Why Globalization Reaches Limits

We have been living in a world of rapid globalization, but this is not a condition that we can expect to continue indefinitely. Figure 1. Ratio of Imported Goods and Services to GDP. Based in FRED data for IMPGS. Each time imported goods and services start to surge as a percentage of GDP, these imports […]

Oil won’t be balanced until 2017

Dallas Federal Reserve President Robert Kaplan on Thursday called on the Fed to be patient when it comes to raising interest rates, citing the effect of tighter financial conditions on U.S. economic growth. Kaplan believes that there is high downside risk in the outlook for world economic growth and also said that global financial conditions […]

Oil and gas industry has pumped millions into Republican campaigns

Fossil fuel millionaires collectively pumped more than $100m into Republican presidential contenders’ efforts last year – in an unprecedented investment by the oil and gas industry in the party’s future. About one in three dollars donated to Republican hopefuls from mega-rich individuals came from people who owe their fortunes to fossil fuels – and who […]

Tony Hayward’s Oil Firm Cuts Reserves

Genel Energy PLC, the oil company chaired by former BP PLC Chief Executive Tony Hayward, reported its worst loss since listing its shares more than four years ago in writing down the value of its prized Taq Taq oil field whose reserves have proved lower than expected. The U.K.-listed oil company, once an investor favorite […]

Iraq’s Mosul Dam Could Burst At Any Time

A tragedy is just waiting to happen in one of the largest cities in the Middle East, engineers warn. The Iraqis who built the dam structure for the Mosul dam warn that the structure is “increasingly precarious” and threatens to kill 1 million people. They also said the government’s answer has been ridiculous. Photo by […]

Russia Thinks It Has Solved the Oil-Price Crisis

But it may just be more wishful thinking The world’s major oil exporting economies have been putting together an agreement to freeze oil production levels, and Russia’s energy minister is optimistic that it will be effective in finally stopping the slide in oil prices that has brought the price of oil down roughly 75% since […]

NY nuclear plant 65,000% radiation spike is worse than Fukushima

A radioactive flow from the Indian Point nuclear power plant is leaking into groundwater that leads to the Hudson River, raising the possibility that the U.S. may have its very own Fukushima-like disaster only 25 miles from New York City. The Indian Point nuclear plant is located on the Hudson River, and it serves the […]

Oil exec Aubrey McClendon dies in car crash a day after indictment

A day after his indictment on bid-rigging charges, Aubrey McClendon, the former chief executive of Chesapeake Energy Corp., died Wednesday morning in a car crash in Oklahoma. An Oklahoma City police spokesman said the 56-year-old, also a part-owner of the NBA’s Oklahoma City Thunder, was speeding and “drove straight into the wall” when he was […]

US Shale’s Message For OPEC: Above $40, We Are Coming Back

For leading U.S. shale oil producers, $40 is the new $70. Less than a year ago major shale firms were saying they needed oil above $60 a barrel to produce more; now some say they will settle for far less in deciding whether to crank up output after the worst oil price crash in a […]

The implications of peak energy

Our current society is one based on whim. Whatever we want can be had if we have the money. Not only can we have what we want any time we want it, it’s the done thing to throw it away and buy something else when it breaks or the latest upgrade comes out. We are […]

Falling U.S. Oil Production Reduces Global Supply

High oil price volatility signals that the market has not yet decided the future direction of the oil price. Global production was marginally lower in January, but outside of the U.S., oil production remains robust with rises registered in most producing areas. Production in Iran has begun to rise with 80,000 bpd added in January. […]

Fukushima Continues Leaking, 3 Former TEPCO Execs Charged With Negligence

Three former executives from the Tokyo Electric Power Company (TEPCO) have been formally charged with negligence over the 2011 disaster at the company’s Fukushima Daiichi Nuclear Power Plant. In accordance with a ruling from a citizen’s panel last year — and despite two previous refusals by Tokyo prosecutors to press charges — the three will […]

World’s top oil producers forced to load up on debt

The 70 percent decline in oil prices since mid-2014 has severely dented the finances of major oil producing nations around the world, forcing even the wealthiest producers to move into unplanned borrowing and debt issuance, a new report shows. The harsh drop in the price of oil, which slumped way beyond most analyst predictions has […]

Get Set for the 2023 Oil Glut

Another global oil glut could occur as early as 2023, but it will have nothing to do with overzealous Organization of the Petroleum Exporting Countries production; instead, it will be triggered by the next generation of electric cars. The argument put forth by BloombergBusiness corroborates those made by peak-oil theorists, who favour scrutinizing demand instead of […]

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