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2005 Energy Archive:

20051230

Ukraine - Russia - EU - "Ukraine rejects Moscow gas loan offer." ... "President Viktor Yushchenko of Ukraine last night rejected an offer of a $3.6bn (£2bn) loan from Russia to pay for a big increase in gas prices by Gazprom, the Russian energy company." ... "The move has provoked the biggest rift between the two neighbours since last year's "Orange Revolution" in Kiev. Mr Yushchenko has turned Ukraine towards the European Union and Nato and wrenched it out of Russia's orbit." ... "The dispute could cause shortages in western Europe if Russia carries out a threat to reduce the gas it pumps into the huge export pipeline that crosses Ukraine from January 1. By doing so, however, Russia would risk damaging its claim to be a reliable energy supplier, just as it takes over the presidency of the Group of Eight industrialised nations with energy security as a main theme." -By Neil Buckley -FT.com
Ukraine - "Turkmenistan agrees to export 40 bln cu m gas to Ukraine in 2006." -AFXNews via -Forbes

20051229

Russia - Political - Business - "Russia threatens to cut off Ukraine's gas." ... "Ukraine's natural gas company declared Thursday that it has enough gas in storage to see the country through the winter if Russia halts shipments in a standoff over prices." ... "Russia's state-run natural gas monopoly, Gazprom, which provides about a third of the gas used in Ukraine, says it will stop selling gas to the country on Jan. 1 unless it agrees to a fourfold price increase." ... "Ukraine currently pays $50 (U.S.) per 1,000 cubic meters of gas. Gazprom is demanding that the price in 2006 rise to $220 to $230, saying that is more in line with world markets." -By Henry Meyer -AP via -GlobeAndMail
Russia - Business - "Russia to significantly up gas imports." ... "Russia on Thursday agreed to significantly increase its imports of natural gas from Turkmenistan in 2006, buying 30 billion cubic meters at US$65 (euro52) per 1,000 cubic meters, the state-controlled gas monopoly Gazprom said in a statement." -AP via -BusinessWeek

20051228

Texas - Enron - Accounting - Energy - Business - "Enron's Causey pleads guilty: Judge grants two-week delay to Lay, Skilling trial." ... "Rather than face trial next month, Enron's former chief accounting officer pleaded guilty Wednesday to federal charges stemming from the scandal that brought down the energy company in late 2001." ... "Richard Causey's plea bargain, made in U.S. District Court in Houston [Texas] before Judge Sim Lake, can't be welcome news for Kenneth Lay and Jeffrey Skilling, the two top ex-Enron executives federal investigators claim were kingpins in one of the biggest scandals ever to rock corporate America." ... "At the same time, the deal requires Causey to cooperate with federal prosecutors honing their case against his onetime bosses and raises the possibility of his taking the witness stand against them." -By Jim Jelter -MarketWatch

20051222

Government - Law - Military - Terrorism - Alaska - Oil - Environment - Health - Education - Jobs - Money - "Senate Extends Patriot Act, Kills Alaska Drilling (Update1)." ... "The U.S. Senate broke a legislative logjam and cleared the way for its holiday departure last night with a series of short-term compromises that extended the Patriot Act and blocked drilling for oil in Alaska's Arctic National Wildlife Refuge." ... "Democrats prevailed in getting Senate Republican leaders to abandon the oil-drilling plan, which was attached to the defense budget." ... "[House] Lawmakers passed a $142.5 billion budget for health, education and jobs programs that cuts funding from last year's spending plan, sending the measure to Bush for his signature. The House approved the measure 215-213 on Dec. 14." ... "The health budget reduces funding for the No Child Left Behind education initiative, special education and job training. It freezes funding for the National Institutes of Health and low- income heating assistance." -By Catherine Dodge -Bloomberg

20051220

Alaska - Gas - Business - Consumer - "Alaska sues BP, Exxon Mobil over natural gas: State claims oil giants conspired to keep prices high." ... "An antitrust lawsuit filed against Exxon Mobil Corp. and BP PLC claims the two oil giants are restricting the nation's supply of natural gas and keeping prices at record highs." ... "The lawsuit, filed Monday in U.S. District Court in Fairbanks, says the two companies acted together to eliminate competition for the exploration, development and marketing of natural gas from Alaska's North Slope to U.S. markets." ... ""The only reason for them to collusively not to sell is to try to continue the scarcity that has driven natural gas prices to historic highs," said David Boies, the attorney for the Alaska Gasline Port Authority, which filed the lawsuit." (1, 2) -AP via -MSNBC

