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News from January 2021

Heinberg: Insurrection, pandemic, and censorship

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On January 6, thousands gathered in Washington, DC to hear an inciteful speech from President Trump, then forcefully breached the US Capitol Building in an effort to disrupt the peaceful transition of presidential power—an institutional foundation of democracy. Some among the mob entering the building were recorded chanting “Hang Mike Pence!,” while others beat police […]

China Has Just Created an Artificial ‘Star’

EAST is a fusion reactor in China, which can reach temperatures over six times hotter than the core of the sun. And it is the key to sustainable energy. Imagine if we could replace fossil fuels with our very own stars. And no, we’re not talking about solar energy, but actual nuclear fusion. Recent research […]

Pair Of Iranian Oil Tankers Intercepted In Red Sea: Syrian PM

On Sunday Syria’s Prime Minister Hussein Arnous announced that in total seven Iranian oil tankers have been intercepted en route to the country while they were in the Red Sea to date. This includes two which he said were the latest to be detained. This comes amid severe shortages hitting the sanctions-choked as the US continues its economic war. […]

Biden may cancel Keystone XL pipeline permit as soon as his first day in office

U.S. President-elect Joe Biden is planning to cancel the permit for the $9 billion Keystone XL pipeline project as one of his first acts in office, and perhaps as soon as his first day, according to a source familiar with his thinking. FILE PHOTO: A depot used to store pipes for Transcanada Corp’s planned Keystone […]

Global fossil fuel demand should peak in 2027, says consulting firm McKinsey

Aggregate fossil fuel demand on a global-scale is set to peak in 2027 – with oil peaking in 2029 and gas in 2037 – partially due to the impacts of COVID-19, according to new research by leading global consultancy McKinsey & Company. Its Global Energy Perspective 2021 report finds that while coal demand peaked already, […]

Why Lockdowns Look Set to Stay

A year after the lockdown imposed in the Chinese city of Wuhan shocked the world, the tactic is turning out to be an enduring tool for quelling the coronavirus almost everywhere. When the first large-scale lockdown in modern times was implemented in China on Jan. 23 at the start of the Covid-19 pandemic, it was […]

Global population hit by extreme drought set to double

PARIS: Available freshwater is on track to decline sharply across two-thirds of Earth’s land surface toward the end of the century mostly due to climate change, with the number of people exposed to extreme drought doubling, researchers have reported. Even under a scenario of moderate decline in greenhouse gas emissions, land area scorched by extreme […]

Iran hit by blackouts and smog amid electricity production woes

Iran is suffering vast blackouts and intense air pollution in recent weeks, amid electricity production problems blamed on Bitcoin mining and a shortage in natural gas. Officials have said illegal cryptocurrency miners — who are paid to use farms of power-hungry machines to verify the legitimacy of cryptocurrency transactions — have been gobbling up power […]

The pandemic could lead to a major oil supply crunch

It may be counterintuitive to say that the oil demand crash and the resulting glut in 2020 could lead to an oil supply crunch in just a few years. Yet, a growing number of experts and international agencies warn that the world could be headed for an oil shortage when oil demand finally recovers from […]

Collaboration on oil, gas and other power sources significant to China-US ties

Can the China-U.S. relationship bottom out after the severe setbacks caused by Washington’s hostile policy during Donald Trump’s presidency? To Li Qiangmin, the answer is “sure” and he believes expanded energy cooperation could help ease tensions between the two countries. Li, former Chinese Consul General in Houston, the U.S., said energy trade with China is […]

Kunstler: Signs and Wonders

In case you don’t know what condition our condition is in, the name for it is a crisis of legitimacy. Four years of seditious harassment by a “Resistance” within-and-without the US Government culminates in the janky election of a mentally incapable grifter… run by whom? Does anyone seek to know who, exactly, is pulling Joe […]

Iraq oil minister sees oil at $60 in second quarter of 2021

(Reuters) – Iraqi Oil Minister Ihsan Abdul Jabbar expects oil prices to reach around $60 in the second quarter of 2021, he said in an interview with Iraq’s Sharqiya TV on Friday. (Reporting By Ahmed Rashed; Editing by Toby Chopra) reuters

The Two Faces Of The US Empire

The Biden/Harris inauguration event is going to be a star-studded celebration spanning an unprecedented five days, a giddy orgy of excitement at a murderous oligarchic empire having a new face behind the front desk after promising wealthy donors that nothing will fundamentally change. This comes at a time when Americans are now reporting that they trust […]

Daniel Yergin takes on energy, climate change and the slow but sure shifts in big power relationships

New energy sources and the climate crisis have transformed not only the planet, but also the global order. Pulitzer Prize-winning author Daniel Yergin speaks on CNA podcast The Climate Conversations about the shifting sands of energy and geopolitics. Daniel Yergin, author of The New Map. (Photo: Cary Hazlegrove) SINGAPORE: On Sep 14, 2019, the world’s […]

Rosneft’s massive Arctic oil push undermines BP’s green turn

BP’s chief executive Bernard Looney has staked his leadership on the oil company producing less oil. Rosneft’s chief executive Igor Sechin is taking the opposite side of that bet, with a planned Rbs10tn ($134bn) wager on a vast new project in the Arctic. That BP owns nearly 20 per cent of the Russian oil producer […]

