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With Venezuela in collapse, towns slip into primitive isolation

With Venezuela in collapse, towns slip into primitive isolation thumbnail

At the once-busy beach resort of Patanemo, tourism has evaporated over the last two years as Venezuela’s economic crisis has deepened and deteriorating cellphone service left visitors too afraid of robbery to brave the isolated roads. A man weighs coffee beans, given as a means of payment, in a hardware store in Guarico, Venezuela April […]

Oil In Bear Market; Is Now The Time To Buy?


Reasons For the Oil Sell-Off The sell-off in the oil prices has been mainly due to two main factors: Oil glut building up Trade war impacting the demand equation Even though we had many negative headlines on oil prices in the past few days, the gains for the WTI and Brent are standing tall. The […]

US crude oil falls into bear market

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  Prices pressured as US inventories of crude rise to highest level since July 2017 Mamta Badkar in New York and Anjli Raval in London June 5, 2019 Print this page US crude oil settled in a bear market on Wednesday and Brent lurched to a six-month low after stockpiles of US crude unexpectedly jumped […]

Forget “Money” – What Will Matter Are Water, Energy, Soil, & Food… And A Shared National Purpose


If you want to identify tomorrow’s superpowers, overlay maps of fresh water, energy, grain/cereal surpluses and arable land. The status quo measures wealth with “money,” but “money” is not what’s valuable. “Money” (in quotes because the global economy operates on intrinsically valueless fiat currencies being “money”) is wealth only if it can purchase what’s actually valuable. […]

The Silver Lining Of An Oil Price Crash


It has been a dismal week for oil prices despite a slight recovery on Friday morning, but there may be a silver lining to the most recent price crash. (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) Oil rebounded […]

Pitching Seaweed Straws

Pitching Seaweed Straws thumbnail

“Kelp-based straws will beat the price of paper straw competitors later this year and could under-price plastic straws by the end of 2020.“     The young woman strode past the three judges and spoke directly to the Standing Room Only audience of more than 1000. “I am Chelsea Briganti, my company is LOLIWARE, and […]

Sustainability is a balancing act

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EVERYONE now wants to champion sustainability. This is good, and we need to get everyone on board to contribute to sustainability. Schools and universities provide an excellent platform to garner support for the sustainability agenda. In fact, the government should allocate a special budget to raise awareness about sustainability. This would be a worthwhile investment […]

Rural America Is On The Verge Of Collapse


The Economic Innovation Group’s (EIG) Distressed Communities Index (DCI) shows a significant economic transformation (from two distinct periods: 2007-2011 and 2012-2016) that occurred since the financial crisis. The shift of human capital, job creation, and business formation to metropolitan areas reveals that rural America is teetering on the edge of collapse. Since the crisis, the […]

IEA cuts oil-demand forecast, but sees market tightening on Iran


Global oil demand will grow more slowly than previously thought following an economic lull in Asia, the International Energy Agency said, while warning that supplies stand to tighten due to U.S. sanctions on Iran. Disappointing fuel consumption in China, Japan and Brazil meant 2019 started with a “tough quarter,” the agency said, lowering its global […]

Saudi Arabia wants to buy tons of American natural gas


Saudi Arabia has placed a huge bet on American natural gas. In a sign of shifting energy fortunes, Saudi Aramco announced a mega preliminary agreement on Wednesday to buy 5 million tons of liquefied natural gas per year from a Port Arthur, Texas export project that’s under development. If completed, the purchase from San Diego-based […]

Undeterred By Peak Oil, Saudis Look To Become World’s Largest Oil Trader


Saudi Arabia’s state oil giant Aramco says that it doesn’t believe all the ‘peak oil demand hype’ and expects that its crude oil will be in high demand for decades to come. While the Kingdom says that it’s working on the Vision 2030 strategy to diversify its economy away from oil, the Saudis and their […]

Why Resources Aren’t ‘Natural’ and Will Never Run Out


Last week, the World Wildlife Fund proclaimed May 10 to be Europe’s “Overshoot Day,” the day that Europe consumed its portion of Earth’s resources for the year. The WWF, the United Nations, and universities continue to warn that modern society is rapidly depleting our natural resources. But instead, trends show that for all practical purposes, […]

IEA Cuts Oil Demand Growth Forecast


The International Energy Agency (IEA) has cut its oil demand growth forecast for 2019 to 1.3 million barrels per day (MMbpd) in its latest oil market report. The alteration marks the first change to the IEA’s 2019 demand outlook for several months. Prior to the cut, the IEA’s oil demand growth forecast for 2019 stood […]

Europe Bailed Out by Cheap LNG


In the Netherlands, once Europe’s largest natural gas supplier, one of the big questions is how to deal with declining production and increasing reliance on imports. For hundreds of energy traders, utility executives and analysts gathering in Amsterdam this week for the Flame Conference, the Netherlands epitomizes the European energy security situation. Whether through pipelines […]

A Food Crisis Is Here: Trouble For Farmers In The Corn Belt


Trouble is brewing for farmers in the United States located in the “corn belt.”  Corn is fed to the animals much of the country consumes, so without it, we are staring a food crisis right in the face. Corn planting is already behind on schedule. The weather in the United States has made farming difficult […]

Why Your Gasoline Won’t Take You As Far As it Used To

Why Your Gasoline Won’t Take You As Far As it Used To thumbnail

Over the weekend, I saw a passing reference on Twitter to the declining energy content of gasoline. Intuitively I know this to be correct for reasons I discuss below. But the poster linked to data from the Energy Information Administration (EIA) that I hadn’t previously seen. The EIA doesn’t directly tabulate the energy content of gasoline. […]

Michael Lynch: How Two Nobel Prize-Winning Economists Got Oil Wrong


My recent book details the numerous mistakes made by many experts—real and apparent—about the oil market and oil prices, and this post will point to two in particular (the latter of which did not appear in the book).  Robert Solow and Paul Krugman are both M.I.T. professors of economics (Krugman only for a time) and […]

What Happens to Abandoned Malls?