20051214

US- World- Oil - "Oil imports help push trade gap to record high." ... "The U.S. international trade deficit jumped to a record $68.9 billion in October, the government said Wednesday, prompting economists to warn that growth could be slower than forecast in the fourth quarter of 2005." ... "Still, stock markets rallied on a separate Labor Department report showing prices for imported goods fell 1.7% in November, as oil prices dropped from post-hurricane highs. Tamer inflation could relieve pressure on the Federal Reserve to keep raising interest rates. Also Wednesday, a group of top CEOs predicted strong growth ahead." -By Barbara Hagenbaugh -USATODAY

20051212

UK - Oil - Disaster - Water - Environment - "UK oil depot fire 'largest of kind'." ... "Firefighters are battling blazes at three tanks still burning after Sunday's massive explosions at a fuel depot north of London while investigators search for clues as to what caused powerful explosions that started the blaze." ... "Using fire suppressant foam and water, the firefighters successfully put down fires in 10 other tanks at Buncefield Oil Depot near Hemel Hempstead and kept the flames away from seven more after the blasts, which injured 43 people and were felt 40 kilometers (25 miles) away in London." ... "The fire department said they were "making good progress" against the fire." ... "Fire and environmental officials spent much of the night discussing how to tackle the blaze without polluting local water supplies."-AP -CNN
Alaska - Oil- Business - Environment - Law - "White House pushes Congress on Alaska drilling." ... "Bush administration officials on Monday urged Congress to include opening Alaska's Arctic National Wildlife Refuge to oil drilling in a broad budget-cutting bill that could see a vote this week." ... "The Senate included ANWR in its package of spending cuts. But the House-passed budget bill dropped the ANWR drilling provision after a group of moderate Republicans threatened to vote against the measure if the drilling language was included." ... "The Bush administration stepped up its lobbying efforts to give oil companies access to the refuge." (1, 2) -By Chris Baltimore with contributions by Richard Cowan -Reuters

20051206

Kazakhstan - Russia - China - United States - Oil - "Foes call Kazakh poll invalid: Observers also see flaws in figures." ... "Opposition leaders yesterday called for President Nursultan Nazarbayev's election victory to be declared invalid, while Western-led observers said the vote that gave him 91 percent support was flawed." ... "An array of exit polls had indicated Nazarbayev would win with 70 to 80 percent of the vote." ... "Kazakhstan, which is four times the size of Texas and borders both Russia and China, has vast oil and gas reserves that are a potential alternative to Middle East petroleum, and its stability matters greatly to the United States and Western Europe." -By Jim Heintz -AP via -BostonGlobe

20051117

Iraq - Oil - Business - UN - Legal - History - "Scope of oil-for-food fraud 'overwhelming'." ... "It began with the best of intentions and achieved its major goals: feeding the Iraqi people while keeping dangerous weapons out of Saddam Hussein's hands." ... "Along the way, the United Nations' oil-for-food program metastasized into the worst corruption scandal in U.N. history." ... "Three weeks after a scathing report detailed the scope of the fraud — implicating governments, former diplomats, businessmen and corporations — a relatively small number of criminal investigations and other probes have begun." -By Barbara Slavin -USATODAY
Dick Cheney - Secret - Business - Law - Politics - Nevada - Alaska - "Did oil execs lie to Congress? Report contradicts big oil execs testimony denying a White House meeting. Democrats seek probe." ... "Senate Democratic leader Harry Reid of Nevada said the executives should return to Washington and set the record straight." ... "They should "be brought back to the Congress, sworn in, and forced to testify again about their involvement with Vice President Cheney's secretive energy task force and all of the issues covered in the hearing," Reid said." ... "Republican Sen. Ted Stevens of Alaska, who chaired last week's hearing, refused Democrats' demands that the executives be sworn in under oath before they testified." -Reuters via -CNN /Money
Business - Politics - Iowa - "'Backdoor windfall tax' stirs the pot: Provision in Senate tax bill riles the oil industry and its supporters on the Hill." ... "There's been a heated debate going on around the Beltway about whether to impose a "windfall profit tax" on the oil industry, which has profited handsomely from soaring oil prices earlier this year." ... "But in a surprising and contested move, Sen. Charles Grassley (R-Iowa) included in a Senate Finance Committee tax bill a provision that some have characterized as a 'backdoor windfall tax' on large oil companies. The committee, which Grassley chairs, passed the bill Tuesday evening. And it is being debated on the Senate floor Thursday." ... "The Joint Committee on Taxation estimates the provision would raise an additional $5 billion in tax revenue in 2006 and 2007. That would help compensate for the revenue lost by the nearly $60 billion in tax breaks also included in the bill." -CNN /Money

