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News from September 2016

Fire breaks out on Pemex tanker in Gulf of Mexico

Fire breaks out on Pemex tanker in Gulf of Mexico thumbnail

A fire broke out on an oil tanker of Mexican state oil company Pemex in the Gulf of Mexico on Saturday, forcing all the crew to be evacuated in the latest accident to plague the struggling firm. The blaze on the tanker “Burgos” occurred off the coast of Boca del Rio in Veracruz state and […]


Oil Investment Crash Could Continue For Another Year

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Investment in upstream operations in the oil and gas industry shrank by a quarter last year and is expected to continue shrinking this year by another 24 percent. Next year could see a continuation of the trend, which will represent the longest investment decline period in the history of the industry, says the International Energy […]


Saudis Offer To Cut Production By 500,000 Barrels: “The Oil Market Situation Is Much More Critical”

Saudis Offer To Cut Production By 500,000 Barrels: “The Oil Market Situation Is Much More Critical” thumbnail

Saudi Arabia’s oil policy, unveiled just under two years ago, at the November 2014 OPEC meeting where it effectively splintered the OPEC cartel by announcing it would produce excess quantities of oil in hope of putting shale and other high-cost producers out of business has backfired spectacularly: not only has OPEC failed to crush the […]


Population Growth Extremes: Doublers and Decliners

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Joseph Chamie is an independent consulting demographer and a former director of the United Nations Population Division. City view of Dhaka, Bangladesh. The Asia-Pacific region is urbanizing rapidly. Credit: UN Photo/Kibae Park NEW YORK, Sep 23 2016 (IPS) – While the world’s population of 7.4 billion is growing at 1.1 percent per year – about […]


What if Everyone Lived in Just One City?

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What if everybody in the world, all 7.4 billion of us all lived together in the same city? How big or small would this city have to be and how close together or far apart would we all be living from each other? This video explores those concepts and visualizes what a massive global city […]


Saudis, Iran Said to Meet Again for Oil Talks

Saudis, Iran Said to Meet Again for Oil Talks thumbnail

OPEC officials met in Vienna to prepare for Algiers talks Rivalry between two nations prevented supply deal in April OPEC members Saudi Arabia and Iran, whose rivalry derailed an oil supply accord earlier this year, met in Vienna for a second day of discussions to prepare for wider group talks next week in Algiers. The […]


Lessons from the Syrian Revolution

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More than five years into the Syrian revolution, we interview Syrian-British journalist and co-author of Burning Country: Syrians in Revolution and War, Robin Yassin-Kassab to learn more about how Syrians are asserting their freedom and humanity in the liberated areas of the country.


Venezuela’s Regional Oil Diplomacy Cools as Crisis Looms Large

Venezuela’s Regional Oil Diplomacy Cools as Crisis Looms Large thumbnail

OPEC member reduces exports of subsidized crude to Petrocaribe Shipments to China and India rise despite falling output Plagued by triple-digit inflation, political turmoil and a recession, OPEC member Venezuela has scaled back an 11-year program that allows its allies in the Caribbean and Central America to buy its oil at subsidized prices. Latin America’s […]


Why Iraq’s Oil Production Has Reached It Limits

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Iraq has succeeded in ramping up oil production by more than 1 million barrels per day over the past two years, a remarkable achievement for a country that was torn apart by the lightning advances made by the Islamic State. But Iraq’s success could be running up against a wall at this point, as low […]


Governments poised to agree historic CO2 emissions market system for aviation

Governments poised to agree historic CO2 emissions market system for aviation thumbnail

The United Nations International Civil Aviation Organization is poised to take a ground-breaking decision on a global market-based measure to control aviation’s greenhouse gas emissions in a matter of days. If signed off at ICAO’s general assembly meeting in Montreal running September 27 to October 7, this will be the first time any sector has […]


Why lower gasoline prices begin the end of the world oil age.

Why lower gasoline prices begin the end of the world oil age. thumbnail

  Traditional economics teaches that increasing cost caused by the declining supply of an essential commodity will be supported by fewer wealthy consumers. Further reflection and twenty-twenty hindsight shows what actually occurred in the past decade while the world consumed another 300 billion barrels of oil (about one-fourth of the total 1.2 trillion barrels used […]


Kingdom Comedown: Falling Oil Prices Shock Saudi Middle Class

Kingdom Comedown: Falling Oil Prices Shock Saudi Middle Class thumbnail

Mohammed Idrees used to travel to London once or twice a year, but these days the Saudi civil servant is asking his wife and children to cut back on using the family car to save fuel and has installed a solar panel for the kitchen to reduce electricity costs. For decades, Saudi nationals such as […]


