Political action needed to deal with reality of peak oil

The world has reached a condition of supply and demand called peak oil. Basically, demand for oil and gas is now exponentially growing faster than the ability to produce the commodity. It takes up to five years to bring an oil discovery to production. The situation is exacerbated by the location of new discoveries. Most […]

Angola: Oil Production Sets Huge Challenge to Navy

Large scale production of oil in Angola sets a huge challenge to the country’s Navy (MGA) in protecting the installations from enemy attacks. This was said Thursday in Luanda by the chief of staff of the Angolan Armed Forces (FAA), gen. Francisco Furtado. Addressing the ceremony that marked the celebration of MGA’s 32nd anniversary, on […]

Randy Udall: Love takes to the less-traveled road

…The West is a vast landscape that cheap oil simultaneously shrunk and inflated. You can drive from Denver to Reno in a long day, but much of the landscape you pass through has never been emptier. Conservation biologists call it the Today

Follow the Oil Money

And it doesn’t lead to a good place. U.S. dependence on foreign oil has led to both a wealth transfer and a power transfer Just the other day, I paid $4.80 per gallon for regular gas in San Francisco. But the high cost at the pump is not the greatest problem created by skyrocketing oil […]

Iran ‘to target Israel, US bases’

Iran will target “the heart of Israel” and 32 US bases in the Gulf if they launch an attack on Iran, an Iranian official has warned. The Iranian response would come “before the dust from this attack has settled”, Mojtaba Zolnour said. Mr Zolnour is a representative of Supreme Leader Ayatollah Ali Khamenei to the […]

War, oil caused most U.S recessions since 1950

WASHINGTON – Wars and sharp spikes in oil prices were behind most of the seven recessions in the United States since the Great Depression. Following is a list of recessions since 1950: 1953 — Inflation caused by spending during the Korean War prompted the Federal Reserve to tighten monetary policy, causing a one-year recession. 1957-1958 […]

Reality Bites Back: Why the U.S. Won’t Attack Iran

It’s been on the minds of antiwar activists and war critics since 2003. And little wonder. If you don’t remember the pre-invasion of Iraq neocon quip, “Everyone wants to go to Baghdad. Real men want to go to Tehran…” — then take notice. Even before American troops entered Iraq, knocking off Iran was already “Regime […]

Peak Oil Media: Matt Simmons gets more pessimistic on CNBC, Heinberg, and others

A Matt Simmons phone interview on CNBC, in which Matt sounds a very loud and certain clarion call about our direction–calling it (potentially) “The Great American Disaster.” I think it is safe to say that Matt has gotten pretty pessimistic, even doomerish lately. Under the fold, more from Richard Heinberg with a great review of […]

Britain urging return to wartime food frugality

Evoking an era of World War II austerity, British families are being urged to cut food waste and use leftovers in a nationwide effort to fight sharply rising global food prices. It’s not back to ration books, “victory gardens” or squirrel-tail soup yet, but warning bells are being rung by experts at all levels of […]

US regulator accuses El Paso energy firm of fraud

WASHINGTON (AFP) – The US Securities and Exchange Commission said Friday it had charged Texas-based El Paso Corporation, a major energy firm, with fraud for improperly overstating its oil and gas reserves to investors. The SEC claimed El Paso had issued “misleading” financial statements relating from 1999 to 2003 because it had inflated the company’s […]

Iran confirms Total’s withdrawal from gas project

TEHRAN (AFP) – Iran’s oil minister confirmed on Saturday that French energy giant Total has dropped out of a multi-billion-dollar gas investment in the Islamic republic, the state broadcaster reported. “In our eye Total is considered out,” Gholam Hossein Nozari was quoted as saying on the state broadcaster’s website. “Total’s recent move in withdrawing from […]

Brits raiding savings to pay bills

More than one in 10 Britons has had to dip into their savings to pay their mortgage or rent during the past three months, a survey has shown. Around 12% of people admitted they had raided money they had set aside to meet accommodation costs, while 15% had used their savings to pay utility bills […]

Analyzing the analysts, part II: Oil price forecasts

The best and worst forecasts of the past decade: Best To appreciate how far off the mark Yergin was when he predicted in a Forbes magazine article in November 2004 that oil would cost only $38 a barrel in a year

Short supply fuels oil crisis in Nepal

KATHMANDU: The fuel crisis in Nepal intensified on Saturday as Indian Oil Corporation (IOC), the main supplier of petroleum products to the Himalayan nation, cut supplies due to non-payment of outstanding bills. The shortage of petroleum products in Nepal aggravated as IOC cut fuel supplies by 67 per cent to the Himalayan state. The decision […]

Corporate Titans Demanding Government Regulation

Titans of industry are imploring the government to re-institute regulation and government oversight! Yup, that is exactly what …You may have already received the letter, because, theoretically, it

