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News from March 2016

This Isn’t The 1985 Oil Glut, Dont Expect A 20 Year Bear Market

This Isn’t The 1985 Oil Glut, Dont Expect A 20 Year Bear Market thumbnail

Summary Expectations are for oil prices to trend lower in the coming weeks as the recent gains were probably a relief rally. The dollar should continue to weigh on oil prices through year end as the US economy significantly outperforms markets abroad. Although we have seen improvements in contango and current prices, the 3.1 billion […]


Trump may halt US oil purchases from Saudi Arabia

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Republican presidential front-runner Donald Trump told the New York Times he would consider stopping U.S. oil purchases from Saudi Arabia unless the Saudi government provide troops to fight Islamic State. Trump’s comment on Friday was included in a lengthy foreign policy interview published by the newspaper on Saturday and came in response to a question […]


Cheap Oil Slow to Boost Global Growth

Cheap Oil Slow to Boost Global Growth thumbnail

International Monetary Fund researchers said the benefits from cheap oil may not materialize until demand in the global economy picks up and central banks in advanced nations move away from near-zero interest rates. Despite a significant drop in oil prices since June 2014, economists are still looking for the positive effects of cheaper oil. While […]


How Much Can the Next President Influence the U.S. Energy System?

How Much Can the Next President Influence the U.S. Energy System? thumbnail

There have been dramatic changes in the U.S. energy system under our current president – a big drop in the use of coal, a boom in domestic oil and gas development from fracking, and the rapid spread of renewable energy. But in terms of influencing energy technology deployment, the next president will have a lot […]


Iran, Iraq explore non-oil economic ties

Iran, Iraq explore non-oil economic ties thumbnail

The Iranian government aims to boost its non-oil trade relationship with neighboring Iraq, a visiting delegate said during a trade visit to Baghdad. The official Islamic Republic News Agency reports Kamal Kharrazi met in Baghdad with Humam Hamoudi, the vice speaker of the Iraqi Parliament, to review shared efforts to cut the dependence on oil […]


Can developing petrostates learn to live without oil?

Can developing petrostates learn to live without oil? thumbnail

As oil prices have nosedived over the past 14 months, it hasn’t been only petrostates like Saudi Arabia and Russia feeling the crunch. Developing nations like Angola, Azerbaijan, Kazakhstan, and Nigeria are also struggling to balance their budgets as deficits grow and government incomes shrink. In a bid to survive the slump, governments are experimenting […]


The Single Biggest Thing You Can Do For The Environment

The Single Biggest Thing You Can Do For The Environment thumbnail

I’ve always considered myself an environmentalist, albeit a somewhat lazy one. I try to carry cloth bags with me instead of using plastic, and to shop at the farmers market (which, sadly, I recently found out is not always actually better for the environment). But while I’ve been trying to recycle my clothing and use […]


Russia pulls 10 millionth barrel of oil from Arctic

Russia pulls 10 millionth barrel of oil from Arctic thumbnail

Russian oil company Gazprom Neft said it reached a milestone with production at its Arctic Prirazlomnoye field with its 10 millionth barrel of oil. “The 10-millionth barrel of oil is a major landmark, proving that oil production on the Arctic Shelf can be both safe and viable,” Gennady Lubin, the company’s executive director for operations […]


Peak oil delayed but not over

Peak oil delayed but not over thumbnail

Some analysts say peak oil is over and the current global supply of oil proves it. A closer look suggests peak oil remains an issue but it is occurring differently than had been projected. The peak oil concept was based on the scientific understanding that the amount of conventional, low cost oil in the ground […]


Oil Price Spike Could Be Coming Soon

Oil Price Spike Could Be Coming Soon thumbnail

Oil and gas companies have canceled more than $100 billion in investments and have slashed tens of thousands of jobs in the past year amid the collapse in oil prices. Now an oil shock may be on the way as those cutbacks drive a significant drop in crude supplies, a senior executive from the International Energy Agency […]


