Peak Oil is You

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News from March 2020

Supplies Are Starting To Get Tight As Food Distribution Systems Break Down

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All across America, store shelves are emptying and people are becoming increasingly frustrated because they can’t get their hands on needed supplies. Most Americans are blaming “hoarders” for the current mess, but it is actually much more complicated than that. Normally, Americans get a lot of their food from restaurants. In fact, during normal times 36 percent of all […]

Saudi Arabia Lets Prices Collapse

Saudi Arabia said on Monday it will raise its oil exports to a record 10.6 million barrels per day starting from May despite a global supply glut, escalating a price war with Russia. Oil prices are languishing at 17-year lows as the coronavirus pandemic threatens a painful global recession that could further sap demand. US […]

The Other Emergency Is Crashing Oil Prices

A barrel of Western Canadian Select diluted bitumen reached a record low of US$7.63 this week. Meanwhile a black market bottle of Purell hand sanitizer fetched $138 on the internet. There you have the frenzied volatility seizing global oil markets as the economy slows to a crawl around the world. One bottle of hand sanitizer is worth […]

The World Is Running Out of Oil. Here’s How to Be Prepared

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Oil substantially impacts the products and activities that people become familiar with during their daily lives. Individuals immediately make a connection between oil and the fuel for vehicles. It serves that purpose, but oil also plays a role in the production of many plastics and chemicals, as well as asphalt and tar. It’s safe to […]

Oil Tumbles to 18-Year Low

Oil tumbled to an 18-year low as coronavirus lockdowns cascaded through the world’s largest economies, leaving the market overwhelmed by cratering demand and a ballooning surplus. Futures in London plunged by 9% to the lowest level since March 2002, while New York crude dipped below $20 a barrel before settling just above that level. While […]

The Great Madness

Has the world gone mad? It certainly seems that way to some of us. Even the most cynical never imagined the government shutting down the country for fear of a virus, but it has suddenly become the new normal. The cynical, if they thought of it at all, would have thought the opposite. Instead of […]

Welcome to a Truly Free Oil Market

At the point we’re now at, postponing the oil-price war won’t make a lot of difference for an industry that’s already breaking down under the weight of demand destruction. It’s too late to use diplomacy and artful negotiations to share the burden of output cuts that are now inevitable. The pumping free-for-all unleashed by Saudi Arabia and Russia is […]

The Biggest Threat To Western Oil Majors

The international oil market is composed of two types of companies: International Oil Companies (IOC) and National Oil Companies (NOC). The former are Western firms with their origin often linked to the colonial past such as BP and Royal Dutch Shell. NOCs, on the other hand, were founded in a wave of nationalism in the […]

Hold My Beer, I Can Fix This

The yahoos in the photograph above are tired of cutting their respective country’s oil production only to watch the US shale oil industry grow its production and steal their market share. The world is swimming in crude oil, the price is headed for $15, or worse, and the EIA says the American shale oil sector […]

What Can Collapsologists Learn From the Coronavirus Disaster?

—————— This time, it is for real! ——————– Guest post by Herbert Krill March 23, 2020 These are interesting times for collapsologists and for anyone interested in collapse. For many years, we all studied the past, historic collapses like the Fall of Ancient Rome, and speculated about future collapses. We studied Joseph Tainter, Jared Diamond, […]

US and Saudi Arabia Talk Oil Stabilization

U.S. Secretary of State Mike Pompeo revealed Wednesday that he recently spoke with Saudi Crown Prince Mohammed bin Salman Al Saud and they agreed all countries need to work together to stabilize energy markets. Spoke with Saudi Crown Prince Mohammed bin Salman Al Saud regarding the #coronavirus and we agreed all countries need to […]

COVID-19 Demonstrates the Importance of Plastics

Over the span of just a few weeks, the world’s priorities have shifted significantly. COVID-19 has made it abundantly clear that not only do we still need oil and natural gas, but the world would not be able to tackle this threat without products that are made possible by these resources, including plastic. Cities and […]

The End of Civilization?

Governments all over the world are using the alleged threat of a COVID-19 pandemic to shut down the world’s economy. Daniel Lacalle, an authority on energy economics, writes: “The decision to shut down air travel and close all nonessential businesses is now a reality in major global economies. The United States has banned all European […]

Nate Hagens: An Overview of the Systemic Implications of the Coronavirus

With the exception of some public talks, I’ve largely been quiet the last five years on social media and other venues with respect to describing our societal situation, despite having strong opinions on what is happening and what is going to happen. I’ve mainly been working behind the scenes on responses to the coming end-of-growth […]

COVID-19: How Corona Broke the System

By Marc Saxer International Politics and Society No one knows how long the pandemic will last, how many people will fall ill, how many lives the coronavirus will claim. But the economic and political consequences of the outbreak are already emerging. Measures to contain the pandemic are disrupting public life around the world. Starting with […]

Richard Heinberg: How Does Pandemic Change the Big Picture?

