G20 leaders pledge carbon neutrality by mid-century

The final document states current national plans on how to curb emissions will have to be strengthened “if necessary” and includes a pledge to halt financing of overseas coal-fired power generation by the end of this year. On the final day of the G20 summit on Sunday, leaders made a commitment to reach carbon neutrality […]

‘Code red for humanity’

As the COP26 climate change conference gets under way in Glasgow on Sunday, world leaders will likely have their last chance to curtail the deadliest consequences of human-induced planetary warming.Time is of the essence for unified global action as studies suggest as little as nine years remain before the most catastrophic effects of climate change […]

Saudi Arabia’s oil company Aramco’s net income rises to USD 30.4bn in 3rd quarter 2021

The world’s largest oil company, Saudi Arabia’s Aramco announced on Sunday that its net income in the third quarter 2021 increased to $30.4 billion, which is 158% more than in the same period 2020. ANI | Riyadh | Updated: 31-10-2021 14:30 IST | Created: 31-10-2021 14:30 IST Representative image. Image Credit: ANI   Riyadh [Saudi […]

China Struck By Diesel Shortage

China’s attempts to defy the laws of supply and demand when it comes to coal is leading to shortages elsewhere in the energy complex Gas shortages have left many gas stations across the country running out of diesel Several gas stations in North China’s Hebei Province told the Global Times on Friday that pumps had […]

Canadian Oil Collapses at U.S. Hub as Refiners Shun Heavy Crude

  Canadian heavy crude’s price collapsed at the U.S. trading hub of Cushing as refiners shun heavy and higher-sulfur crude for lighter grades that are less expensive to process in refineries. Western Canadian Select’s discount for December to West Texas Intermediate widened to $9 a barrel at Cushing as of Wednesday, the steepest in about […]

California Is Aggressively Pursuing A Future Without Oil

Last week, California’s Democrat Governor Gavin Newsom proposed a 3,200-foot buffer zone between oil and gas wells and homes, schools, hospitals, and other populated areas across the whole of California. At present, around 5 million Californians live within 1 mile of an oil or gas well. This new rule would not apply to existing wells […]

Oil Demand Is Soaring

Fuel consumption is soaring around the globe, and with millions of barrels of daily refining capacity offline, refiners still in the game are reaping some of their fattest margins in years. Globally, about 2.3 million barrels a day of refining capacity was shut during the pandemic and another 1 million barrels are likely to be […]

Oil Majors Won’t Come Running to Help World Facing Energy Crunch

The world’s biggest energy companies are producing the most cash in years, but don’t expect them to spend it on bringing on fresh supplies of oil and natural gas to combat shortages in Europe and China this winter.Exxon Mobil Corp., Royal Dutch Shell Plc and Chevron Corp. confirmed this week that, for the most part, […]

Robert Rapier: The U.S. Oil Supply Is Still Out Of Balance

You may find it curious that the price of oil is still above $80 a barrel. This is also why gasoline prices are at the highest levels since 2014. But, there is a good explanation for it. In January 2020, just before the Covid-19 pandemic began to sweep across the U.S., domestic oil production was […]

Saudi Arabia announces net-zero by 2060

One of the world’s largest oil producers, Saudi Arabia, announced Saturday it aims to reach “net zero” greenhouse gas emissions by 2060, joining more than 100 countries in a global effort to try and curb man-made climate change. The announcement was made by Crown Prince Mohammed bin Salman in brief scripted remarks at the start […]

Oil System Collapsing so Fast It May Derail Renewables Warn French Government Scientists

A team of French government energy scientists are warning that the collapse of the global oil system is coming so rapidly it could derail the transition to a renewable energy system if it doesn’t happen fast enough. In just 13 years, global oil production could enter into a terminal and exponential decline, accompanied by the […]

Gas prices hit 7-year high; experts say hike likely to continue

Gas prices hit a seven-year high Friday and show no signs of coming down as they typically do this time of year. The national average for a gallon of unleaded gasoline was up to $3.38 by Friday afternoon, according to Gas Buddy, which tracks fuel prices. Motorists were paying an average of $2.16 a gallon […]

Moldova declares state of emergency over gas crisis

Moldova’s parliament has approved a government-requested state of emergency until November 20 as it tries to ease gas shortages amid soaring world energy prices. The eternal flame at a World War II monument in the capital Chisinau has been extinguished due to gas shortages, the defence ministry said on Friday. The country of 2.6 million […]

Can Nuclear Fusion Put the Brakes on Climate Change?