Capitalism and (De)Growth

Capitalism and (De)Growth thumbnail

By Christopher Laughton What is capitalism? A kind of state? An institution? Some values? A power structure? Ideology? A Culture? What governs capitalism? Supply and demand Invisible hand Enclosure of land The drive to expand Market mechanism Class schism Racism The moral virtue of productivism. Innovation! Invest! Impress! Progress! Entrepreneurial quest for Technological success in […]


Iran Refuses To Cap Output, Clashes With Saudis Over Freeze

Iran Refuses To Cap Output, Clashes With Saudis Over Freeze thumbnail

After oil spiked earlier on an anonymously-sourced Reuters “report” that Saudi Arabia has offered to cut production in exchange for an Iran production freeze, a proposal which was promptly shut down by third party observes, moments ago WSJ reporter Summari Said effectively killed this particular attempt to spike the price of oil when she reported […]


Venezuela says global oil supply exceeds demand by 10 percent

Venezuela says global oil supply exceeds demand by 10 percent thumbnail

Global oil supply of 94 million barrels per day needs to fall by about a tenth if it is to match consumption, Venezuela’s Oil Minister Eulogio Del Pino said on Monday. Del Pino, whose country is pressing for OPEC and non-OPEC producers to reach a deal to bolster crude prices, said a “fair price” would […]


Saudi Arabia’s Clout in Washington Isn’t What It Used to Be

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Saudi Arabia doesn’t have the same clout it used to. That’s the message the chairman of the U.S. Senate Foreign Relations Committee says he has delivered to the Saudi government. On Wednesday, the Senate blocked a measure by a wide 71-27 margin that would have prohibited a $1.15 billion arms sale to Saudi Arabia, in […]


Marginal Productivity Theory

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Economists tell us how consumers on the market, “voting” with their purchasing power got what they wanted and wealthy landowners got the economic theory that they wanted. It was economists like J.B. Clark that were necessary if your economics department was to become well-funded. Clark moved to Columbia University in 1895. The university was blessed […]


OPEC Production Freeze Never Likely To Happen

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The Organization of Petroleum Exporting Countries (OPEC) will not impose a production freeze at a meeting next week, say oil and gas analysts at FirstEnergy Capital. “With some possibility that U.S. crude oil inventories have begun shifting lower and near-term negative price pressures seeing some relief, this might provide the basis for a non-decision by […]


Mexico, China and Beyond

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This is a guest post by David Archibald. The opinions expressed in this post do not necessarily represent those of Dennis Coyne or Ron Patterson Mexico, China and Beyond Ron Patterson’s post asking if China’s oil production has peaked reminded me of Mexico which also produces mainly from supergiant fields. Mexico’s oil production peaked in […]


India set to buy Iran oil for emergency reserves

India set to buy Iran oil for emergency reserves thumbnail

India is set to buy 6 million barrels of Iranian crude for its strategic oil reserves as negotiations with the United Arab Emirates’ national oil company for supplies are stuck over commercial terms, industry sources said. Such purchases by the world’s No.3 crude importer would boost Iran’s drive to ramp up its oil shipments as […]


Urban Transition Cities Movement

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Our Transition Initiative is called Urban Transition Cities Movement (UTCM). It is an intergenerational and multi-disciplinary movement that integrates informal, mediating, and formal service delivery units in a vertical and horizontal manner. My first encounter with Transition Towns was in 2009 when I met Tina Clarke in Pittsburgh during a Transition Town Training. I became […]


Big Oil Was Never That Big A Money-Maker

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Oil companies longing for the glory days of ultra-high crude prices might wish to think again.The rising oil prices that came to characterize energy markets in the mid-2000s, and which culminated in a record near-$150 a barrel in 2008, were not the windfall investors might have imagined, according to a new note from Goldman Sachs Group Inc. […]


Requiem for Syria

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In this latest report, we take an in-depth look at the Syrian Revolution, in an attempt to sift through all the fear-mongering and disinformation that prevents people from giving Syrians the revolutionary solidarity they deserve.  Along the way, we take a closer look at what can sometimes be anarchists’ uncritical support for the Rojava Revolution […]


Kunstler: Slowly, Then All at Once

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The staggering incoherence of the election campaign only mirrors the shocking incapacity of the American public, from top to bottom, to process the tendings of our time. The chief tending is permanent worldwide economic contraction. Having hit the resource wall, especially of affordable oil, the global techno-industrial economy has sucked a valve in its engine. […]


THE DEATH OF THE BAKKEN FIELD HAS BEGUN: Big Trouble For The U.S.

