Energy Blast – Jan 8th, 2009

Analysts fear that the widening Gaza conflict will affect Middle East oil supplies, after Lebanese rockets hit Israel, sending the price of oil up.  Venezuela has reduced oil exports to the US, China and Europe as part of an OPEC output cut designed to raise prices.  Norway’s StatoilHydro has temporarily stopped production at its Kristin gas field over a safety issue, at a time when exports are in greater demand than ever due to the Ukraine-Russia energy row.  France’s reliance on nuclear power for its energy may be one of the reasons why it has not been too badly hit by Russian gas cuts.  ‘One winner from the gas dispute may therefore be [...] low-carbon energy alternatives such as nuclear, wind and solar, and which has recently lost momentum following plunging oil prices and recession.’  India has announced plans to produce 60,000 megawatts of nuclear energy by 2030, and South Sumatra is investing $1 billion in new railroads to enable it to transport its huge coal reserves more efficiently.