Earlier this week I had posted an entry regarding the clamor for OriginOil since it carries the fuss about how algae is the next best thing in vehicle oil alternatives. Apparently, the Associated Press found their story worth covering as well, placing OriginOil in the limelight today.

During a visit to OriginOil’s Los Angeles headquarters earlier this month, a film crew interviewed both CEO Riggs Eckelberry and Chief Technology Officer, Dr. Vikram Pattarkine, regarding the company’s recent technology breakthrough to extract oil from algae in an efficient single-step process. A time-lapse video of the extraction process was then sent out to the Associated Press’ newspaper affiliates, which encompass more than half of the world’s population on any given day.

The recent AP Television segment, entitled “Could Algae Be Oil’s Next Competitor,” features commentary from Riggs Eckelberry on OriginOil’s “single pass, cost-effective process” to inexpensively crack algae’s tough exterior and release the oil inside, which can be viewed here.

“Oil, for the first time, is going to have a competitor,” said Eckelberry. “It’s not going to be the OPEC cartel against the rest of the world – it’s going to be local fuel production in all these countries, including the U.S.”

(Source) Press

Continue reading...

Now that the economic stimulus package has been passed by Congress, the next course of action is to ensure that companies such as OPEC do not try to take advantage of the situation. Apparently, one concern would be oil price manipulation to which NOPEC or the “No Oil Exporting and Producing Cartels Act” should likewise be pushed.

“It should go hand in hand, stimulating the economy and establishing safeguards to protect us from OPEC’s manipulating the price of oil to squeeze more money out of the American consumer’s pocket,” says John W. Rich, Jr. “By cutting production OPEC can force us to spend more on oil imports turning our stimulus dollars into a direct export to their bank accounts. We need to take action to prevent OPEC from siphoning off our stimulus dollars.”

Rich believes that Congress should pass the “No Oil Exporting and Producing Cartels Act (NOPEC),” introduced last month by Senator Arlen Specter of Pennsylvania and Herb Kohl of Wisconsin. NOPEC is also supported by Pennsylvania Representative Tim Holden and Senator Bob Casey Jr. NOPEC would stipulate that OPEC’s price and production manipulation is commercial activity subject to U.S. anti-trust laws. NOPEC also clarifies that OPEC members are subject to the jurisdiction of U.S. Courts.

(Source) Press

Continue reading...

The best thing the current depression has brought to us is the gas price drop. Last Friday, a barrel of oil hit its lowest price in over a year finishing at $77.70. Translated into English that means the current price of your favorite gallon of gas might be around $3.35. In July the same merchandise was sold for $4.11. So don’t wait! Go grab all the gas you can grab while waiting for OPEC’s meeting next month which will probably bring a more expensive price for the barrel of juice.

Continue reading...