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News from August 2015

Iran Provides Sizable Amount of Info for Nuclear Probe

Iran Provides Sizable Amount of Info for Nuclear Probe thumbnail

Iran has provided a “substantive volume” of information to the U.N. atomic agency on allegations that it worked on nuclear arms, the agency’s chief said Tuesday, but declined to characterize the value of the documents. Yukiya Amano said it would be premature to say how useful the information given by Iran last week would be […]


Saudi Arabia may need sharper fiscal adjustments

Saudi Arabia may need sharper fiscal adjustments thumbnail

With another bout of extreme volatility witnessed in oil prices, countries in the Gulf Cooperation Council may continue to post budget deficits for a few more years, forcing them to raise more debt, until stability returns to oil market. “We expect all of the large rated GCC economies, except Kuwait, to post general government deficits […]


The King is Dead!

The King is Dead! thumbnail

On August 5th, West Virginia Attorney General Patrick Morrisey banded together with 15 other state attorneys general to demand that the Environmental Protection Agency (EPA) suspend the implementation of new rules devised by the Obama administration to slow the pace of climate change.  The regulations, announced just two days earlier, sought to reduce power plant emissions of carbon dioxide […]


Deflationary Collapse Ahead?

Deflationary Collapse Ahead? thumbnail

Both the stock market and oil prices have been plunging. Is this “just another cycle,” or is it something much worse? I think it is something much worse. Back in January, I wrote a post called Oil and the Economy: Where are We Headed in 2015-16? In it, I said that persistent very low prices could be a […]


From Venezuela to Iraq to Russia, Oil Price Drops Raise Fears of Unrest

From Venezuela to Iraq to Russia, Oil Price Drops Raise Fears of Unrest thumbnail

Oil, the lifeblood of many countries that produce and sell it, appears to be rapidly turning into an ever-cheaper economic curse. A year ago, the international price per barrel of oil was about $103. By Monday, the price was about $42, roughly 6 percent lower than on Friday. In oil-endowed Iraq, where an Islamic State […]


Daniel Yergin: ‘hard times’ ahead for producers

Daniel Yergin: ‘hard times’ ahead for producers thumbnail

In a Q&A, the vice chairman of IHS explains why crude prices are plunging anew and predicts “there’s going to be a lot of turmoil and hurt.” It’s getting ugly in the oil patch again. On Monday, the price of benchmark West Texas Intermediate crude closed at $38 per barrel, the lowest level since the […]


Out in the Real World, Oil Market Is Much Better Than It Looks

Out in the Real World, Oil Market Is Much Better Than It Looks thumbnail

The global oil market is healthier than it looks, signaling that crude’s plunge to six-year lows has probably gone too far. While futures tumbled below $45 a barrel in London for the first time since 2009, Morgan Stanley and Standard Chartered Plc say other measures suggest physical markets for crude have stabilized or even strengthened in […]


Oil Production: the War for Market Share

Oil Production: the War for Market Share thumbnail

Citi Commodities Strategist Ivan Szpakowski discusses the meltdown in commodities, the increase in oil production and what can be done to correct the slump. He speaks to Bloomberg’s Rishaad Salamat on “Trending Business.”


The Extinction of Humanity

The Extinction of Humanity thumbnail

As the temperatures swelter in the once-crisply cool climates of the world and water levels rise to mercifully meet our sun-burnt feet in violent wave after wave, we still do nothing. Nothing significant enough is being done, or is even being discussed, to adequately combat this new global crisis that we not only face but […]


Jean Laherrere’s Bakken Update

Jean Laherrere’s Bakken Update thumbnail

Jean Laherrere sent me the below charts the other day. I had planned on posting them with more Bakken data. But my schedule has been busy so I am posting them alone. Jean’s interpretation for ND is as follows Bakken ultimate = 3 Gb Non Bakken ultimate = 2.2 Gb ND ultimate 5.2 Gb Detail […]


Kunstler: Worse Than Hitler

Kunstler: Worse Than Hitler thumbnail

Even the formerly august New York Times grants that Donald J. Trump has ignited a voter firestorm of grievance against a dumb show election process that rewards a craven avoidance of real issues. Immigration is actually a stand-in for the paralysis, incompetence, overreach, and bloatedness of government generally in our time — but it is […]


