Saudi Arabia oil output up by 7%

Global oil prices were marginally improved in September but the combination of oversupply and sluggish demand continued to bear on WTI and Brent prices, Jadwa Investment said in its latest edition of the monthly Chartbook. However, from a regional perspective, Saudi crude oil production increased by 7% on comparable 2014 levels. It is envisaged that […]

The Promise and Peril of Cheap Oil

Everyone likes $2 gasoline. But what if it’s bad for the long-term growth of the U.S. economy — and for global stability? The U.S. House of Representatives is expected to vote on Friday to do something that would have been unthinkable only a few years ago: lift the restrictions on exporting domestically produced crude oil […]

House Passes Bill Axing US Oil Export Ban, Veto Looms

A bill to repeal the U.S. oil export ban passed the House of Representatives on Friday, but faces an uncertain future after a veto threat by President Barack Obama. The bill sponsored by Representative Joe Barton, a Texas Republican, passed the House 261 to 159, failing to reach the 290 votes necessary to overturn a […]

Peak Oil Ass-Backwards (part 3): Forget Austerity and Grexit – it’s Time for a Gretaway!

So here we are on this precipice of sorts, staring upon the twilight of the industrial economy due to peaking energy supplies and thus peaking credit supplies (as explained in part 2 of this 3-part series). Simply put, being on the peak oil plateau, and with fossil fuel supplies in general reaching their limits (and […]

Peak oil round up

2015 Could Be The Year Of Peak Oil … I am now more convinced than ever that 2015 will see the peak in world crude oil production. I have very closely studied the charts of every producing nation and my prognosis is based on that study. I see many nations in steep decline and most […]

The Last Nail In The Petrodollar Coffin

Another Petro-State Throws In The Towel – The Last Nail In The Petrodollar coffin Source: Norwegian Ministry of Finance, Bawerk.net According to the proposed budget submitted by the current ‘blue-blue’ government the Norwegian deficit will reach another record high in 2016. Mainland taxes are expected to bring in 1,008 billion NOKs, while expenditures are estimated […]

Oil companies face difficulties replacing reserves

It’s getting harder for western oil companies looking beyond American shores to replace the proven reserves that are the industry’s lifeblood. The shale boom has kept Houston’s oil hub and smaller firms well supplied for now. But some of the industry’s giants are readying massive steel armadas to explore deeper waters, and developing technologies for […]

Oil and the Global Economy

How important is oil to the future of the global economy?  The remarkable economic expansion of in the United States and other industrial nations over the past century or more has been fueled by a steadily growing supply of low-cost energy—mostly from fossil fuels—oil in particular which accounts for more global energy consumption than any […]

The Oceans Are Becoming Too Hot for Coral

This week, scientists registered their concern that super-warm conditions are building to a point where corals are severely threatened across the tropical Indian, Pacific and Atlantic oceans. They did so after seeing corals lose colour across the three major ocean basins – a sign of a truly momentous global change. This is only the third […]

Why Are The IMF, The UN, The BIS And Citibank All Warning That An Economic Crisis Could Be Imminent?

The warnings are getting louder.  Is anybody listening?  For months, I have been documenting on my website how the global financial system is absolutely primed for a crisis, and now some of the most important financial institutions in the entire world are warning about the exact same thing.  For example, this week I was stunned […]

Historic Failure For Brazilian Oil Auction

Brazil just held an oil and gas auction, and judging by the results, few companies are interested in developing the country’s oil and gas reserves right now. The state-owned oil company Petrobras, which is still reeling from the corruption scandal, did not participate in the auction. The unusual absence was due to the company’s massive […]

T. Boone Pickens says $70 oil by year-end

Prominent oil wildcatter T. Boone Pickens isn’t giving up his ambitious bull call for crude-oil prices. In a Thursday op-ed for CNBC, Pickens admitted that with two and half months left until the end of the year, and crude prices hovering in the vicinty of $50, his call “isn’t looking good.” West Texas Intermediate crude […]

The REAL Reason Saudi Arabia Hates Iran

Everyone knows that the Saudi Arabia – the center of Sunni Islam – hates Iran because it is the center for the rival Shia Muslim sect. The Saudis – close U.S. allies – also hate Iran because it is allied with Russia. But there is a third, little-known reason why the Saudi government hates Iran. […]

China Triples Proven Reserves at Top Shale Gas Project

China has nearly tripled the size of proven reserves at its Fuling project, by far the country’s largest shale gas find, according to an official from investor Sinopec Corp and an industry report. The Jiaoshiba block of the project, in the municipality of Chongqing in southwest China, has 273.8 billion cubic metres (bcm) of newly […]

Bubbles and Backlashes

Financial markets have been turbulent as of late with no end in sight. A sagging global economy could overwhelm America’s recovery efforts with toxic effects on key climate change and clean energy initiatives now underway. The Federal Reserve’s recent decision to postpone an interest rate hike is but one reflection of their deep global concern. […]

