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News from May 2018

Peak oil demand in 2037 will hit 110MMbopd

Peak oil demand in 2037 will hit 110MMbopd thumbnail

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 The Viral Interview Of Exiled Saudi Prince Calling For Regime Change In Riyadh

Here’s The Viral Interview Of Exiled Saudi Prince Calling For Regime Change In Riyadh thumbnail

A videotaped interview of an exiled Saudi prince living in Europe who is calling for regime change in his home country went viral this week. Prince Khaled bin Farhan was exiled from Saudi Arabia and given given political asylum in Germany in 2013, where he’s not infrequently given interviews exposing the inner workings of the royal […]


‘Much Uncertainty’ About Limits of Alaska’s ANWR Production

‘Much Uncertainty’ About Limits of Alaska’s ANWR Production thumbnail

Market dynamics, coupled with an uncertainty over how much oil and natural gas is under the coastal plain of the Arctic National Wildlife Refuge (ANWR), could limit the amount of increased Alaskan production that is processed domestically, according to a study released Wednesday by the Energy Information Administration (EIA). EIA’s Dana Van Wagener, senior operations […]


Economic Growth Chokes On Massive Debt Increases

Economic Growth Chokes On Massive Debt Increases thumbnail

The U.S. and global economies are choking on a massive amount of debt.  While Wall Street and the Mainstream financial media continue to rationalize the skyrocketing debt as merely the cost of doing business, the disintegrating fundamentals point to an economic catastrophe in the making. Of course, a full-blown economic meltdown may not occur this […]


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

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

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

We need to talk about Peak Oil again thumbnail

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 […]


‘World War III’ worries me more than economic sanctions do, Russia’s VTB Bank chief says

‘World War III’ worries me more than economic sanctions do, Russia’s VTB Bank chief says thumbnail

Diplomatic tensions and the “aggressive policy” of the U.S. toward Moscow are of more concern than economic sanctions, the president and chairman of one of Russia’s largest lenders said Tuesday. “What concerns me more than any economic sanctions, that for the first time since the Cuban (missile) crisis — people, at least in Russia and […]


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

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

[ 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   www.energyskeptic.com  author of “When Trucks Stop Running: Energy and the Future of Transportation”, 2015, Springer and “Crunch! Whole […]


Asian Economies, Not Concern Over Climate Change, End Fossil Fuel Dominance

Asian Economies, Not Concern Over Climate Change, End Fossil Fuel Dominance thumbnail

The expansion of Asian populations and economies is expected to have unprecedented and unpredictable impacts on world resources. The task of meeting future energy needs is daunting. The Chinese have made the use of renewables their preferred option to increase energy production and availability. What may not be obvious is that their installation rate for […]


How To Deal With Venezuela Without Shocking Oil Markets

How To Deal With Venezuela Without Shocking Oil Markets thumbnail

The Trump administration has, for now, opted against hitting Venezuela’s oil sector with the harshest possible sanctions despite disavowing the re-election of President Nicolas Maduro as a “sham.” The White House did issue new financial sanctions on Caracas and state oil producer Petroleos de Venezuela (PDVSA) this week, but pulled up short of a full-scale […]


The Shale Oil Ponzi Scheme Exposed

The Shale Oil Ponzi Scheme Exposed thumbnail

Few Americans realize that the U.S. economy is being propped up by the Shale Oil Industry.  However, the shale oil industry is nothing more than a Ponzi Scheme, so when it collapses, it will take down the U.S. economy with it.  Unfortunately, the reason few Americans understand how lousy the economics are in producing shale […]


This Federal Policy Enabled the Fracking Industry’s $280 Billion Loss

This Federal Policy Enabled the Fracking Industry’s $280 Billion Loss thumbnail

Most people probably aren’t familiar with the acronym ZIRP. It stands for zero interest rate policy and is the policy that unintentionally created the American fracking bubble — just one of its many consequences. And while most people may not know much (if anything) about ZIRP or the Federal Reserve (Fed), it is likely that […]


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 […]


United States remains the world’s top producer of petroleum and natural gas hydrocarbons

United States remains the world’s top producer of petroleum and natural gas hydrocarbons thumbnail

The United States remained the world’s top producer of petroleum and natural gas hydrocarbons in 2017, reaching a record high. The United States has been the world’s top producer of natural gas since 2009, when U.S. natural gas production surpassed that of Russia, and the world’s top producer of petroleum hydrocarbons since 2013, when U.S. […]


China ‘to scrap child limits altogether’ in effort to boost its ageing population

China ‘to scrap child limits altogether’ in effort to boost its ageing population thumbnail

China is planning to abandon all policies restricting the number of children people can have, according to a report, in a move that would draw to a close one of the world’s longest, most ambitious and most controversial social experiments. The one-child policy was introduced in 1979 before it was relaxed to two children in […]


Is there enough water and land on Earth to meet global food demands?

