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News from December 2015

Israel approves natural gas exports to Egypt

Israel approves natural gas exports to Egypt thumbnail

Israel’s government has given the go ahead to begin exporting natural gas to Egypt, signalling a potential improvement in relations between two countries which have been at loggerheads over energy supplies. Israel will be able to sell 5 billion cubic meters (bcm) of gas to Egypt in the coming seven years from the Tamar site […]


How Islam is Taking Over The World

How Islam is Taking Over The World thumbnail

How Islam is Taking Over The World: 50% of world’s population by 2099 Muslim population: rising 10 times faster than rest of society Muslim Europe: the demographics…… PopModal Videos is Americas Political and Pop …


The Top 10 Energy Stories Of 2015

The Top 10 Energy Stories Of 2015 thumbnail

Introduction As I have done for several years now, I like to close out the year by highlighting the top stories in the energy sector. The 2015 list was challenging, because so many of the stories are interrelated. Commodity prices continued to plummet, but oil, natural gas, and coal prices fell for somewhat different reasons. […]


Oil back at $95 — but only in 24 years’ time

Oil back at $95 — but only in 24 years’ time thumbnail

Oil prices will take decades to recover and will still not reach the peak seen in recent years, according to the latest World Oil Outlook (WOO) from OPEC. In the group’s latest outlook on supply, demand and prices to 2020 and 2040, OPEC predicted that a barrel of oil would cost (in real terms) around […]


America’s Top Shale Gas Basin in Decline

America’s Top Shale Gas Basin in Decline thumbnail

The natural gas drilling frenzy is grinding to a halt, as the industry struggles with excess supply. Natural gas prices have plunged to their lowest levels in more than a decade this month, dipping below $1.80 per million Btu (MMBtu). The shale gas revolution is an old story at this point, one that everyone is […]


Wild bee decline threatens US crop production

Wild bee decline threatens US crop production thumbnail

Joshua E Brown University of Vermont Led by researchers from the University of Vermont, the first national study to map US wild bees suggests they’re disappearing in many of the country’s most important farmlands — including California’s Central Valley, the Midwest’s corn belt and the Mississippi River valley. If losses of these crucial pollinators continue, […]


IMF sees oil between $30 and $20

IMF sees oil between $30 and $20 thumbnail

Report predicts that Iranian exports will ramp up when international sanctions are lifted Another major global forecast has suggested that the oil price has a lot further to fall yet – and that it could go as low as $20 a barrel. This is the extreme low “cost price” predicted since the autumn by Goldman […]


When Protesters Strike Back: 2015

When Protesters Strike Back: 2015 thumbnail

One of our favorite mashup artists “A Concerned Human” returns with their yearly mashup of riot porn “When Protesters Strike Back!” Previous editions: When Protesters Strike Back: Anti-Narita airport protests vimeo.com/132626542 When Protesters Strike Back: 2014 edition vimeo.com/130955157 When protesters strike back: 2013-14 Ukrainian protests vimeo.com/130845829 When Protesters Strike Back: 2013 edition vimeo.com/130845808 When Protesters […]


What Geological, Economic, or Policy Forces Might Limit Fossil Fuel Production?

What Geological, Economic, or Policy Forces Might Limit Fossil Fuel Production? thumbnail

Presentation to the American Geophysical Union fall meeting, December 17, 2015, San Francisco; Union Session on “Is Peak Oil Dead and What Does It Mean for Climate Change?” According to the IPCC’s Synthesis Report, achieving a 66 percent chance (or better) of Earth surface temperatures warming only 2 degrees Centigrade over preindustrial times requires emitting […]


The Fallacy Of Peak Oil Demand

The Fallacy Of Peak Oil Demand thumbnail

I have seen the handwriting on the wall for the coal industry for more than a decade. Not only is coal the most carbon-intensive of the fossil fuels, it is also the fuel that has the greatest number of potential replacements. Renewables may ultimately scale to displace a substantial fraction of our coal consumption, but […]


