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News from November 2016

Saudi Arabia carries on drilling despite oil slump

Saudi Arabia carries on drilling despite oil slump thumbnail

Saudi Arabia is one of the very few countries which has increased its drilling for new oil and gas wells since prices began to slump in the middle of 2014. The number of rigs drilling for oil and gas around the world has fallen from a peak of 1,382 in July 2014 to just 920 […]


Justin Fox on Peak Demand For Oil

Justin Fox on Peak Demand For Oil thumbnail

Bloomberg View columnist Justin Fox present a commentary arguing that Peak demand for oil is the big new thing. True, the International Energy Agency, in the annual World Energy Outlook it released earlier this month, didn’t envision a peak coming before 2040. Others think the big day is coming much sooner. This commentary aired on […]


From Peak Oil to Peak Oil Demand in Just Nine Years

From Peak Oil to Peak Oil Demand in Just Nine Years thumbnail

Peak demand for oil is the big new thing. True, the International Energy Agency, in the annual World Energy Outlook it released earlier this month, didn’t envision a peak coming before 2040 barring a big acceleration in anti-climate-change efforts. But at least it’s talking about the possibility, and forecasting a slowdown in demand growth in the meantime. Others think […]


How To Burn An American Flag

How To Burn An American Flag thumbnail

In light of Trump’s tweet stating that flag burning should be criminalized, we give you a step by step on how to properly torch the stars and stripes.


Residents of Iraq’s Mosul Fight Over Food

Residents of Iraq’s Mosul Fight Over Food thumbnail

Residents of the Iraqi city of Mosul fought each other around trucks delivering humanitarian aid as they jostled for scant supplies on Monday, while government troops fighting to retake the city from Islamic State militants inched closer toward the city center. The Iraqi government and various humanitarian organizations sent trucks loaded with food and clothes […]


The United States became a net exporter of natural gas

The United States became a net exporter of natural gas thumbnail

By 2020, the country will be the third in the world in the export of liquefied natural gas after Australia and Qatar. The volume of natural gas exports from the United States for the first time in nearly 60 years exceeded its imports, The Wall Street Journal writes, citing data from the American research company […]


Hey Oil Market: Forget About OPEC for a Second

Hey Oil Market: Forget About OPEC for a Second thumbnail

The oil market’s attention is focused overwhelmingly on figuring out which OPEC member is going to cut what. The bigger question it shouldn’t lose sight of is this: Who will replace China? Looking back over 50 years, oil demand has gone through three broad phases: pre-1970s industrialization in the OECD countries, retrenchment after the oil […]


Andrew Harvey and Carolyn Baker on Return to Joy

Andrew Harvey and Carolyn Baker on Return to Joy thumbnail

Return to Joy is a compelling and potent invitation to the reader to consider that joy is the ultimate nature of reality and that its absence lies at the root of the current, unprecedented global crisis. In this book, Andrew and Carolyn mine the mystical wisdom of the ages that places joy at the core […]


Russian oil producer pushes deeper in Arctic

Russian oil producer pushes deeper in Arctic thumbnail

Russian oil producer Gazprom Neft said it was starting sea trials for a vessel meant to support oil work, including spill response, in extreme Arctic climates. The company said the vessel Alexander Sannikov was formally launched in preparation of sea trials for late season 2018. It’s one of two icebreakers designed to operate in temperatures […]


The Hyperinflationary Endgame: Venezuela Currency Crashes 15% In One Day

The Hyperinflationary Endgame: Venezuela Currency Crashes 15% In One Day thumbnail

Just last week we were amazed to report that the Venezuela currency, the Bolivar, had crashed below 2,000 for the first time ever, losing 50% of its value in just two months as the Venezuela hyperinflation had entered its terminal phase. As of this morning, the DolarToday.com website, maintained by a person the WSJ dubbed […]


Peak Oil in a Fact-Free World: the New “Oil Bonanza” in West Texas

Peak Oil in a Fact-Free World: the New “Oil Bonanza” in West Texas thumbnail

Sometimes, I have the feeling of living in a fact-free universe where the laws of physics hold only if you believe in them. (image) So, the USGS comes out with a press release that the media immediately diffuse in terms of a great discovery: 20 billion barrels, somewhere in Texas in a place called “Wolfcamp”.  […]


