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QUOTE O’ THE DAY

"It is not possible to continue infinite consumption and infinite population growth on a finite planet.”
-- Michael Ruppert, WSJ, 4/11/09


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BP chief executive’s pay triples in 2013

BP chief executive’s pay triples in 2013 thumbnail

The pay of Bob Dudley, BP‘s chief executive, tripled last year despite the legal threats still hanging over the company from the Deepwater Horizon disaster. The oil boss received $8.7m (£5.2m) in salary, bonus and share awards last year, according to the company’s annual report, compared with $2.6m in 2012. When contributions to his pension […]


Economist Warns of Collapse Risk: “Will Not Allow Life to Continue As We Know It”

Business

Earlier this week we noted that an invasion of the Ukraine by Vladimir Putin would likely lead to a complete destruction of U.S. stock markets. It’s not so much the invasion force itself, but rather, the economic maneuvers that would come with it should Russia take this course of action. Well known economist and founder of […]


Will LNG prices in Asia continue to be oil-linked?

Business

The simple answer to that question is that there is no simple answer. Historically, LNG prices were linked to oil because LNG was displacing oil and that practice continued until US LNG export projects were proposed. Buyers from the US export projects will get LNG based on Henry Hub gas prices because in most cases […]


Brazil prepares for the second great LNG bailout

Brazil prepares for the second great LNG bailout thumbnail

Brazil should give up electricity for Lent, a Rio de Janeiro-based analyst told Interfax on Wednesday, with a touch of gallows humour. However, it is no laughing matter: the hydropower-dependent country has just recorded the second-driest January in 80 years, and the prospect of electricity rationing looms. The 100 days between Carnival and kick-off for […]


The well is running dry for big oil

The well is running dry for big oil thumbnail

Last week, I mused on the death of cars and big-picture factors working against the auto industry, including urbanization and declining driving rates in younger Americans. Now, I’ll trot out my crystal ball again and offer you another prediction: This is the beginning of the end for Big Oil, too. Now before you jump down […]


Yuan to supersede dollar as top reserve currency

Yuan to supersede dollar as top reserve currency thumbnail

The tightly controlled Chinese yuan will eventually supersede the dollar as the top international reserve currency, according to a new poll of institutional investors. The survey of 200 institutional investors – 100 headquartered in mainland China and 100 outside of it – published by State Street and the Economist Intelligence Unit on Thursday found 53 […]


Clouds on the horizon for fracking companies?

Business

The Oil & Gas Journal has published an article with the headline, “Chesapeake mulls spinoff, sale of oil field services division“. The article is especially interesting since Chesapeake is one of the largest companies in fracking. On Chesapeake Energy Corporation’s website one can read that they are the second largest producer of natural gas and […]


Bakken Shale Oil Carries High Combustion Risk

Bakken Shale Oil Carries High Combustion Risk thumbnail

Crude oil from North Dakota’s Bakken Shale formation contains several times the combustible gases as oil from elsewhere, a Wall Street Journal analysis found, raising new questions about the safety of shipping such crude by rail across the U.S. Federal investigators are trying to determine whether such vapors are responsible for recent extraordinary explosions of […]


Peak Oil is Real and the Majors Face Challenging Times

Peak Oil is Real and the Majors Face Challenging Times thumbnail

The idea that global oil production was nearing its peak, only to plateau and then decline was a common view in the energy world for many years. The geophysicist M. King Hubbard predicted in the 1950’s that US oil production would peak in the 1970’s, a forecast that held true until technology allowed companies to […]


How to Sustain Energy Industry for Growth

Business

While consumers benefit from energy independence and stable prices, some of the most vocal opposition to the industry comes from those who fear the new technologies that make price stability possible, according to a group of panelists from the public and private sectors that addressed the oil and gas industry at the recent Winter NAPE […]


Expert Warns of Hyperinflation: “The American Way Of Life Will Be Destroyed”

Business

If there’s one thing that’s certain about what’s happening in the world right now  it’s that uncertainty is pervading every aspect of the global economy. From fabricated employment statistics and consumer spending reports to obscene levels of debt and a failing domestic monetary policy, the writing is on the wall. According to top Casey Research analyst […]


Big numbers for New England electricity auction might not be enough to bring new capacity

Business

Many generators cheered the recent results of ISO New England’s forward capacity auction.  The market cleared at what one analyst called an “astonishing” price of $15/kW-month. That is five times the clearing price in the last year’s auction. The high price, prompted by a sudden swing from surplus capacity to a deficit, should be enough […]


Oil Firms Seen Cutting Exploration Spending

Business

Global oil firms, hit by one of the worst years for discovery in two decades, are about to cut exploration spending, pulling back from frontier areas and jeopardising their future reserves, industry insiders say. Notable exploration failures in high-profile places such as Africa’s west coast, from Angola all the way up to Sierra Leone, have […]


Food, Water, and Fuel Are Necessary to Life and Investors

Business

Interview with Bob Moriarty Bob and Barb Moriarty brought 321gold.com to the Internet over 10 years ago. They later added 321energy.com to cover oil, natural gas, gasoline, coal, solar, wind and nuclear energy. Both sites feature articles, editorial opinions, pricing figures and updates on current events affecting both sectors. Previously, Bob was a Marine F-4B […]


Why gasoline could spike 10 percent in the near future

Why gasoline could spike 10 percent in the near future thumbnail

Gasoline could jump anywhere from 15 to 40 cents a gallon over the next several months, but it could be one of the cheapest summer driving seasons in several years. GasBuddy.com predicts that more expensive gasoline is on the horizon, as refiners go into annual maintenance mode for the shift to summer fuels. Regular gas […]


