Russia-China ties enter ‘new era’ as Xi meets Putin in Moscow

China’s President Xi Jinping has said he signed an agreement with his Russian counterpart Vladimir Putin bringing their ties into a “new era” of cooperation, as the two leaders called for “responsible dialogue” to resolve the Ukraine crisis. “We signed a statement on deepening the strategic partnership and bilateral ties which are entering a new […]

A Run on the Planet

Banking rarely moves quickly—there are thirty-year mortgages, and ten-year certificates of deposit, and we still talk about “banker’s hours.” But when things go badly, as they did last week in Silicon Valley, the scary unwinding can come in the blink of an eye. One result of the rescue of the California bank will be to […]

Zaporizhzhya Nuclear Power Plant lost all off-site power

Vienna, Austria Video of 230309 DG BoG Ukraine Statement Before we start this agenda item I want to report that this morning at around 5am local time Zaporizhzhya Nuclear Power Plant lost all off-site power when its last remaining 750 kilovolt line was disconnected, its only remaining back up 330 kilovolt line having been damaged […]

Kunstler: We’ll Soon Find Out

In an interview with Fox News’s Bret Baier last Tuesday, FBI Director Chris Wray said, “The FBI has for quite some time now assessed that the origins of the pandemic are most likely a potential lab incident in Wuhan.” Like so much else in America’s tortured, distractible life these days, the meaning larded into that […]

Betting on Ukraine victory was ‘suicidal’ – Seymour Hersh

The West didn’t even want Kiev in NATO because of corruption concerns, the Pulitzer Prize-winning journalist says Ukrainian soldiers undergoing training in UK. ©  AFP / Ben Birchall The US and its allies should have attempted to reach an agreement with Moscow as their belief that Ukraine can win a conflict against Russia is “suicidal,” […]

Is Russia weaponizing oil?

Russia has said it will cut its oil output in response to Western embargoes and price caps. Moscow’s move doesn’t come as a surprise given the pain inflicted by the sanctions on Russia, but what about its real motive? Russia plans to cut its oil production by 500,000 barrels per day starting in March, or […]

Kunstler: Where Do Things Stand?

Have you forgotten the Chinese balloon incident yet?  Don’t worry, you will. It was just a momentary distraction from the slow-motion crack-up of our country. And it came along with a boffo jobs report, led by hiring in “leisure and hospitality.” Oddly, the same month saw a record car re-po number, even higher than it […]

How America Took Out The Nord Stream Pipeline

The U.S. Navy’s Diving and Salvage Center can be found in a location as obscure as its name—down what was once a country lane in rural Panama City, a now-booming resort city in the southwestern panhandle of Florida, 70 miles south of the Alabama border. The center’s complex is as nondescript as its location—a drab […]

Why We Should Get Rid Of The Strategic Petroleum Reserve

In March 2022, as crude oil prices spiked amid Russia’s war in Ukraine, President Joe Biden announced that he would be tapping into the Strategic Petroleum Reserve (SPR) to help mitigate rising gas prices. In what he called a “wartime bridge,” Biden authorized the release of up to 180 million barrels over six months. This […]

The Sobering Insanity of Oil Sanctions

“Insanity is doing the same thing over and over again and expecting different results.” Although this household witticism is largely attributed to Albert Einstein, its usage has been traced back as far as 1944 by novelist Rita Mae Brown.  To this day, I’m genuinely shocked at how many times we see this quote aptly fit […]

Kunstler: Glug Glug, Gurgle Gurgle

You thought the Titanic sinking was an astounding spectacle? Looks like the ship of the Deep State got some holes ripped in its hull and may be fixing to go down sometime in 2023. The fun-and-games about voting for Speaker of the House are over. Time to get down to bidness and compel some folks […]

Turkey Claims Black Sea Gas Reserves Worth $1 Trillion

Turkish President Recep Tayyip Erdogan has claimed that the country’s gas reserves in the Black Sea were now valued at $1 trillion. This announcement by Erdogan comes after a new field find in the Black Sea and the revision of reserves in the Sakarya field. Namely, Turkish Petroleum’s drillship Fatih discovered a new reserve of […]

China Is Trying to End America’s Petrodollar Monopoly

President Xi Jinping of China ended his diplomatic charm offensive in Saudi Arabia last week with a promise to buy more oil and gas from Gulf Arab states, while also publicly calling for energy trade to be settled in Chinese yuan for the first time. The bold call, if realized, would have major implications for […]

EU Agrees To the World’s Largest Carbon Border Tax

European Union governments have reached a deal on the world’s first major carbon border tax, as part of an overhaul of the bloc’s flagship carbon market that aims to make its economy carbon-neutral by 2050. EU ministers finalized details of the Carbon Border Adjustment Mechanism early Sunday after reaching a provisional agreement earlier on in […]

US buying 3M barrels of oil to start replenishing reserves

The Biden administration said Friday it is buying 3 million barrels of oil to begin to replenish U.S. strategic reserves that officials drained earlier this year in a bid to stop gasoline prices from rising amid production cuts by OPEC and a ban on Russian oil imports. President Joe Biden withdrew 180 million barrels from […]

Russia Won’t Accept $60 Price Cap on Its Oil

Russia will not accept the $60 per barrel price cap for its crude oil agreed upon by the European Union, the state news agency Tass reported, citing Kremlin spokesman Dmitry Peskov. It was the Kremlin’s first reaction after European diplomats decided on the threshold on Russian oil Friday evening following lengthy negotiations. The cap will […]