THE DEATH OF THE BAKKEN FIELD HAS BEGUN: Big Trouble For The U.S. thumbnail

The Death of the Great Bakken Oil Field has begun and very few Americans understand the significance.  Just a few years ago, the U.S. Energy Industry and Mainstream media were gloating that the United States was on its way to “Energy Independence.” Unfortunately for most Americans, they believed the hype and are now back to […]


Can OPEC Remain the Ultimate Energy Superpower?

Can OPEC Remain the Ultimate Energy Superpower? thumbnail

The 2016 OPEC (Organization of the Petroleum Exporting Countries) meeting in Algiers later this month has received undue importance from market analysts hoping that Kingdom of Saudi Arabia and non-OPEC producer Russia are seeking a freeze on production. Both have been fighting for market share in China, with Saudi Arabia unusually offering large volumes on […]


Alabama, Tennessee, & Georgia Declare States Of Emergency As Gas Shortages Loom After Pipeline Leak

Alabama, Tennessee, & Georgia Declare States Of Emergency As Gas Shortages Loom After Pipeline Leak thumbnail

As Native Americans protesters face arrest in North Dakota for blocking the construction of the Dakota Access Pipeline, TheAntiMedia’s Carey Wedler reports a gasoline pipeline spill is currently unfolding in the South. The leak has prompted Alabama Gov. Robert Bentley, Tennessee Gov. Bill Haslam, and Georgia Gov. Nathan Deal to declare states of emergency. The Colonial Pipeline, which runs from Houston […]


Plateau Oil vs. Peak Oil with Steve Crower

Plateau Oil vs. Peak Oil with Steve Crower thumbnail

Steve Crower returns to give his latest insight on Peak Oil, or rather the introduction of the term ‘Plateau Oil’. The Plateau Oil term refers to the introduction of both new technologies that increase the existing oil fields (marginally improving the yield) and new technologies that bring shale oil to the market. The effect will […]


Global Warming and the Future of Humanity

Global Warming and the Future of Humanity thumbnail

How serious of an issue is climate change? Does global warming really threaten human civilization? Can it be reversed, or is it already late? In this exclusive interview for Truthout, two scholars, Noam Chomsky, one of the world’s leading public intellectuals, and Graciela Chichilnisky, a renowned economist and climate change authority who wrote and designed […]


The Worst Oil Crisis Ever? IEA Sees Unprecedented Decline In Investment

The Worst Oil Crisis Ever? IEA Sees Unprecedented Decline In Investment thumbnail

“We see a broad shift of spending toward cleaner energy, often as a result of government policies,” Fatih Birol, the IEA’s executive director, said in a statement. “Our report clearly shows that such government measures can work, and are key to a successful energy transition. But while some progress has been achieved, investors need clarity […]


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@terrymorse @gianlucatdc @BrankoMilan @ClubOfRome Probably because they know they are running out of coal. Let's cross our fingers for their success... #PeakCoal #PeakOil

test Twitter Media - @terrymorse @gianlucatdc @BrankoMilan @ClubOfRome Probably because they know they are running out of coal. Let's cross our fingers for their success...  #PeakCoal  #PeakOil https://t.co/91qHT3vAbJ

@terrymorse @gianlucatdc @BrankoMilan @ClubOfRome What evidence ? The only way we've found to reduce fossile fuels consumption has been #Degrowth periods usually called recessions. In Greece for example they are experiencing the harshest chaotic degrowth. And its costs are not fairly shared. #Peakoil

test Twitter Media - @terrymorse @gianlucatdc @BrankoMilan @ClubOfRome What evidence ? The only way we've found to reduce fossile fuels consumption has been #Degrowth periods usually called recessions. In Greece for example they are experiencing the harshest chaotic degrowth. And its costs are not fairly shared.  #Peakoil https://t.co/WGluUZULlo

@terrymorse @gianlucatdc @BrankoMilan @ClubOfRome Still we need countries to take #Peakoil seriously and implement a Marshall Plan for renewables. Better to have a planned #Degrowth than a massive struggle for the last oil and gas fields. Imperialist wars in the Middle East could doom humanity. LEAVE OIL BEFORE IT LEAVES US

test Twitter Media - @terrymorse @gianlucatdc @BrankoMilan @ClubOfRome Still we need countries to take #Peakoil seriously and implement a Marshall Plan for renewables. Better to have a planned #Degrowth than a massive struggle for the last oil and gas fields. Imperialist wars in the Middle East could doom humanity.
LEAVE OIL BEFORE IT LEAVES US https://t.co/B3uf5n3dV5

@terrymorse @gianlucatdc @BrankoMilan @ClubOfRome The only renewable to have a good EROI is hydropower but it's difficult to find enough rivers to dam and climate change may affect the rain patterns. Solar power for example has a low EROI when we transform it into electricity. Solar power for heating is much better. #Peakoil