With the price of a barrel of oil beyond $100 per drum, global oil powerhouse Royal Dutch Shell is raking in some serious coin. But while Shell is bringing in the big bucks, it still cannot pay one very important client.
Canadian cellulosic ethanol developer Iogen Corporation and its joint venture partner Royal Dutch Shell have committed further funding to keep the venture going for two more years. Iogen Energy is currently running a demonstration plant near Ottawa that is producing ethanol from wheat straw. The demonstration plant has produced over 170,000 gallons of ethanol over the past year. This ethanol is blended with gasoline and is commercially available at Shell stations in and around Ottawa.
Another year, another record profit statement from Exxon Mobil, the world's largest publicly traded oil company. The specific mind-numbingly large figure is $45.2 billion, which translates to $8.69 per share. While this figure handily beats the previous record of $40.6 billion that had been set by Exxon Mobil in 2007, these huge profits were recorded mostly in the second and third quarters of 2008 when fuel prices were at record levels in much of the world. Fourth quarter earnings fell by 27%, t
The recent drop in oil prices, in combination with the failing economy, is taking a toll in the development of Canadian oil sands. Because of low labor productivity and increasing costs, the Canadian-based industry is finding it increasingly difficult to compete in the global marketplace. Poor environmental practices and an "uncertain regulatory picture" are, according to a recent report by consultants McKinsey & Co., also contributing factors to a slew of development slowdowns and "postpone