Europe is now drowning under the cost of welfare bills

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The UK’s total spending on social protection is only slightly below the European average at 16.5pc of GDP Credit: Ian Jones When she isn’t shipping in more Syrian refugees, or trying to find new ways to destroy the Greek economy, the German Chancellor Angela Merkel is fond of quoting an alarming statistic: Europe accounts for […]


Rockefeller Fund Divests Fossil Fuels, Says Exxon Is “Morally Reprehensible”

Rockefeller Fund Divests Fossil Fuels, Says Exxon Is “Morally Reprehensible” thumbnail

The winner of today’s “peak irony”, or rather hypocrisy, award is easy: it goes to the Rockefeller Family Fund, a charity which exists only thanks to John D. Rockefeller’s creation of the Standard Oil carbon-spewing behemoth (a predecessor to today’s ExxonMobil) which over the past century has created billions in profits for the Rockefeller family […]


Report warns of severe global water shortage

Report warns of severe global water shortage thumbnail

A new report has warned that almost half of the world would be plunged into severe water stress by 2030, if countries and their governments do not alter current levels of demand for the precious commodity and ongoing pollution of rivers, seas and oceans. The International Resource Panel (IRP) says in the report it released […]


The Oracle Of Oil

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Podcast: Play in new window | Download Subscribe: iTunes | Android | RSS Many have heard of peak oil, but few seem to understand what it really means, and fewer still know much of anything about the father of the idea, M. King Hubbert. In this episode we interview science journalist Mason Inman, who has […]


A World War Has Begun

A World War Has Begun thumbnail

I have been filming in the Marshall Islands, which lie north of Australia, in the middle of the Pacific Ocean. Whenever I tell people where I have been, they ask, “Where is that?” If I offer a clue by referring to “Bikini”, they say, “You mean the swimsuit.” Few seem aware that the bikini swimsuit […]


Oil search in Arctic is safe claims Statoil

Oil search in Arctic is safe claims Statoil thumbnail

Ice, extreme temperatures and a vulnerable environment are all surmountable challenges as drillers set out to hunt for oil in a new area of Norway’s Arctic Barents Sea, according to Statoil and other explorers. Studies by Statoil and 15 other companies such as Shell show there have been only a “few days” of sea ice […]


Protesters turn up heat in fossil fuel fight

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They came here to get arrested. Nearly 60 protesters blocked the driveway of a storage plant for natural gas on March 7. Its owners want to expand the facility, which the opponents say would endanger nearby Seneca Lake. But their concerns were global, as well. “There’s a climate emergency happening,” one of the protesters, Coby […]


Sudan will never recover earlier production levels

Sudan will never recover earlier production levels thumbnail

South Sudan’s oil ministry has concluded that oil production is in quick decline, and future production will not reach even half of its peak 2010 levels even if all the oil fields began pumping again, according to ministry documents seen by Radio Tamazuj. South Sudan has developed oil reserves in Upper Nile and Unity states, […]


Massive US airstrike in Yemen kills dozens of people

Massive US airstrike in Yemen kills dozens of people thumbnail

A massive US airstrike in Yemen has killed what the Pentagon estimates is “dozens” of people, the second such mass-casualty strike the US military has undertaken this month. The two strikes, killing more than 200 people at what the Pentagon described as terrorist training camps, diverged so sharply from the previous years’ worth of relatively […]


Fuss over “missing” 800,000 oil barrels: ‘Get over it,’ says IEA official

Fuss over “missing” 800,000 oil barrels: ‘Get over it,’ says IEA official thumbnail

Has the hoo-ha over the 800,000 “missing barrels”, the difference between average daily global oil production and consumption flagged by the International Energy Agency in its March report gone a bit too far? And did you fall for the argument that these barrels may not even exist, which in theory halves the presumed oversupply in […]


