Iran discovers huge gas reserve in Persian Gulf

A huge natural gas reserve has been discovered in south of Iran, Managing Director of the National Iranian Oil Company’s (NIOC) Exploration Department Hormoz Qalavand has announced on Sunday. “Drilling the exploration oil wells has commenced in order to estimate the volume of this new gas reserve,” said Hormoz Qalavand. Although the drop in oil […]

The high cost of low-priced oil

As a consumer of oil, you may regard recent sharp declines in the world oil price as a blessing. But… If you work in the oil industry, you will not. If you work in the renewable energy industry, you will not. If you work in the energy efficiency business, you will not. If you work […]

Russia’s Energy Outlook Gloomy Amid Falling Oil Prices

While most oil-dependent economies are likely to suffer under the low and volatile oil prices predicted for next year, analysts paint a particularly dark picture for Russia, which is under the additional pressure of a faltering economy and Western sanctions over Ukraine. At the end of last week oil traded at below $59 per barrel, hitting a new five year minimum. Oil prices continue to plummet from their peak in mid-2014 […]

The Aftermath Of The Great 2014 Oil Crash “A Textbook Macroeconomic Shock”

Not a day passes without pundits on either side of the debate, eager to make their case that the acute, nearly 50% plunge in the price of crude, swear up and down their preferred economic ideology of choice that said plunge is [bullish|bearish] for the economy. The reality is that the true impact of the […]

Saudi Arabia’s oil war against Iran and Russia

This week, oil fell through the price floor of $60 a barrel and gas at my local filling station was $2.26 a gallon. That’s great news for commuters and almost every business, but wonderfully bad news for our ugliest enemies. If oil prices remain low through next year, the effect on rogue governments, from the […]

Can China’s Shale Gas Help It Reach Peak Coal by 2020?

China’s GDP has grown 670% from $1.2 trillion at the beginning of the century to $9.24 trillion in 2013. That’s mind-numbingly fast growth. Perhaps the only thing more amazing is how the country has accomplished the feat: with the help from coal, a lot of coal. Some estimates demonstrate that China has had to build at least one […]

Rapid fall in oil prices may portend global recession

Cratering crude-oil prices may be a blessing to cash-strapped American consumers, but it’s a double-edged sword when it comes to the overall economy. The problem for the overall economy is not so much the drop in oil prices as it is the velocity at which oil prices have fallen. The plunge from a peak of […]

Bakken and North Dakota Production Report

The North Dakota Industrial Commission just published their Bakken Monthly Oil Production Statistics and also their ND Monthly Oil Production Statistics. Bakken production was down 1,598 barrels per day to 1,118,010 bpd. All North Dakota production was down 4,054 bpd to 1,182,174 bpd. From the Director’s Cut, bold mine: The drilling rig count dropped 2 […]

The Oil Market Actually Works, And That Hurts

Please allow me to revert back again a little to what I wrote earlier today in Will Oil Kill The Zombies? I think we need to be clear on what’s going on here. The oil market actually works. And that’s a rarity in today’s world of manipulated everything, of no mark to market, of huge […]

How cheap oil changes the world

Like many Americans, Shernice Davis starts most days with a commute she wishes she didn’t have. The Trinidad native lives in Randolph, Mass., south of Boston, and drives 20 miles up Interstate 93, through the city, over the Charles River, and into Somerville, Mass. – a short distance from Harvard University. On a good day, […]

On the Brink of War and Economic Collapse

On occasion a reader will ask if I can give readers some good news. The answer is: not unless I lie to you like “your” government and the mainstream media do. If you want faked “good news,” you need to retreat into The Matrix. In exchange for less stress and worry, you will be led […]

World on drip of unconventional oil

Currently lower oil prices due to a combination of increasing oil supplies and subdued demand come at a high cost to the environment and the climate. Additional oil supplies are exclusively from fracking tight oil in the US and from Canadian tar sands. Fig 1: Production of US tight oil, Canadian tar sands and rest-of-world […]

North Dakota oil production hits a lull

North Dakota’s steep climb in oil production growth is hitting a lull as oil drillers retrench amid plummeting crude oil prices. State officials said Friday that oil production in October declined by about 4,000 barrels per day to 1.18 million daily barrels compared with September, the first decline in eight months. Drilling for new wells […]

Rail shipments of oil here to stay

More than 10 percent of the oil transported in North American will be carried on the region’s rail system at its peak, analysis from IHS Energy finds. The Organization of Petroleum Exporting Countries finds the world needing less of its crude oil in part because of the glut in the North American market brought on […]

Exxon Calls Peak Conventional Oil

A couple of years back, I attended a presentation by Tom Eizember, Exxon’s head of strategic planning.   During the presentation, Eizember asked how many in the audience believed in peak oil, and I raised my hand.  I believe I was the only one.  Exxon does not subscribe to peak oil And yet.  Exxon has issued its […]

Energy Crunch: Oil Slide

hree things you shouldn’t miss this week Chart: Oil production break even prices: Click thumbnail to view full size Image source: Energy tracker via FT Article: Oil price plunge means survival of fittest – Crude at $70 puts at least 1.5m b/d of projects for 2016 at risk Article: Fracking could carry unforeseen risks as thalidomide and asbestos did, […]

Crude by rail to peak?