Kunstler: Christmas Present

Kunstler: Christmas Present thumbnail

Theory du jour: the new Star Wars movie is sucking in whatever meager disposable lucre remains among the economically-flayed mid-to-lower orders of America. In fact, I propose a new index showing an inverse relationship between Star Wars box office receipts and soundness of the financial commonweal. In other words, Star Wars is all that remains […]


We are at Peak Oil now; we need very low-cost energy to fix it

We are at Peak Oil now; we need very low-cost energy to fix it thumbnail

This past week, I gave a presentation to a group interested in a particular type of renewable energy–solar energy that is deployed in space, so it would provide electricity 24 hours per day. Their question was: how does the production cost of electricity really need to be? I gave them this two-fold answer: 1. We […]


All Roads Lead To Peak Oil

All Roads Lead To Peak Oil thumbnail

I follow the JODI World Oil Database primarily because it is now four months ahead of the EIA international data base. I make some adjustments however. I use the OPEC MOMR “secondary sources” for all OPEC data where JODI also uses the MOMR but uses their “direct communication” data instead. The OPEC portion of the JODI […]


Russian Oil Production Hits Record As Saudi Gambit Fails

Russian Oil Production Hits Record As Saudi Gambit Fails thumbnail

In late October, we noted that for the second time this year, Russia overtook Saudi Arabia as the biggest exporter of crude to China. Russia also took the top spot in May, marking the first time in history that Moscow beat out Riyadh when it comes to crude exports to Beijing. “Moscow is wrestling with […]


Barnett Shale Resources Twice as Large than Previously Thought

Barnett Shale Resources Twice as Large than Previously Thought thumbnail

A new assessment now estimates the size of the Barnett shale play’s undiscovered, technically recoverable resources to be twice as large as originally thought. According to a recent U.S. Geological Survey Assessment (USGS), the Barnett shale contains estimated mean volumes of 53 trillion cubic feet (Tcf) of shale natural gas, 172 million barrels of shale […]


Iraq Seeks China Oil Tie-Up Ahead of Iran Flood

Iraq Seeks China Oil Tie-Up Ahead of Iran Flood thumbnail

Iraq is in talks to form an oil-marketing joint venture with China’s largest refiner, Sinopec, according to people familiar with the matter, as the Middle East producer prepares for rising Iranian rivalry amid an oil-price slump. The move comes as sanctions on Tehran may be lifted as early as next month, unleashing half a million […]


Harold Hamm calls for oil correction

Harold Hamm calls for oil correction thumbnail

Continental Resources Chairman and CEO Harold Hamm said Monday that 2016 will be the year oil market corrects as supply and demand come into balance. “We’ve seen tremendous growth in the market for our supply. It’s up about 3 percent on an annual basis, so it’s quickly correcting,” he told CNBC’s “Squawk Box.” “2016 will […]


Towards a Peasant Socialism

Towards a Peasant Socialism thumbnail

As a student in the 1980s, I was educated by probably the last generation of academics who found it possible to identify wholeheartedly with Marxism. They were good people and clever thinkers, and I suppose I became a Marxist myself for a time under their influence. I never made a good revolutionary, but I believed […]


Who’s right, commodities or the Fed?

Who’s right, commodities or the Fed? thumbnail

The Pythoness of the Oracle of Delphi As the U.S. Federal Reserve Bank raised interest rates last week for the first time in 10 years in response to what it said was strength in the U.S. economy, economically sensitive commodities such as industrial metals and crude oil continued to plumb new cycle lows. Either these […]


Huge Fukushima Cover-Up Exposed, Government Scientists In Meltdown

Huge Fukushima Cover-Up Exposed, Government Scientists In Meltdown thumbnail

Fukushima radiation just off the North American coast is higher now than it has ever been, and government scientists and mainstream press are scrambling to cover-up and downplay the ever-increasing deadly threat that looms for millions of Americans.  Following the March 2011 meltdown at Japan’s Fukushima Daiichi nuclear power plant, reactors have sprayed immeasurable amounts […]


What Past Oil Crashes Say About Today’s Slump

What Past Oil Crashes Say About Today’s Slump thumbnail

What has changed, and what has not? The oil industry is going through its third crash in prices since the formation of the OPEC cartel. Many are wondering when the market will recover and what oil prices will be when it finally does. The first price crash came in the mid-1980’s, a decade after OPEC’s […]


The Key to Human History: Ultrasociality?