20051116

Dick Cheney - Secret - Energy - Law- Politics - Business - Environment - Alaska - "Document Says Oil Chiefs Met With Cheney Task Force." ... "A White House document shows that executives from big oil companies met with Vice President Cheney's energy task force in 2001 -- something long suspected by environmentalists but denied as recently as last week by industry officials testifying before Congress." ... "The document, obtained this week by The Washington Post, shows that officials from Exxon Mobil Corp., Conoco (before its merger with Phillips), Shell Oil Co. and BP America Inc. met in the White House complex with the Cheney aides who were developing a national energy policy, parts of which became law and parts of which are still being debated." ... "The executives were not under oath when they testified, so they are not vulnerable to charges of perjury; committee Democrats had protested the decision by Commerce Chairman Ted Stevens (R-Alaska) not to swear in the executives. But a person can be fined or imprisoned for up to five years for making "any materially false, fictitious or fraudulent statement or representation" to Congress." -By Dana Milbank and Justin Blum with contributions by Lucy Shackelford-WashingtonPost

20051115

Alaska - Missouri - Legal - Environmental - Politics - "Alaska oil-drilling measure may return." ... "Legislation to open the Arctic National Wildlife Refuge to oil drilling, apparently scuttled in the House last week, may resurface quickly, Republican leaders signaled Tuesday." ... "Missouri Rep. Roy Blunt, the acting majority leader, told reporters there would be no attempt to reinsert the controversial provision in deficit-cutting legislation pending in the House." ... "But when asked about plans for a final House-Senate compromise measure, he sidestepped. "It's too early to worry about" the final bill, he said of a measure that is expected to be drafted in December." -AP via -CNN

20051110

US - Canada - Alaska - Oil - Animals - Politics - "U.S. House drops plans to drill in Arctic refuge." ... "In a move certain to please Canadian politicians as well as environmentalists on both sides of the border, U.S. House leaders abandoned plans late yesterday to push for oil drilling in an Alaskan wildlife refuge." ... "They dropped from a budget bill a provision that would open the refuge to drilling as a salve to moderate Republicans because they feared it would jeopardize approval of a sweeping legislation today." ... "Canadian politicians and activists have lobbied against the plan because it would affect a migrating caribou herd." ... "Prime Minister Paul Martin said last month that the environmental damage from opening a coastal strip of the Arctic National Wildlife Refuge to oil development would far outweigh any modest addition to U.S. crude supplies." -By Oliver Moore -GlobeAndMail
Alaska - New_Hampshire - Oil - Politics - "Bass led effort to drop Alaskan wildlife refuge oil drilling plan." ... "[New Hampshire] Rep. Charles Bass led the way in persuading House leaders to drop a hotly contested plan to open an Alaskan wildlife refuge to oil drilling." ... "Led by Bass, R-N.H., 25 Republicans signed a letter asking GOP leaders strip the language from the bill." ... "The letter said, "Rather then reversing decades of protection for this publicly held land, focusing greater attention on renewable energy sources, alternate fuels, and more efficient systems and appliances would yield more net energy savings than could come from ANWR and would have a higher benefit on the nation's long-term economic leadership and security."" -AP via -BostonGlobe

