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Consumption

Russia still China’s top oil supplier

Russia was China's largest crude oil supplier in March, data showed on Tuesday, retaining the lead spot for a 13th consecutive month. Last month, Russia supplied 5.79 million tons, equal to 1.36 million barrels per day (bpd), up 23.6 percent from the same month a year earlier, data from the General Administration of Customs showed. Russia has been the biggest oil exporter to China since March 2017. For the first quarter, Russian shipments rose 22 percent from a year earlier to 16.51 million tons, or 1.34 million bpd. Saudi Arabia, China's second-biggest supplier in March, also ramped up its exports, the data showed. Shipments last month were 4.6 million tons, or 1.09 million bpd, up 1.2 percent from a year ago, but down from 1.2 million bpd in February. The kingdom is expected to catch up in volume later this year as private Chinese chemical producer ...

Consumption

Crude Surges to Three-Year High as Saudi-Yemen Conflict Heats Up

Crude surged as strife in the Mideast region that's home to almost half the world's oil worsened. Futures in New York settled at their highest since December 2014, erasing earlier losses and nearing $69 a barrel, after Iranian-backed Houthis in Yemen launched unsuccessful missile attacks against Saudi Arabia, while kingdom-led forces killed a senior leader of the rebel group. The flare-up countered a slump in commodities after the U.S. softened its position on sanctions against Russian aluminum giant United Co. Rusal. "It seems to be an escalation, but Saudi Arabia has been very good at shooting these missiles down," said Phil Flynn, senior market analyst at Price Futures Group Inc. in Chicago. "The concern for oil really comes at what happens if it hits?" Oil has risen more than 5 percent this month amid geopolitical tensions in the Middle East. At the same ...

Blessing of fossil fuels thumbnail

Blessing of fossil fuels

Earth Day turns 48 this year and thousands of activists will “recycle” their calls for greater government control over energy resources and infrastructure. Is that a cause we should support or oppose? The question is important because abundant, affordable and reliable energy is vital to human flourishing, and government regulations put this resource at risk. On the other hand, Earth Day protesters claim our fossil-fueled civilization is “unsustainable” and headed for a climate catastrophe. Are they correct? Prediction is difficult — especially about the future! Nonetheless, an abundance of information from high-quality sources reveals that the state of the world is improving. The long-term trends in human health and welfare are strongly positive. Since 1950, annual global energy-related carbon dioxide emissions increased by 500 percent, and the world warmed about 0.8 degree Centigrade. And according to the National Oceanic and Atmospheric Administration, each ...

The One Man Who Could Send Oil To $100 thumbnail

The One Man Who Could Send Oil To $100

The future of North Africa’s leading oil and gas producer Libya is once again under threat. International media reports that Libya’s strongman General Khalifa Haftar, leader of the LNA, the largest and strongest military power in the country, has had a stroke. Libyan and Arab news sites stumble over each other predicting the death or incapacitation of the Libyan military strongman, which would without doubt increase internal instability and could lead to a renewed power struggle in eastern Libya. Political initiatives led by several Arab countries, the UN, U.S. and EU, are to all intense and purposes null and void at present, as without clarity about the power of the LNA these deals may well fall apart. A potential removal of Haftar from the delicate balance of power that has been created in Libya will also put anti-IS and Al Qaeda ...

Public Policy

Kunstler: Stop and Assess

America has become Alzheimer Nation. Nothing is remembered for more than a few minutes. The news media, which used to function as a sort of collective brain, is a memory hole that events are shoved down and extinguished in. An attack in Syria, you ask? What was that about? Facebook stole your…what? Four lives snuffed out in a… a what? Something about waffles? Trump said… what? Let’s pause today and make an assessment of where things stand in this country as Winter finally coils into Spring. As you might expect, a nation overrun with lawyers has litigated itself into a cul-de-sac of charges, arrests, suits, countersuits, and allegations that will rack up billable hours until the Rockies tumble. The best outcome may be that half the lawyers in this land will put the other half in jail, and then, finally, there ...

Production

Down In Saudi Amnesia, They’re Partying Like It’s 2008

Is this really 2018? It started to sound a lot like 2008 in Saudi Arabia on Friday, as the kingdom's oil minister argued that the world could tolerate a higher crude price. "I haven't seen any impact on demand with current prices," Khalid Al-Falih told reporters at the meeting of OPEC and non-OPEC producers in Jeddah. Arguing that the energy intensity of global economic growth hadn't declined, he offered the view that "there is the capacity for higher prices." President Trump certainly didn't appreciate the sentiment, firing off a tweet that accused OPEC of promoting "artificially high prices" which "will not be accepted." Yet setting aside Trump's unique approach to geopolitics, the Saudi comments are indeed troubling. They are an eerie echo of comments made almost exactly a decade earlier by a former OPEC grandee: Libya's Shukri Ghanem. The world economy "has not ...

Consumption

Has the World Reached Peak Ecological Footprint?

