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Saudi Arabia Cuts Oil Prices Amid OPEC Price War thumbnail

Saudi Arabia Cuts Oil Prices Amid OPEC Price War

Saudi Arabia on Sunday made deep reductions to the prices it charges for its oil, hard on the heels of cuts last month by rival producers in the Gulf. With U.S. production still increasing despite lower oil prices, members of the Organization of the Petroleum Exporting Countries are battling to keep their share of the last growing markets in Asia. In a list of official prices sent to customers, state-oil company Saudi Aramco cut the price of its light-crude deliveries to Asia by $1.7 a barrel. As a result, it switched to a discount of $1.6 a barrel against the rival Dubai benchmark from a premium of 10 cents a barrel previously. The company also cut its prices for heavy oil by $2 a barrel to the Far East and by 30 cents a barrel to the U.S. The move come as Iran, ...


Liquefied natural gas to take place of oil, coal?

Now may not be the best time to unveil plans to export liquefied natural gas from the U.S. But don't tell Charles "Buddy" Roemer. The former governor of Louisiana will formally announce Monday one of the largest LNG-export proposals in the U.S., at a time when faltering demand for gas in Asia, as well as low prices, threaten the viability of ventures much further along the way than his. "There may be 40 ahead of us in the world already producing, but there are 30 behind us, and something is happening," said Roemer, chairman of a Baton Rouge-based G2 LNG. "This will be a powerful industry." The company is assembling a project worth nearly $11 billion, which would make it one of the biggest energy undertakings ever in Louisiana. Over 30 years, G2 LNG would export 672 billion cubic feet of LNG annually ...

Russia and Saudi Arabia to Continue Pumping Oil thumbnail

Russia and Saudi Arabia to Continue Pumping Oil

Russia and Saudi Arabia—the world’s two biggest oil producers—indicated Friday they weren’t pulling back from huge crude output levels that have helped send prices tumbling. Russia said it produced oil in September at levels not seen since the fall of the Soviet Union, pumping an average of 10.74 million barrels a day, government data showed on Friday. Oil production increased 0.4% from August. On the same day, one of the world’s most influential oil ministers—Saudi Arabia’s Ali al-Naimi—said his country would continue investing in oil and gas, saying his country remained committed to energy resource development, according to a Saudi Press Agency report. The world’s largest exporter has ramped up production above 10 million barrels a day for the past few months. ENLARGE The output from those two countries adds to an already oversupplied global oil market, even with American output ...

There Are Half as Many Fish as There Were in 1970 thumbnail

There Are Half as Many Fish as There Were in 1970

Mankind's insatiable appetite for seafood has decimated global fisheries. A disturbing new report from the World Wildlife Fund and the Zoological Society of London reveals that the number of fish and other aquatic animals dropped 49 percent between 1970 and 2012. And some fish populations have been hit even harder: tunas, mackerels, and bonitos have fallen by 74 percent. According to the research, the primary cause of the massive die-off is overfishing. Climate change, which is causing the world’s oceans to acidify and change temperature, is also a major problem. Commercial fishing indiscriminately kills billions and billions of aquatic animals each year and about 20 percent are “by-catch,” or animals considered undesirable for consumption. As a result, 20 billion fish are thrown away like trash each year. As for climate change, the business of raising and killing animals for food produces more greenhouse gases than ...

Play Video
Frackers Face Mass Extinction thumbnail

Frackers Face Mass Extinction

Awareness is gradually seeping into the financial press that the Great American Oil Revolution has been over for months — witness the current Fortune headline,“Frackers Could Soon Face Mass Extinction.” If the general media had any grasp of what was happening in America, or what it meant, CNN would be doing wall-to-wall coverage of the deserted man-camps in North Dakota, the unemployment lines in Texas, the equipment yards stacked with idle derricks, the spreading panic in the junk-bond, bond and stock markets. Instead we get Donald’s beautiful tax plan, Hillary’s elusive emails and Carly’s mythical video tapes. Today is the last day of the rest of the frackers’ lives. That’s because it is the last day of the third quarter of the year, the day after which banks audit their loans, assessing anew the value of the assets held as collateral. Frackers pledge their ...

The Mind of Mr. Putin thumbnail

The Mind of Mr. Putin

So Vladimir Putin in his U.N. address summarized his indictment of a U.S. foreign policy that has produced a series of disasters in the Middle East that we did not need the Russian leader to describe for us. Fourteen years after we invaded Afghanistan, Afghan troops are once again fighting Taliban forces for control of Kunduz. Only 10,000 U.S. troops still in that ravaged country prevent the Taliban’s triumphal return to power. A dozen years after George W. Bush invaded Iraq, ISIS occupies its second city, Mosul, controls its largest province, Anbar, and holds Anbar’s capital, Ramadi, as Baghdad turns away from us — to Tehran. The cost to Iraqis of their “liberation”? A hundred thousand dead, half a million widows and fatherless children, millions gone from the country and, still, unending war. How has Libya fared since we “liberated” that land? A failed ...

