Homo Economicus: An Endangered Species

The modern world is full of myths. I’m not talking about Greek legends or medieval lore, but the shared stories and constructs underpinning our beliefs and behaviours. We need myths—they help us understand and feel in control of our world—but when they blind us to reality, they can serve as obstacles to change. As long […]

The Problem of Debt as We Reach Oil Limits

(This is Part 3 of my series – A New Theory of Energy and the Economy. These are links to Part 1 and Part 2.) Many readers have asked me to explain debt. They also wonder, “Why can’t we just cancel debt and start over?” if we are reaching oil limits, and these limits threaten […]

Organic Farming Isn’t Just a Bougie Ideal

The term “organic agriculture” tends to evoke the image of a verdant, small-scale farm, its friendly, overalls-clad caretaker kneeling among his rows of leafy chard to individually pluck them of pests. A delicate and labor-intensive operation that might produce a handful of lovely CSA baskets, but probably won’t go far towards feeding large numbers of […]

Why rig cuts won’t save oil

The sharp drop in U.S. oil rig counts has helped lift crude prices off their lows, but it won’t slow production or alleviate oversupply, Goldman Sachs said. “The decline in the U.S. rig count likely remains well short of the level required to slow U.S. shale oil production to levels consistent with a balanced global […]

How Russia Plans To Retaliate For The Saudi-Driven Collapse In Oil`

A week ago we explained that yet another conspiracy theory, one involving virtually every geopolitical hotzone, from Saudi Arabia, to Russia, the United States, Qatar, Syria, ISIS, and Ukraine, has become fact when our speculation from last September, namely that the plunge in oil was an choreographed move between the US and the Saudis (even […]

Is Peace or War at Hand?

At this time we do not know the outcome of the meeting in Moscow between Merkel, Hollande, and Putin. The meeting with Putin was initiated by Merkel and Hollande, because they are disturbed by the aggressive position that Washington has taken toward Russia and are fearful that Washington is pushing Europe into a conflict that […]

US oil output ‘party’ to last to 2020

The United States will remain the world’s top source of oil supply growth up to 2020, even after the recent collapse in prices, the International Energy Agency said, defying expectations of a more dramatic slowdown in shale growth. The agency also said in its Medium Term Oil Market report that oil prices LCOc1, which slid […]

Mapping The Next Nation To Join The Currency War

With China devaluation looming as the great unspoken Black Swan trade, and on the heels of the Swiss National Bank folding on its ‘peg’, we thought a quick glance at the world’s “pegged” currencies would be useful as a guide to where the next shoe (and pant legs) will drop. With global FX implied volatility […]

Starting A Successful Permaculture Based Business

  Key Takeaways: Instead of looking at business as the enemy, look at green business. Use business to support yourself, fix the planet and create community. There is so much opportunity out there – “Find the intersection between your passions and your strengths and problems that need solving.” Permaculture is unique. It gives you a […]

Michael Lynch: Forecasts Of Oil Price Bottom And Recovery

For oil price forecasters, it is all but mandatory to start with self-deprecating humor, because the track record is so bad. Late 2013, surveys showed predictions for 2014 of $104 per barrel for Brent. Citi’s forecast of a significant drop raised eyebrows, in fact. Now, one reporter noted that expert forecasts range from $30-200, which […]

Are the Saudis Scared to Cut Oil Production?

With the global oil market currently oversupplied to the tune of an estimated 2 million barrels per day, oil producer group Opec has struggled to formulate an effective strategy aside from “let the market sort it out.” For decades Opec played a price-setting role by increasing production to boost supply when prices were deemed too […]

OPEC’s Production and Outlook

The latest OPEC Monthly Oil Market Report is out with all the OPEC crude only production numbers for January 2015. There were very little revisions in the December numbers this month. Total OPEC production of crude only was down 53,000 barrels per day in January to 30,153,000 barrels per day of crude only. Algerian production has […]

A Brief History of Peak Oil

How technological advances in exploration and production have pushed back the date when oil output will max out, creating an opportunity for the development of alternative energy sources. With apologies to Stephen Hawking for the title of this blog and an acknowledgement of a recent Wall Street Journal article on the subject, here’s a summary […]

Orlov: Masters of Parallel Universes

Much as we may dislike the fact, the results from quantum physics are unequivocal: parallel universes do exist. Schrödinger’s cat is both alive and dead, at the same time, while it exists as a probability distribution, which is resolved into either a live cat or a dead one by the act of opening the box […]

The Battle for Libya’s Oil

The first artillery rounds landed just as the setting sun threw shadows on this barren stretch of coast. Atop an earthen observation berm, a young fighter in an oversize flak vest peered through a makeshift periscope. Six miles away was the prize: white storage tanks filled with oil. Over the walkie-talkie came a hurried voice: […]