Is there enough water and land on Earth to meet global food demands? thumbnail

Do We Have Enough Resources? Currently, we already produce more food than we need to feed the existing global population. According to Gordon Conway, author of One Billion Hungry: Can We Feed the World?, an equal division of all the food on earth would provide every person with 2,800 calories a day, which is more […]


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 […]


Shell Declares Force Majeure On Bonny Light Shipments

Shell Declares Force Majeure On Bonny Light Shipments thumbnail

The Nigerian subsidiary of Shell has declared force majeure on Bonny Light exports because of the shutdown of the Nembe Creek pipeline, which has led to the accumulation of lots of unsold crude. The Nembe Creek transports 150,000 bpd of Bonny Light to the Forcados terminal that Shell operates. The reason for the shutdown of […]


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 […]


Jimmy Carter: America has abandoned its leadership

Jimmy Carter: America has abandoned its leadership thumbnail

Former President Jimmy Carter gave the commencement address Saturday at Liberty University. He said the biggest challenge the world faces today is the human rights issue of the discrimination of women and girls. Carter also talked about the growing disparity in wealth, the threat of nuclear war, deepening racial divisions in the US, the loss […]


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 […]


The Russians Aren’t Coming

The Russians Aren’t Coming thumbnail

“What exactly is our strategy for the Malthusian predicament?“   In his autobiography, Hollywood director, Norman Jewison describes meeting John Wayne at a party. “Have you met Norman Jewison? The film director?” I looked down the long flight of stairs, shirtless and clutching my pants. John Wayne stared back, swaying slightly and holding a large […]


Russia unveils world’s first floating nuclear power station

Russia unveils world’s first floating nuclear power station thumbnail

Russia on Saturday unveiled the world’s first floating nuclear power station at a ceremony in the port of the far northern city of Murmansk where it will be loaded with nuclear fuel before heading to eastern Siberia. Built in Saint Petersburg, the Akademik Lomonosov arrived in Murmansk on Thursday where it was moored in the […]


Rising Oil Prices: How We Got Here

Rising Oil Prices: How We Got Here thumbnail

My Economy column last week covered some of the ways the U.S. economy is affected by oil. Changes in oil-related business investment spending now more or less completely offset any changes to household consumption and nonoil investment. There is not much economic benefit from either higher or lower prices, just a different distribution of who spends what. […]


Six steps to create a healthy economic future in the Arab world

Six steps to create a healthy economic future in the Arab world thumbnail

Arab countries suffer under a legacy of public policies that have crippled their growth and development. In the coming decade, most countries in our region will reach a point where they cannot continue along the same path and will need to implement far-reaching public policy reforms. Six broad classes of reform must be undertaken as […]


Ghostly ‘Lightning’ Waves Discovered Inside a Nuclear Reactor

Ghostly ‘Lightning’ Waves Discovered Inside a Nuclear Reactor thumbnail

A conceptual picture of fusion energy inside a tokamak, the doughnut-shaped machine that produces plasma for fusion energy. A new paper has found whistler waves, normally found in the ionosphere, inside a nuclear fusion reactor. Credit: Shutterstock Editor’s Note: This story was updated at 1:35 p.m. E.T. Mysterious, ghostlike “whistler waves” that are normally created […]


Trump Gives Merkel An Ultimatum: Drop Russian Gas Pipeline Or Trade War Begins

Trump Gives Merkel An Ultimatum: Drop Russian Gas Pipeline Or Trade War Begins thumbnail

It became clear just how important it is to the US for Russia’s Nord Stream 2 gas pipeline project to fail two months ago when, as we described in “US Threatens Sanctions For European Firms Participating In Russian Gas Pipeline Project“, the U.S. State Department warned European corporations that they will likely face penalties and […]


IEA Cuts Oil Demand Forecasts As Markets Evolve

IEA Cuts Oil Demand Forecasts As Markets Evolve thumbnail

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 […]


How To Mitigate The Risk Of Peak Oil Demand

How To Mitigate The Risk Of Peak Oil Demand thumbnail

There is a lively debate in the world of oil & gas surrounding the concept of peak demand. In essence, this debate centers around the question of when oil & gas demand will reach its peak and begin to decline. This debate has become especially heated due to three recent catalyst. Firstly, the adoptions of […]


Putin And Merkel May Discuss Nord Stream 2

Putin And Merkel May Discuss Nord Stream 2 thumbnail

Russian President Vladimir Putin and German Chancellor Angela Merkel could discuss the Nord Stream 2 pipeline at a meeting in the Russian Black Sea resort of Sochi later on Friday, Kremlin spokesman Dmitry Peskov said. The project was likely to be on their agenda because of a recent statement from Washington, Peskov said. A senior […]


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