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Prolonged high oil prices may hurt economy

Prolonged high oil prices may hurt economy thumbnail

Crude oil prices are rising. This is a result of coordinated production cuts by major oil-producing nations, such as the Organization of the Petroleum Exporting Countries (see below) and Russia, which have been ongoing since January 2017. However, if prices continue to rise, it could put a damper on the robust world economy, resulting in […]

What Will Happen to Oil Prices In 2019?


Analysts at Bank of America Merrill Lynch issued a forecast in May claiming that oil prices over the next year can rise as high as $100 per barrel. Among the reasons behind the increase are the US withdrawal from the Iran deal and problems on the Venezuelan oil market. The oil prices have been on a […]

China Will Need American Shale


China’s shale gas production is picking up speed as it seeks to capitalise on the world’s highest estimated shale reserves. However, the communist-ruled nation is far from following in the footsteps of America’s shale boom, with analysts predicting China will miss its 2020 output targets by a wide margin. Nevertheless, China’s progress toward unlocking its […]

Visualizing U.S. Energy Consumption In One Chart

Visualizing U.S. Energy Consumption In One Chart thumbnail

Every year, the Lawrence Livermore National Laboratory, a federal research facility funded by the Department of Energy and UC Berkeley, puts out a fascinating Sankey diagram that shows the fate of all energy that gets generated and consumed in the United States in a given year. Today’s visualization is the summary of energy consumption for […]

Peak oil demand in 2037 will hit 110MMbopd


MCKINSEY this week published its responses to questions from its January Global Energy Perspective 2018 Reference Case, which looks at the changing energy market globally and shows projections for how the energy transition will unfold over the next few decades. Energy New Bulletin

Here’s what happens if the oil rally turns into an ‘oil shock’


The global oil benchmark flirted with the $80-a-barrel level again on Tuesday, underlining concerns that an unexpectedly strong crude rally could eventually begin to weigh on economic growth. The combination of renewed U.S. sanctions on Iran, potential sanctions on Venezuela, a rising geopolitical risk premium, strong demand and other factors have made talk of $100 […]

We need to talk about Peak Oil again


Here’s a new indicator for you: It seems that the difference between the price of oil here and abroad is a measure of tightness in the market, with a rising spread indicating higher prices in the future, with all the inflationary pressures that that implies. From today’s Wall Street Journal: Trans-Atlantic Oil-Price Spread Soars as […]

One of the biggest risks to the world’s financial system is the $3 trillion of debt owed by oil and gas firms


[ Yet another “crash coming soon” post, if it hasn’t happened already (I scheduled this article and others to appear a year or more later, since crashes always take longer to happen than you expect. Alice Friedemann  author of “When Trucks Stop Running: Energy and the Future of Transportation”, 2015, Springer and “Crunch! Whole […]

Energy exports to play ‘massive’ role in any breakthrough in the US-China trade talks

Energy exports to play ‘massive’ role in any breakthrough in the US-China trade talks thumbnail

Treasury Secretary Steven Mnuchin said there is a “massive opportunity” for U.S. energy exports to China, after the trade partners reached a truce. China has emerged as one of the biggest buyers of U.S. oil since the American government lifted an export ban on the raw material in 2015. The Trump administration has also facilitated […]

The Oil Market Strikes Back

The Oil Market Strikes Back thumbnail

It is not an obvious connection, but the Fed and oil are inextricably intertwined. When the Fed is engaging in loose monetary policy, it tends to weaken the dollar and inflation tends to rise. A weaker dollar has a tendency to support commodity prices by making them cheaper in other currencies. So how did the […]

American Roadtrippers to Face $3 a Gallon Gas This Summer

American Roadtrippers to Face $3 a Gallon Gas This Summer thumbnail

U.S. drivers might be feeling flush after getting tax cuts amid a growing economy as they embark on the summer driving season, but road trips will cost more this year. Drivers are already paying an average of $2.90 for a gallon of regular gasoline. There may be no relief in sight as oil in London […]

Oil price keeps rising – will it come back to earth with a bump?

Oil price keeps rising – will it come back to earth with a bump? thumbnail

Changes in supply and demand mean that current highs will be corrected next year A production platform in Iran’s Soroush oil field. Other suppliers will take up the slack if Iran is out of the global market. Photograph: Raheb Homavandi/Reuters The big story in the financial markets in 2018 has been the sharp rise in […]

IEA Cuts Oil Demand Forecasts As Markets Evolve


The IEA has cut oil demand forecasts as the recent growth in oil prices continues. The agency expects demand to fall in response to high prices, but there are a growing number of analysts who believe that the fundamental drivers of oil demand are undergoing a massive shift. The IEA’s forecast sees a drop in 2018 […]

PetroChina cuts gas supplies to major users to prevent shortages


PetroChina, the country’s top gas producer, has curbed supplies of the fuel to some industrial users in northern and western regions, in the first sign of emerging tightness only two months after China experienced one of its worst winter gas crunches. FILE PHOTO: PetroChina’s logo is seen at its petrol station in Beijing, China, March […]

Asian oil demand surges

Asian oil demand surges thumbnail

Oil prices are poised to break through $80 per barrel and Asia’s demand is at a record, pushing the cost of the region’s thirst for crude to $1 trillion this year, about twice what it was during the market lull of 2015/2016. FILE PHOTO: Motorists drives past an electronic board at a gas station in […]

The Post Apocalyptic Permaculture Pig

The Post Apocalyptic Permaculture Pig thumbnail

Thus ends the life of Mr Wu. All that is left to do is tell the story. I have been avoiding thinking about this all year. Putting down my 600 lb pound friend and filling a freezer. On the way to the abattoir, tears started to come but I choked it back. Maudlin by nature, […]

What Happens If Oil Hits $100?