20051109

Hawaii - Business - "Hawaiian Electric 3Q Income Slips." ... "Hawaiian Electric Industries Inc. on Wednesday said third-quarter profit fell as customers faced with more expensive electricity bills and higher fuel costs curbed their electricity use." ... "Hawaiian Electric supplies power to more than 400,000 customers, or 93 percent of Hawaii's market through its three electric utilities." -AP via -Forbes
Political - Business - Hurricane Katrina - Hurricane Rita - Hawaii - "Oil Company Execs Defend Huge Profits." ... "The chiefs of five major oil companies defended the industry's huge profits Wednesday at a Senate hearing where they were exhorted to explain prices and assure customers they're not being gouged." ... "Together the companies earned more than $25 billion in profits in the July-September quarter as the price of crude oil hit $70 a barrel and gasoline surged to record levels after the disruptions of Hurricanes Katrina and Rita." ... "Democrats had wanted the executives to testify under oath, but Republicans rejected the idea. ``If I were a witness I would demand to be put under oath,'' said Sen. Daniel Inouye, D-Hawaii. The soaring prices have sent shivers through a Congress worried about political fallout." -By H. Josef Hebert -AP via -Guardian.co.uk

20051105

Azerbaijan - Russia - Georgia - Turkey - Iran - Energy - "Azerbaijan Braces for Election: Riots Threatened If Fraud Is Seen." ... "Flame licks the hills outside of this city on the Caspian Sea, spontaneous little eruptions jumping from the earth and testifying to the energy riches that this Muslim country with a large impoverished population is about to transform into billions of dollars in cold cash." ... "Between now and 2024, a new oil pipeline to Turkey will generate an estimated $124 billion, a bonanza for this nation of 8 million with a state budget this year of $1.4 billion." ... "Azerbaijan, a small former Soviet republic squeezed between Russia, Georgia, Armenia, Turkey and Iran, is on the verge of an oil boom. On Sunday it will go to the polls in parliamentary elections, and the outcome, amid charges of strong-arm tactics and fears of vote-rigging, might prove just as pivotal to the country's future." -By Peter Finn-WashingtonPost

20051104

Gordon Smith - Oil - Money - Politics - Wildlife - Alaska - Washington - Oregon - "Senate endorses oil drilling in Alaska wildlife refuge." ... "Senate opponents to drilling in an Alaska wildlife refuge failed Thursday to strip the measure from a massive budget package as supporters of exploration argued that the oil is needed to help break America of its import habit." ... "Environmentalists, who believe strongly the refuge should continue to be off limits to oil companies to protect the area's wildlife, had acknowledged that it was a long shot to get the provision killed and now are concentrating on defeating the overall budget bill." ... "The Democratic Party of Oregon issued a statement criticizing [Oregon Republican Senator Gordon] Smith's decision to vote for a budget package that includes the drilling." ... ""Gordon Smith has again shown the dishonesty of his slick campaign ads and so-called independence in the U.S. Senate," said Kelly Steele, the party's communications director. "When the chips were down, Gordon Smith bowed to the will of the Bush White House, and broke another promise to Oregonians."" ... "[Washington state Democratic Senator Maria Cantwell:] "Using backdoor tactics to destroy America's last great wild frontier will not solve our nation's energy problems and will do nothing to lower skyrocketing gas prices," Cantwell argued. She dismissed industry arguments that the refuge can be drilled with little if any adverse impact on the environment or wildlife." ... "The Prudhoe Bay oil fields, just to the west of ANWR [Alaska's Arctic National Wildlife Refuge] and the Alaska oil pipeline have resulted in 504 spills a year since 1996 and there's no reason to assume greater protection in the refuge, maintained Cantwell. " -By H. Josef Hebert with contributions by Matthew Day -AP via -kgw.com

20051103

Alaska - Washington - Oil - Business - Politics - "Access to Alaska oil, revenue closer: Senate votes to keep drilling language in budget bill." ... "With rising oil prices and record oil company profits serving as a backdrop, the Senate moved one step closer on Thursday to allow companies to drill for oil and gas in Alaska's Arctic National Wildlife Refuge." ... "The Senate beat back an amendment offered by Sen. Maria Cantwell, D-Wash. [Washington], to strike language from a pending budget reconciliation bill that would open the region to producers." ... "The amendment failed in a vote of 48-51." ... "Cantwell said the budget bill provided a "sweetheart deal" for the oil industry, which has long sought access to the oil and natural gas supplies thought to lie beneath the refuge." -By Stephanie I. Cohen -MarketWatch

20051031

Florida - Hurricane Wilma - Halloween - "Halloween Is Hurricane Wilma's New Victim: Hurricane Wilma Claims Another Victim - Halloween Trick-Or-Treating." ... "Little ghosts and goblins in cities across South Florida were stuck inside Monday night as officials urged parents to call off trick-or-treating because of the damage from Hurricane Wilma." ... "Florida Power & Light, the state's largest electric utility, said Monday afternoon that it had restored power to about 75 percent of the customers blacked out by the Oct. 24 storm, but that left 800,000 homes and businesses still without electricity." -AP via -ABCNEWS.com

