Mexico’s Congress passed a bill changing the country’s constitution to end the government’s 75-year monopoly on crude oil and natural gas production in an effort to attract foreign investment and to restore economic growth. The bill has passed the Senate and House and will be sent to the states, half of which must approve any constitutional change. In 1938 Mexico nationalized its oil industry and expropriated all American and British assets.
Global energy demand is expected to be 35% higher in 2040 than it was in 2010, ExxonMobil says in its annual long-term energy forecast. China and India together will account for half of the projected growth in global demand.
Exxon Mobil also says that around 2025 natural gas will become the world’s second most-used fuel on an energy-equivalent basis, behind crude oil.
Russia’s Energy Minister Novak said his country’s crude oil output for 2013 should reach a post-Soviet record of 3.8 billion barrels.
So far this year, 665,450 carloads, or about 465 million barrels of oil, were delivered by rail in the US, a 32.1% increase from the same period last year.
56% of Americans view the proposed Keystone XL oil pipeline as more of a benefit to US energy security than as an environmental risk.
US oil production will surge toward a record high in the next two years and the nation’s natural gas dominance is expected to rise for decades forecasts the country’s Energy Information Administration. The US.recently became the world’s largest natural gas producer, and the EIA forecasts a 56% increase in American natural gas production over the coming two and a half decades.
The Russian government said state-owned natural gas company Gazprom will keep its control over pipeline exports but the market for liquefied natural gas (LNG) is now open for competition. The law gives independent natural gas producer Novatek and state-owned oil company Rosneft the opportunity to develop LNG facilities that could serve a growing Asian market for natural gas. Russia is the world’s largest natural gas supplier and is hoping to export its gas to expanding economies in Asia.
PGNiG, a Polish state-owned energy company, said it reached a deal with a Chevron subsidiary to explore for shale gas in southeastern Poland.
The US military will soon be able to purchase advanced biofuel blends through its regular procurement practices, the departments of Agriculture and Navy announced this week. This will pave the way for military planes and ships to use more alternative fuels.
India wants to boost its nuclear power-generation by more than ten times over the next two decades to cut dependence on imported fossil fuels.
The total cost of Japan’s 2011 Fukushima nuclear plant meltdown may never be known, but the country has at least put a number on how much it anticipates storing the radioactive debris will cost it — $10 billion for the purchase and development of land for “intermediate storage facilities,” plus construction and operation costs.
The Canadian province of Ontario will no longer require renewable energy developers to use local suppliers. The announcement follows up on a recent decision by the World Trade Organization which ruled that Ontario’s local content rules discriminated against potential suppliers from Japan and Europe.
The US Environmental Protection Agency finds that new automobiles sold in model year 2012 in the US averaged a record-high 23.6 miles per gallon and that model year 2013 is expected to continue the upward trend to reach a new record of 24 mpg. Model year 2013 also set a record in the number of very efficient, low emission models of hybrids and plug-in electric vehicles.
The European Parliament voted to remove surplus permits from the carbon market from next year to boost carbon permit prices on the EU Emissions Trading Scheme (ETS). The bill is set to be formally signed off by the European Council of member states at a meeting on December 16th. The European Commission wants to intervene in the market to increase carbon prices to a level that will encourage companies to cut their greenhouse gas emissions, for example by investing in energy efficiency or switching to renewable energy sources. The Great Recession has cut the EU’s green house gas emissions, resulting in a massive oversupply of permits that has caused carbon prices to fall below 5 euros from more than 30 euros in 2008. Prices are currently around 4.7 euros.
with h/t Tom Whipple
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