As of 2019, the Big Picture for humanity was approximately as follows. Homo sapiens (that’s us), a big-brained bipedal mammal, had spent the Pleistocene epoch (from 2.5 million years ago until 12,000 years ago) developing its ability to control fire, talk, paint pictures, play bone flutes, and make tools and clothes. Language dramatically enhanced our […]

Kunstler interviews Gail Tverberg of Our Finite World

Gail Tverberg is an analyst who has been researching the connection between oil limits and the economy for nearly 10 years. She writes a widely-followed blog called Our Finite World. Her background is as an actuary, working as a consultant to insurance companies. She also has a foot in the academic world, where she has […]

Covid-19 triggers 20% drop in oil demand

Early figures are suggesting that the outbreak of Covid-19 could have a significant impact on global oil demand, with Arij van Berkel, a director at US-based research firm Lux Research claiming that “early indications by traders suggest a 20% drop in demand.” “In a sense, the current demand decrease is a preview of demand projections […]

Countries Are Starting to Hoard Food, Threatening Global Trade

It’s not just grocery shoppers who are hoarding pantry staples. Some governments are moving to secure domestic food supplies during the conoravirus pandemic. Kazakhstan, one of the world’s biggest shippers of wheat flour, banned exports of that product along with others, including carrots, sugar and potatoes. Serbia has stopped the flow of its sunflower oil […]

Oil Prices Won’t Go Negative, An Analysis Of Crude Storage Capability

Summary As investors get increasingly bearish, analysts start to talk about the potential for low or negative oil prices. However, that’s simply false. COVID-19 will cause a worst case 960 million barrels, but likely half of that, and we can assume all of that will be stored. Production will decline rapidly by 20-30% in the […]

The Impossible Challenges Created By Growing Population

In the period 1975 to 2019, world population increased at an average of 83 million per year. The 2019 increase was the difference between approximately 140 million births and 57 million deaths. The annual emissions of carbon dioxide from fossil fuel combustion, cement manufacture and deforestation are currently 40 billion metric tons, of which almost […]

New York vs Italy

I think what is happening here is that Italy is just barely maybe starting to contain the virus. New York is in serious and, I would guess, irrecoverable containment failure. Italy has been locked down since March 9th. New York is still far from fully locked down. The data are for New York State, but […]

Yergin: Oil crash has similarities to 1998, 1930s

The Permian Basin oil and gas industry is caught in the crossfire of two crises: a demand shock caused by the impact of the coronavirus, and a supply shock as Saudi Arabia and Russia flood the markets with crude as part of a price war. “Two crises have hit the oil market at the same […]

First Look At Internal Passports To Travel Within The United States

North Carolina’s Department of Public Safety reportedly issued a statute imposing a statewide curfew effective until April of NEXT YEAR. The certificate, evidently given to a healthcare worker as an exemption waiver for the impending curfew, explains Governor Roy Cooper’s state of emergency declaration and a mandatory curfew that will be put into effect. Photo […]

The Bailout Bonanza is Back!

The emphasis has to be on HOG as they squeal for corporate welfare and push their snouts into the trough. One hedge hog says the government needs to bail out all businesses by paying all wages so companies that depleted all cash don’t have to pay to retain all workers: Bill Ackman✔@BillAckman Mr. […]

The System Will Not Return To “Normal”…And That’s Good, We Can Do Better

The pandemic is revealing to all what many of us have known for a long time: the status quo was designed to fail and so its failure was not just predictable but inevitable. We’ve propped up a dysfunctional, wasteful and unsustainable system by pouring trillions of dollars in borrowed money down a multitude of ratholes to avoid a […]

The decline of oil has already begun

In 1961, when I was 14, working on a science fair project, my father – a geologist and petroleum engineer – explained oil depletion to me. To grow production, oil companies were drilling deeper and deeper wells, developing technologies to extract more oil from spent fields, and would one day tap into shale rock and […]

Why Preppers Weren’t Really Prepared For The Pandemic

Among the many lessons of the pandemic thus far is that the world was — and remains — woefully unprepared. But not everyone in the world. For one cohort, COVID-19 has presented the very crisis they’ve long awaited, what they sometimes call “The Big One.” They are preppers, also known as survivalists; they stockpile food, guns, and emergency equipment […]

America “should begin work immediately” on building fusion reactor

The US should begin work immediately on designing and building a pilot fusion reactor, according to a landmark report by a group of scientists, politicians and industry. The study, produced by the plasma physics division of the American Physical Society, based in Princeton University, argues that America should play a more prominent role in developing […]

Martial Law likely around the corner

As major U.S. cities prepare for a total lockdown to combat the Covid-19 pandemic, police, state troopers, the Army and the Air National Guard are preparing for martial law. That means you need to prepare for mass quarantines. The “shelter-in-place order” is coming.

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