The Future of Batteries and Electric Vehicles

The Future of Batteries and Electric Vehicles thumbnail

Steve Levine, author of “The Powerhouse: Inside the Invention of a Battery to Save the World,” joins us in studio to discuss the current status of batteries and the impact they could have on the energy market over the next 10 to 20 years. Electric cars have been on the horizon for years now, but […]


ISIS Claims Responsibility For Brussels Terror Attacks That Killed Three Dozen

ISIS Claims Responsibility For Brussels Terror Attacks That Killed Three Dozen thumbnail

Latest: Police have reportedly found a nail bomb, chemicals, and an ISIS flag in a raid on a Schaerbeek home. Update: According to Al Arabiya and now multiple other sources, ISIS has claimed responsibility for the attack via affiliated propaganda channels. #Breaking ISIS claims responsibility for Brussels blasts: news agency close to group https://t.co/ADixNseRat — Al […]


How water shortages threaten jobs and growth

How water shortages threaten jobs and growth thumbnail

An estimated three out of four jobs globally are dependent on water, meaning that shortages and lack of access are likely to limit economic growth in the coming decades, the United Nations said on Tuesday. About 1.5 billion people – half the world’s workers – are employed in industries heavily dependent on water, most of […]


A First: Iraq Exports Natural Gas

A First: Iraq Exports Natural Gas thumbnail

New Revenue Source: Iraq ships 10,000 standard cubic feet of gas in first ever export The first ever natural gas export left Iraq’s southern coast yesterday, according to reports from the Associated Press. The historic shipment comes as the Iraq government looks for new sources of funding amid low oil prices and an ongoing battle […]


Michael Lynch: Threat To Value Of Fossil Fuel Resources Misplaced

Michael Lynch: Threat To Value Of Fossil Fuel Resources Misplaced thumbnail

My friend and colleague Marianne Kah, the chief economist at ConocoPhillips COP +0.09% spoke recently about the perception that energy companies would find their reserves had lost their value, since climate change policies would result in them being left in the ground. Jeff McMahon wrote a nice piece titled “What Carbon Bubble?” outlining her views, […]


Brutality of life in Saudi Arabia

Brutality of life in Saudi Arabia thumbnail

A shocking documentary will reveal the brutality of life in Saudi Arabia – where a woman is beheaded in the street and five bodies are strung up in a public display. Saudi Arabia Uncovered aims to reveal the hidden reality inside one of the world’s most secretive and strict Islamic regimes and questions Britain’s relationship […]


Kunstler: The Uses of Disorder

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Many thoughtful and patriotic citizens entering the Kubler-Ross free-fire zone of desperate bargaining with reality are at work attempting to chart an orderly course around the Godzilla-like figure of Trump looming outside the desecrated once-shining city of American democracy. I doubt there is such an orderly way through this political bad weather. When storms hit, […]


23 percent increase in earthquakes

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The total number of earthquakes across Oklahoma has increased 23 percent from this time last year, though most of the quakes are very small according to USGS data. Oklahoma started the year slowly for the total number of quakes, though now has seen a large jump in the number of quakes registering 1.9 magnitude or […]


‘Game-Changing’ Horse Hill-1 Well Produces ‘North Sea-like’ Oil Flows

‘Game-Changing’ Horse Hill-1 Well Produces ‘North Sea-like’ Oil Flows thumbnail

UK Oil & Gas Investments plc announced Monday that the final production test at the Horse Hill-1 discovery, onshore the UK’s Weald Basin, flowed oil at a stable rate of 323 barrels per day, bringing the final total aggregate stable dry oil flow rate from two Kimmeridge limestones plus the overlying Portland sandstone at the […]


It’s Not Peak Oil, It’s Peak Affordable Oil

It’s Not Peak Oil, It’s Peak Affordable Oil thumbnail

Lately there has been some suggestion that “Peak Oil is dead” — that because of the recent drop in demand and price for oil, we will never again see high oil prices and will never run out of oil. What this conclusion misunderstands is that it’s not about running out of oil, it’s about running […]


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