Oil scrips: Contrarians may lose out this round
Govt's Wavering Stand On Fuel Prices Is Bleeding Oil Marketing Companies Our Bureau MUMBAI
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U.S. Regulators Push to Strengthen Oversight of Energy Markets
Faced with enormous political pressure to tighten the oversight of energy trading, federal regulators said Thursday that they have been investigating oil and derivative markets for six months to look into potential price manipulation. The revelation came as the agency, the Commodity Futures Trading Commission, also announced a series of measures intended to heighten regulatory supervision of energy trading and bring "greater sunshine' into the commodities markets.
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Legislation to conserve energy recommended
The Ministry of Environment has recommended comprehensive legislation on energy conservation and management to overcome the energy shortfall and smooth running of industry and other businesses. The ministry, in its recently formulated Energy Conservation Policy by one of department's, National Energy Conservation Centre (Enercon), has also recommended development of conservation codes and standards.
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Philippines looking at four-day week to save energy
With energy prices continuing to rise the Philippines is considering implementing a four-day week for all government employees, officials said Friday. Executive secretary Eduardo Ermita told journalists that the idea was being taken seriously by President Gloria Arroyo's government as a way of reducing energy costs.
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World on brink of energy crisis
There may be a debate about the cause but there is no doubt about the effect: the world is on the verge of an energy crisis. The signs are everywhere. This week, Qantas boss Geoff Dixon said the airline would ground planes, cancel routes, slash jobs and freeze senior pay packets to combat rising jet fuel prices. Mr Dixon lamented that Qantas had "no control' over rising fuel costs - sentiments echoed by other airlines such as Air France KLM, which has flagged a sharp decline in operating profits.
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Hyatt Regency Hakone tries candlelight to save energy
The Hyatt Regency Hakone Resort & Spa will participate in Japan's "Carbon Dioxide Reduction Light-Down Campaign' by turning the lobby lights off for two hours on June 21 and July 7. The Hyatt will also be lighting its lobby fireplace with candles, instead of a fire, between June 21 and Aug 31. The "Carbon Dioxide Reduction Light-Down Campaign' was started by the Ministry of the Environment to help reduce carbon dioxide emissions and encourage thoughts about how to prevent global warming.
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World oil crisis: impact on developing countries
The economic analysts argue that there are many reasons; direct and indirect, behind the current oil price hike. They mainly attribute to the developments in China and India which had increased the consumption levels of the fuel per day. This situation had led the Organisation of Petroleum Exporting Countries (OPEC) to a problem since its output cannot match the increased demand from these two nations.
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Govt ready to take more steps, blames global crude prices for inflation
While the inflationary pressure has gone out of control from the government, commodity prices have been steadily increasing. During the week, price of fish jumped by 6%, fruits and vegetables by 3% and moong dal and spices by 2% and 1% respectively. Despite export bans, skimmed milk was costlier by 7% and imported edible oil by 1%. Furnace oil was costlier by 3% and light diesel oil by 2%.
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16 power projects underway in Balochistan
As many as 91 projects in water sector were being implemented while 16 electricity supply schemes were underway in various parts of Balochistan, official sources told APP here on Sunday. These projects aimed at providing clean drinking water and electricity supply facilities to the people in the province, the sources said, adding that the government would construct 54 more small dams in different districts aimed at resolving water scarcity problems in the province.
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Pepco claims partial success of energy conservation plan
The energy conservation drive by the Pakistan Electric Power Company (Pepco) turned out to be a 'partial success' on its first day (Sunday), with 60 per cent markets across the province voluntarily closing by 9pm. Pepco officials called it an encouraging sign as all these markets pulled their shutters down on their own because neither the Labour Department nor the district administration was on duty on Sunday. (Except for Lahore and Rawalpindi, markets do open in Punjab on Sundays as they follow the Friday closure)
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Oil subsidy may triple to 2.2% of GDP
India's oil subsidy may shoot up three times to 2.2% of the GDP this year even as the government dithers on raising fuel prices in step with the rise in input (crude oil) cost. The country paid $8.7 billion in oil subsidies in 2007 or 0.7% of the GDP. In 2008 when GDP is slated to grow to $1.34 trillion, the subsidy may jump to $18.1 billion at $100 a barrel crude price, and to $23.4 billion at $115. At current market price, it would rise to $29.2 billion, Credit Suisse said in its latest report on subsidies in Asia.