There Will Be Blood – Part III

Earlier last week we introduced you to the first part of a missive on shale oil by my friend Harris Kupperman. We followed that up with Part II where Harris dug deeper into some of the numbers in this sector – numbers which should be enough to bring terror into the hearts of even the most fear defying luminaries […]

Shale Drives Uncertain New Geoeconomics of Oil

The emergence of fracking has modified the global market for fossil fuels. But the plunge in oil prices has diluted the effect, in a struggle that experts in the United States believe conventional producers could win in the next decade. The U.S. oil industry had peaked – when the discovery of new deposits and output […]

Oil Production ‘Falling Rapidly’

Bloomberg’s Scarlet Fu, Joe Weisenthal and Alix Steel weigh in on Energy Aspect’s report of the plummet in oil production. They speak on “What’d You Miss?”

The Problem of Agriculture

I was born and raised in North Dakota, a rural state with an economy that historically has been dependent on agriculture, but I knew virtually nothing about the hard work of farming—nor did I understand the way farming creates ecological crises—until I met Jim Koplin. At that time, like most people who labeled themselves as […]

Saudi King Hospitalized for Dementia

Informed sources told Arabic-language al-Ahd news agency that King Salman is now in the Intensive Care Unit (ICU) section of King Faisal Specialist Hospital in the Saudi capital. The sources also said that given the Saudi king’s unstable and aggravating health conditions, officials have ceased plans to transfer him to US hospitals. King Salman, 80, […]

Inside the deserted Fukushima exclusion zone

VIEW GALLERY These never-before-seen photographs give an unprecedented look at the exclusion zone surrounding the stricken Fukushima nuclear power plant. The massive 12.5 mile zone has become an overgrown wilderness after being abandoned in the wake of the 2011 nuclear disaster. Hundreds of cars, bikes and every-day items lay untouched as a reminder of the […]

A Landscape of Dreams

Maybe it’s just the psychology of selective attention, but tolerably often when I want to go into more detail about a point made in a previous essay here, stories relevant to that point in one way or another start popping up on the news. That’s been true even during this blog’s forays into narrative fiction, […]

United States Will Be Net Exporter of Natural Gas by 2017

The United States’ natural gas demand is currently growing at the fastest pace since the early 1970s, and demand growth has now supplanted supply growth as the cornerstone for the outlook of the U.S. natural gas industry over the next five years, according to a new CoBank research report. The newly issued report entitled “U.S. […]

Saudi Arabia likely to become a failed state as oil revenues decline

A ‘perfect storm’ of interconnected crises could see the autocratic Saudi state disintegrate within ten years, argues Nafeez Ahmed. Last September, a senior Saudi royal called for a “change” in leadership to fend off the kingdom’s collapse. In a letter circulated among Saudi princes, its author, a grandson of the late King Abdulaziz Ibn Saud, blamed King Salman […]

The Saudi Population Are Growing Restless

With Saudi Arabia a critical player in the latest flare up in mid-east violence, while domestically the country faces increasing financial and economic pressure as a result of the collapse in oil prices coupled with the recent fomenting of a “royal coup” in Saudi Arabia, an honest and fresh perspective, not one pre-approved by the […]

Israel Oil Discovery: Massive Reserve Could Meet Domestic Demand

A massive oil reserve has been discovered in the Golan Heights by an Israeli energy company, regional news outlets reported Wednesday. The find by Afek Oil and Gas, confirmed to be 10 times larger than the average oil field worldwide, could boost Israel’s relatively young oil industry and meet domestic energy demands. “There is enormous excitement,” Yuval Bartov, the oil […]

Honeybees Face Global Threat: If They Die, So Do We

“There is one masterpiece, the hexagonal cell, that touches perfection. No living creature, not even man, has achieved, in the centre of his sphere, what the bee has achieved in her own: and were some one from another world to descend and ask of the earth the most perfect creation of the logic of life, […]

Richard Heinberg: After the Burn

After a two-century-long burning bender, the globe is in for a heck of a hangover. Our guest this week on Sea Change Radio is Richard Heinberg, Senior Fellow at the Post-Carbon Institute, and author of a dozen books about growth, peak oil, and energy issues. His latest book is called Afterburn, a collection of essays that center on […]

Oil Depletion Likely Without Technology

Without the latest technologies to increase production, there is a good chance that Iranian oilfields will be exhausted in the near future, says the deputy for technology and international affairs at the Research Institute of Petroleum Industry. “Even if the country focuses all its energy on completing the value chain in oil and gas industries, […]

An Unprecedented Future

I can see The Age of Consequences from my home. We live on a former ranch near Santa Fe, New Mexico, that is now a subdivision with more than two thousand houses. Due to its proximity to a center of colonial Spanish, Mexican, and American administrations, as well as the Santa Fe Trail, the land […]

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