Humanity’s ecological footprint may have leveled off after decades of consistent increase, according to new data released last week by the Global Footprint Network. Mathis Wackernagel, founder and CEO of Global Footprint Network, speaking in an interview with me from Oxford University just before the launch, said, “We may have reached peak eco-footprint, after years of expansion. For example, China underwent a rapid expansion of its footprint, and now it has flattened. This could be a real trend.” Peak consumption? In 1961 China was consuming the equivalent of 0.31 Earths of biocapacity, but since then rocketed to 2.21 Earths, where it has sat for the last two years of data. What is ecological footprint? Ecological footprint is a shorthand way of understanding the relationship between our consumption of resources and the capacity of the planet to provide them and absorb the pollution we cause. Every ...

Enviroment

One planet, one child

Mother Nature does not argue — and she does not negotiate. Our “home” is heating up and human activity is increasingly exacerbating many other problems. These problems cannot be solved with the same thinking we used when we created them. —Albert Einstein We must reduce global population. Information provided by World Population Balance states that if couples chose to have only one child, the world’s population could be reduced to 6 billion by the year 2050. Presently, 9 billion are projected. If all people had a basic standard of living, 3 billion people are the projected number for a sustainable world. Presently there are 7.8 billion. This is nothing short of a collective criminal act ushering in our premature demise if maintained. We must begin serious discussion about placing a carbon tax on children the world over, after one. Couples that choose ...

Public Policy

The global village and the surveillance society

Media savant Marshall McLuhan coined the term "global village" in 1962 in his book The Gutenberg Galaxy. Today, we take the concept of an electronically connected global population with instant access to practically every plugged-in person on the planet as a fact of life. We often see our global village as a force for good, creating understanding and binding people across cultures regardless of distance. McLuhan saw the downside as well. In his book he notes: Instead of tending towards a vast Alexandrian library the world has become a computer, an electronic brain, exactly as an infantile piece of science fiction. And as our senses have gone outside us, Big Brother goes inside. So, unless aware of this dynamic, we shall at once move into a phase of panic terrors, exactly befitting a small world of tribal drums, total interdependence, and superimposed ...

Consumption

Market to absorb higher oil prices, says Saudi Arabia

The global market has the capacity to absorb higher oil prices, Minister of Energy, Industry and Mineral Resources Khaled Al-Faleh has said. Faleh’s statement at a meeting of oil producers in Jeddah on Friday came as crude hit the highest level in more than three years. The statement drew a swift reaction from US President Donald Trump who accused OPEC of inflating prices. “Looks like OPEC is at it again,” Trump tweeted. Oil has rebounded to over $70 a barrel, after prices crashed to as low as $26 in January 2016. “I have not seen any impact on demand with current prices,” Faleh told reporters, ahead of a ministerial committee for OPEC and non-OPEC producers. “Reduced energy intensity and higher productivity globally of energy input leads me to think that there is the capacity to absorb higher prices,” he said. The ministerial committee said Friday that ...

Public Policy Iran switches from dollar to euro
Iran’s feud with the US is set to get worse after Tehran announced yesterday ...
Public Policy Gunfire, Explosions Heard Near Saudi Royal Palace, King Salman Reportedly Evacuated
Update: Some reports that there was no coup attempt and The Wall Street Journal ...
Ugo Bardi ‏: Photovoltaics? Who in the world would want to spend money on such a silly idea? thumbnail Ugo Bardi ‏: Photovoltaics? Who in the world would want to spend money on such a silly idea?
The "Solar Roadways" plant in Idaho in an image from the "EmphaseEnergy" site. The ...
Dreaming of A New Sustainable Economy thumbnail Dreaming of A New Sustainable Economy
Officials from around the world came together to create and support a vision for ...

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2. Worse still, oil exports from exporting countries will now collapse much faster than their production declines. #PeakOil & its direct (economy destroying) consequences are MORE serious for the global economy than #climatechange. Next 20+ years will look like The Walking Dead

1. From 2018+, you'll now see CONSTANT global economic contraction until underlying basis of global economy (#hydrocarbons for everything that moves) changes. Rapid growth in domestic consumption of oil-exporting countries means LESS will be available for export... #PeakOil

and you thought #peakoil was gonna to cause social upheaval.... twitter.com/ReutersBiz/sta…

This is what #peakoil looks like - Remember this graph because it's one of the main reasons why we're all going to hell and back. There is NO WAY we can offset those kinds of energy decline. I mean NO CHANCE, ZERO, NONE.

test Twitter Media - This is what #peakoil looks like - Remember this graph because it's one of the main reasons why we're all going to hell and back. There is NO WAY we can offset those kinds of energy decline. I mean NO CHANCE, ZERO, NONE. https://t.co/MG58TnXHAQ

In the last two weeks, London #oil futures have increased by $7 a barrel, closing last week at $74.06 resilience.org/resilience-aut… #peakoil