There’s a New Oil Glut in Town

As crude oil continues to rip higher—it’s currently in the midst of its best three-day performance since January 2009—analysts at Barclays highlight one reason why this rally could prove to be short-lived. Resilience in U.S. shale production and supply increases from members of OPEC have left global oil markets in a prolonged state of surplus. Earlier in the year, this oil […]

Russia, Venezuela to Discuss Potential Steps to Stabilize Oil Prices

Russian President Vladimir Putin will discuss “possible mutual steps” to stabilize the global price for oil at a meeting with Venezuelan President Nicolás Maduro in China on Thursday, a Kremlin aide said, as both countries grapple with lower prices for their main export. Venezuela, a Russian ally that has been hit hard by plunging oil […]

Canadian Oil Sands Halts Crude Production at Oil-Sands Giant Syncrude

Problems affecting output at two Canadian oil-sands producers’ mainstay operations boosted synthetic crude prices—and experts say a prolonged dip in production could alter the volume of crude exports to the U.S. Canadian Oil Sands Ltd. , the largest owner of the giant Syncrude oil-sands project, halted production of its synthetic crude oil after a fire […]

Take advantage of cheaper oil and gas

Lower prices at the gasoline pump and in utility bills puts more money in everyone’s pocket, which boosts spending and the overall commerce. Considering the slow pace of America’s economic recovery, the market needs all the help it can get. The drop in the world price of oil is due to several factors related to […]

Kunstler: Say Goodbye to Normal

T he tremors rattling markets are not exactly what they seem to be. A meme prevails that these movements represent a kind of financial peristalsis — regular wavelike workings of eternal progress toward an epic more of everything, especially profits! You can forget the supposedly “normal” cycles of the techno-industrial arrangement, which means, in particular, […]

Robert Rapier: Lessons From a Failed Prediction

Why Make Predictions? While there are actually other stories unfolding in the world of energy, you would never know that by my inbox. Most of the correspondence I have received in the past week is still related to oil prices, particularly following the recent huge rally in crude futures. A few readers also wanted to […]

Record Fukushima radiation levels found on southern California coast

Record radiation levels from the Fukushima power plant were found off the coast of Southern California. Radioactive cesium was measured  on a beach between San Diego and Los Angelos. The nuclear waste was detected in early April 2015, meaning toxic levels of radiation have been plaguing the West Coast since early spring. Approximately 8.4 becquerels […]

US Oil Production Nears Previous Peak

The EIA’s Monthly Energy Review came out a couple of days ago. The data is in thousand barrels per day and the last data point is July 2015. US consumption of total liquids, or as the EIA calls it, petroleum products supplied, reached 20,000,000 barrels per day for the first time since February of 2008. Something […]

Air Strike Kills 36 Civilians

An air strike by warplanes from a Saudi-led coalition, which said it targeted a bomb-making factory, killed 36 civilians working at a bottling plant in the northern Yemeni province of Hajjah on Sunday, residents said. In another air raid on the capital Sanaa, residents said four civilians were killed when a bomb hit their house […]

Eni Discovers Biggest Gas Field in Mediterranean Off Egypt

`Super giant’ gas field may hold 30 trillion cubic feet Eni is sole operator of concession in Egypt’s Shorouk block Eni SpA discovered a “super giant” natural gas field offshore Egypt in what the Italian oil company said is the largest find in the Mediterranean Sea. The deep-water deposit in the Zohr Prospect in the […]

The high price of cheap oil

The smartest insight and analysis, from all perspectives, rounded up from around the web: “The oil industry, with its history of booms and busts, is in a new downturn,” said Clifford Krauss at The New York Times. The price of oil closed under $40 a barrel this week for the first time since 2009, a […]

Fire at Saudi oil workers compound kills 11, injures more than 200

A fire swept through an oil workers’ residential compound in Saudi Arabia on Sunday, killing 11 people and injuring over 200 others of various nationalities, some critically, the Civil Defence agency said. Saudi national oil company Saudi Aramco [SDABO.UL] said the cause of the fire which broke out in a basement of the Radium residential […]

Economics At The End Of The Age Of Oil With Nicole Foss, Gail Tverberg, and Ugo Bardi

Streamed live on Aug 23, 2015 Economics at the end of the Age of Oil

Oil’s Race to the Bottom and the Global ‘New Normal’

William Lee of Citi Economic Research discusses the role oil is playing in market volatility and the global economy. He speaks on “Bloomberg Surveillance.”

