The price of oil closed above US$50 a barrel for the first time in almost a year, pushing oil stocks higher.

The Dow Jones industrial average briefly flirted with the 18,000-point mark but eventually retreated.

Benchmark US crude oil added 67 cents, or 1.3 per cent, to close at US$50.36 a barrel in New York. Oil has not closed at US$50 a barrel or higher since July 21. Brent crude, which is used to price international oils, added 89 cents, or 1.8 per cent, to US$51.44 a barrel in London.

In other energy trading, heating oil added four cents to US$1.54 a gallon and natural gas gained one cent to US$2.47 per 1,000 cubic feet.

The Dow held on to a gain of 18 points to 17,938.28. Earlier, the Dow was up as much as 82 points and appeared to be on track for its highest close since last July.

The Gleaner

Mahlung

Kamina Johnson Smith, minister of foreign affairs and foreign trade, will this Friday represent Jamaica during the official signing of the Paris climate-change agreement in New York, following last November’s conference in France.

Some 200 countries had gathered in Paris for the COP 21 climate conference and, in December, adopted the new agreement, which aims to limit carbon emissions.

Clifford Mahlung, project administrator at the Climate Change Division in the Ministry of Economic Growth and Job Creation, told The Gleaner that the signing is a significant step towards strengthening the work that has started to mitigate the effects of climate change.

“We will be among the other heads of state who will be there. This is the first step towards becoming a party to the Paris agreement because this has to be followed up by ratification,” he said.

“The process towards ratification will require government approval, and so that process is on the way. We should be complete before the year ends.”

Mahlung said now that the agreement is open for signature by the parties to the convention, United Nations Secretary General Ban Ki-moon has been asked to convene a crucial ceremony, which will be attended by United States President Barack Obama, among others.

 

NEED FOR SENSITISATION

 

Making reference to a post-COP 21 discussion held last week at the Four Seasons Hotel in New Kingston, Mahlung said it was important that Jamaicans are sensitised to the importance of the agreement, especially as it relates to carbon emissions.

“With the significance of COP 21, we decided to have this discussion one week before the official signing. This new climate-change agreement builds on the convention and provides the basis which will accommodate further work, with respect to the climate-change process,” Mahlung said.

The agreement itself consists of many areas, including the new long-term goal in keeping future temperatures well below 2˚C and pursuing efforts to keep those temperatures as close to 1.5˚C as possible.

“Even though we contribute less than one per cent to the global emissions, it is important that we do our part to control our energy output, which will signal to the emitters that we are serious about climate change, which will mean also that they have no excuse but to reduce their emissions as well,” he said.

jodi-ann.gilpin@gleanerjm.com

 

The Gleaner

A Jamaican man, working in the United States energy industry, has won a prestigious award for his work on a safety project that makes it possible for utility workers to detect stray voltage with a smart phone or tablet.

RICHARDSON… this award is gratifying because it recognises our commitment to public safety

Paul Richardson was named a winner of the Technology Transfer Award from the Electric Power Research Institute (EPRI), a national energy research organization. Richardson is a district operator in system and transmission operations at New York power company Con Edison, where he has worked since 2004. He grew up in Portmore, St Catherine and attended Excelsior High School before migrating to the US as a teenager.

Richardson worked with two fellow Con Edison employees on research into using smart phone and tablet personal computer technology to detect contact voltage on streets. The technology could make it possible for a utility worker with a smart phone or tablet to detect contact voltage, also known as stray voltage, the company said, noting that the faster contact voltage is detected, the faster crews can make repairs, ensuring public safety.

“We live in a world that is power dependent and as technology advances the demand for that power increases. At Con Edison, nothing is more important than the safety of the New Yorkers who rely our service and the safety of our own employees,” Richardson told Caribbean Business Report yesterday.

“This award is gratifying because it recognizes our commitment to public safety,” he added.

At Con Edison, Richardson is responsible for switching electric transmission and distribution equipment in and out of service for routine work and emergency conditions.

“My primary objectives are the safety of our personnel, the reliability of our service and protecting our equipment and our customers’ equipment from damage,” he said.

He said the project came about as the company constantly explores new technologies and methods to make its service safer.

“This project was a part of that process. The technology could make it possible for a utility worker to use a portable device to detect objects that are inadvertently energized so that repairs can be made,” he said.

Richardson said his interest in engineering has its genesis from a summer internship he had at the Caribbean Cement Company.

“There I had the opportunity to observe industrial manufacturing and the technical aspects of maintaining a manufacturing plant,” he told Caribbean Business Report.

Now living in White Plains, New York, Richardson is a graduate of the Polytechnic Institute of New York University with a Master of Science degree in Electrical Engineering.

