The Heat Zone

NYMEX Oil Trader Predicts Lower Prices for Remainder of 2009

admin — Fri, 03 Jul 2009 11:00:19 +0000

Many prognosticators expect the price of oil to rise over the rest of the year. This makes sense, as demand for crude will most likely rise if and when the economy picks back up. However, NYMEX trader Ray Carbone sees it differently. On Wednesday, when interviewed on CNBC, Carbone said that he expects that oil prices [...]

Oil Prices Sink Sharply on Unemployment Numbers, Stockpile Data

admin — Thu, 02 Jul 2009 19:13:35 +0000

The price of crude plunged 3.7 percent today to close at $66.73 a barrel and the price of heating oil fell 3.7 percent. HEAT USA Price Report Evening projection (for Friday’s average retail heating oil price per gallon): DOWN $0.07 Swelling stockpiles of gasoline and distillate fuel combined with big unemployment numbers to paint a gloomy picture of [...]

Rep. DeFazio Calls for Tax on Crude Oil Futures and Options

admin — Thu, 02 Jul 2009 18:14:49 +0000

The Associated Press reported this month that the Obama administration is warning lawmakers that the trust fund that pays for highway construction will go broke in August unless Congress approves an infusion of as much as $7 billion to keep current projects going. Another $8 billion to $10 billion will be needed to keep the [...]

Nigeria Extends Amnesty to MEND Rebel Leader Amid Increasing Violence

admin — Thu, 02 Jul 2009 16:02:59 +0000

Nigeria is Africa’s biggest oil producer and the world’s eighth-largest, but a years-long struggle between rebels in the Niger Delta and the Nigerian government has seriously hampered oil production. As reported earlier this month on The HEAT Zone, the Movement for the Emancipation of the Niger Delta, better known as MEND, has launched repeated attacks [...]

Renewable Energy Industries Face Halt in Growth When Stimulus Funds Run Out

admin — Thu, 02 Jul 2009 15:31:09 +0000

The massive government stimulus package, a.k.a. the American Recovery and Reinvestment Act (ARRA), contains billions for renewable energy development. Among the hoped-for results are reduced dependence on fossil fuels, cleaner air, and millions of jobs in new, green industries. The money is already flowing, but much remains to be distributed to companies developing solar and [...]

Oil Prices Fall on Unemployment, Stockpile Increases

admin — Thu, 02 Jul 2009 12:41:27 +0000

At 9:07 am EDT, the price of crude had fallen by 2.9 percent to $67.31 a barrel and the price of heating oil had dropped by 2.7 percent. HEAT USA Price Report Today’s average retail heating oil price per gallon: DOWN $0.01 Morning projection (for Friday’s/Monday’s average price per gallon): DOWN $0.05 Oil prices fell sharply this morning, driven [...]

Oil Prices Drop on Surprise Increases in Product Stockpiles

admin — Wed, 01 Jul 2009 20:54:44 +0000

The price of crude lost 0.7 percent to close at $69.31 a barrel and the price of heating oil fell by 1 percent. HEAT USA Price Report Evening projection (for Thursday’s average retail price per gallon): DOWN $0.01 Crude and heating oil prices closed slightly lower today after government data showed large increases in stockpiles of US petroleum [...]

FutureGen “Clean Coal” Plant Loses Two Investors

admin — Wed, 01 Jul 2009 20:28:49 +0000

Will the FutureGen clean coal project ever get off the ground? Last month, as reported here on The HEAT Zone, the federal government has allocated $1 billion in stimulus package funds towards the creation of FutureGen, a proposed coal-fired power plant with carbon sequestration technology in Illinois. A conglomeration of energy and coal companies have also [...]

Fuel of the Future: Smaller, Safer Nuclear Power

admin — Wed, 01 Jul 2009 19:44:57 +0000

All life on Earth depends on nuclear power. The Sun is a giant fusion furnace, and what energy on Earth doesn’t come in one way or another from the Sun comes from radioactive decay at Earth’s core. If it wasn’t for nuclear reactions, Earth would be a cold, lifeless rock. Long decried as unsafe or [...]