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Traders flout energy conservation drive
The energy saving drive of the government found little favour with traders in the city on Monday, as markets remained open beyond the stipulated time on the first working day of the week. While people have been suffering degenerating power supply with prolonged and nightlong power outages since Sunday night the situation was not so encouraging amid blazing heat in 34 degrees Celsius with 72 per cent humidity. Various residential areas across the city were hit by prolonged and unannounced power outages of up to 10 hours from late Sunday night till Monday evening.
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Cabinet nod to Bawana power project
Delhi Cabinet has given its nod to Pragati Phase-III Bawana Power Project to be commissioned at an estimated cost of Rs 5195.81 crore. Prime Minister Manmohan Singh had laid the foundation stone of the 1500 MW Gas Based Power Station on March 24 this year. The project would meet the growing demand of power in the city and cater to the requirements for Commonwealth Games 2010. The decision was taken on Monday in a Cabinet meeting presided over by chief minister Sheila Dikshit.
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PM: Oil-price pinch can't be avoided
PM Manmohan Singh on Monday hinted that there may not be any alternative to raising fuel prices, even as the government continued to grapple with working out a consensus on measures to tackle high global crude prices. A decision can possibly be taken only by Thursday after a meeting of the Cabinet Committee on Political Affairs.
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Fuel prices go up again
The price of petrol has gone up by Rf1 per litre and the price for a litre of diesel has been increased by Rf2.95, the State Trading Organization (STO) has said. A statement issued by STO, the largest fuel supplier in Maldives, said that with the changes brought about on Friday the price of a litre of petrol will now be Rf13.25 and a diesel litre will now cost 15.50. This is the first time in the last 10 years that the price of petrol and diesel has gone above a dollar.
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FIRST HOUSING, NOW OIL
The double whammy of rising oil prices and plunging home prices could turn a mild recession into something more threatening, says Peter Coy
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Please use this: White paper urges households to save more energy
A government white paper issued Tuesday calls on households to save energy as a means of cutting greenhouse gas emissions. According to the paper, the ratio of carbon dioxide emissions in Japan from the household sector compared with overall emissions of such global warming gases is lower than in the United States and Europe. However, household energy consumption in Japan surged 44 percent in 2005 from 1990, the white paper on the environment and recycling says.
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Pakistan Puts Clocks Forward, Hopes To Save Power
Pakistan put its clocks forward an hour on Sunday while shops have been ordered to close early as the country struggles with an acute electricity shortage. Setting clocks forward by an hour, to six hours ahead of GMT, should enable the country to take advantage of an extra hour of daylight in the evenings and save power. Shopping centres have also been ordered to close at 9 p.m. (1500 GMT) from Sunday while government offices have been told not to turn on the air conditioning for the first three hours of the working day.
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Traders turn down energy conservation
The traders and shopkeepers categorically rejected the government's new policy of power conservation, as most of the markets and shopping plazas were closed down as usual here in the City on Sunday. The federal government apart from other power conservation steps had decided to change the weekly off day of markets from Sunday to Friday, asking the traders to follow the new instructions from June 1, 2008.
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Take a walk, save on bills
Steady rise in fuel prices seems here to stay and each price rise is bound to have an impact on monthly budgets. With petrol becoming dearer by a steep Rs 5 and diesel by Rs 3, auto experts say that simple changes in driving habits and minor alterations in lifestyle can ensure the hike does not hit as bad.