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Gulf states need to reform spending as oil price slips

Gulf Arab oil exporters will have to reform their state spending and make cuts in some areas because of weak oil prices, Kuwaiti Finance Minister Anas al-Saleh said on Saturday. "We must undertake comprehensive economic reforms including the reform of imbalances in public finances," Saleh told a meeting of Gulf Arab finance ministers, central bank governors and the International Monetary Fund in Kuwait. "This must be undertaken through strengthening of efforts to diversify away from oil and decrease dependence on oil revenue, which is now inevitable." Global oil prices tumbled to four-year lows below $83 per barrel this month, threatening - if current levels are sustained for a long period - to push the state budgets of some of the six members of the Gulf Cooperation Council into deficit after several years of big surpluses. The IMF has estimated Saudi Arabia will need an ...

Oil wars: Saudi vs the world? thumbnail

Oil wars: Saudi vs the world?

As global oil prices tumble, we ask why the country that is OPEC's kingpin is doing nothing to stop it. There are winners and losers in every economic situation, but few have the impact of one involving oil. The price of Brent crude, which at one time priced 90 percent of the world's oil, has tumbled by one-fifth. And analysts believe the price could fall to as low as $60 a barrel. Already at $80, it is a major adjustment for countries trying balance their budgets. And the question is not what, but who is driving oil prices, and what the fallout means for ordinary people and the global economy. Many would expect Saudi Arabia to be defending higher prices, but that is not exactly the case. So why is Saudi doing this? And what will be the outcome for everyone else? The ...

Fracking in California dirty business thumbnail

Fracking in California dirty business

More than 30 percent of Californians living near oil and gas wells reside in areas already heavily polluted, the Natural Resources Defense Council said. A Wednesday report from the NRDC looked at state records to determine what portion of the state's population are, or could be, impacted by hydraulic fracturing operations. It found about 14 percent of the state's population live within a mile of an oil or natural gas well and more than 30 percent of those live near industrial facilities or other environmental dangers. The advocacy group found that percentage of the population may be at risk should the state's oil and natural gas sector expand. It said it found a link between hydraulic fracturing operations and respiratory and neurological problems. "Fracking is moving next door to more and more California homes, schools and neighborhoods," Miriam Rotkin-Ellman, a researcher at NRDC ...

Peak Oil: A Real Threat to Society? thumbnail

Peak Oil: A Real Threat to Society?

When oil was first discovered in the U.S., life changed for every single American. Commercial and civilian use for petroleum skyrocketed, as U.S. production of different materials and products soared. During this time, some geologists firmly believed that oil would never deplete. Furthermore, they figured the U.S. was not the only country with petroleum and others must have had this resource as well. In the 1950s, an American geologist named M. King Hubbert believed that U.S. oil production would peak in 1970. Hubbert did research on the concept of peak oil for decades. He was convinced that U.S. production would simply be maxed out by 1970. Many geologists and petroleum experts simply laughed at Hubbert's theory. Lo and behold, U.S. oil production peaked in 1970! Hubbert's theory explained how overall production would reach a maximum rate of extraction, and eventually it's production would go into free fall ...

Technology has blindsided oil states thumbnail

Technology has blindsided oil states

"The price of oil will hit its floor and it will rise again," President Nicolas Maduro assured Venezuelans, whose shaky economy depends critically on a high oil price. "Venezuela will continue with its social plans. Venezuela will move forward." No it won't, and neither will Russia, Iran or Nigeria. The only major oil exporters that are not in deep trouble are the Arab countries, whose governments have some room to manoeuvre because of low production costs, relatively small populations and big foreign currency reserves. Since June, the cost of a barrel of Brent crude, the benchmark for world oil prices, has fallen by almost a quarter, from around $110 a barrel (where it was stuck for the past four years) to just above $80 a barrel. Last month, for the first time in decades, Nigeria exported no oil at all to the United ...

Business

Oil will tumble to $70 says new ‘bond king’

The meltdown in the oil market is not over yet. That's the message from Jeffrey Gundlach, the star bond investor who predicts oil will plunge another $10 (it's $80 a barrel now). While another decline in oil prices would bring smiles to American consumers -- think around $2.70 a gallon at the pump as a national average -- it could spell trouble for the boom in shale projects boosting the U.S. economy. "I think it's going to $70 and if it does, it's bye, bye fracking. Goodbye all of the great job creation from fracking because fracking becomes too expensive if you can buy oil at $70 a barrel," Gundlach said on Wednesday at ETF.com's Inside Fixed Income Conference. Related: Oil prices are plunging. Don't cheer yet Those concerns help explain why energy exploration stocks like Apache (APA)and Newfield Exploration (NFX) have been creamed in ...