Bloomberg’s Tina Davis explains why higher oil prices won’t hurt the global economy as much as it has in the past. She speaks with Bloomberg’s Shery Ahn and Vonnie Quinn on “Bloomberg Markets.”

Conundrum of free parking and easy oil


It has taken me a while to understand that cost, value and ability to pay are independent things. For example, you are driving from Clarkston to Enterprise, Ore. You blow past a sign reading, “Next services 100 miles.” At Boggan’s Oasis you realize you don’t have enough gas. Luckily, there is a four-wheel drive truck […]

IEA Warns Global Oil Demand May Suffer As Crude Nears $80


Global demand for oil is likely to moderate this year, as the price of crude nears $80 a barrel and many key importing nations no longer offer consumers generous fuel subsidies, the International Energy Agency said on Wednesday. The Paris-based IEA cut its forecast for global demand growth to 1.4 million barrels per day for 2018, from […]

Gas Is Headed for $3. What That Means for the U.S. Economy

Gas Is Headed for $3. What That Means for the U.S. Economy thumbnail

Drivers gearing up for trips this summer face escalating prices at the gasoline pump, an early sign that $70-a-barrel oil is starting to reach into consumers’ wallets. Average U.S. retail gasoline prices are climbing toward $3 a gallon, the most expensive in more than three years. The national average was around $2.87 a gallon Monday. […]

The World Wants Air-Conditioning

The World Wants Air-Conditioning thumbnail

More than crickets and fireflies, more than baseball and cookouts, perhaps nothing signals the arrival of summer in the United States like the soft familiar whir of air-conditioning. But there is growing concern that as other countries adopt America’s love of air-conditioners, the electricity used to power them will overburden electrical grids and increase planet-warming […]

The Most Underappreciated Story In The Oil Market


The world is currently watching the growing tensions in the Middle East, and oil market analysts are guesstimating just how much Iranian oil supply the renewed U.S. sanctions could stifle. Yet, the biggest story in oil markets this year may well take place far from the much-publicized tensions in the Middle East – namely China’s […]

How the Economy Works as It Reaches Energy Limits — An Introduction for Actuaries and Others

How the Economy Works as It Reaches Energy Limits — An Introduction for Actuaries and Others thumbnail

Why have long-term interest rates generally fallen since 1981? Why have asset prices risen? Can these trends be expected to continue? The standard evaluation approach by actuaries and economists seems to be to look at past patterns and assume that they will be repeated. The catch is that energy consumption growth plays a hugely important […]

Energy 2040: Oil, Gas Will Still Be In High Demand


The world’s energy business—on both the supply and demand sides—will change drastically by 2040 but oil and gas will continue to be dominant energy sources even as renewables proliferate. The big loser will be coal, although demand for the rock that burns continues to soar among Asia’s rapidly growing economies. Those were among the points […]

Bank of America says oil could surge back to $100


Bank of America Merrill Lynch’s commodity strategists see a risk that Brent crude oil returns to $100 per barrel by next year. Brent last touched that level in September 2014, as oil prices descended into their worst crash in a generation. “In short, the micro drivers of the oil market remain positive, as long as […]

Crude Oil Price Forecast: $100 per barrel by 2019


It was a busy week for oil traders, with prices moving in a $4.25 range of $71.89 per barrel down to $67.63 per barrel as the market digested the news that U.S. President Donald Trump decided to unilaterally pull out of the Iran nuclear deal and reimplement economic sanctions. The exchange of airstrikes between Iranian-backed […]

How Rising Oil Prices Will Affect the US


Four of the past five recessions—1973, 1980, 1990, and 2008—were preceded by a sharp increase in the price of oil. Since last summer, the Brent benchmark oil price has soared by about 50%, to nearly $78 per barrel. More increases could be coming. Additional sanctions on Iran imposed by the Trump administration will limit that […]

The Fisherman and the Farmer – A Tale About Overexploitation

The Fisherman and the Farmer – A Tale About Overexploitation thumbnail

Ilaria Perissi and Nicola Calisi playing the fisherman and his wife in a theatrical piece shown in Florence in 2017. The piece was based on the story told below (text by Ugo Bardi). The origin of this story is told here. Once upon a time, a fisherman who lived on the shore of the lake […]

What is peak oil? And what will happen to the industry if we reach it?


For much of the last century, observers of the oil industry have debated when or if we might reach so-called peak oil — the point when the maximum rate of petroleum extraction is achieved. Reasons for this peak have changed over the years, from production driven by supply, to production driven by demand. Most recently, […]

Here’s What Oil at $70 Means for the World Economy


Rising oil prices are a double-edged sword for the world economy. With the price of crude up about 18 percent this year and now trading at the highest since 2014, exporters of the fuel get to enjoy a windfall while consuming nations get hurt. Much ultimately depends on the reason why prices are pushing higher. […]

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