It will take much cheaper oil for Saudi Arabia to take action

THERE comes a time when any self-respecting cartel boss has to focus on protecting his turf. Saudi Arabia has spent the past nine months fighting to safeguard its share of the global oil market, increasing its own crude production to record highs. That exasperates its weaker OPEC partners. It also seems utterly self-defeating, especially after […]

America is the problem

Any more trading for butter? Closed. It was the mid 90s, but the CME floor was vibrant. There was a recent scandal where the FBI found nearly nothing by wearing wires and trading horribly in the currency pits. They were trying to bust independent traders by showing how they were manipulating the markets. It seemed […]

Secretive fusion company claims reactor breakthrough

In a suburban industrial park south of Los Angeles, researchers have taken a significant step toward mastering nuclear fusion—a process that could provide abundant, cheap, and clean energy. A privately funded company called Tri Alpha Energy has built a machine that forms a ball of superheated gas—at about 10 million degrees Celsius—and holds it steady […]

Forget oil glut and war. Water is real threat for Mideast

Thirst. It’s not talked about nearly as much as oil or Islamic State, yet lack of water is driving conflict and strife in the Middle East and North Africa. The World Resources Institute released this week a water-stress index measuring competition and depletion of surface water. It shows which countries are most vulnerable to scarcity […]

Lies You Will Hear As The Economic Collapse Progresses

It is undeniable; the final collapse triggers are upon us, triggers alternative economists have been warning about since the initial implosion of 2008. In the years since the derivatives disaster, there has been no end to the absurd and ludicrous propaganda coming out of mainstream financial outlets and as the situation in markets becomes worse, […]

The Anthropocene and Ozymandias

Much has been made lately of the so-called Anthropocene — the idea that Homo sapiens has so taken over and modified Earth that we need a new name for our geological age instead of the outmoded Holocene. One remorseless Anthropoceniac writes, ‘Nature is gone… You are living on a used planet. If this bothers you, […]

Pondering Post-Peak Oil Theory

Although I would consider myself to be in broad agreement with “Peak Oil” theory, I am less sure about some of the recent approaches to it. The Oil Drum was the go-to site for peak oil analysis, and I am unaware of any comparable replacement. My diagnosis is that Peak Oil theory developed a public relations […]

Top Billionaires Meet In NYC To Discuss Population Control

Anything happening today that looks like these folks may be implementing their plans ?   It’s so nice of these wonderful people to be deciding the fate of billions of human beings while they stuff their vile faces. Instead of figuring out ways to help their less fortunate brothers and sisters, they plan ways to exterminate […]

The Peak Oil Crisis: Cold Fusion Gets a US Patent

Sometimes our government moves very slowly. In the case of granting a patent to cold fusion technology, which just might replace fossil fuels, it took 26 years. The odyssey that started with a press conference at the University of Utah back in 1989 and has bumped along below the world’s radar screen ever since, seems […]

Oil skyrockets more than 10% in biggest one-day rally since 2009

Oil rocketed more than 10 per cent higher on Thursday, posting its biggest one-day rally in over six years, caught up in a relief rally that swept the globe as the U.S. economy grew more than predicted. West Texas Intermediate futures rose 10 per cent, the biggest gain since March 2009. U.S. gross domestic product […]

Oil Industry Needs to Find Half a Trillion Dollars to Survive

At a time when the oil price is languishing at its lowest level in six years, producers need to find half a trillion dollars to repay debt. Some might not make it. The number of oil and gas company bonds with yields of 10 percent or more, a sign of distress, tripled in the past […]

Saudis Could Face An Open Revolt At Next OPEC Meeting

OPEC next gathers December 4 in Vienna, just over a year since Saudi Oil Minister Ali Al-Naimi announced at the previous OPEC winter meeting the Saudi decision to let the oil market determine oil prices rather than to continue Saudi Arabia’s role of guarantor of $100+/bbl oil.  Despite the intense financial and economic pain this decision has inflicted on […]

Pre- and Post-Peak Nations 2015

In reviewing BP’s latest Statistic Review of World Energy, the big story for world oil last year was obvious: the USA’s third straight record-breaking increase in average annual production. Just over 75% of the net increase in world oil production during 2014 came from the USA; add in Canada and 90% of the total increase […]

Rossi’s E-cat: the slow death of a meme

  Results of a search using Google “Trends.” The E-Cat is dead, but it keeps bouncing, a little.  News about the E-Cat, the (in)famous desktop nuclear fusion reactor: Mr. Andrea Rossi, the inventor, has announced that he finally succeeded in obtaining a patent for his device and that, again, it will be soon commercialized as […]

EIA Expects Decline in Natural Gas Production

Source: U.S. Energy Information Administration, Drilling Productivity Report, August 2015 Natural gas production across all major shale regions in EIA’s Drilling Productivity Report (DPR) is projected to decrease for the first time in September. Production from these seven shale regions reached a high in May at 45.6 billion cubic feet per day (Bcf/d) and is […]

Humvee’s days are numbered, as US military announces new replacement

The days of the Humvee as the US Army’s vehicle of choice are about to come to an end, after the Department of Defense signed a $6.7 billion deal with the Oshkosh Corporation to provide a new vehicle with “far superior protection and off-road mobility.” The Wisconsin-based defense company beat off competition from a joint […]

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LATEST NEWS HEADLINES

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