The Limits to Growth in the Soviet Union and in Russia: the story of a failure

The Limits to Growth in the Soviet Union and in Russia: the story of a failure thumbnail

Above, you can see the full recording of a 2012 lecture given in Moscow by Dennis Meadows; one of the authors of “The Limits to Growth” report of 1972. It is long, more than an hour, but – if you don’t have the time to watch all of it – I suggest that you go […]


Stock up on canned food for stock market crash

Stock up on canned food for stock market crash thumbnail

A former adviser to Gordon Brown has urged people to stock up on canned goods and bottled water as stock markets around the world slide. Damian McBride appeared to suggest that the stock market dip could lead to civil disorder or other situations where it would be unreasonable for someone to leave the house. “Advice […]


Why Water Is More Important To Iran’s Future Than Oil

Why Water Is More Important To Iran’s Future Than Oil thumbnail

As Congress prepares to vote on the Iran nuclear deal, the focus remains on what separates the Islamic republic from the United States, which, depending on your worldview is either a lot, or everything. The truth is that similarities, though perhaps few in number, do exist. Similar though contrasting religious convictions, a penchant for exceptionalism, […]


When The Crude Oil Runs Out

When The Crude Oil Runs Out thumbnail

Mankind is using crude oil faster than Mother Nature can replenish it. What are the implications of that fact? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . […]


Market Panic Goes Global as China Impacts the World

Market Panic Goes Global as China Impacts the World thumbnail

Alarm bells rang across world markets on Monday as a near 9 percent dive in China shares and a sharp drop in the dollar and major commodities panicked investors. European stocks were almost 3 percent in the red and Wall Street was braced for similar losses after Asian shares slumped to 3-year lows as a […]


Turkey’s Insurrection

Turkey’s Insurrection thumbnail

This week we bring you nihilistic news from the climate front, plus an update on the revolt in Turkey following the suicide bombing of Rojava supporters. Plus a Turkish comrade gives us an in depth look at the political landscape in the region. For background, check out our report on the Rojava revolution. Keep this […]


Robert Rapier: Why the $20 Oil Predictions are Wrong

Robert Rapier: Why the $20 Oil Predictions are Wrong thumbnail

As the price of West Texas Intermediate (WTI) retests the $40 per barrel (bbl) mark, some pundits are again calling for WTI to fall to $15 or $20/bbl. The same thing happened earlier in the year when crude prices tested $40. Lots of people predicted $20, the price went to $60, and the $20 crowd […]


Saudi Arabia Hit by Low Oil Prices, Faces Difficult Decisions

Saudi Arabia Hit by Low Oil Prices, Faces Difficult Decisions thumbnail

Douglas-Westwood, an energy business strategy, research and commercial due diligence services provider, commented in its latest edition of DW Monday that low global crude prices have hit Saudi Arabia hard. With a considerable budget deficit, Saudi has been forced to begin borrowing from capital markets – $4 billion in July. The kingdom is highly reliant […]


The Peak Oil Crisis: A $4 Trillion Hole

The Peak Oil Crisis: A $4 Trillion Hole thumbnail

Last week reporters at the Wall Street Journal sat down and did some arithmetic. They looked at how much oil was selling for in the spring of 2014 (over $100 a barrel); looked at what it is selling for today (under $50); and concluded that if prices stay low for the next three years, the […]


Here’s How They Screw You Over At The Gas Pump

Here’s How They Screw You Over At The Gas Pump thumbnail

So much would be possible if it weren’t for the government. Government, remember, is not composed of experts in much of anything – except control and manipulation. Politicians and bureaucrats are not people who do things. They force others to do things. In the car world, you have the ridiculous spectacle of non-engineer mechanical imbeciles […]


U.S. Military Leaders Support Iran Deal

U.S. Military Leaders Support Iran Deal thumbnail

Scores of high-level American military leaders support the Iran deal.  For example, the following 35 military officials – from the Army, Navy, Air Force and Marine Corps – signed a letter urging support for the deal: General James “Hoss” Cartwright, U.S. Marine Corps General Joseph P. Hoar, U.S. Marine Corps General Merrill “Tony” McPeak, U.S. […]