The Future of OPEC: It Won’t Die, But It Will Become a Different Animal

The Future of OPEC: It Won’t Die, But It Will Become a Different Animal thumbnail

Regardless of the outcome of the meeting on 30 November, the future of OPEC looks uncertain. The organisation is facing a perfect storm, squeezed as it is between the revolution in shale oil, which has increased global supply and brought down prices, and the prospect of a global peak demand stemming from climate policies and […]


Kunstler: The Rediscovery of Men

Kunstler: The Rediscovery of Men thumbnail

This must account, at least in part, for the post-election hysteria among the social justice folk and their mentors at the Prog end of politics, especially those bent on suppressing or eliminating men. Of course, it’s only been the last year or so that their long-running animus became explicit, their writ against white men in […]


OPEC Deal Disintegrates After Iran Press Accuses Saudi Arabia Of “Reneging” On Agreement

OPEC Deal Disintegrates After Iran Press Accuses Saudi Arabia Of “Reneging” On Agreement thumbnail

On Friday, after reading the latest shift in the ever-changing, always fluid OPEC narrative, according to which Saudi Arabia now demands Iranian oil production cuts contrary to the agreement reached at the end of September in Algiers, in which Iran was granted an exemption from the upcoming supply cut negotiation in Vienna on November 30, […]


Eastern Aleppo could be ‘gone by Christmas’

Eastern Aleppo could be ‘gone by Christmas’ thumbnail

The United Nations special envoy to Syria has said the besieged eastern part of Aleppo could be destroyed a a month’s time. About 225,000 people are thought to be living there under threat of starvation. Following a visit to Damascus, UN special envoy Staffan de Mistura was “very worried” about the future of east Aleppo. […]


Saudi Arabia Tells OPEC It Won’t Attend Non-OPEC Talks

Saudi Arabia Tells OPEC It Won’t Attend Non-OPEC Talks thumbnail

Top OPEC oil exporter Saudi Arabia has told the producer group it will not attend scheduled talks in Vienna on Monday with non-OPEC oil producers, OPEC sources said on Friday. The meeting was planned to discuss the contribution that producers outside the Organization of the Petroleum Exporting Countries (OPEC) will make to a supply-limiting agreement. […]


Another Oil Producer Under Pressure to Devalue Its Currency

Another Oil Producer Under Pressure to Devalue Its Currency thumbnail

Libya’s UN-backed government is under mounting pressure to devalue its currency, joining other energy producers from Nigeria to Kazakhstan that have buckled in the face of tumbling revenue and domestic turmoil. The dinar has been steadily weakening on the black market over the past year as the nation’s political rifts thwarted a recovery in oil […]


Do pipeline economics add up?

Do pipeline economics add up? thumbnail

There are three arguments over the proposed Mountain Valley Pipeline and they all start with the letter “e” — environmental, eminent domain and economic. The first two seem pretty easy to understand. Natural gas is cleaner than coal. Or it’s dirtier than coal, when you factor in the fracking that brings it to the surface. Likewise, […]


Fukushima decommissioning costs to soar

Fukushima decommissioning costs to soar thumbnail

The combined costs of paying compensation for the Fukushima nuclear disaster and the decommissioning of the plant’s reactors may be double the initial estimate, rising to more than 20 trillion yen ($176 billion), according to estimates by the country’s industry ministry. At the end of 2013, the Ministry of Economy, Trade and Industry calculated the cost at 11 trillion […]


Tempering US Economic Growth Expectations

Tempering US Economic Growth Expectations thumbnail

Listen, before we go through a litany of economic charts that pour some cold water on the recent bout of optimism regarding US economic growth prospects we want to stress that we don’t believe economic growth is about to fall off of a cliff. Quite the contrary, we feel that we are on the same “muddle-through” growth […]


“No Fracking Anywhere” Doesn’t Help the Earth; It Hurts It!

“No Fracking Anywhere” Doesn’t Help the Earth; It Hurts It! thumbnail

…. Ill-informed fractivists shouting “No Fracking Anywhere” or “Keep It in the Ground” do nothing to help the Earth; rather, their stupid slogans only hurt it. Today, Ryedale Against Fracking and others are protesting in London to support the Friends of the Earth case against North Yorkshire County Council’s approval of the Third Energy project […]


Is Donald Trump Considering Donald Hoffman as Secretary of Energy?

