Chevron Dodging tax-we agree

Chevron Fined Millions for Tax Scheme Posted by Ashleigh Telford on October 23, 2015 Chevron has lost a landmark appeal in the Federal Court today and will have to pay over $250 million in back taxes and an estimated $60 million in fines. Paddy Crumlin, ITF President welcomed today’s decision and said Chevron needed to […]

The U.S. Is At The Center Of The Global Economic Meltdown

While the economic implosion progresses this year, there will be considerable misdirection and disinformation as to the true nature of what is taking place. As I have outlined in the past, the masses were so ill informed by the mainstream media during the Great Depression that most people had no idea they were actually in […]

Saudis Protect Oil Market Share By Spending Petrodollars In China

The battle to retain and even increase global oil market share is intensifying. Both Saudi Arabia and Russia, the world’s top two crude oil producers, continue to ramp up production amid an unprecedented supply glut and associated price collapse for crude that is rocking the world financial system. This week several analysts once again downgraded […]

8-Dollar Cauliflower Shows the Pain of Falling Oil Prices

Steamed, sautéed or stir-fried, cauliflower is standard fare on many dinner tables. In Canada, it is a luxury. A head of cauliflower there now goes for around 8 Canadian dollars, a tripling in price, the strange foodie fallout from the low price of oil and other commodities. The recipe for high-priced cauliflower starts with the […]

OPEC At Peak Production

The OPEC Monthly Oil Market Report is out. OPEC took a hit in December, down 205,000 barrels per day. After examining the past and present production numbers, I believe that OPEC, except Iran, has peaked. That is, the combined production from all the other OPEC nations, has peaked. And any additional production from Libya is likely […]

Oil’s Financial Depletion

In a boom-and-bust business like oil, a company must be nimble to survive. Companies that grew quickly thanks to the shale boom are trying to weather the dramatic slide in oil prices with measures like scaling back production and laying off workers. But for many, sunk costs and high debt levels mean cutbacks are not […]

Lithium Is Becoming the ‘New Gasoline’

The Economist: An Increasingly Precious Metal Lithium accounts for only about 5% of the materials in some car batteries, and for less than 10% of their cost. Worldwide sales of lithium salts are only about $1 billion a year. But the element is a vital component of batteries that power everything from cars to smartphones, […]

Get Ready for Water Wars

A great war looms, one that will rise from the most desperate circumstance: our battle over water. Today, we war because of a chasm of values and ideologies, national and religious differences. But quietly, a new conflict is budding in the shadows, one that many of us have not taken much notice of because it […]

How falling oil prices exposed the great green lie

Even though I have been reading about plunging oil prices for the past year, it still came as a pleasant surprise this week when I ordered 900 litres of heating oil. It came to £264. Three years ago, it cost £609 to buy the same quantity. I have already been saving money on road fuel. […]

Why oil under $30 per barrel is a major problem

A person often reads that low oil prices–for example, $30 per barrel oil prices–will stimulate the economy, and the economy will soon bounce back. What is wrong with this story? A lot of things, as I see it: Oil producers can’t really produce oil for $30 per barrel A few countries can get oil out […]

The Fracking Year 2015

On New Year’s Eve the players in the fracking industry popped their champagne corks but it was not to celebrate wonderful success as they had done the year before. Rather it was to drown their sorrows. The USA’s Energy Information Administration (EIA) has now released this year’s first Drilling Productivity Report so we can now […]

Everything you learned about how the world works is probably wrong

It’s time to rethink everything we know about how the world is ordered. Citi is out with a big new report on our current geopolitical order, and maybe what happens next. What the firm argues, effectively, is that the global order most of today’s adults have come to know as “true” probably isn’t so anymore. […]

The End of Saudi Arabia?

A more detestable regime than Saudi Arabia could not be found.  Arguably the most repressive regime on earth.  An absolute monarchy.  A Wahhabist theocratic nightmare that arms ISIS.  Only North Korea may be worse, and North Korea does not put women in burqas or have any areas where female genital mutilation (FGM) is practiced.  It […]

Heinberg: Our Renewable Future

On a cool November Sunday the hall of the Little Lake Grange in Willits, CA, filled with members and supporters of WELL – Willits Economic Localization. 11 years earlier many of them had come to hear Richard Heinberg after reading his book The Party’s Over: Oil, War & the Fate of Industrial Societies. The 2004 […]

Could this be humanity’s LAST century?

It won’t be war, politics or poverty that eventually wipes out humanity. According to Seth Shostak, our end will come about as a result of designer babies and artificial intelligence. The outspoken director of the Search for extraterrestrial intelligence (Seti) Institute believes developments in these areas will lead to new ‘alien’ species. +3 It won’t […]

Saudi Arabia vs Iran: Who is to blame for the row?