20051027

Weather - Hurricane Katrina - Hurricane Rita - Business - "Exxon, Shell Profits Soar as Oil and Gas Prices Rally (Update6)." ... "Exxon Mobil Corp. and Royal Dutch Shell Plc posted record net income of almost $19 billion combined after energy prices surged to unprecedented highs amid disruptions caused by Hurricanes Katrina and Rita." ... "Third-quarter profit at Exxon Mobil, the world's biggest publicly traded oil producer, jumped 75 percent to an industry record of $9.92 billion, the company said today in a statement. The Hague-based Shell set the previous record about six hours earlier, when it said net income rose 68 percent to $9 billion." ... "The world's five biggest investor- owned oil companies are heading for combined 2005 profit of almost $107 billion, according to analyst estimates, partly on the widening gap between crude [oil] costs and refined fuel prices." -By Joe Carroll and Jim Kennett -Bloomberg

20051026

Florida - Airline - Hurricane Wilma - "Most of South Florida without power." ... "Power failures caused by Hurricane Wilma left 6 million people across Florida without electricity Tuesday and disrupted airline traffic at the third-busiest U.S. airport for international traffic. Officials said some areas could be in the dark for several weeks." ... "Florida Power & Light, which provides electricity for almost all of South Florida, said Wilma had affected more of its customers than any other natural disaster in FPL's history. It said one in three Florida residents were without power." -By Tony Bertuca and Wendy Koch with contributions by Donna Leinwand -USATODAY

20051020

Weather - Business - "Oil, Gasoline Fall to Lowest Since July as Wilma Threat Ebbs." ... "Crude oil dipped below $60 a barrel and gasoline plunged to the lowest since July 1 as Hurricane Wilma became less of a threat to oil fields in the Gulf of Mexico." ... "Prices surged to records after Hurricanes Katrina and Rita shut U.S. offshore platforms in the region that's responsible for 30 percent of the nation's oil production. U.S. oil and gasoline stockpiles rose last week, according to an Energy Department report yesterday." ... "Crude oil for November delivery fell $1.66, or 2.7 percent, to $60.75 a barrel at 1:05 p.m. on the New York Mercantile Exchange. Futures touched $59.85, the lowest since July 29. Oil has declined 14 percent since reaching a record $70.85 a barrel on Aug. 30, the day after Katrina made landfall. Prices are up 11 percent from a year ago." -By Mark Shenk -Bloomberg

20051013

Home - Energy - "As winter approaches, home heating prices start to rise." ... "Those who have natural gas heating their homes could see a roughly 15 percent rise in costs, while those with electric heat might see a three percent increase. But oil customers are facing the worst potential hit, with costs expected to rise up to 40 percent." ... "Nationwide, about 30 million households qualify for the federal heat assistance program, but there's only enough money for about 5 million households." -AP via -OregonLive.com

20051003

Nigeria - United States - Environmental - MIL - "Burdens of oil weigh on Nigerians: Ecological harm, corruption hit hard." ... "Under the vast swamps of Nigeria's coastal delta sit some of the world's most productive oil reserves, a treasure coveted by the energy-hungry United States and other nations." ... "Nigeria produces 10 percent of the oil consumed in the United States, and the Bush administration hopes for a greater bounty soon: US energy officials forecast that oil from Nigeria and the rest of the Gulf of Guinea region will provide one-quarter of America's oil in the next decade, equal to that of the Gulf of Mexico today. Already, 30 percent of the world's newly discovered oil reserves in the past five years have come from this stretch of Africa's west coast." ... "But here in the serpentine creeks and boggy coastal land lie daunting obstacles to those hopes --pirates, corruption, violent youth militias, and environmental catastrophes." -By John Donnelly with contributions by Nicolas V. Gortzounian -Boston/Globe

20050927

Iran - India - UN - Energy - Business - "Iran warns India on nuclear vote."Iran has singled India out for criticism over Delhi's support for Iran to be referred to the UN Security Council over its nuclear plans." ... ""India's vote came as a great surprise to us," an Iranian Foreign Ministry spokesman said on Tuesday." ... ""We will reconsider our economic cooperation with those countries that voted against us."" ... "India and Iran are in negotiations over a $7bn gas pipeline deal that would help India's energy supply problems."-BBC /News