The global financial system stands on the brink of second credit crisis

The world financial system stands on the brink of a second credit crisis as interbank lending shows increasing risk The world economy stands on the brink of a second credit crisis as the vital transmission systems for lending between banks begin to seize up and the debt markets fall over. The latest round of quantitative […]

Monsanto: Sustainable agriculture a smart choice to feed world population

Clear and serious impacts of rapid population growth and climate change are causing nations worldwide to think increasingly about sustainable agriculture. The question of how the world can produce enough food in 2050 with the current arable area was discussed by agricultural experts and students at a seminar on Wednesday at Ho Chi Minh City […]

Oil as Low as $20 Seen by Citigroup

Oil may drop more than 50 percent to “the $20 range” by the start of the second quarter as oversupply fills storage tanks close to capacity, Citigroup Inc. said. Signs of a slowdown in U.S. drilling don’t mean the crude glut will be eliminated, Edward Morse, Citigroup’s global head of commodity research, said in a […]

A Short Course on Hydraulic Fracturing

Hydraulic fracturing is little understood because fractivists have deliberately used “fracking” as an all-purpose term for the gas industry, but it’s simple. Well, how about some facts on hydraulic fracturing? We have been doing hydraulic fracturing or “fracking” here in Alberta, since the technology was established decades ago, with little or no discernible effect, other than […]

There Is No Peak Oil–But We Are Approaching Peak Low-Cost Oil

The collapse in oil prices over the last seven months looks to destabilize the world stage by redirecting over $1.8 trillion in spending if current prices hold. While worldwide demand exceeds 92 million barrels per day, the drop in price from over $105 this past summer to under $50 translates into sizable savings for the average American. Who […]

Peak Oil Causes Global Recession, Depression

Peak oil will cause recessions and even a great depression, at least this is the common understanding of peak oil’s impact on the global economy. Economist Richard Douthwaite discusses the impact of peak oil on the world economy.  

China’s Deepsea Gas Find Holds Over 3.5 Tcf Reserves

A deepsea natural gas discovery in the northern part of the South China Sea has certified proven reserves exceeding 100 billion cubic metres, making it one of China’s biggest offshore finds, Chinese state television reported. Offshore oil and gas specialist CNOOC Ltd announced the discovery last August after striking high flows of gas in the […]

Iraq Ground Offensive ‘Within Weeks’

Baghdad: A top US envoy said Iraqi troops would begin a major ground offensive against Daesh in the coming weeks, as a suicide bomber killed 14 people in Baghdad on Monday. Daesh spearheaded an offensive that swept through large areas north and west of Baghdad last June, and Iraqi forces are battling to regain ground […]

Here’s Why Big Oil Companies Are Unable To Increase Reserves To Counter Declining Production

According to the quarterly results announced during the past few weeks, major oil companies have reported a mediocre performance for last year, as far as exploration and production of crude oil and natural gas reserves is concerned. At the same time, companies have also reduced their capital spending budgets for this year, which might exacerbate […]

Oil is falling, and it’s all OPEC’s fault

The price of crude oil has fallen roughly 60 percent since mid-2014, which has largely been put down to worries of a global glut of crude, coupled with dwindling consumption. But after four years of Brent crude remaining relatively stable at $100 per barrel, changes in production and consumption “fall short of a fully satisfactory […]

UAE rejoins airstrikes on ISIS after ‘abominable’ execution

The United Arab Emirates announced Saturday it is sending a squadron of F-16 fighter jets to Jordan, resuming its participation in U.S.-led airstrikes on The Islamic State in Iraq and Syria. The announcement was made by UAE’s official government news agency, following the U.S. State Department’s announcement Friday that the Arab country had reaffirmed its […]

Rich In Oil, Venezuela Is Now Poor In Most Everything Else

Simon Nobile, 72, runs the Capri pasta factory in the capital Caracas, which was founded by his Italian-born father in 1940. Capri’s two plants crank out 11 million pounds of pasta per month. They could produce nearly twice that much. However, Nobile says a government policy designed to help the poor forces him to sell […]

The Death Of The Petrodollar Was Finally Noticed

 Three months ago, we wrote “How The Petrodollar Quietly Died, And Nobody Noticed“, in which we explained in painful detail why far from the simple macroeconomic dogma which immediately prompted the macro tourists to scream that “oil prices dropping are good for US consumers“, the collapse in the price of crude is not only a […]

Oil majors fail to find reserves to counter falling output

* Oil groups produced much more than they found last year * Oil and gas output fell in 2014, echoes trend over past decade * Graphic on oil majors’ output: link.reuters.com/huh93w * Companies now making investment cuts to counter low oil prices   Big oil companies had a poor record of finding and producing oil […]

Overshoot

  The many comments appearing all over the Web for the death of William Catton , the author of “Oversoot”, show how deep the impact of this book was on many of us.  “Overshoot” was part of that wave of books and studies of the 1960s and 1970s which tried to come to terms to […]

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