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News from June 2012

Pincushion America: The irretrievable legacy of drilling everywhere on drinking water

Pincushion America: The irretrievable legacy of drilling everywhere on drinking water thumbnail

Since 1949 the United States has had more than 2.6 million oil and natural gas wells drilled into its surface. Many more wells have gone uncounted since they were drilled before comprehensive records were kept. Add to that some 680,000 waste injection wells of which more than 150,000 inject industrial wastes, some of it considered […]


Vietnam Warns China to Halt Oil Bids

Vietnam Warns China to Halt Oil Bids thumbnail

Vietnam’s state-run oil explorer warned China to halt efforts to develop disputed areas of the South China Sea that Hanoi’s leaders have already awarded to companies including Exxon Mobil Corp. (XOM) and OAO Gazprom. Vietnam Oil & Gas Group, also known as PetroVietnam, will ask China National Offshore Oil Corp., the government-owned parent of Cnooc […]


Iraq to sign oil deal with firms

Iraq to sign oil deal with firms thumbnail

Iraq will sign initial contracts in July with three foreign companies that won deals to explore oil and gas blocks as it looks to attract more foreign investment to develop its energy sector. The Opec member is expected to be the world’s biggest source of new oil supplies over the next few years after signing […]


Iran calls for extraordinary OPEC meeting

Iran calls for extraordinary OPEC meeting thumbnail

Sanctions-hit Iran on Saturday called for OPEC to hold an extraordinary meeting to rein in output going over its agreed total quota because oil prices have dipped to a “critical level” under $100 a barrel. “We have asked the secretary general to set up an extraordinary meeting as prices have become irrational,” Iranian Oil Minister […]


Keystone Accident: A Geyser of Tar Sands Oil

Keystone Accident: A Geyser of Tar Sands Oil thumbnail

On an early morning in May 2011, North Dakota farmer Bob Banderet was walking out of his farm house with his daughter to check on some calves when off in the distance they noticed something billowing into the air “like a geyser.” It didn’t take long for him to figure out what it was, since the plume of […]


Jeremy Leggett: On the verge of an energy transition

Jeremy Leggett: On the verge of an energy transition thumbnail

Jeremy leggett explaining how British politicians have our best interests at heart! ASPO2012


Collapse Fatigue: Prevention And Treatment

Collapse Fatigue: Prevention And Treatment thumbnail

Someone who lives not far from me in Boulder, Colorado recently said, “I’m really tired of waiting and preparing for collapse. I keep hoping that something really big will push us over the cliff, but nothing happens, and I keep preparing, and all my friends keep calling me crazy. It’s really draining. I just want […]


Japan to Power Up Nuclear Reactor

Japan to Power Up Nuclear Reactor thumbnail

Energy-starved Japan will regain nuclear-powered electricity on Sunday, as the first reactor to be switched on since last year’s Fukushima disaster comes online. Kansai Electric Power Co. Ltd. (KEPCO) told CNN Wednesday that the No. 3 reactor at the country’s Ohi Nuclear Power Plant will be activated on July 1 and start providing electricity to […]


Natural gas power generation on par with coal

Natural gas power generation on par with coal thumbnail

Healthcare Care and the Euro Surprise Yesterday it appeared that oil and health care have a lot more in common than you’d think. No, I am not talking about oil being used for medical purposes like it was in the old days but the impact on the price of oil after the surprise Supreme Court […]


Report from Inside a Rothschild Conference

Report from Inside a Rothschild Conference thumbnail

EPJ had a mole inside a recent insider Rothschild Conference. The conference was held on June 21-22, 2012 in Bratislava, Slovakia. Here is the report from the EPJ mole, who attended the entire conference: I should tell you the conference was quite interesting. It’s an annual conference organized for the most important clients of Rothschild […]


China’s One-Child Policy Faces New Challenges

China’s One-Child Policy Faces New Challenges thumbnail

Graphic online photographs of seven month-pregnant Feng Jianmei lying prostrate on a hospital bed next to a bloody foetus have created outrage in China over the brutal enforcement of the controversial one-child-policy. The husband of the woman whose forced late-term abortion caused uproar worldwide has gone missing, according to his family. Feng’s husband Deng Jicai’s […]


Coal: The Ignored Juggernaut

Coal: The Ignored Juggernaut thumbnail

Oil, natural gas, and alternatives dominate the headlines when it comes to energy. But there’s a big and largely-overlooked revolution occurring with the energy source likely to become the most preferred fuel for a world in economic decline: coal. The United States coal sector has been hit very, very hard this spring. Demand has been […]


Lower Oil Prices–Not a Good Sign!

Lower Oil Prices–Not a Good Sign! thumbnail

Are lower oil prices good news? Not really, if it means the world is sinking into recession. We know from recent past experience and from common sense that higher oil prices are a drag oil importing economies, since if more $$$ are spent on the same amount of oil, there is less to spend on […]


Peak Oil, a new short animation

Peak Oil, a new short animation thumbnail

by Eike Toellner


Our energy future? ‘Too Much Magic & Wishful Thinking’

Our energy future? ‘Too Much Magic & Wishful Thinking’ thumbnail

There is a new book out this summer called, ‘Too Much Magic, Wishful Thinking, Technology And The Fate Of The Nation’ by James Howard Kunstler. The book deals with American’s core belief technology can solve all our problems and how this is at odds with the future of energy supplies. Kunstler, a believer in Peak […]


The biggest fraud in economics is economics

The biggest fraud in economics is economics thumbnail

What’s the point of having an economy, asks Bill Bonner? It makes no sense to waste trillions of dollars’ worth of resources just to “protect the economy,” he says. The whole point of an economy is to create more stuff, not to waste it. Forget ‘peak oil.’ Or so they say. It has fracked its […]