Algae Will Eat CO2, Produce Ethanol at Pilot Plant in Texas

admin — Wed, 01 Jul 2009 15:01:08 +0000

The New York Times Green, Inc. blog reported on Monday that Algenol Biofuels and Dow Chemical Company are planning to build a pilot plant to produce low-cost, non-feedstock ethanol from algae on the site of a Dow plant in Freeport, Texas. The plant already produces carbon dioxide (CO2), a key ingredient in the photosynthesis-based production [...]

Oil Prices Bounce Back on Inventory Data, Nigeria Violence

admin — Wed, 01 Jul 2009 12:51:14 +0000

At 9:18 am EDT, the price of crude had gained 2.6 percent to climb to $71.69 a barrel and the price of heating oil had increased by 1.9 percent. HEAT USA Price Report Today’s average retail heating oil price per gallon: DOWN $0.01 Morning projection (for Thursday’s average price per gallon): UP $0.03 Oil prices climbed back this morning, [...]

Oil Prices Tumble on Low Consumer Confidence, Stronger Dollar

admin — Tue, 30 Jun 2009 20:08:08 +0000

The price of crude lost 2.4 percent today to close at $69.80 a barrel and the price of heating oil fell by 2.5 percent. HEAT USA Price Report Evening projection (for Wednesday’s average retail heating oil price per gallon): DOWN $0.05 Data showing a decline in US consumer confidence in May weighed heavily on oil prices today. Economic [...]

Study: Health Costs Outweigh Economic Benefits of Coal in Appalachia

admin — Tue, 30 Jun 2009 17:31:59 +0000

In asking the true price of energy, are we actually asking the price of human life? That’s what West Virginia University researcher Michael Hendryx believes, the Charleston Gazette reported on June 20th. Hendryx has published studies claiming that coal costs Appalachia five times more in early deaths than it gains from jobs, taxes, and all [...]

Fuel of the Future: Bio-Butanol from Wood as Renewable Gasoline

admin — Tue, 30 Jun 2009 15:14:20 +0000

We have known for centuries how valuable trees are: they help us breathe, provide us with wood for shelter and can even be turned into a variety of products, like paper. But now, some investors are developing ways to turn trees into bio-butanol to help wean America off its usage of petroleum. According to a Reuters [...]

New Tools Boost Energy Conservation, But Will Growing Demand Wipe Out Savings?

admin — Tue, 30 Jun 2009 13:55:37 +0000

We recently looked at the nation’s aging electrical grid and the challenges involved in upgrading it to meet America’s surging power needs, now and into the future. That post was based on a series presented on National Public Radio in April. The 10-part series also considered these questions: If we used electricity more prudently, could we [...]

Oil Prices Down Slightly After New 2009 High

admin — Tue, 30 Jun 2009 12:59:50 +0000

At 9:24 am EDT, the price of crude had fallen by 0.5 percent to $71.16 a barrel and the price of heating oil had lost 0.7 percent. HEAT USA Price Report Today’s average retail heating oil price per gallon: UP $0.06 Morning projection (for Wednesday’s average price per gallon): DOWN $0.02 Oil prices receded from an early rally spurred [...]

Oil Prices Up on Nigeria Attack and Stock Rally

admin — Mon, 29 Jun 2009 19:54:26 +0000

The price of crude rose 3.3 percent today to close at $71.49 a barrel and the price of heating oil gained 2.9 percent. HEAT USA Price Report Evening projection (for Tuesday’s average retail price per gallon): UP $0.06 Crude and heating oil prices posted another big rally today, boosted by supply concerns stemming from a Nigerian rebel attack [...]

New Maine Law Governing Heating Oil Tanks Takes Effect This Week

admin — Mon, 29 Jun 2009 18:44:30 +0000

Starting on Wednesday, Maine heating oil users will face new regulations when purchasing a new or replacing an old heating oil tank, the Bangor Daily News reported today. Last year, Maine’s legislature passed a law requiring residents who live within 1,000 feet of a community drinking well to use a double-walled tank when installing a new [...]