PetroChina cuts gas supplies to major users to prevent shortages

PetroChina, the country’s top gas producer, has curbed supplies of the fuel to some industrial users in northern and western regions, in the first sign of emerging tightness only two months after China experienced one of its worst winter gas crunches. FILE PHOTO: PetroChina’s logo is seen at its petrol station in Beijing, China, March […]

Asian oil demand surges

Oil prices are poised to break through $80 per barrel and Asia’s demand is at a record, pushing the cost of the region’s thirst for crude to $1 trillion this year, about twice what it was during the market lull of 2015/2016. FILE PHOTO: Motorists drives past an electronic board at a gas station in […]

Oil’s at $70, but Frackers Still Struggle to Make Money

American shale drillers are still spending more money than they are making, even as oil prices rise. Of the top 20 U.S. oil companies that focus mostly on fracking, only five managed to generate more cash than they spent in the first quarter, according to a Wall Street Journal analysis of FactSet data. Shale companies […]

World War 3: Russians say the threat is IMMINENT

A MAJORITY of Russians believe there is a genuine threat of the conflict in Syria spiralling into a full-scale global war, as tensions between the US and other allies escalate at a rapid rate. According to a poll released this week by the independent, Moscow-based Levada Centre 57 per cent of the Russian population believes […]

The Post Apocalyptic Permaculture Pig

Thus ends the life of Mr Wu. All that is left to do is tell the story. I have been avoiding thinking about this all year. Putting down my 600 lb pound friend and filling a freezer. On the way to the abattoir, tears started to come but I choked it back. Maudlin by nature, […]

Blowback Begins: EU To Ditch Dollar In Payments For Iranian Oil

The dollar’s collapse is nearing.  The European Union is planning to switch it’s payments to the Euro for its oil purchases from Iran, eliminating United States dollar transactions. Just one more nail to the US dollar’s coffin.  Its collapse is all but imminent at this point. The EU has successfully found a way to scoff at potential […]

Repsol to End Pursuit of Oil Growth

Repsol SA will no longer seek growth for its oil and gas business in preparation for the global transition to cleaner energy, according to a person familiar with the matter. The Spanish energy company is the first of its peers to make such a move. It illustrates how the industry’s strategic decisions are starting to […]

What Happens If Oil Hits $100?

Bloomberg’s Tina Davis explains why higher oil prices won’t hurt the global economy as much as it has in the past. She speaks with Bloomberg’s Shery Ahn and Vonnie Quinn on “Bloomberg Markets.”

Morgan Stanley Says A Shipping Revolution Has Oil Headed For $90

Forget Iran and OPEC — there’s another issue that will keep oil prices supported for the next two years, according to Morgan Stanley. Brent crude will reach $90 a barrel by 2020 as new international shipping regulations take effect, overhauling the types of fuels produced by refiners, the bank’s analysts said in a report. The […]

The Taste of Another’s Thoughts

We’ve taken a somewhat rambling route in our discussion of how each of us can haul ourselves up out of the swamp of abstractions in which modern industrial society is sinking fast, and find our way to the solid ground of things that actually matter. I know some of my readers have been baffled or […]

‘We’re right at peak gold’: All the major deposits have been discovered

Ian Telfer, chairman of Goldcorp Inc., is the latest industry magnate to predict the world has reached “peak gold,” saying that from here on out, mine production will continue to decline because all the major deposits have been discovered. “If I could give one sentence about the gold mining business … it’s that in my […]

Conundrum of free parking and easy oil

It has taken me a while to understand that cost, value and ability to pay are independent things. For example, you are driving from Clarkston to Enterprise, Ore. You blow past a sign reading, “Next services 100 miles.” At Boggan’s Oasis you realize you don’t have enough gas. Luckily, there is a four-wheel drive truck […]

IEA Warns Global Oil Demand May Suffer As Crude Nears $80

Global demand for oil is likely to moderate this year, as the price of crude nears $80 a barrel and many key importing nations no longer offer consumers generous fuel subsidies, the International Energy Agency said on Wednesday. The Paris-based IEA cut its forecast for global demand growth to 1.4 million barrels per day for 2018, from […]

The Pentagon Can’t Account for $21 Trillion

Twenty-one trillion dollars. The Pentagon’s own numbers show that it can’t account for $21 trillion. Yes, I mean trillion with a “T.” And this could change everything. But I’ll get back to that in a moment. There are certain things the human mind is not meant to do. Our complex brains cannot view the world […]

Gas Is Headed for $3. What That Means for the U.S. Economy

Drivers gearing up for trips this summer face escalating prices at the gasoline pump, an early sign that $70-a-barrel oil is starting to reach into consumers’ wallets. Average U.S. retail gasoline prices are climbing toward $3 a gallon, the most expensive in more than three years. The national average was around $2.87 a gallon Monday. […]

