Oil rises to record on concerns about Iran

LONDON: June 30, 2008: Crude oil rose to a record above $143 a barrel on Monday on speculation the dispute over Iran's nuclear program may disrupt supply from the second-largest OPEC producer.

Pressure on Iran to end its uranium enrichment program and the falling value of the U.S. dollar may drive prices to $170 a barrel, the president of the Organization of Petroleum Exporting Countries, Chakib Khelil, said Saturday. Oil is headed for its biggest six-month gain since 1999 as investors shun equities for commodities, looking for a hedge against a weaker dollar and quickening inflation. More >>>

Oil speculation: The great debate

Energy analyst Daniel Yergin tells Congress that trading plays a role in crude's overheated runup - but not the only one.

NEW YORK (CNNMoney.com) -- It's the $64,000 question on Capitol Hill this week: What is responsible for the record escalation on oil prices? On Wednesday, one of the nation's leading energy analysts, weighed in with an answer.
Daniel Yergin, in testimony before the Joint Economic Committee, said that speculative traders looking to make a buck on oil have played a role in driving up prices and fanning fears about tightening supplies. Other factors include the credit crisis and weaker dollar, he added. More >>>

Honda's hydrogen-powered fuel-cell FCX Clarity

Honda FCX Clarity fuel cell car or how to beat $5 per gallon gas.

Before there was even the Clarity name, Honda hosted a group of journalists at the Twin Ring Motegi track last fall in Japan to try firsthand a variety of vehicles with its latest technology.

It did not come without some mandated penance: a morning seminar outlining Honda's sense of environmental obligation. Honda executives chanted about long-standing initiatives aimed at reducing carbon footprints through technology; no matter how hard they tried, the science know-how required for full comprehension was more than my high-school level. I can say this for certain: More than a few in the room left with their minds numb. More>>>

Caribbean vulnerable to climate change, study says

If the world took no action to reduce greenhouse gas emissions, it would cripple the economies of the Caribbean region by the end of the century, including the Cayman Islands, where the current GDP would be slashed by more than half, a new study finds.

Comparing an optimistic scenario, in which the global population took immediate and sustained action, with a pessimistic scenario, in which greenhouse gas emissions continue to skyrocket, the report found that the economic outlook in the worst case scenario is grim. Despite the fact that Caribbean nations have contributed little to the factors that drive climate change, the report says the two dozen island nations of the Caribbean, and the 40 million people who live there, face hotter temperatures, sea-level rise and increased hurricane intensity that threaten lives, property and livelihoods. As ocean levels rise, the smallest, low-lying islands might disappear under the waves. More >>>

The cost of oil: implications for the Cayman Islands

Goldman Sachs analysts have predicted $200 per barrel oil by the end of the year. This would mean gas in the Cayman Islands approaching $8.00 per gallon.

I do very little driving in a four-cylinder vehicle and spend $100 per month, and can only imagine what it costs the family with numerous children, all active in numerous extracurricular activities.
The problem in the Cayman Islands is that we have no choice; we have to drive, we have no functional public transport system. Yes, we have a bus system composed of independent operators, but this is not a functional public transport system in the true sense of the word. More >>>

Cayman Brac to build windmills next year

June 4, 2008 - Cayman Brac will begin installing windmills on The Bluff next year, seeking to erect as many as 10 of the 199-foot towers, supplying between 30 percent and 40 percent of the island’s 3.3 megawatt electricity requirements.

“We have definitely put this on the fast track, and are looking for installation in ’09,” said Jonathan Tibbetts, General Manager of Cayman Brac Power and Light.

“We have earmarked a plot of land, and with the price of oil, well, we are at the point on the Brac where we need to forge ahead to get alternative energy,” he said. “We want something on the ground and running next year.”
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