For A Few Trillion Barrels More

Figure 1 The history of UK Offshore Field discoveries according to this UK government source. Three main discovery cycles are evident, the third centred on 2007 riding on the back of rising oil prices. The UK is now at a discovery rate cycle low not witnessed since 1968. In recent commentary the highly respected Professor Alex Kemp of the […]

HSBC Economist Says Weve Got Just 50 Years of Oil Left

  TreeHugger has a post on a rare mention of peak oil in the mainstream media – HSBC Economist Says Weve Got Just 50 Years of Oil Left. Now if youve even gotten a small bit of knowledge about the state of the worlds oil reserves and the concept of peak oil, the statement that […]

Saudi, Kuwait Seen Curbing Oil Output at ‘Opportune Time’

Saudi Arabia and Kuwait halted production at a jointly run oil field late this week, a move that could help ease a supply glut that has pushed global prices down 25 percent. The 300,000-barrel-a-day Khafji field, located in the neutral zone between the two countries, was being shut because of environmental concerns, a person familiar […]

Russians and Chinese Are Ditching the Dollar and Europeans Are Using Renminbi in Their Reserves

At present, US dollar accounts for roughly 61% of the world’s foreign exchange reserves. It’s still a safe bet for most, not because the currency is actually strong, but because so many others are already so reliant on it. Between those with reserves in and pegs to the US dollar, many countries have given their […]

Sorry, Mr. Putin: $75 Oil Is Coming

Russian President Vladimir Putin has become the world’s most unlikely environmentalist. According to NATO head Anders Fogh Rasmussen, Putin has been “actively” supporting environmental groups in Europe that oppose hydraulic fracturing, or fracking, that would tap Europe’s supplies of oil and natural gas. These supplies would threaten the cash earned by the Russian economy from […]

BP To Restart North Sea Gas Field Half-Owned By Iran

BP will restart the Rhum gas field in the UK North Sea, half-owned by Iran’s National Oil Company, four years after the field was shut down due to Western sanctions, a BP spokesman said on Friday. Production from the field, which supplied 4 percent to 5 percent of Britain’s demand before its shutdown, is expected […]

Predictions Of ‘Peak Oil’ Production Prove Slippery

The dustiest portion of my home library includes the 1980s books — about how Japan’s economy would dominate the world. And then there are the 1990s books — about how the Y2K computer glitch would end the modern era. Go up one more shelf for the late 2000s books — about oil “peaking.” The authors […]

End to Oil Collapse in Sight

Some of the world’s biggest banks say the collapse in oil is just about over. Bank of America Corp. and BNP Paribas SA predict prices will hold above $80 a barrel. Commerzbank AG also sees that level as a possible low for Brent crude. They’re in part counting on OPEC cutting output — some say […]

Chris Martenson and Alasdair Macleod talk about Peak Oil and the economy

Chris Martenson and Alasdair Macleod talk about Peak Oil and the economy

Oil’s crash threatens to derail booming Alberta – and Canada too

Like most other regions of the country, gas prices around the Greater Toronto Area are in a nosedive, hovering around $1.17 a litre on Thursday or two pennies cheaper than earlier in the week. Across the country in Calgary, gas is even cheaper with some stations selling car fuel for $1.06. Morning commuters who slog into both cities […]

Don’t get too excited, no one has cracked nuclear fusion yet

Aerospace giant Lockheed Martin’s announcement this week that it could make small-scale nuclear fusion power a reality in the next decade has understandably generated excitement in the media. Physicists, however, aren’t getting their hopes up just yet. I recently returned from the International Atomic Energy Agency’s Fusion Energy Conference in St Petersburg, Russia, the world’s […]

Fracking Moves To China

Link to Part 1 Last week on Sea Change Radio, we learned about the new shale gas boom in China. This week, in the second part of my discussion with Jaeah Lee and James West of Mother Jones, we examine the larger questions that surround this shift in Chinese energy policy. Can natural gas be […]

The Tao of the Apocalypse

This is our future, and we can choose which one becomes reality! A few nights ago I had a dream that would fall under the category of post apocalyptic.  It took place in the present day, at my house, on what appeared to be a bright sunny summer day.  My son and I were out […]

Egypt warplanes hit Libya

Egypt deepened its involvement in the fight against Islamist militias who have taken over key parts of Libya on Wednesday, with officials saying Egyptian warplanes have bombed their positions in the eastern city of Benghazi. The two officials, who have firsthand knowledge of the operation, said the use of the aircraft was part of an […]

Fracking Tied to Earthquakes in Ohio

Another rare case of fracking-caused earthquakes has jolted Ohio. A new study connects some 400 micro-earthquakes near the town of Canton, in Harrison County, to hydraulic fracturing wells. The three wells operated from September through October 2013 in the Utica Shale. Ten of the quakes registered between magnitude 1.7 and magnitude 2.2, but the tremors […]