US clears China, Singapore from Iran oil sanctions

US clears China, Singapore from Iran oil sanctions thumbnail

The Obama administration on Thursday cleared China and Singapore from possible U.S. economic penalties, citing their sharp cuts in imports of Iranian oil, as an American deadline arrived for banks to stop processing petroleum transactions with Tehran. Secretary of State Hillary Rodham Clinton commended the two Asian countries for “significantly” reducing the oil purchases and […]


Thirst for power: How coal, nuclear and gas waste our water

Thirst for power: How coal, nuclear and gas waste our water thumbnail

“Capitalism,” wrote the environmental economist K. William Kapp, “must be regarded as an economy of unpaid costs, ‘unpaid’ in so far as a substantial portion of the actual costs of production remain unaccounted for in entrepreneurial outlays; instead they are shifted to, and ultimately borne by, third persons or by the community as a whole.” […]


How Oil Has Driven Global Conflict For The Past 100 Years

How Oil Has Driven Global Conflict For The Past 100 Years thumbnail

Michael T. Klare recently gave a presentation titled “The Geopolitics of Oil: Old and New” at the Association for the Study of Peak Oil conference in Vienna, in which he speaks about how no other substance in the world is as closely aligned with geopolitics as oil is. Klare describes the geopolitics of oil — the intersection […]


World Energy Consumption Facts, Figures, and Shockers

World Energy Consumption Facts, Figures, and Shockers thumbnail

In the first installment of this series, I reviewed U.S. and global oil reserves according to the 2012 BP Statistical Review of World Energy. The second installment covered oil production. Today, I want to examine the changes in consumption of coal, oil, and natural gas since 1965 in the three major consuming regions of the world: […]


John Michael Greer: The Cussedness of Whole Systems

John Michael Greer: The Cussedness of Whole Systems thumbnail

There’s an interesting divergence between the extreme complexity of the predicament that besets contemporary industrial civilization, on the one hand, and the remarkable simplicity of the failures of reasoning that have sent us hurtling face first into that predicament, on the other. Nearly all of those failures share a common root, which is the inability—or […]


Peak Oil Problem-Solving 101

Peak Oil Problem-Solving 101 thumbnail

Who knew that Peak Oil, a matter with the potential for so many adverse consequences, could be solved for so easily?! [A]s Donald Boudreaux, an economics professor at George Mason University, explained a couple of years ago, running out of oil ‘is not as much a question of physics as it is one of economics. […]


Oil exploration ramps up in US Arctic

Oil exploration ramps up in US Arctic thumbnail

Shell is preparing to lead a new ‘oil rush’ in the American north. A new round of exploratory oil drilling is due to begin in the Arctic this July. Oil companies are no doubt dreaming of a northern oil rush, while environmentalists face nightmares of devastating spills. The oil giant Shell has been granted permission […]


Growth in global oil market slows

Growth in global oil market slows thumbnail

Global oil consumption increased by 0.7 percent in 2011 to reach an all-time high of 88.03 million barrels per day, according to new research conducted by the Worldwatch Institute for its Vital Signs Online service. This rate of increase was considerably slower than in 2010, when oil consumption rose by 3.3 percent following a decline […]


Exxon Says Losing Money on Natural Gas

Exxon Says Losing Money on Natural Gas thumbnail

Even energy titan Exxon Mobil Corp. is showing signs of strain from low natural-gas prices. On Wednesday Exxon Chief Executive Rex Tillerson broke from the previous company line that it wasn’t being hurt by natural gas prices, admitting that the Irving, Texas-based firm is among those hurting from the price slump. “We are all losing […]


Nuclear Fusion Funds on Chopping Block

Nuclear Fusion Funds on Chopping Block thumbnail

It’s a dream many scientists have been pursuing for decades, but for some of them, President Obama’s proposal for next year’s pared-down budget marks a step backward. The Washington Post reports that the president’s budget request cuts domestic fusion research by 16 percent, or $48 million. That would mean the closure of a Department of […]


Tom Murphy: Ruthless extrapolation

Tom Murphy: Ruthless extrapolation thumbnail

We humans owe much of our success to our ability to recognize patterns and extrapolate trends to anticipate a future state. My cats, on the other hand, will watch a tossed toy mouse travel toward them across the room—getting ever-bigger—all the way until it smacks them between the eyes (no, they’re not strapped down—I’m not […]


Venezuela wants OPEC price band restored

Venezuela wants OPEC price band restored thumbnail

Venezuela on Wednesday proposed that OPEC set an oil price band of $80 to $120 a barrel, Energy Minister Rafael Ramirez told Reuters, bidding to restore a policy the cartel tried 12 years ago in a failed attempt to control prices in a tight range by adjusting supply. The Organization of the Petroleum Exporting Countries […]


Wind-Powered Cargo Ships Make a Comeback

Wind-Powered Cargo Ships Make a Comeback thumbnail

Sailing ships once carried much of the world’s cargo across the seas, until canvas sheets were replaced by low-grade “bunker” oil. Now it appears that wind power is about to make a comeback, in the form of rigid “sails” that double as solar panels. The patent-pending technology, called the Aquarius Solar and Wind Marine Power […]


U.S. to open more of Arctic Ocean to oil, gas drilling

U.S. to open more of Arctic Ocean to oil, gas drilling thumbnail

Even as the first offshore drilling in the Arctic in nearly two decades is poised to get underway, Obama administration officials said Tuesday they are preparing to open additional areas of the Arctic Ocean to oil and gas exploration. Such exploration will be part of a “targeted leasing” strategy that will place a few of […]


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