Pentagon Holds Thousands of Americans ‘Prisoners of War’

As Jeanette Fitzsimons pointed out to me New Zealand is not complicit in the illegal war in Iraq, but if the US treats it’s own soldiers like this is there any reason to believe they are acting different in Afghanistan were the situation is quickly deteriorating. So why does New Zealand still have soldiers in […]

Oil roars to record over $108 on weak dollar

By Matthew Robinson NEW YORK (Reuters) – Oil shot to a record over $108 a barrel on Monday, extending a rally led by investors seeking a hedge against the tumbling dollar and inflation. U.S. crude settled up $2.75 at $107.90 a barrel, off a record $108.21 hit earlier in the session. London Brent crude jumped […]

New ‘super-spike’ might mean $200 a barrel oil

NEW YORK (MarketWatch) — With $100-a-barrel here for now, Goldman Sachs says $200 a barrel could be a reality in the not-too-distant future in the case of a “major disruption.” Goldman on Friday also boosted by $10 the low end of its 2008-2012 projected range for crude to $60 a barrel — significantly lower than […]

Premier Foods renegotiates bank debt and cuts dividend as wheat prices hit profits

By Karen Attwood Wednesday, 5 March 2008 Premier Foods, the Hovis bread and Mr Kipling cake maker, has slashed its final dividend and renegotiated its banking facilities as it struggles with soaring wheat prices. The group, which bought the bread business RHM for £1.2bn last year and has a debt mountain of £1.6bn, plunged into […]

Aboard the Condoleezza Rice

Posted on Feb 12, 2008 This isn’t a picture of the tanker once named after Condoleezza Rice—that ship is now known as the Altair Voyager. Although Rice, now secretary of state, has said she is proud of her association with Chevron, the oil giant quietly renamed the ship in 2001 to avoid controversy after Rice became […]

Shell’s record profits branded ‘obscene’

Terry Macalister, This article was first published on on Thursday January 31 2008. It was last updated at 09:50 on January 31 2008. Shell petrol pump. Photograph: David Sillitoe Shell was today accused of making “obscene” profits at a time when pensioners, motorists and industry are struggling with higher energy prices when it […]

Iran drops dollar from oil deals: report

Major crude producer Iran has completely stopped carrying out its oil transactions in dollars, Oil Minister Gholam Hossein Nozari said on Saturday, labelling the greenback an “unreliable” currency. “At the moment selling oil in dollars has been completely halted, in line with the policy of selling crude in non-dollar currencies,” Nozari was quoted as saying […]

Chinese tiger has nothing in tank

CHINA is running out of fuel. Police are guarding petrol stations in several inland provinces to prevent fights, as shortages of petrol and diesel are causing huge queues of trucks, buses and cars. In Kunming, capital of the southwestern province of Yunnan, 1000 trucks are stranded. A truck driver named Li told the Chuncheng Evening […]

Oil bonanza set to make NZOG millions

The Tui oilfield, off the Taranaki coast, is almost a third bigger than thought – news that pushed up partner New Zealand Oil and Gas’ share price 11 cents to $1.12. The oil reserves for the field are now put at 41.7 million barrels, up from the previous estimate of 32 million barrels. Getting about […]

Saudi minister warns of dollar collapse

The dollar could collapse if Opec officially admits considering changing the pricing of oil into alternative currencies such as the euro, the Saudi Arabian foreign minister has warned. Will Opec pour oil on troubles? Prince Saud Al-Faisal was overheard ruling out a proposal from Iran and Venezuela to discuss pricing crude in a private meeting […]

Oil Price Rise Causes Global Shift in Wealth

High oil prices are fueling one of the biggest transfers of wealth in history. Oil consumers are paying $4 billion to $5 billion more for crude oil every day than they did just five years ago, pumping more than $2 trillion into the coffers of oil companies and oil-producing nations this year alone. The consequences […]

Oil hits another record above $97

NEW YORK ( — Oil prices set another record high Tuesday, jumping over $2 on fears of dwindling supplies in the United States, projections for strong worldwide demand and a falling U.S. dollar.A suicide bombing in Afghanistan that killed at least 35 people and a pipeline attack in Yemen also helped push prices higher. Oil […]

Biofuels ‘crime against humanity’

By Grant Ferrett BBC News Food prices have risen as more land is used to produce biofuels A United Nations expert has condemned the growing use of crops to produce biofuels as a replacement for petrol as a crime against humanity. The UN special rapporteur on the right to food, Jean Ziegler, said he feared […]

Goodbye dollar, hello inflation

The dollar is no longer the world’s reserve currency. This is the statement you heard twice in one day if you were checking out the news on Bloomberg over the past 24 hours. First, we heard it from economist Clifford Bennett of Sonray Capital, who said the Euro was the world’s new reserve currency and […]

Taranaki oil spill exposes southern oceans risk: Greens

In fact it would be prefect if it wasn’t for those Greenies pointing out obvious risks.  Greens Party co-leader Jeanette Fitzsimons says a Taranaki oil spill should ring alarm bells in Government about the potential risks and costs of mooted oil exploration in the Great South Basin. Work on cleaning up tar balls discovered on […]

Spill of ‘black goo’ on beaches investigated

The Australian company running the offshore Tui oilfield says it would be its first “environmental blemish” if an oil spill on the Taranaki coast came from the field. Authorities are trying to find out if the sticky black blobs of oil found on a 10-kilometre stretch of coast south of New Plymouth came from the […]

Oil hunters turn to West Coast

Doesn’t it feel good to be considered one of the most industry-friendly countries by a Petroleum CEO?  Petroleum explorers have laid claim to over 15,000 square kilometres of the offshore West Coast basin, as oil hits record prices and nears peak production. Crown Minerals has granted the New Zealand subsidiary of a United States oil […]

US imposes sanctions on Iran

Are these to curtail Nuclear activity of to punish Iran for dumping the dollar? The Bush administration is imposing sweeping new sanctions against Iran’s defense ministry, its Revolutionary Guard Corps and a number of banks to punish them for purported support for terrorist organizations in Iraq and the Middle East, missile sales and nuclear activities, […]

Dick Cheney’s Halliburton to Profit as Peak Oil Approaches

Offshore is the last great frontier in the oil business, the only undiscovered country out there, unless you think there’s oil on the moon. The trouble with going offshore is that it’s incredibly expensive and ridiculously hard to do. There are a handful of firms in the world with the engineering know-how to find and […]

The selling off of Canada. Will we bemoan the selling of of New Zealand when National starts to sell our assets.

At what point does Canada become a toy country? In August, the last of the major Canadian steel makers was sold to United States Steel Corporation for $1.1 billion. Earlier, Dofasco was sold to a European company which has since been swallowed up by Mittal Steel Co. of India. This latest foreign takeover is just […]

The Rise of the Have-Nots

The American middle class has toppled into a world of temporary employment, jobs without benefits, and retirement without security. Harold Meyerson | September 28, 2007 | Last week over lunch, a friend in his 30s prodded me to explain how my generation, the boomers, had botched so many things. While not exactly conceding that we […]

Petrol on rise as crude oil soars to a record

Motorists are being warned to expect further fuel price increases as oil prices hit a record high of $US80 ($NZ112) a barrel. The price of unleaded 91 has risen 10 cents to $1.64 during the past month. Diesel prices have also sky-rocketed, up 12.6 per cent to $1.19 a litre. A small car, such as […]