Oil Will Fall to Disastrous Levels in 30 Years

With the arrival of peak oil production, the oil coming out of the oilfields is of lesser quality and costs more energy to obtain Since 2006, Spain’s membership in ASPO has been represented by AEREN, the Association for the Study of Energy Resources. ASPO (Association for the Study of Peak Oil) is a network of […]

Russian oil to Czechs slows after U.S. pact

MOSCOW: Three days after the United States signed an agreement with the Czech Republic to host a tracking radar for an antiballistic missile system that Russia vehemently opposes, the authorities in Prague on Friday said the flow of Russian oil to their country was beginning to dwindle. The flow of oil can vary for technical […]

Study: As gas prices go up, auto deaths drop

WASHINGTON – High gas prices could turn out to be a lifesaver for some drivers. The authors of a new study say gas prices are causing driving declines that could result in a third fewer auto deaths annually, with the most dramatic drop likely to be among teen drivers. Professors Michael Morrisey of the University […]

China chases ultra low quality, cheap coal

Coal end-users in China and India have given up waiting for standard quality prices to fall — instead seeking extremely low quality coal which matches their target prices, traders and producers said. Chinese demand for spot Indonesian coal has risen during the past two weeks because large and small utilities are building stocks ahead of […]

China’s small coal mines stay shut, deepening crisis

China’s drive to reopen thousands of small coal mines is failing, deepening the country’s worst power crisis in years as local officials still fear Beijing’s wrath if they suffer high-profile disasters. Weeks after the central government urged miners to reopen the mines, effectively reversing a years-old policy of shutting them in order to improve safety […]

Coal Shortage Morphs Into Aluminum Shortage

Santa Claus may have to retool his gift-giving strategy this year, since the lump of coal once reserved for naughty kids may now be worth more than some of his toys. The storied rise in coal prices underlies a global supply deficit that is now making its presence known within the aluminum market as well. […]

Scientists surprised by midwinter collapse of massive ice shelf

Even the depths of winter are proving unable to halt the climate change-induced collapse of an Antarctic ice shelf. When the Wilkins shelf began a runaway disintegration at the end of last summer, scientists thought it unlikely the collapse would continue through the pole’s coldest months. But… …satellite images show losses growing in recent days, […]

Ocean Wind Power Maps Reveal Possible Wind Energy Sources

Efforts to harness the energy potential of Earth’s ocean winds could soon gain an important new tool: global satellite maps from NASA. Scientists have been creating maps using nearly a decade of data from NASA’s QuikSCAT satellite that reveal ocean areas where winds could produce wind energy.The new maps have many potential uses including planning […]

The Big Secret about Peak Oil and the US Military

…You see folks, as long as the world is dependent on oil, the dollar remains backed by crude since you can only buy it with the dollar (with one rare exception to be mentioned shortly). This dollar-oil link helps keep the dollar as the universal currency. And because the entire world must use the dollar, […]

Stagflation sightings multiply

We have long warned that stagflation, or economic contraction accompanied by inflation, would become so evident that even the most optimistic observers could not deny its virulence. Last week, Warren Buffet was the latest to describe his encounter with the beast. The world’s most famous investor pronounced that the current economy is in the middle […]

Nigeria tanker drivers strike over fuel prices

Nigeria’s gasoline tanker drivers went on an indefinite nationwide strike on Friday in protest over high fuel prices and the state of the country’s dilapidated roads, a senior union official said. Global fuel prices have risen by 50 percent since the start of 2008, triggering protests around the world and raising fears of runaway inflation. […]

Some in Washington weigh 55-mph national speed limit to save gas

Is the double-nickel speed limit ready for a comeback? Congress thus far has shown no movement toward resurrecting the 55-mph speed limit, but one of the Senate’s senior members McClatchyDC

On-farm inflation highest since 1980s (New Zealand)

Rocketing fuel and fertiliser prices look set to drive up farm expenses again for meat and wool farmers. Farmers took a hit in the 2007-08 year, ending March, with farm costs up almost 10 per cent from the previous season, according to Meat & Wool New Zealand. This was the highest rise in farm costs […]

Airlines’ woes hit repair shops

Sky-high jet fuel prices that are forcing the world’s airlines to throttle back flights to conserve cash hit maintenance hangars hard yesterday. ACTS, the Montreal-based full-service maintenance, repair and overhaul company, said it has laid off a total of 650 permanent and contract workers “temporarily,” citing turmoil in the airline industry and Air Canada’s pending […]

Toyota halts SUV production, boosts hybrids, as U.S. sales drop

Toyota Motor Corp., the seemingly unstoppable juggernaut that saw its U.S. sales double in the last decade, has come back down to earth. Stung by rare double-digit sales declines and burdened by a growing inventory of slow-selling pickups, Toyota said Thursday it will start producing the Prius hybrid in the United States and will shut […]

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