20050923

Hurricane Rita - Texas - Louisiana - Auto - Transportation - Oil - "Spinning Rita, weakening, threatens oil refineries." ... "More than 3 million people along the Texas and Louisiana coasts were urged to get out of the way of Rita, setting off an unprecedented exodus that brought traffic to a standstill across the Houston metropolitan area. Cars overheated and ran out of gas in 10- and 12-hour traffic jams. Some drivers gave up and turned around and went home." ... "By Friday morning, the freeways within Houston had cleared out, but traffic was still bumper-to-bumper from the outskirts of the city toward Austin and Dallas. The state escorted tanker trucks full of gas to empty stations in small towns along the way. And National Guard trucks delivered gasoline to drivers who ran out." ... "Dozens of chemical plants are situated along the Texas and Louisiana Gulf Coast in the nation's biggest concentration of oil refineries, and damage and disruptions caused by Rita could cause already-rising oil and gasoline prices to go even higher." -USATODAY

20050922

- Hurricane Rita - Texas - "Oil workers flee as Rita advances: Oil companies in the US have begun closing Texas refineries threatened by the onslaught of Hurricane Rita." ... "The production cuts in Texas, which processes a quarter of US oil, come as the industry is struggling to recover from Hurricane Katrina's devastation." ... "At least 16 of the state's 26 refineries are potentially in the hurricane's path, stretching along the Gulf of Mexico coastline. Several have already been closed down, while non-essential staff have been sent home at others." ... "The US Minerals Management Service said that more than 70% of oil production in the Gulf had been shut down because of Rita." -BBC /News
Hurricane Rita - Texas - Louisiana - Wind -Oil - "Hurricane Rita May Hit Land in the Gulf Coast Within Two Days." ... "Hurricane Rita, the third-most- intense storm ever recorded in the Atlantic basin, may hit the Gulf Coast as soon as tomorrow night. The Category 5 storm is more powerful than Hurricane Katrina when it slammed Louisiana last month to become the most expensive U.S. natural disaster." ... "Rita, with winds of 175 mph (280 kmh) is expected to reach land sometime ``Friday night through Saturday morning,'' said Chris Landsea, a meteorologist with the National Hurricane Center. Hurricane conditions are possible in the next 36 hours along the coast between Port Mansfield, Texas, to Cameron, Louisiana, the center said on its Web site." ... "About 52 percent of 134 [oil] rigs and 57 percent of 819 manned [oil] platforms in the Gulf of Mexico were evacuated, the Minerals Management Service said on its Web site." ... "The Texas Gulf Coast has seven of the 13 largest U.S. [oil] refineries." -By Vivek Shankar -Bloomberg

20050920

- - - - - - - - "North Korea does quick reversal on nuclear-arms pact." ... "After four rounds of discussions spanning several years, the United States, North and South Korea, Japan, Russia and China said yesterday that they had agreed on a vaguely worded plan under which North Korea promised to dismantle its nuclear weapons in return for energy assistance, eventual U.S. and Japanese diplomatic recognition and a pledge by Washington that it would not attack the country." ... "The agreement also said the United States and other nations would discuss giving North Korea a light-water reactor for generating electricity, though it skirted the question of when." ... "But the North Koreans made it clear today that they are in no mood to defer their reward." ... "In a blunt statement, North Korea's official KCNA news service warned that "the U.S. should not even dream of the issue of [North Korea's] dismantlement of its nuclear deterrent before providing" a light-water reactor, which it called "a physical guarantee for confidence-building."" -By Barbara Demick, Mark Magnier and Sonni Efron with contributions by Alissa J. Rubin and Bruce Wallace -LAtimes with -AP and -SeattleTimes.NWsource
Iran - Japan - Oil - Politics - - "Iran warns it could quit nuclear treaty, issues oil threat." ... "Iran's top nuclear negotiator Ali Larijani warned that Tehran could quit the Non-Proliferation Treaty (NPT) if it is subjected to the 'language of force' in a stand-off over its nuclear programme." ... "Responding to European efforts to haul Iran before the UN Security Council over 'breaches' of international atomic safeguards, Larijani also said Tehran would link its oil business and other economic trade with individual countries based on whose side they took in the dispute." ... "He was later asked if this meant countries like Japan -- which recently signed a major contract to develop Iran's Azadegan oil field -- could lose contracts in Iran." ... "'It is not only Japan but other countries that are concerned. We will examine their attitude,' Larijani said, adding that the future of the Azadegan contract 'depends on their (Japan's) conduct'." -AFXNews via -Forbes