Climate Crackup: Why the COP27 Summit Failed

Just before he left for the United Nations COP27 climate conference in Egypt, President Joe Biden tweeted: “The global leaders of the COP27 must reach out and take the future in our hands to make the world we wish to see and that we know we need.” This reminded me of one of my favorite […]

The West is struggling to set an oil price cap that hurts Russia

Allies of Ukraine want to put a price limit on Russian oil. But there’s a problem: They can’t agree on a number that would actually pile pressure on the Kremlin. The West’s biggest economies agreed earlier this year to cap the price of Russia’s most valuable export and vowed to hash out the details by […]

The Global Energy Transition Has A $22 Trillion Problem

The global energy industry is on the cusp of a major transformation. Geopolitics will shift considerably as supply chains shift away from fossil fuels and toward rare earth minerals essential to renewable energy infrastructure and electric vehicle batteries. “The growing importance of energy security and the need to bolster supply chains will require a level […]

The target of limiting global warming to less than 1.5 degrees is practically dead

As the world keeps warming and the frequency of natural disasters rises (figure 1), government officials and private and public sector leaders are convening in Egypt’s Sharm el-Sheikh resort for the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change. More commonly known as COP27, participants will discuss the climate […]

Davos in the Desert: What New “Saudi First” Policy Means for Oil and Power

Prince Abdulaziz bin Salman has had enough. The Saudi Energy Minister, object of vitriolic criticism in Washington since he led the OPEC+ cartel into an oil output cut this month, said he keeps hearing: “Are you with us, or against us?” But the kingdom isn’t choosing sides, he told Wall Street’s good and great this week […]

At the peak, but not on track

ARE WE THERE YET? — The world may for the first time be on a policy course to actually stop increasing its fossil fuel use. The International Energy Agency released projections on Thursday that show current policies will be enough to force a peak or plateau in the use of fossil fuels, even with the […]

U.S. Officials Had a Secret Oil Deal With the Saudis. Or So They Thought.

As President Joe Biden was planning a politically risky trip to Saudi Arabia this summer, his top aides thought they had struck a secret deal to boost oil production through the end of the year — an arrangement that could have helped justify breaking a campaign pledge to shun the kingdom and its crown prince. […]

Summers Warns on Deficit ‘Doom Loop’ Risk, Oil Price Spike

“That would be a real mistake” to conclude that other countries wouldn’t end up confronting similar challenges, Summers told Bloomberg Television’s “Wall Street Week” with David Westin. The first lesson from the UK is “that things can change extraordinarily fast.” Governments need to pay increasing attention to their budgets, with mounting deficits alongside surging borrowing […]

Biden announces release of 15 million more barrels from oil reserve

On Wednesday, President Joe Biden announced that 15 million more barrels of oil will be released from the Strategic Petroleum Reserve in order to combat rising gas prices. This move is a part of Biden’s plan announced in March to release 180 million barrels in 2022.\ Tune in as I deliver remarks on additional actions […]

A paradigm shift is on the way

Politics is in bad odour, not just here but also in most other parts of the world where more and more people are coming to the conclusion that its practitioners are only interested in their own personal welfare. This may be unfair; many really do want “to make a difference,” by which they mean a […]

Is the Energy Transition Taking Off—or Hitting a Wall?

With the Inflation Reduction Act, the federal government is illogically encouraging the increasing use of fossil fuels—in order to reduce our reliance on fossil fuels. The passage of the Inflation Reduction Act (IRA) constitutes the boldest climate action so far by the American federal government. It offers tax rebates to buyers of electric cars, solar panels, heat […]

Time to get rid of the “Green Transition”

Global liberal elites love slogans, especially if they signal virtue while avoiding or discouraging critical thinking. At the beginning of the millennium globalists used the term “globalisation” in this way. It suggested an inevitable process which no-one could resist, and which could not be reversed. The losers in globalisation were victims of unavoidable progress rather […]

Russian Gas Stops Flowing To Italy After ‘Problem’ In Austria

Russian energy giant Gazprom PJSC suspended natural gas deliveries to Eni SpA, Italy’s largest oil company, on Saturday, reported Bloomberg. “Gazprom informed that it is not able to confirm the gas volumes requested for today, stating that it’s not possible to supply gas through Austria. Therefore, today’s Russian gas supplies to Eni through the Tarvisio entry […]

Kunstler: Slouching Toward Endgame

“There is a dark craving for rot… as if decay were an escape from the limits, the oppressive fears and the pains of an individual existence.” — Eric Hoffer Breugel’s prophetic depiction of mid 21st century daily life in Euroland   Since “Joe Biden” flat-out promised last February to “bring an end to the Nord […]

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LATEST NEWS HEADLINES

• Last Energy Signs Deals Worth $19 Billion for Nuclear Plants
• Russia-China ties enter ‘new era’ as Xi meets Putin in Moscow
• Gasoline Is About To Get More Expensive
• A Run on the Planet
• The Anthropocene Has Created A New Disease: Plasticosis

• Analyst Looks at Oil, Gas Damage of Recent Earthquakes
• Half the world to dump U.S. dollars in future, causing ‘tsunami of inflation’  
• When Will Oil Demand Peak?
• Heinberg: A realistic ‘energy transition’ is to get better at using less of it
• Gaia’s Way Out
• China’s Oil Giants Want More Russian Crude