Heinberg: Introducing TREES

Heinberg: Introducing TREES thumbnail

Scientists at the Climate/Energy Design and Research institute (CEDAR) have just announced the discovery of an astounding new energy source that promises to solve several of humanity’s thorniest dilemmas at once. “This is a paradigm-shifting moment,” says Dawn O’Newday, the engineer in charge of the project. “Whatever your game is, this changes it. Big time.” […]


Low Oil Prices Could Break The “Fragile Five” Producing Nations

Low Oil Prices Could Break The “Fragile Five” Producing Nations thumbnail

Persistently low oil prices have already inflicted economic pain on oil-producing countries. But with crude sticking near six-year lows, the risk of political turmoil is starting to rise. There are several countries in which the risks are the greatest – Algeria, Iraq, Libya, Nigeria, and Venezuela – and RBC Capital Markets has labeled them the […]


Economic Growth in Asia Threatens Environment

Economic Growth in Asia Threatens Environment thumbnail

Strong economic growth in Asia has lifted millions of people out of poor economic conditions. But some environmental activists say it has also hurt the area’s environment. The International Union for Conservation of Nature met in Bangkok, Thailand recently for three days. The group urged Asian countries to work together to protect the environment. It […]


Why oil prices could sink to $15 a barrel

Why oil prices could sink to $15 a barrel thumbnail

American drivers could soon be partying like it’s 1999. Oil prices have already taken a dramatic fall that’s saved consumers big time at the pump. Last week, crude tumbled below $42 a barrel, down from $100 last year. One big-name investor is predicting an even sharper drop. “There is no evidence whatsoever to suggest we have bottomed. […]


Syria Diplomacy and Oil: Geopolitics May Change Oil Outlook Dramatically Again

Syria Diplomacy and Oil: Geopolitics May Change Oil Outlook Dramatically Again thumbnail

As the U.S. Congress gears up to debate the merits of the nuclear deal signed between Iran and the P5+1 powers last July , the Obama Administration is working overtime to get Mideast diplomacy off the ground to prove that the politically controversial deal is paying the way for a better Middle East. The effort, […]


Earth Overshoot: Running on Empty

Earth Overshoot: Running on Empty thumbnail

  According to data from the Global Footprint Network, August 13, 2015 was officially “Earth Overshoot Day.” We have now used nature’s entire budget for the year. Global Footprint Monitor tracks humanity’s demand on natural resources against nature’s ability to accommodate that demand – also known as biocapacity. Carbon sequestration, natural carbon sinks for increasing […]


OPEC May Boost Oil Output to Record With Iran Back Amid Glut

OPEC May Boost Oil Output to Record With Iran Back Amid Glut thumbnail

OPEC could potentially boost crude oil production to 33 million barrels a day, the most ever, after international sanctions are removed against Iran amid a global supply glut, according to the country’s OPEC representative. The global oil market is already in surplus by about 3 million barrels a day, with Saudi Arabia and Iraq responsible […]


Peak of Gas Production in the Barnett Shale

Peak of Gas Production in the Barnett Shale thumbnail

An ocean of ink has already been spilled on pros and cons of using Hubbert curves to model production from a large collection of wells in one or many reservoirs.  In 2010, I published together with my last graduate student in Berkeley, Dr. Greg Croft, a highly cited paper on this subject. I have also commented multiple […]


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@paulcurrion @RodZeidan @giancarlotorpi @BrankoMilan Willingly or by force we are going to make the transition because there is no alternative. The problem is what level of economic output we'll have after it. I doubt for example that we are going to see electrical planes. Will we have energy rationing like in the 40s ? #PeakOil

@paulcurrion @RodZeidan @giancarlotorpi @BrankoMilan If renewables were easy to implement and they had good EROIs then I wouldn't worry. But since most renewables have very low EROIs then I think we are heading towards catastrophe. Many industries depend on fossile fuels. And we need a hard rudder turn... #PeakOil

@RodZeidan @paulcurrion @giancarlotorpi @BrankoMilan And Growthers should give us a realistic way to increase fossile fuels production. But they ignore the problem and then wishfully hope that something like fusion power is going to come to the rescue. That's foolishness at its best ! #PeakOil