20050919

- - - - - - "North Korea Pledges to Drop Nuclear Weapons Program." ... "North Korea pledged today to end its nuclear weapons program and rejoin global treaties aimed at stemming the spread of atomic arms in return for energy aid and diplomatic recognition." ... "According to a joint statement by the six nations involved in negotiations for more than two years, Pyongyang "committed to abandon all nuclear weapons and existing nuclear programs and to return at an early date to the nonproliferation treaty of nuclear weapons." It also said North Korea would accept International Atomic Energy Agency safeguards." (1, 2) -By Mark Magnier and Barbara Demick with contributions by Yin Lijin -LAtimes

20050915

North Carolina - - - "Ophelia lashes North Carolina coast: 15 inches of rain expected in some places; storm surges could reach 11 feet." ... "Hurricane Ophelia lashed the North Carolina coast with high winds and heavy rains Wednesday, beginning an anticipated two-day assault that threatened serious flooding and an 11-foot storm surge." ... ""If you have not heeded the warning before, let me be clear right now: Ophelia is a dangerous storm," Gov. Mike Easley said from Raleigh, appealing especially to those in flood-prone areas to evacuate." ... "More than 120,000 homes and business were without power in eastern North Carolina, electric utilities said." -AP via -MSNBC

20050914

- - Hurricane Katrina - "Delta, Northwest Airlines File for Bankruptcy." ... "The nation's airline crisis took a stunning turn for the worse today when Delta Air Lines Inc. and Northwest Airlines Corp. both filed for bankruptcy in the face of massive losses, meaning that four of the seven largest U.S. carriers are now flying in Chapter 11 bankruptcy." ... "Delta and Northwest, the third- and fourth-largest airlines respectively by passenger traffic, joined United Airlines and its parent UAL Corp., along with US Airways Group Inc., in seeking protection from its creditors in Bankruptcy Court." ... "The price of fuel — an airline's second-biggest expense after labor — surged above $2.30 a gallon after Hurricane Katrina disrupted the Gulf Coast's refining operations, and it helped push Delta and Northwest into bankruptcy. Before the storm, fuel cost less than $1.90 a gallon." -By James F. Peltz -LAtimes

20050912

CA -

Los Angeles

"Los Angeles Power Restored After Line Overload Causes Blackout." ... "A power failure in Los Angeles, the second-largest U.S. city, darkened downtown and several nearby cities, trapping people in elevators, disrupting refineries and snarling traffic." ... "The blackout started around 12:35 p.m. local time, and almost all who lost power had it restored by 2 p.m., said Kim Hughes, a spokeswoman for the Los Angeles Department of Water and Power, the nation's largest municipal utility." ... "Power was lost in an area with about 2 million people after a worker with the utility accidentally overloaded a transmission line, tripping circuit protectors, Hughes said. Overloading the line caused an automatic shutdown of other lines to prevent damage to equipment." -By Greg Chang with contributions by Sonja Franklin, Ian McKinnon, Bruce Blythe, Christopher Martin, Alex Armitage, Greg Baumann, Daniel Taub, Richard Schwartz and Jim Polson

-Bloomberg

CA - Los Angeles - - "UPDATE 2-Major power outage hits Los Angeles." ... "A major power outage hit Los Angeles area on Monday, knocking out electricity to thousands of customers as officials scrambled to determine the cause and police declared a state of emergency." ... ""The city is on a tactical alert and obviously traffic is going to be impacted," Los Angeles Police spokesman Kevin Maiberger said." ... "Maiberger described a tactical alert as "what happens when the city goes into a state of emergency. Police officers will only be responding to calls where there is a threat to life."" -Reuters