Let’s say that you’ve devoted your entire adult life to developing a carbon-free way to power a household for a year on the fuel of a single glass of water, and that you’ve had moments, even years, when you were pretty sure you would succeed. Let’s say also that you’re not crazy. This is a […]

Starvation Diet

“It’s important to recognize that net zero demands a transformation of the entire economy.” – Larry Fink (emphasis added) We are on the cusp of a significant mass starvation event of our own making. Soon, tens of millions of the world’s most impoverished people will die from an inability to feed themselves, while many of […]

World food prices hit 10-year peak

World food prices rose for a second consecutive month in September to reach a 10-year peak, driven by gains for cereals and vegetable oils, the United Nations food agency said on Thursday. The Rome-based Food and Agriculture Organization (FAO) also projected record global cereal production in 2021, but said this would be outpaced by forecast […]

Energy Crisis Threatens to Hit USA Grids

The energy crisis that’s led to electricity shortages and blackouts in Europe and Asia may be heading for the U.S. Electric companies are alerting customers about winter price hikes and an energy hedge fund warned of potential gas shortages. Ernie Thrasher, chief executive officer of Xcoal Energy & Resources LLC, said utility executives have told […]

Global Energy Crisis: Brace for Higher Gas, Electricity and Utility Bills

I’m bringing some bad energy to your inbox. Not sorry for the terrible pun. Definitely sorry for the bad news, though: Wherever in the world you’re reading this, you’re likely just a few weeks away from a massive energy bill, if you haven’t been slammed with one already. What’s happening: Oil and gas prices are […]

A late phase reflection on global oil

My basic beef with working in the oil industry has always been the obliviousness of the industry to the fossil fuel issue. I became quite disillusioned and began speaking up here and there in a reckless Clint Eastwood go ahead and make my day kind of way. Speaking up became a pastime. I did it […]

U.S. says all options ‘on the table’ to tackle energy crunch

The U.S. Department of Energy (DOE) on Thursday said all “tools are always on the table” to tackle tight energy supply conditions in the market. The department made the comment amid questions about whether the Biden administration is considering tapping into its strategic petroleum reserves (SPR) or pursuing a ban on oil exports to bring […]

An energy crisis is gripping the world, with potentially grave consequences

Energy is so hard to come by right now that some provinces in China are rationing electricity, Europeans are paying sky-high prices for liquefied natural gas, power plants in India are on the verge of running out of coal, and the average price of a gallon of regular gasoline in the United States stood at […]

Massive oil spill off Orange County coast

The final day of a popular air show in Huntington Beach has been canceled because of a massive oil spill off the Orange County coast. © Provided by The LA Times A U.S. Marine Corps MV-22 Osprey banks over the Huntington Beach Pier during the Pacific Airshow on Friday. (Brian van der Brug / Los […]

The workers who keep global supply chains moving are warning of a ‘system collapse’

Seafarers, truck drivers and airline workers have endured quarantines, travel restrictions and complex Covid-19 vaccination and testing requirements to keep stretched supply chains moving during the pandemic. But many are now reaching their breaking point, posing yet another threat to the badly tangled network of ports, container vessels and trucking companies that moves goods around […]

Colossal Fossil Total Projects Peak Oil by 2030, Still ‘Leaves it to Others’ to Meet Paris Targets

A shareholder action group says TotalEnergies is leaving it to others to meet the carbon reduction goals in the Paris agreement, after the Paris-based colossal fossil predicted the world will hit peak oil demand around 2030 but still produce 40 to 64 million barrels per day in 2050. At Total’s annual Investor Day Monday and […]

Petrol bosses warn fuel shortage ‘getting worse’ in London

Fuel shortages are getting worse rather than improving, especially in London and the south-east of England, the chairman of the Petrol Retailers Association (PRA) has warned. Brian Madderson said it remains a “really big problem” in this part of the UK, and told the BBC’s Today programme: “In London and the South East and possibly […]

Europe’s Energy Crisis Is Coming for the Rest of the World, Too

This winter, the world will be fighting over something that’s invisible, yet rarely so vital—and in alarmingly shorter supply. Nations are more reliant than ever on natural gas to heat homes and power industries amid efforts to quit coal and increase the use of cleaner energy sources. But there isn’t enough gas to fuel the […]

LATEST NEWS HEADLINES

• Is It Time To Abandon the Idea of Phasing Out Oil and Gas?
• More than 20% of global refining capacity at risk of closure
• Charles Hugh Smith Blog: Fire, Then Ice Our Deflationary Future
• Saudi Aramco CEO Amin Nasser says energy transition strategy ‘visibly failing’
• 100 million-degree ‘artificial sun’ sets new records in hunt for energy’s ‘Holy Grail’

• China’s peak oil demand bombshell eviscerates Danielle Smith’s energy strategy
• US seeks to buy up to 3 million bbls of oil for Strategic Petroleum Reserve
• Desertification: the world is losing healthy land at an astonishing rate
• US oil production will keep booming in 2024, setting up a possible showdown with Saudi Arabia
• Saudi Arabia piles pressure on UAE to shift COP28 focus away from oil and gas
• US Warship, Commercial Ships Under Attack In Red Sea