Rumours of offshore oil’s death are exaggerated

While renewables might appear to have a charge in their batteries, the oil and gas industry is still very much alive and kicking, argues Topaz Energy and Marine chief executive René Kofod-Olsen “The reports of my death have been grossly exaggerated,” is a quote often attributed to the great American novelist Mark Twain, in response […]

US Crude Oil Production Smashes Records

U.S. crude oil production, topped 10.057 million barrels per day (bpd) in November 2017, shattering a 47-years old record. U.S. crude oil production, led by record output in Texas and North Dakota, shattered a 47-years old record in November 2017, easing off only slightly in December, according to a report by the Energy Information Administration […]

Saudi Arabia’s Nuclear Energy Program

There is a lot of media reports about Saudi Arabia’s plans to build 16 nuclear reactors by 2030 and whether Westinghouse will get any of the business. Every time I read this line in the mainstream news media it makes my head spin. Neither event is likely to happen, but the news media keeps reporting […]

Arctic oil ‘undrillable’ amid global warming

An architect of the Paris climate agreement urged governments on Tuesday to halt oil exploration in the Arctic, saying drilling was not economical and warming threatened the environmentally fragile region. Christiana Figueres, formerly head of the UN Climate Change Secretariat when the Paris accord was reached by almost 200 nations in 2015, told Reuters by […]

Poor Mental Health in Oil, Gas Industry ‘At All-Time High’

Poor mental health in the oil and gas industry is at an all-time high. That is the opinion of David Steward, an ex-oil and gas recruitment boss and current managing director at wellbeing provider The Sober Advantage. “Over the last three and a half years, the oil industry has experienced its deepest downturn since at […]

Five Things You Should Know About Collapse

  The Roman philosopher Lucius Annaeus Seneca was perhaps the first in history to identify and discuss collapse and to note that “the way to ruin is rapid.” From Seneca’s idea, Ugo Bardi coined the term “Seneca Effect” to describe all cases where things go bad fast and used the modern science of complex system […]

The World Wants Air-Conditioning

More than crickets and fireflies, more than baseball and cookouts, perhaps nothing signals the arrival of summer in the United States like the soft familiar whir of air-conditioning. But there is growing concern that as other countries adopt America’s love of air-conditioners, the electricity used to power them will overburden electrical grids and increase planet-warming […]

Oil Depletion Analysis Centre

Welcome to the ODAC Newsletter, a weekly roundup from the Oil Depletion Analysis Centre, the UK registered charity dedicated to raising awareness of peak oil. Last week began with a brief weakening of the oil price in response to the latest interest rate adjustment by the Fed, this was however extremely short-lived. By mid-week oil […]

Skeptic Geologist Warns: Permian’s Best Years Are Behind Us

Geologist Arthur Berman, who has been skeptical about the shale boom, warned on Thursday that the Permian’s best years are gone and that the most productive U.S. shale play has just seven years of proven oil reserves left. “The best years are behind us,” Bloomberg quoted Berman as saying at the Texas Energy Council’s annual […]

Gearing Up for the Third Gulf War

Will Washington, Tel Aviv, Riyadh, and Tehran Face Off in a Future Cataclysm? With Donald Trump’s decision to shred the Iran nuclear agreement, announced last Tuesday, it’s time for the rest of us to start thinking about what a Third Gulf War would mean. The answer, based on the last 16 years of American experience […]

The Most Underappreciated Story In The Oil Market

The world is currently watching the growing tensions in the Middle East, and oil market analysts are guesstimating just how much Iranian oil supply the renewed U.S. sanctions could stifle. Yet, the biggest story in oil markets this year may well take place far from the much-publicized tensions in the Middle East – namely China’s […]

Iran Sanctions Threaten The Petrodollar

One country must be quite pleased with the prospect of new U.S. economic sanctions against Iran’s oil industry, and this country is the largest oil importer in the world, and is Iran’s largest single oil client. When China launched its long-awaited yuan-priced oil futures last month, it did so as part of its strategy to […]

Kunstler: Lousy Deals and Turning Wheels

In that long ago yesteryear of 1979, before blogging, tweeting, twerking, hacking, posting, ghosting, doxing, and all the other Internet-enabled compulsions of the present day, a gang of inflamed young men, said to be students, invaded the US embassy compound in Teheran and took fifty-two American embassy personnel hostage — crossing an age-old line of […]

Beijing backs off in South America

Beijing’s investment in the region is shifting from oil and other commodities to services Latin America’s commodities boom has faded, and with it has gone much of the Chinese oil financing that fuelled the good times. In the decade before the 2014 oil-price crash, Beijing pumped tens of billions of dollars into the region through […]

The Anthropocene extinction

The Sixth Extinction There have been five major extinctions in the earth’s history and twenty lesser extinction events. They are all cataloged by Wikipedia here: Extinction events And here, below, are all the extinction events since the KT extinction. The event 2 million years ago was, of course, the start of the ice ages. However, […]

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