General Ideas

Oil Price Forecasting Lessons From 2008

Most people who attempt to predict the price of oil in either the short- or long-term soon learn humility, but some are so, shall we say, self-confident that they have no problem ignoring their records or ability to understand why they have been wrong, let alone correct it. For example, I have openly admitted my mistake in predicting the decline of oil prices much too early, but the reason for the error was mainly political instability in places from Iraq to Venezuela. My personal interpretation of the 2008 price spike, when oil went from $100 a barrel to $145, then dropped to $30 by year’s-end, is that the surge was a classic bubble. The $45 increase in six months was far beyond anything that had occurred historically, and neither fundamentals nor geopolitical developments would seem to justify it. Coming at a ...

We’re a Long Way From ‘Peak Car’ thumbnail

We’re a Long Way From ‘Peak Car’

Many environmentalists hope, and oil producers worry, that we’re entering a post-car era spearheaded by tech-savvy, bike-path-loving, urban-dwelling, Uber-using millennials—leaving behind generations of automobile owners whose thirst for gasoline seemed limitless. “Millennials have been reluctant to buy items such as cars,” a Goldman Sachs analysis concludes, turning to “what’s being called a ‘sharing economy.’ ” David Metz, former chief scientist at England’s Department of Transport, claims that the growth of Uber and its competitors guarantees a decline in automobile and fuel use. Thomas Frey, the DaVinci Institute senior futurist, says that “wealthy economies have already hit peak car.” The idea may seem plausible given recent history: tepid new-car sales, fewer miles driven per capita and shrinking gasoline use. In reality, it’s poppycock: The car habits of young adults ages 18-33 simply reflected a lack of jobs and money. Manhattan Institute Senior Fellow Mark ...

Silicon Valley’s Hot New Investment: Oil and Gas thumbnail

Silicon Valley’s Hot New Investment: Oil and Gas

Technology investors aren't usually known for backing anything related to fossil fuels—they tend to favor solar energy and other environmentally responsible endeavors. But Peter Thiel, whose Founders Fund recently led a $7 million investment an oil-related startup called RunTitle Inc., isn't your typical Silicon Valley investor. Thiel, Facebook Inc.'s first backer, is known for making contrarian bets. RunTitle is the latest in a series of oil and gas investments by his fund—even amid a slump that has seen the price of oil decline by more than half since June of last year. RunTitle, essentially a search engine for mineral rights, compiles data on land ownership that's valuable information for oil drillers. The company's name is a play on the expression "running title," a process of digging through public records to figure out who owns what in oil-producing regions. "The reality is that fossil fuels will continue to ...

The Exxons of Agriculture thumbnail

The Exxons of Agriculture

It goes without saying that oil and coal companies should not have a seat at the policy table for decisions on climate change. Their profits depend on business-as-usual and they'll do everything in their power to undermine meaningful action. But what about fertiliser companies? They are essentially the oil companies of the food world: the products they get farmers to pump into the soil are the largest source of emissions from farming.1 They, too, have their fortunes wrapped in agribusiness-as-usual and the expanded development of cheap sources of energy, like shale gas.* Exxon and BP must envy the ease their fertiliser counterparts have had in infiltrating the climate change policy arena. World leaders are about to converge for the 21st Conference of the Parties (COP21) in Paris in December, but there is only one major intergovernmental initiative that has emerged to deal ...

US Shale Oil too Expensive, Peaks 1H 2015 thumbnail US Shale Oil too Expensive, Peaks 1H 2015
According to EIA data, monthly US crude oil production peaked in April 2015 at ...
Enviroment Human Overpopulation
In the 21st century, humanity’s prolific ability toward exponential procreation guarantees human misery, suffering, ...
$4 Gasoline By May 2016 thumbnail $4 Gasoline By May 2016
Summary Expect higher gasoline and oil prices in 200 days. US Peak Oil from Fracking was ...
Russia begins airstrikes in Syria, but West disputes targets thumbnail Russia begins airstrikes in Syria, but West disputes targets
Russia launched airstrikes Wednesday in Syria, sharply escalating Moscow's role in the conflict but ...

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#peakoil MARTIN KIDSTON: Ag land, local food and growth at heart of planning debate - The Missoulian: The Miss... tinyurl.com/qjk2jvk

Frozen organic matter in permafrost is to #ClimateChange theory what oil glut is to #PeakOil theory.

sandesh: The #PeakOil story we have been told is wrong. gailtheactuary ow.ly/SXuWz