The Key to Human History: Ultrasociality? thumbnail

  Peter Turchin’s book deserves to be devoured in a few hours, and that’s what I did. But, I emerged out of it with a sensation of disappointment (*). Possibly it was unavoidable: all the books that attempt to explain everything are destined to fall short in one way or another. But, surely, this is […]


Abundant and Economic: Nuclear Power Delivers

Abundant and Economic: Nuclear Power Delivers thumbnail

The past few weeks have seen lots of excitement as the world reached agreement to tackle climate change in Paris. What is key to the Paris deal is a requirement that every nation (all 195 of them) take part. Ahead of the talks, governments of 186 nations put forth public plans detailing how they would […]


An Over-Supply of Underpriced Oil: Explaining the New Energy Crisis

An Over-Supply of Underpriced Oil: Explaining the New Energy Crisis thumbnail

The Organization of Petroleum Exporting Countries (OPEC) recently met in Vienna to discuss an official output quota. By the end of the meeting, however, the member countries did not agree on a quota and oil production remains near record levels. While this may not seem like breaking news, the group’s decision will have major ramifications […]


Bigger gas reserves undermine Peak Oil

Bigger gas reserves undermine Peak Oil thumbnail

In yet another blow to the Peak Oil theory, a new survey shows that Texas is even richer in natural gas than previously believed. Natural gas – cleaner than coal and very adaptable to other uses – is abundant and available. Peak Oil, you’ll recall, is the theory driving much of the Obama administration’s energy […]


Hillary Clinton ‘Doesn’t Know’ If She’s Ever Taken Money From Big Oil

Hillary Clinton ‘Doesn’t Know’ If She’s Ever Taken Money From Big Oil thumbnail

In a remarkable exchange at a town hall meeting in Iowa Wednesday, Hillary Clinton claimed that she is unaware of ever having received money from the fossil fuels industry. Clinton made the statement with full knowledge that all of the lobbyists who work for her now once worked for oil and gas companies, and that […]


Economists are from Mars, Electric Cars are from Venus

Economists are from Mars, Electric Cars are from Venus thumbnail

I work at UC Davis, a University with at least two (that I know about) centers devoted to research “aimed at developing a sustainable market for plug-in vehicles.” I run into a lot of researchers and environmental advocates who are completely dedicated to the mission of accelerating the deployment of electric vehicles. They view electrifying a […]


OPEC Members In Jeopardy, How Long Can They Hold Out?

OPEC Members In Jeopardy, How Long Can They Hold Out? thumbnail

Where’s the floor? Is this the new normal? Answers have proven elusive and predictions unreliable as the oil market continues to lurch to and fro, though mostly down; oil is at an 11-year low. Looking forward, bears and bulls abound – panicky and glued to OPEC’s every, somewhat disjointed move. For its part, the oil-producing […]


Texas RRC Oil and Gas Production

Texas RRC Oil and Gas Production thumbnail

The Texas RRC Oil and Gas production data is out. All the RRC data below is through October 2015 and all the EIA data below is through September 2015. Important: All the Texas RRC data is incomplete, especially the latter months. They will be revised upward as the Texas RRC gathers more data. The EIA data […]


Fracking Licences Granted In National Parks

Fracking Licences Granted In National Parks thumbnail

Several firms are given the right to explore around 120 areas of the UK for shale oil and gas, including the Peak District. Licences to explore for shale oil have been granted in the Peak District Dozens of licences allowing companies to carry out investigations into fracking have been given out by the Government. Around […]


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