America’s “Black Gold” Rush Is Leading To Soaring Homelessness

Business

Lured by the promise of jobs created by the oil and gas boom, unemployed people are flocking to North Dakota en masse. This is heralded by many in the mainstream media as great news – labor mobility at its best – however, there is a darker side: rents are surging and finding a place to […]


Oil Companies Secretly Got Paid Twice For Cleaning Up Toxic Fuel Leaks

Business

A pioneer in cleaning up toxic messes, Thomas Schruben long suspected major oil companies of being paid twice for dealing with leaks from underground fuel storage tanks – once from government funds and again, secretly, from insurance companies. Schruben, a detail-oriented Maryland environmental engineer who helped draft government pollution rules going back 30 years, looked […]


Iran to Offer Oil Investors Better Terms Than Iraq

Business

Iran, bound by economic sanctions and seeking investment to help develop its oil and natural gas, plans to offer international energy companies more attractive contracts than neighboring Iraq, an Oil Ministry adviser said. The Islamic republic is developing a new type of contract that’s “in line” with international practice and law, Mehdi Hosseini, who leads […]


Hyperinflation – 10 Worst Cases

Hyperinflation – 10 Worst Cases thumbnail

Inflation is hot property today, hyperinflation is even hotter! We think we are modern, contemporary, smart and ready to deal with anything. We’ve got that seen-it-all-before, been-there-done-it attitude. But, we are not a patch on what some countries have been through in the worst cases of hyperinflation in history. Here’s the top 10 list of […]


Peak Oil: Investment Issues # 3

Business

CAPEX, AGAIN [T]he 2013 WEO has the oil industry’s upstream capex [see this and this] rising by nearly 180 per cent since 2000, but the global oil supply (adjusted for energy content) by only 14 per cent. The most straightforward interpretation of this data is that the economics of oil have become completely dislocated from […]


$5/gal benzene: Here to stay, or recurring but shortlived fad?

Business

If you sell, buy or trade benzene or any of its derivatives, you have heard this assertion before: Five-dollar-a-gallon benzene is a reality. It’s here to stay. It’s not a new one. In fact, you probably first heard in early- to mid-2012, or earlier if you are really plugged in, as they say. Benzene prices […]


NYMEX No Future For Crude Oil Futures

Business

According to Leah McGrath Goodman’s well-researched book “The Asylum: The Renegades Who Hijacked the World’s Oil Market”, the start of Nymex oil trading was in major part due to traders who stumbled upon oil futures after screwing up Maine potato futures. Their trading “industry” or gambling party had been built on predicting the Maine potato harvest, […]


Big oil companies find it harder to turn a buck

Big oil companies find it harder to turn a buck thumbnail

Judging by pump prices, drivers might think oil companies were rolling in profits that only move higher. Lately, though, the big boys in the global oil industry are finding that earning a buck isn’t as easy as it used to be. Royal Dutch Shell, for instance, just announced that fourth quarter earnings would fall woefully […]


The New Wildcard in the US Energy Poker Game

Business

Talking to countless energy executives in recent years, I can vividly recall conversations with various senior leaders of major energy companies who adamantly told me the price of natural gas would remain depressed for years to come. Ever a ‘glass half full’ debater, I often posed the very simple question: What if natural gas prices were […]


Looking for Energy in All the Wrong Places

Business

With the surprising deep and long freeze, liquefied natural gas (LNG) importers are suddenly busy. The busiest import terminals and regasification facilities are found in the northeast, including New Brunswick, Massachusetts, Maryland and Georgia.  They are owned by Repsol (French), GDF Suez (French), Dominion Resources (D) and Kinder Morgan’s (KMI) El Paso Pipeline Partners (EPB). […]


Billions needed to meet natural gas demand

Business

The $10 billion worth of natural gas processing infrastructure already built in the Marcellus and Utica shale region is only a fraction of what Blue Racer Midstream CEO Jack Lafield believes is needed in the coming years. Lafield estimates $30 billion must be spent in midstream infrastructure to keep up with demand. If he is […]


Teapots Boiling in Texas as Shale Spurs Refining Revival

Business

Near the only four-way stoplight in Nixon, Texas, smoke rises off a pilot flare at the Blue Dolphin Energy Co. (BDCO) refinery that had sat cold for two decades. The employee parking lot is full, tanker trucks line up to unload crude and the silver distillation tower thrums. None of that was happening two years […]


Oil Boom: See A Modern-Day Gold Rush In Motion

Business

Credit: Ritter Brothers, a jewelry and gift store in Williston, N.D., sells miniature oil rigs and other oil-related novelties. (Annie Flanagan for NPR) If you’ve seen any coverage of North Dakota’s oil boom, you’ve seen the images — oil rigs, truck traffic, “man camps,” miles of temporary housing. But there is something about this place […]


Nuclear Restarts Spell Trouble for LNG

Business

There are two major factors that have emerged in the last five years that have sparked a surge in LNG investments. First is the shale gas “revolution” in the United States, which allowed the U.S. to vault to the top spot in the world for natural gas production. This caused prices to crater to below […]


Mondragón and the System Problem

Mondragón and the System Problem thumbnail

As America moves more deeply into its growing systemic crisis, it is becoming increasingly important for activists and theorists to distinguish clearly between important projects and “institutional elements,” on the one hand, and systemic change and systemic design, on the other. The recent economic failure of one of the most important units of the Mondragón […]


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