Lockheed Martin Claims Fusion Power in 10 Years

In a press release on Wednesday, defense contractor Lockheed Martin announced that its in-house fusion reactor program could produce a working prototype in as few as five years—and a practical, working system that could take the place of a conventional power plant on the grid within ten years. It’s a bold claim by a single […]

U.S. fusion plan draws blistering critique

Many U.S. fusion scientists are blasting a report that seeks to map out a 10-year strategic plan for their field, calling it “flawed,” “unsatisfactory,” and the product of a rushed process rife with potential conflicts of interest. One result: Last week, most members of a 23-person government advisory panel had to recuse themselves from voting […]

Crashing oil prices could crush Vladimir Putin

Falling oil prices are good for American drivers, but not for Russia. In early March when Russia first sent troops into Ukraine, oil was trading comfortably above $100 per barrel. Now, it’s around $81, a level not seen in three years. That’s a tough pill for Russia to swallow since the country relies heavily on […]

Saudi Prince Warns Falling Oil Prices Could Be A ‘Catastrophe’

REUTERS/Neil Hall Prince Alwaleed bin Talal al-Saud has published an open letter on his website expressing his “astonishment” at reports that the Saudi oil minister is comfortable with collapsing oil prices. The famously eccentric billionaire investor Alwaleed (who has allegedly tossed dwarves at parties) took issue with recent media reports suggesting Ali bin Ibrahim Al-Naimi, the […]

The Saudi oil war against Russia, Iran and the US

Saudi Arabia has unleashed an economic war against selected oil producers. The strategy masks the House of Saud’s real agenda. But will it work? Rosneft Vice President MikhailLeontyev; “Prices can be manipulative…Saudi Arabia has begun making big discounts on oil. This is political manipulation, and Saudi Arabia is being manipulated, which could end badly.” A […]

Oil Slide Puts Venezuela Projects Under Pressure

The recent slide in global oil prices puts projects under heavy pressure, executives at two major production companies told an industry conference in Venezuela on Wednesday. A four-month rout, which stemmed from signs of lower growth and oil demand in Europe coupled with expectations that OPEC’s core Gulf members are in no hurry to cut […]

The Source of All Resources

On October 7, we held the grand opening of the factory of my new company, Pioneer Energy, in Lakewood, Colorado. This is the speech I gave to commemorate the occasion. We are here today to celebrate the opening of a new factory, a place for making things. Such an event is always cause for celebration, […]

World may not have enough food by 2050: Report

The world may not be able to feed itself by 2050 if it doesn’t increase food productivity, according to a report released Wednesday. The report, from the Global Harvest Initiative, states that with a world population expected to be at least 9 billion people in 2050, the demand for food, feed, fiber and fuel will […]

Daze Of Peak Oil… Or At Least Peak Oil Production

By Chris Hamilton Production of crude oil has nearly stalled despite a near quadrupling in the price since ’01 and it seems likely the world has entered the Peak Oil phase and neither the governments nor central banks (try as they may) can paper this over. Without the growing supply of adequate cheap energy, there […]

Over the Peak – Why Peak Oil Matters

In the last few days (written 14 October 2014) the headlines have focused on the increase in oil production from OPEC producers, now at its highest level since the summer of 2013 – In its monthly oil market report, OPEC said its oil production rose by 402,000 barrels a day in September 2014 to total 30.47 million barrels […]

Saudi Arabia Still Calling the Shots

The US Shale Oil Boom There have been a lot of stories over the past few years about the implications of the US shale boom. To review for those who might have been living in a cave for the past 5 years, the marriage of horizontal drilling and hydraulic fracturing (fracking) has reversed 40 years […]

U.S. Airstrikes Cut Islamic State Oil Production by 70 Percent

It’s been a month since President Obama announced that the U.S. would engage in a sustained campaign of airstrikes against Islamic State, the militant Sunni rebellion in Syria and Iraq. The idea was to bomb Islamic State into nonexistence, which has proved difficult. Not only is the movement well-armed, battle-hardened, and deeply entrenched in much […]

The cure for a high oil price – is a high oil price. But where to next?

I love the saying that the best cure for a high oil price is a high oil price. Mankind’s ingenuity ensures that the world always finds surprising ways to adjust to seemingly intractable economic challenges. Not long ago analysts were fretting about “peak oil” – and how the world would be able to cope with […]

Peak oil is here: the view from Barbastro

Antonio Turiel, well known for his blog “the oil crash“, speaks at the international meeting “Beyond Peak Oil” organized in Barbastro by UNED. It looks like we are staring straight at the peak’s ugly face. When I started working on peak oil, around 2001, it was an intellectual game that I played with others interested […]

Privately, Saudis tell oil market- get used to lower prices

Saudi Arabia is quietly telling the oil market it would be comfortable with much lower oil prices for an extended period, a sharp shift in policy that may be aimed at slowing the expansion of rival producers including those in the U.S. shale patch. Some OPEC members including Venezuela are clamoring for production cuts to […]

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