20050909

Lesotho - "Lesotho c.bank sees oil price slashing GDP growth." ... "High oil prices will cut Lesotho's economic growth this year to just 0.9 percent from an earlier forecast of 3.5 percent, a fresh blow for the tiny country hit by food shortages and AIDS, the Central Bank said." ... "The bank said the oil price surge could push inflation above the current 3.4 percent, further hitting living standards in a country where most people are below the international poverty standard of $1 per day and where more than 30 percent of the adult population is infected with HIV/AIDS." -By Ntsau Lekhetho -Reuters

20050830

Hurricane Katrina - - - "Update 9: Katrina Drives Energy Prices to New Highs." ... "The potential damage to oil platforms, refineries and pipelines that remain closed along the Gulf Coast drove energy prices to new highs Tuesday, with crude futures briefly topping $70 a barrel and wholesale gasoline costs surging to levels that could lead to $3 a gallon at the pump in some markets." ... "Companies scrambled planes and helicopters to get an aerial view of their assets and they began escorting some previously evacuated workers back to offshore facilities to conduct detailed inspections of rigs and underwater pipes. Some producers found that a rig or platform had disappeared, drifted or listed, while others reported that damage appeared minimal." ... "Onshore, flooding from Hurricane Katrina is likely to have caused enough damage to some refineries that it could take weeks, and possibly a month or more, before operations return to normal, analysts said." -Contributions by Steve Quinn, Allen Breed and George Jahn -AP via -Forbes

20050829

- - - - "Oil leaps past $70 as storm hits." ... "Oil prices surged to a record above $70 a barrel before paring gains on Monday as one of the biggest hurricanes in U.S. history disrupted oil and gas production in the Gulf of Mexico, home to a quarter of total domestic oil and gas production." ... "U.S. crude oil futures jumped nearly $5 in electronic trade to touch a peak of $70.80 per barrel, the highest front-month price since the New York Mercantile Exchange (NYMEX) began trading the contracts in 1983." ... "The Gulf of Mexico normally pumps about 1.5 million barrels per day (bpd) of U.S. crude, a quarter of domestic output and equivalent to nearly 2 percent of global oil production." (1, 2)-Reuters
Louisiana - Mississippi - - - "Katrina Prompts Oil Price Spike." ... "Crude oil futures briefly surged above $70 a barrel for the first time as Hurricane Katrina barreled Monday toward the heart of U.S. oil and refinery operations in the Gulf of Mexico, shutting down an estimated 1 million barrels of refining capacity." ... "The Category 4 storm advanced on an area crucial to the U.S. energy infrastructure — offshore oil and gas production, import terminals, pipeline networks and numerous refining operations in the southern states of Louisiana and Mississippi." (1. 2) -AP via -CBSNews

20050823

- - Pat Robertson - - - - - "Robertson Is Pilloried for Assassination Call." ... "The conservative Christian broadcaster Pat Robertson has made news over the years for making explosive comments on his daily television program lambasting everything from feminists and "activist" judges to the United Nations and Disneyland." ... "Now Mr. Robertson has set off an international firestorm by saying that the United States should assassinate President Hugo Chávez of Venezuela. "It's a whole lot cheaper than starting a war, and I don't think any oil shipments will stop," Mr. Robertson said on his program on Monday." ... "Today, the vice president of Venezuela denounced Mr. Robertson for making "terrorist statements," and in Washington a spokesman for the State Department called the comments "inappropriate."" -By Laurie Goodstein -NYTimes
- - Pat Robertson - Virginia - - - - "Venezuela Says Robertson Call to Kill Chavez Criminal (Update1)." ..."Venezuelan Vice President Jose Vicente Rangel said that calls by U.S. television evangelist Pat Robertson to kill Venezuelan President Hugo Chavez were ``criminal.''" ... "``I don't know about this doctrine of assassination, but if he thinks we're trying to assassinate him, I think that we really ought to go ahead and do it,'' Robertson said of Chavez. ``This is a dangerous enemy to our south controlling a huge pool of oil.''" ... "Robertson, 75, made the comments on Chavez yesterday on his program, an audiotape of which was posted on the Web site of the Christian Broadcasting Network, founded by the cleric in 1960 and based in Virginia." -Peter Wilson and Alex Morales -Bloomberg
- - Pat Robertson - - - - - "TV host urges US to kill Chavez: US religious broadcaster Pat Robertson has called for the US to assassinate Venezuelan President Hugo Chavez." ... "Mr Robertson caused controversy with the comments on his TV show, describing Mr Chavez as "a t