Chinese firms are rushing to snap up Canadian oil sands and invest in ongoing projects – to the tune of $15 billion in the past 18 months. They are motivated by a desire to jump into one of the world’s lowest-risk oil investments and to quench the exploding energy demands of Asian markets.

UK energy customers are struggling to meet the cost of steep price hikes with 71% turning to savings, credit cards and overdrafts to pay for their energy bills.  Recent price increases for electricity and natural gas have added a whopping £155.75 per year onto the average household energy bill, with gas prices shooting up by 17.4% and electricity bills up by 10.8%.

In the state of New South Wales, Australia, more than 14,000 energy customers can’t pay their electricity bills and are up to $1650 in debt.

Argentina is betting on corn to increase the ethanol in its gasoline blends to 20-25 percent. The government has authorized $450 million in financing for five projects to supply corn and sorghum-based ethanol to oil refiners.

Japan’s imports of liquid natural gas (LNG) and thermal coal rose to a record in August because of low utilization rates at its nuclear power plants. The nation’s LNG imports climbed 18.2 percent from a year earlier to 7.55 million metric tons, while thermal-coal imports increased 7.1 percent to 10 million tons.

Liquefied natural gas prices are surging to a three-year high as demand from Japan, China and India outpaces supply increases.

OPEC members will earn an unprecedented $1 trillion this year, according to the US Energy Department, as the group’s benchmark oil prices exceeded $100 a barrel for the longest period ever. They are promising to plow record amounts into public and social programs after pro-democracy movements overthrew rulers in Tunisia, Egypt and Libya and spread to Yemen and Syria.

 

h/t  Tom Whipple in the Energy Bulletin and Energy Matters

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