World Population Likely to Rise Quickly This Century thumbnail

World Population Likely to Rise Quickly This Century

Models such as this are naturally subjective because of decisions  about how to weight certain variables with time. Lutz states the Un model is much more responsive to recent trends than his model. Due to falling birth rates, meaning less children, and growing existence expectancy because of better health insurance and technology, the populace may also be older. At this time, 8 percent from the world’s human population is over age 65. By 2050, however, it is going to be 18 percent 28 percent in 2100. Europe might find a level bigger increase from 16 percent to 36 percent by 2100. Due to existence expectancy increases, we must also adjust what we should consider “old” in future years, just like we’ve in past decades and centuries. At one point in the final century, 40 years old was considered old now – unless you’re a teenager – being “past their primeInch isn’t considered ...

Economics As If Future Generations Mattered thumbnail

Economics As If Future Generations Mattered

We have turned a corner on climate change-- a wrong turn-- and it is happening more rapidly than we have predicted. Climate change is already disrupting society, ecosystems, and national economies. We have altered so much of our Earth that we now threaten our own survival. We know the catastrophic risks we are passing onto future generations and we wonder, with anxiety and grief, what will become of our planet. We ask ourselves, “what can I do?”. One of the key barriers to taking action on the paramount issues of our time is that these problems are the end result of entrenched cultural, economic and social systems. The message that solutions to climate change and environmental degradation is up to the individual directly conflicts with what people are witnessing: the health and well-being of their bodies and their communities coming a distant ...

Offshore Wind in the USA thumbnail

Offshore Wind in the USA

Everybody, hold onto your hats. The moment we have been waiting for may have finally arrived – or, well, it’s not very far off. American offshore wind is on the horizon, figuratively and literally, and approaching fast. American Wind Energy Association (AWEA) hosted its Offshore Windpower Conference and Exhibition in Atlantic City, NJ, last week, which brought together industry leaders, including Deepwater Wind, Cape Wind, and Dominion Virginia Power. Currently, there are 14 offshore wind projects under development, but none has yet to put a turbine foundation in the water. That’s all about to change. “This is the year it happens,” Deepwater Wind CEO Jeff Grybowski said at the conference. “We are nine months away from the installation of our first foundations.” Deepwater’s Block Island Wind Farm, which is fully permitted and approved, will operate five wind turbines off the coast of ...

Peter Thiel: Peak oil lives! thumbnail

Peter Thiel: Peak oil lives!

The famed investor says the fracking revolution, fuel efficiency standards, and slowing demand have only bought us time in the search for a true technological breakthrough Peter Thiel, whom we profiled in September in the cover story “Peter Thiel Disagrees With You,” is the founder of two billion-dollar companies (PayPal EBAY 0.91% and Palantir), a venture capitalist (his flagship Founders Fund now manages $2 billion in assets), a hedge fund manager, the first outside investor in Facebook FB -0.36% , and the author of the recently released book about launching startups, Zero to One. When his hedge fund, Clarium Capital, launched in 2002, Thiel followed a peak-oil thesis, which paid off splendidly as oil prices rose from about $40 to $140. But prices fell off a cliff in 2008, the fund got clobbered, and ...

Play Video
Peak Oil is still the reality of the future thumbnail Peak Oil is still the reality of the future
In a reply to my previous contribution, “The falling oil price may presage a ...
Production Saudi Arabia Cuts Oil Supply
The amount of oil Saudi Arabia supplied to markets fell last month, according to ...
Syrian Regime, Iraqi Kurds Among Those Buying ISIS Oil thumbnail Syrian Regime, Iraqi Kurds Among Those Buying ISIS Oil
Lebanese cabinet decides to drastically restrict entry of Syrian refugees; U.S., allies stage 15 ...
What qualifies as true avant-garde? Degrowth qualifies–and very little else thumbnail What qualifies as true avant-garde? Degrowth qualifies–and very little else
What qualifies as true avant-garde? Degrowth qualifies--and very little else. In the 20th century, avant-garde ...

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#peakoil Gulf states need to reform spending as oil price slips: Gulf Arab oil exporters will have to reform t... bit.ly/1rCrya3
#peakoil Oil wars: Saudi vs the world?: As global oil prices tumble, we ask why the country that is OPEC’s kin... bit.ly/1rCrwih
#peakoil Eight Pieces of Our Oil Price Predicament - Energy Collective: Eight Pieces of Our Oil Price Predicam... tinyurl.com/mu5cqxr
#peakoil Eight Pieces of Our Oil Price Predicament - Energy Collective: Eight Pieces of Our Oil Price Predicam... bit.ly/1rBOExs