Richardson was one of eight Con Edison employees who won Technology Transfer Awards for projects to make the delivery of electricity safer and more reliable.

Con Edison is a subsidiary of Consolidated Edison, one of the nation’s largest investor-owned energy companies, with approximately US$12 billion in annual revenues and US$41 billion in assets. The utility provides electric, gas and steam service to more than three million customers in New York City and Westchester County, New York.

“We are in a constant and relentless search for technology and methods that can improve our service,” said Craig Ivey, the president of Con Edison. “The men and women of Con Edison are proud to see eight members of our team recognized for research that will benefit the New Yorkers we feel privileged to serve.”

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The Petrojam oil refinery in Kingston. Venezuela supplies oil to Jamaica under the PetroCaribe agreement. - File
The Petrojam oil refinery in Kingston. Venezuela supplies oil to Jamaica under the PetroCaribe agreement. – File

Venezuela’s oil production is poised to reverse a dramatic decline that has seen exports fall by nearly half during

The Petrojam oil refinery in Kingston. Venezuela supplies oil to Jamaica under the PetroCaribe agreement. - File
The Petrojam oil refinery in Kingston. Venezuela supplies oil to Jamaica under the PetroCaribe agreement. – File

Venezuela’s oil production is poised to reverse a dramatic decline that has seen exports fall by nearly half during

Oil prices rose Monday as political leaders were trying to finalise a deal to avert the ‘fiscal cliff’ hours before the deadline.

The US had until midnight New Year’s Eve to avert a tax increase for everyone and spending cuts that would have hit defence spending.

Benchmark US crude rose US$1.02 to finish at US$91.82 per barrel in New York. Oil has wavered in recent weeks along with the ups and downs of the budget negotiations.

The price of oil finished December up about three per cent from the start of the month. It ranged from a low near US$77 a barrel to high around US$110 a barrel during the year.

Brent crude, used to price international varieties of oil, rose 49 cents to end at US$111.11 a barrel in London.

In other energy futures trading on the New York Mercantile Exchange: natural gas fell 12 cents, or 3.4 percent, to finish at US$3.35 per 1,000 cubic feet; wholesale gasolene rose one cent to US$2.81 a gallon; heating oil was flat at US$3.05 a gallon.

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NEW YORK, USA (AP) — As the number of nights without power stretched on for thousands left in the dark after Superstorm Sandy, patience understandably turned to anger and outrage.

But an Associated Press analysis of outage times from other big hurricanes and tropical storms suggests that, on the whole, the response to Sandy by utility companies, especially in hardest-hit New York and New Jersey, was typical – or even a little faster than elsewhere after other huge storms.

Oil rig in the Gulf of Mexico. - File
Oil rig in the Gulf of Mexico.

A strong warning from the World Bank that growth in Asia may slow further dragged the price of oil Monday to its lowest close in two months.

The World Bank signalled the possibility of a “more pronounced slowdown” in China, the world’s second-largest economy after the United States. It also cut its growth forecast for Asia. Red-hot growth in emerging markets like China and India helped boost oil consumption coming out of the global recession.

Benchmark crude fell 55 cents to close at US$89.33 in New York. The contract has not closed lower since August 2.

At the pump, gas prices remain stubbornly high. The national average for gasolene rose 3 cents on the weekend to US$3.818 a gallon. But Californians are now paying an average of US$4.668 a gallon, the highest price in the United States, after a jump of 50 cents in the past week. Some motorists there are paying more than US$5.

In response, Governor Jerry Brown has ordered state smog regulators to allow cheaper winter-blend gas to be sold three weeks early. And Senator Dianne Feinstein has called for a federal investigation because she doesn’t think the higher prices are related to supply and demand.

Experts are predicting prices in California could climb to an average of US$4.85 before coming down.

In London, Brent crude, which is used to price international varieties of oil, fell 20 cents to US$111.82.

In other futures in morning trading, natural gas gained less than a penny to reach US$3.40 per 1,000 cubic feet. Heating oil lost a penny to close at US$3.14 per gallon, and wholesale gasolene fell 6 cents to finish at US$2.89 per gallon.

– AP

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Oil prices rebounded today, from a two month low, to a two month high, as tensions between Syria and Turkey fanned concerns, that exports from the Middle East may be curtailed.

Lawmakers in Turkey gave their government a one year mandate for possible military incursion into Syria, after explosives from Syria killed Turkish citizens.

The tension saw prices jumping by 3 dollars 57 cents, erasing almost all of yesterday’s 3 dollars 75 cents loss.

It pushed the price of oil up, by 4 point 1 percent, to 91 dollars 71 cents a barrel.

It was the biggest increase in oil prices since August 3, and means prices are up 15 percent, since the start of the year.

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