Is Donald Trump Considering Donald Hoffman as Secretary of Energy? thumbnail

After every Presidential election, the game of “guess the cabinet” becomes one of the hottest activities in Washington, DC. One of the more entertaining aspects of the game is that almost anyone can play. Some participants read press articles voraciously and seek to impress their friends or readers by repeating names that they have heard. […]


E is for EROEI

E is for EROEI thumbnail

Understanding EROEI – or Energy Return On Energy Invested – should be on every school curriculum, but isn’t. Simply put, it’s the amount of energy we as a species can play with. Back in the days when you could poke a hole in the ground and oil would gush out of it skywards, getting hold […]


Oil Reserves Increasing, Gas Reserves In Decline

Oil Reserves Increasing, Gas Reserves In Decline thumbnail

Oil reserves increased in 2015 and gas reserves recorded a decline, according to Eni’s 15th World Oil and Gas Review published Thursday. The annual statistics report on world reserves, production and consumption of oil and gas showed that oil output set another yearly record growth (+2.9 percent), driven by the Middle East and North America. […]


Japan Is Aggressively Buying Up Oil And Gas Around The World

Japan Is Aggressively Buying Up Oil And Gas Around The World thumbnail

This coming year could be a surprisingly exciting time for oil and gas developers. Yes, energy prices are depressed right now. But not everyone sees that as a negative. In fact, private equity funds are still raising record amounts of capital for energy investments — with managers and investors alike seeing the current downturn as […]


10 Countries that Are Running Out of Oil

10 Countries that Are Running Out of Oil thumbnail

These 10 countries that are running out of oil will face serious problems down the road unless new reserves are found and tapped into. For a while now, you can scarcely hear the term peak oil, which was widely used in the past to describe the end of the cheap oil era. For a while, […]


Heinberg: An Order of Chaos, Please

Heinberg: An Order of Chaos, Please thumbnail

Trump’s Coal Delusions During the second presidential debate on October 9, Republican presidential nominee (now President-Elect) Donald Trump claimed that “clean coal” could meet the energy needs of the United States for the next 1,000 years. Now that Mr. Trump will be in the position of making national energy policy, it’s worth examining that assertion. […]


China Puts Oil Over Politics in Deal to Boost Venezuela Output

China Puts Oil Over Politics in Deal to Boost Venezuela Output thumbnail

China’s move to invest $2.2 billion in Venezuela for a share of increased crude production shows a desire to extract itself from the country’s political fights while securing access to its vast oil reserves. The deal, which represents China’s first economic support this year for the beleaguered South American country, would help Venezuela reverse declining oil […]


How to Boost the Global Economy? Higher Oil Prices

How to Boost the Global Economy? Higher Oil Prices thumbnail

Forget the stagflation of the 1970s. Higher oil prices would be a boon for the global economy, according to Goldman Sachs Group Inc. Pricey crude means economies such as Saudi Arabia take in more money than they can spend, which financial markets help distribute through the rest of the world, boosting asset values and consumer […]


Projection Of World Fossil Fuel URR

Projection Of World Fossil Fuel URR thumbnail

An interesting paper was published by S.H. Mohr, J. Wang , G. Ellem , J. Ward , and D. Giurco in Feb 2015 entitled, Projection of world fossil fuels by country. It updates Steve Mohr’s earlier work in 2010 and can be found at the link below. https://www.researchgate.net/profile/Steve_Mohr The table below is table 2 from […]


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@PaulGambles2 @CNBCJou @JMJancovici To be clear, not asking for predictions, but a hedge vs #peakoil. Fair bet policy makers are behind & will be overwhelmed. #antifragile

@PaulGambles2 @CNBCJou Cruel irony is, #peakoil may kick in after it's too late to prevent #climatechange. double whammy/hysteresis. @JMJancovici

It's going to come crashing down when #PeakOil, starts hitting the fan. Life as we're living it is unsustainable, fool's paradise! twitter.com/KieranSuckling…