As tensions between Saudi Arabia and Iran continue to escalate, who is to blame for the feud and is there an end in sight? In this episode of UpFront, a close ally to the Iranian president debates a former adviser to the Saudi royal family. Mehdi Hasan also looks at Latin America beyond the stereotypes, […]

The Coming Oil Rebound

How low can oil prices go? When pundits start competing to predict where the barrel will hit bottom, you know that a rebound is inevitable. It’s the inverse of what happens before a high-price bubble bursts. Only a few years ago forecasters were suggesting that oil might hit $300 a barrel. The unpleasant reality is […]

IEA Sees World Drowning in Oil

Iran could restore 600,000 barrels a day of output by mid-year Agency cuts 2016 global demand outlook, raises non-OPEC supply Global oil markets could “drown in oversupply,” sending prices even lower as demand growth slows and Iran revives exports with the end of sanctions, according to the International Energy Agency. The IEA trimmed 2016 estimates […]

Oil Sold for -$0.50 per Barrel. A Negative Price!

The oil markets are on edge with oil sinking into the $20s per barrel. And last week we reported on one place where oil is already trading in the single-digits. Canada’s bitumen is selling for just $8 per barrel. But even that rock bottom price is higher than what one oil seller earned for a […]

OPEC Sees Deeper Decline in Rivals’ Supply as US Shale Falters

OPEC forecast a steeper decline in supplies from rival producers this year as the oil-price crash hits the U.S. and Canada. Production outside the Organization of Petroleum Exporting Countries will drop by 660,000 barrels a day, the group said Monday in its monthly market report, deepening the decline from its previous estimate by 270,000 barrels […]

Iran Orders Oil Output Boost

Iran has ordered a rise in oil output by 500,000 barrels a day following the lifting of sanctions, official media reported, but fellow OPEC member the United Arab Emirates said any extra crude would delay the market’s recovery. Iranian officials have said repeatedly in recent days that they were ready to raise output by half […]

Kunstler: Worse Than 1860

The lost story-line amid the food-fights and boasting contests that the “debates” have turned into is the destruction being wreaked on the two major parties themselves. I don’t see how either the Republicans or Democrats get out of this thing alive. The primary season now upon us is the event horizon that sucks these two […]

Think Plummeting Oil Prices a Good Thing? Think Again

It is far from clear whether the recent plunge in international commodity prices in general, and in oil prices in particular, will provide a boost to the U.S. economic recovery. While those price declines would certainly provide the equivalent of a sizable tax cut for U.S. consumers, they will deliver a major blow to the […]

The great condensate con: Is the oil glut just about oil?

My favorite Texas oilman Jeffrey Brown is at it again. In a recent email he’s pointing out to everyone who will listen that the supposed oversupply of crude oil isn’t quite what it seems. Yes, there is a large overhang of excess oil in the market. But how much of that oversupply is honest-to-god oil […]

When Oil-Rich Countries Need More Cash

The long slide in oil prices, which reached a 13-year low this week of less than $30 a barrel, means that oil-rich nations are not so rich anymore. And that is potentially a big problem for investors and policy makers in the United States and abroad. Falling oil revenues will increase the need for Saudi […]

Finding Emotional Resilience in These Times

How do you grapple with bigger, deeper issues like catastrophic climate change? Author Carolyn Baker and video producer Ivey Cone join Janaia in a wide-ranging conversation about keeping our hearts open while witnessing the crumbling of industrial civilization. We discuss tools for holding our center, supporting each other, gratitude, and witnessing the powers of the […]

Saudi Oil Minister Crude Prices Will Rise

Saudi Oil Minister Ali al-Naimi said crude prices will rise and foresees that market forces and cooperation among producing nations will lead in time to renewed stability. “I am optimistic about the future, the return of stability to the global oil markets, the improvement of prices and the cooperation among the major producing countries,” al-Naimi […]

Iran Sanctions Are Lifted

Just hours after Tehran and Washington swapped long-held prisoners, the United States and European nations lifted oil and financial sanctions on Iran and released roughly $100 billion of its assets, after international inspectors concluded the country had followed through on its promises to dismantle large sections of its nuclear program. At the end of a […]

The Deflation Monster Has Arrived

As we’ve been warning for quite a while (too long for my taste): the world’s grand experiment with debt has come to an end. And it’s now unraveling. Just in the two weeks since the start of 2016, the US equity markets are down almost 10%. Their worst start to the year in history. Many […]

Dallas Fed Suspends Energy Mark-To-Market

Earlier this week, before first JPM and then Wells Fargo revealed that not all is well when it comes to bank energy loan exposure, a small Tulsa-based lender, BOK Financial, said that its fourth-quarter earnings would miss analysts’ expectations because its loan-loss provisions would be higher than expected as a result of a single unidentified […]

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