Thinking about a world of scarcity

It has now become more fashionable to talk about shortages. Computer chips have been in shortage and then in glut in the last few years. Natural gas was acutely in shortage in Europe after the war in Ukraine and pipeline sabotage brought supplies from Russia down to a trickle. Then, heroic efforts at conservation and […]

IEA & Oilprice.com See Peak Oil Happening This Decade

Back in 2019 — before the Covid pandemic hit — the International Energy Agency (IEA) said it had peered into the future and could see no sign of “peak oil” happening any time soon. There was simply no end to the demand for oil and other fossil fuels in sight. A lot has happened since […]

Kunstler: August Psychodrama

In August, the head-shrinkers notoriously abandon their posh clientele among the managerial elites, who are left to flounder in the flotsam of their disordered lives while their shrinks go off to body-surf and drink mojitos. And so, a month that ought to be a pleasant break from routine business leaves the managers of all that […]

Russian oil breaks price cap, revenue soars in July

Russia’s crude oil surpassed the price ceiling set by the Group of Seven (G7), leading to a significant rise in income from oil exports, Bloomberg reported on Aug. 11., citing statistics provided by the International Energy Agency. Last month, the weighted mean price for the country’s crude oil transported by sea reached $64.41 per barrel. […]

IEA raises world oil demand forecast in 2023 towards all-time high

The International Energy Agency said on Friday it had revised upwards its forecast for global oil demand growth in 2023 as demand is “scaling record highs.” World oil demand already hit a record 103 million barrels per day in June and August and “could see yet another peak,” the Paris-based IEA said in its monthly […]

US Scientists Repeat Fusion Power Breakthrough For a Second Time

US government scientists have achieved net energy gain in a fusion reaction for the second time, a result that is set to fuel optimism that progress is being made towards the dream of limitless, zero-carbon power. Physicists have since the 1950s sought to harness the fusion reaction that powers the sun, but until December no […]

Could We See $100 Oil In 2023?

Oil bulls rejoice Goods things finally appear to be happening for energy bulls. After languishing in mediocrity over the first half of 2023, oil prices now appear to be recovering and could well be setting up for another leg higher. WTI has rallied to roughly $80/bbl in July after trading around the mid-to-high $60s for […]

Just Stop Oil !!?? Part 2 – Oil is the Economy

In Part 2 of this Frankly Series, Nate breaks down why energy – and specifically oil – is currently the central foundation of our entire modern economic system. There are ecological and energetic laws that apply to all life, including humans and our economies. By accessing a huge surplus of dense carbon energy in the […]

How Unknown Traders Keep Russian Oil Flowing

Newly incorporated trading firms, mainly outside Europe, have managed at least half of all Russian crude and refined product exports so far this year, often using a ‘shadow fleet’ of tankers. Many of these trading firms have been significant exporters of Russian oil since the EU embargo on seaborne Russian imports and the $60 per […]

EIA: Texas crude output sets record

Crude output in Texas surged to a record in May just as US demand climbed to a fresh seasonal peak. Texas production, which accounts for about 40% of the nation’s crude oil output, climbed to 5.49 million barrels a day in the period, the highest in monthly government data going back to 1981. Meanwhile, oil demand in 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