What Happens to Abandoned Malls? thumbnail

Interior of the abandoned Wayne Hills Mall in Wayne, New Jersey John Arehart / Shutterstock In a report last week from Fort Wayne, Indiana, I noted what I considered the mid-century tragedy of big, sprawling, “modern” shopping malls displacing historic downtowns, only to become bankrupt eyesores after the malls’ few decades of fashionability had passed. […]

IPCC Demands Peak Oil Now

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Guest hyperbole by David Middleton Definition of Hyperbole Hyperbole, derived from a Greek word meaning “over-casting,” is a figure of speech that involves an exaggeration of ideas for the sake of emphasis. Literary Devices IPCC demands Peak Oil now = hyperbole… Or does it? Article / April 23, 2019 OVEREXPOSED The IPCC’s report on 1.5°C and the risks of […]

Russian Oil to Parts of Europe Suspended


Russian oil flows to parts of Europe were halted after customers complained of unusual impurities in the crude, adding another disruption to the global oil market and pushing prices in London above $75 a barrel. Poland, which receives oil through a northern section of the giant Druzhba pipeline, stopped Russian imports, saying shipments have become […]

What Oil Shortage? Just a Case of Supply Being Redistributed


Last April, Iran exported about 2.5 million barrels of oil per day (mbpd) before President Donald Trump decided to withdraw from the nuclear deal with Tehran. Sanctions were then placed on Iran, but following great opposition from Iran’s key customers, namely China and India, the U.S. granted “waivers” to allow some exports of Iranian crude. […]

The Firm Floor Under Oil Prices


The continued slowdown of US shale production and the looming deadline for Iran sanctions waivers have put a floor under oil prices this week Friday, April 19, 2019 Oil held steady at the close of the week, with a slowdown in U.S. shale and the looming deadline for a decision on Iran sanctions waivers putting […]

Saudi Aramco’s Quest to Become the World’s Biggest Oil Consumer

Saudi Aramco’s Quest to Become the World’s Biggest Oil Consumer thumbnail

Saudi Aramco is well known as the world’s top crude exporter. If all goes to plan, it may also become the biggest user of the fossil fuel. More than a third of Aramco’s oil is currently fed into its fully-owned and joint venture refineries, according to its bond prospectus. The company plans to double its […]

The true feasibility of moving away from fossil fuels


One of the great misconceptions of our time is the belief that we can move away from fossil fuels if we make suitable choices on fuels. In one view, we can make the transition to a low-energy economy powered by wind, water, and solar. In other versions, we might include some other energy sources, such […]

The Skeleton In The Electric Car Closet

The Skeleton In The Electric Car Closet thumbnail

The number of electric vehicles is increasing rapidly, but at great human cost. You probably have not heard anything other than praise for electric cars in the mainstream media. They are sexy and environmentally friendly too, we are told. The first may be true, but not the latter. Batteries are not good for the environment, and their […]

Why Oil Prices Rallied 30% This Year


Oil prices gained around 30 percent in the first quarter this year, with both WTI and Brent posting their best quarterly performance in a decade—since the second quarter of 2009. At the start of the second quarter of 2019, WTI Crude had already topped $60 last week and has been trading above that level in […]

The World Economy Is A Pyramid Scheme


The world economy is based on ever-increasing population, said Nobel laureate Steven Chu, a scheme that economists don’t talk about and that governments won’t face, a scheme that makes sustainability impossible and that is likely to eventually fail. “The world needs a new model of how to generate a rising standard of living that’s not dependent […]

The New World Disorder – Global Population Crisis


According to Peter Zeihan, the geopolitical strategist who has predicted global chaos in the wake of the collapse of the post-WWII multi-lateral world, it is now clear that the least understood component of global trade is agricultural production and its delicate and highly unstable distribution chain. As global systems are now at risk, a huge […]

Paul Krugman: Should We Worry About the Slowing Economy?

Paul Krugman: Should We Worry About the Slowing Economy? thumbnail

Last year looked like the time when President Trump had delivered on his promises to strengthen the economy. His tax cuts appeared to juice growth above 3 percent, a pace the United States had not topped since 2005. But on Thursday the Commerce Department revised 2018 growth downward to below 3 percent, even as forecasts […]

The world’s reliance on wheat threatens food security


Global farming practices – dominated by wheat, corn and rice – are playing havoc with the preservation of wildlife and putting food security at further risk, according to a new report by the World Wildlife Fund (WWF). The lack of variety in agriculture is both bad for nature and a threat to food security. According […]

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PO Real Time

Walking through a bright and busy central London but, in my mind's eye, seeing closed, shuttered shops and cafes, streets strewn with looted consumer goods, abandoned cars, skies empty of planes: the price of being a doomer. #ExtinctionRebellion #peakoil #ClimateEmergency

@opiemuyo @vmphonegirl @JayInslee Oh yeah good. Remember the #peakoil article that was in the National Geographic years ago?