Energy News

This past weekend was parent's weekend, and I ate so much that I may have to be rolled out of the library. However, I begin this blog post by reconnecting with the outside world...so....
What's the news in Energy and Utilities?

Well, a number of the major oil companies actually took at hit this week as they began to report earnings. Exxon experienced a 10% drop in 3rd quarter earnings and Chevron disappointed analysts as well. This is despite relatively high oil and gas prices.

Another cool news tidbit is that Equador (OPEC's newest member) warned that that most pressing future challenge for OPEC would be to “preserve a price equilibrium that keeps crude oil positioned favourably against other alternative energy sources” (quoted from Galo Chiriboga, Ecuador's oil minister.) It will be interesting to see what happens if high oil prices really do stimulate alternative energy growth, and how OPEC counterbalances against that pressure.

Finally, a report was published recently in the International Journal of Nanotechnology that nanotechnology could revolutionize the natural gas industry by increasing the efficiency of extraction and helping to purify the gas. There is also a possibility that this type of technology could help protect gas pipes and equipment against corrosion.

Here is a picture of what a natural gas processing plant looks like:
(from http://www.whitehouse.gov/omb/budget/fy2007/images/energy-4.jpg)