A new report from IHS has said that the amount of crude oil transported by rail in North America could peak between 2015 and 2016 at approximately 1.5 million bpd, though rail is expected to remain a key component of North American oil production over the long term. The new report titled ‘Crude by Rail: […]

Considerable pain to come for US Energy stocks

Houston, we have a serious problem… With only 20% of US Shale regions remaining economic at these oil price levels, it should not be surprising that the credit risk of the US Energy sector is exploding to near 1000bps… and contagiously infecting the broad HY market… Credit risk in the energy sector is starting to […]

The Relentless Production of Shale Oil Is Breaking OPEC’s Neck

The world’s biggest oil companies faced ruin in the summer of 1931. Crude prices had plummeted. Wildcatters were selling oil from the bonanza East Texas field for a nickel a barrel, cheaper than a bowl of chili. On Aug. 17, Governor Ross Sterling declared a state of insurrection in four counties and sent 1,100 National […]

Why Russia’s Unfazed By Falling Oil Prices

Oil is not quite as powerful a weapon against modern-day Russia as one might think. By arguing that the slump in oil prices will finish off Russia just like it did the Soviet Union, Ambrose Evans-Pritchard, writing in the Daily Telegraph, is forgetting how far Russia has come since those dark days. It is true […]

There’s No Tomorrow, Or Is There?

Much of what I have written and have yet to write about Peak Oil is humorously addressed in the animated documentary There is No Tomorrow (See below). Written and directed by Dermot O’Connor, the film was produced by Incubate Pictures, in association with the Post Carbon Institute. Below, I have summarized some of its main […]

We’ve Been Incorrectly Predicting Peak Oil For Over a Century

Expand When the residents of Tulsa, Oklahoma buried a car in 1957 as part of an enormous time capsule, they included containers of gasoline. The good people of Tulsa reasoned that the folks of 2007 might not have any gas left to fill up the Plymouth Belvedere that they were interring for a fifty year […]

Canada Heavy Oil Nearing $40 Threatens Oil Sands Projects

Canadian heavy crude fell to near $40 a barrel, threatening projects under construction as producers boosted output and space on a pipeline was rationed. Imperial Oil Ltd. (IMO) is increasing output at its Kearl oil sands project to 110,000 barrels a day after a shutdown last month, Pius Rolheiser, a Calgary-based spokesman, said by phone […]

US to impose sanctions on Venezuela

The US Congress on Wednesday voted to restrict travel and freeze assets on some Venezuelan government officials it accuses of human rights abuses during a crackdown on protests against socialist President Nicolás Maduro earlier this year. More than 40 people have died during a wave of protests by students and members of the Venezuelan opposition […]

What I learned from my garden in 2014

Two years ago, John Michael Greer posted A Wish List for Krampus to his blog TheArchdruid Report. After describing three technologies that he suggested would make the transition to a post-industrial, low-energy future a little less difficult, he asked his readers with scientific and engineering backgrounds to make suggestions of their own. To offer extra motivation, he […]

Has US oil production peaked? An EIA report argues both sides

Want to dazzle party guests this holiday season with a data-backed argument that the US oil boom may have peaked? Well, the US Energy Information Administration has a report you should probably read. Want to shut up that obnoxious blowhard who keeps using EIA data to support his argument that the glory days of US oil […]

Cheap, clean, fusion power one step closer to reality

Researchers at the University of Washington are developing a new type of fusion reactor that could generate eco-friendly power for less money than fossil fuels. This is a Dynomak, a fusion reactor its makers say could one day efficiently produce massive amounts of clean energy at a fraction of the cost of any other reactor […]

Iran: Fall in oil prices is ‘treachery’

Iran’s President Hassan Rouhani said Wednesday that the sharp fall in global oil prices is the result of “treachery,” in an apparent reference to regional rival Saudi Arabia, which opposed production cuts. Oil prices have plunged by more than 40 percent since June to around $65 a barrel, placing severe strain on Iran’s economy, which […]

Saudi Oil Minister Naimi: Why Should We Cut Production?

Saudi Oil Minister Ali al-Naimi on Wednesday shrugged off suggestions that the world’s biggest crude exporter might cut production to reverse the deepest price slump in years, saying the kingdom’s output had remained steady through last month. Naimi’s comments on the sidelines of an annual U.N. climate change conference in Lima, Peru, stuck to the […]

Dark Age America: The Sharp Edge of the Shell

One of the interesting features of blogging about the twilight of science and technology these days is that there’s rarely any need to wait long for a cogent example. One that came my way not long ago via a reader of this blog—tip of the archdruidical hat to Eric S.—shows that not even a science […]

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