fabrication occurring in the first half of 2013. Calumet intends to use the FT products as feedstock for the production of ultra-high quality speciality products.
Even with CCS, the liquid product costs are comparable to recent crude oilprices. For a liquids-only configuration, CCS is a cheaper option when the CO 2 price exceeds $12/tonne. GHGT-11 will be held 18- November 2012 in Kyoto. The conference series rotates between, North America, Europe and Asia.
The Brent crude oil spot price averaged $112 per barrel in 2012, and EIA’s July 2013 Short-Term Energy Outlook projects averages of $105 per barrel in 2013 and $100 per barrel in 2014. Liquid fuels.
Industry appetite for oil-rich resource plays, particularly the North Dakota Bakken shale, Texas Eagle Ford shale and Ohio Utica shale, drove deal activity in the unconventional sector to a record $62 billion. We expect continued strong activity in oil and liquids-rich resource plays in 2012. —Ronyld W. Click to enlarge.
He says a deal is more likely than not due to the enormous financial pressure Iran is experiencing because of falling oilprices. Iran’s oil exports have more than halved from their pre-sanctions level of about 2.5 percent in 2012, the year that tough western sanctions took effect. And sanctions have taken their toll.
—Bartis 2012. A consensus is developing that global oil production is less likely to come to a sharp peak and more likely to hit a plateau that might continue for some decades and then slowly decline. —Bartis 2012. The study highlights the growing importance of the Caspian region for global oil supplies.
The study is not a forecast sales of electric vehicles; rather, it estimates electric vehicle deployment by state, using other forecasts of total electric vehicle sales in the US to generate a reasonable approximation of what electric vehicle sales might look like for the period 2012 to 2015.
The 103GW of capacity added by new renewable energy sources last year compares to 86GW in 2013, 89GW in 2012 and 81GW in 2011 and made 2014 the best year ever for newly installed capacity. Another challenge was, at first sight, the impact of the 50%-plus collapse in the oilprice in the second half of last year.
Performance in the study is measured by such metrics as: (1) required selling price of the fuel; (2) crude oilprice when the process will become economically viable; (3) the Well-to-Wheels (WTW) life cycle GHG emissions profile of the diesel fuel; and (4) the water usage associated with the facility. NETL/DOE-2012/1542.
Argentina offers one of the few places on earth where oil companies are not suffering from the full force of the collapse in prices. Argentina regulates oilprices, a policy originally intended to insulate the public from the whims of the market, protecting people from triple-digit crude prices.
In November 2012 the Office for National Statistics published the Living Costs and Food Survey for 2011. Diesel prices are a few p higher per liter. Pre-tax, the UK has some of the cheapest road fuel prices in Europe, according to the OFT.) —Professor Stephen Glaister, director of the RAC Foundation.
The production costs for most chemicals via microbial fermentation are currently high compared to oil-derived products primarily because of operating costs associated with feedstock and feedstock processing. The company first pursued Acetone Butanol Ethanol (ABE) technology when it was founded in 2012.
Critics cite the steep crude oilprice discounts for Canadian producers in the past year as further evidence that rail is not economic. On average in 2012, the price of heavy oils sands was $27 per barrel lower than a comparable barrel on the US Gulf Coast (USGC), and for short periods the difference was more than $40 per barrel.
Finally, it is difficult to imagine the Venezuelan market tumbling any lower than it already has; however, as oilprices plummet, the government’s access to foreign currency will continue to be limited, thus impairing vehicle production. million) below the market level recorded in 2012. Europe; Russia influences.
Electricity-related emissions are tempered by appliance and lighting efficiency standards, State renewable portfolio standard requirements, competitive natural gas prices that dampen coal use by electric generators, and implementation of the Cross-state Air Pollution Rule.
The Q1 2013 index (top) shows that the 7 top automotive nations have seen their competitive positions shift since 2012 (bottom). None of the subsidy programs that ended at the end of 2012 were renewed. Extracting oil by fracking could stabilize the oilprice over the next few years. Source: Roland Berger.
“NEB and GNWT study finds 200 billion barrels of oil in the Sahtu,” gushed CBC News , referring to a region of the sprawling territory that cuts across three provinces and touches the Arctic Ocean. Knowledgeable oilmen like Hogg say that the Canol, while highly prospective, is a long-term game that will have to wait until oilprices rise.
Syncrude plans to begin constructing a mining train on Aurora South around 2012 with production expected by the end of 2016. Decisions regarding further upgrading capacity will be considered in the future in the context of evolving heavy/light crude oilprice spreads.
That’s where government comes in.only the government can help influence [change] by having a price for carbon and technical incentives. ”. Mr. Immelt’s point is that the spike in oilprices to $147/barrel in 2008 is not enough on its own to get automakers to make electric vehicles.
Biofuels grow at a slower rate due to lower crude oilprices and. The decline reflects increased domestic production of both petroleum and natural gas, increased use of biofuels, and lower demand resulting from the adoption of new vehicle fuel efficiency standards and rising energy prices. Biomass and biofuels growth is slower.
and model 2011 2012 2013 2014 2015. The President has announced that the FY 2012 Budget will include enhanced R&D investments in battery and other electric drive technologies. These could lead to additional production capacity of several hundred thousand EVs not accounted for in this table. Fisker Karma EREV. Fisker Nina EREV.
In two other scenarios considered, a high oilprice scenario (using EIA projections) and a battery swap operator-subsidzied scenario, EV new vehicle sales penetration reaches 85% and 86% respectively by 2030. lower on a per-mile basis than gasoline-powered cars, depending on the future price of oil. Becker (2009).
The question today is just how much Argentina is willing to change and how this plays into a low oilprice environment that is already negatively impacting investment elsewhere. Investor confidence in Argentina has been damaged by heavy-handed nationalist politics, including the nationalization of oil company YPF in 2012.
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