Why Mainstream Economic Forecasts Are So Often Wrong

Every end of the year, by the end of the year, we receive numerous estimates of global GDP growth and inflation for the following year. Historically, almost in all cases, expectations of inflation and growth are too optimistic in December for the following year. If we look at the track record of central banks, it […]

Carmageddon: Hidden War Between Motor Cars and People

There is a silent, ongoing, global war between motor cars and people. It is silence because, though it kills many times more people than armed conflicts and terrorist acts combined. It seldom hits the headlines in the way they do. It is ongoing because it rages and will continue to rage around us day and […]

Biggest Oil Trader Sees No Travel Rebound Till Third Quarter

A return to pre-pandemic levels of oil demand will hinge on jet-fuel use, which is unlikely to recover until the third quarter of the year, said Mike Muller, head of trader Vitol SA’s operations in Asia. Jet fuel has been the oil product hardest hit by the coronavirus pandemic in Asia. Demand in the region […]

Batteries are made of rare, declining, critical, and imported elements

Preface. Since oil and other fossils are finite and emit carbon, the plan is to electrify society with batteries. But doh! Minerals used in batteries are finite too. And dependent on fossil-fueled transportation and manufacturing from mining trucks, to smelter, to fabrication, to delivery. Alice Friedemann www.energyskeptic.com author of “When Trucks Stop Running: Energy and […]

U.S. EIA cuts 2021 world oil demand growth forecast

The U.S. Energy Information Administration on Tuesday cut its 2021 world oil demand growth forecast by 220,000 barrels per day from its previous estimate. In its monthly forecast, U.S. Energy Information Administration says 2022 world oil demand to hit 101.08 million bpd, up 3.31 million bpd from 2021. Reuters

Covid Has Disrupted Food Supplies

Agflation is back, and so are unhelpful fixes. Under pressure from falling incomes and higher inflation, Moscow has rushed to cap the cost of basic foods and introduced measures to curb wheat and other exports. President Vladimir Putin’s televised displeasure was a symptom of the strain governments are feeling everywhere. Fortunately, the problem is not yet at levels seen just over a decade ago. Unfortunately, […]

The Oil Industry Is In Dire Need Of Investment

The global oil market is in flux once again. The bulls are fighting it out with the bears as COVID lockdowns come into force around the world. Oil prices may have hit 10-month highs on the back of extended production cuts from OPEC+ but black clouds have re-emerged on the horizon as the majority of […]

Peak Oil? Drivers—and Voters—Could Delay It for Years

You might be filling up your tank a lot longer than BP thinks. Ambitious green policies—from politicians and even the newly climate-conscious oil companies—suggest the world is moving at warp speed away from fossil fuels. But the transition might not be easy on consumers’ wallets, which is precisely why it could take a while. The […]

OPEC, Russia OK new oil quotas

OPEC, Russia and other major oil producers reached an unusual agreement on production quotas Tuesday, with Saudi Arabia committing to reducing its oil production by 1 million barrels a day and Russia and Kazakhstan winning relatively modest production increases. The effect will be an overall reduction in oil production. The news pushed prices up more […]

The Deification of Emperor Trump: Following Caligula’s Path

Jake Angeli, high priest of the growing cult of Emperor Donald Trump, dressed as the horned God Cernunnos. The deification of Emperor Trump in Washington, yesterday, didn’t go so well, but we are moving along a path that the Romans already followed during the decline of their empire, including the deification of emperors, starting […]

Strait of Hormuz: the world’s most important oil artery

Iran’s Revolutionary Guards Corps seized a South Korean-flagged tanker in Gulf waters and detained its crew, Iranian media said on Monday, amid tensions between Tehran and Seoul over Iranian funds frozen in South Korean banks due to U.S. sanctions. A South Korean-flagged tanker vessel which was seized by Iran. is seen in Gulf, Iran January […]

Peak oil? This T. Boone Pickens fund is swapping fossil fuels for renewables

The ETF, the NYSE Pickens Oil Response Fund, or BOON(BOON) , will become RENW, the Pickens Morningstar Renewable Energy Response Fund, in mid-August, embracing a strategy that “seeks to identify companies that are leaders in the transition to a low-carbon economy,” fund managers said in a filing (https://www.sec.gov/Archives/edgar/data/1540305/000089418919004394/a497trilinestickers.htm). (https://www.sec.gov/Archives/edgar/data/1540305/000089418919004394/a497trilinestickers.htm)Pickens indirectly controls TriLine Index Solutions LLC, […]

Saudi Arabia, Russia Reach Oil Compromise, Sending Crude Above $50

Saudi Arabia and Russia reached a compromise on oil policy among the world’s biggest producers, agreeing to maintain output levels through February and delay any increase until March, according to officials familiar with negotiations. West Texas Intermediary futures, the gauge for U.S. crude, passed $50 a barrel for the first time since February last year […]

Saudi’s MBS says Gulf states sign ‘solidarity and stability’ deal

Gulf leaders are meeting in Saudi Arabia for their annual summit on Tuesday amid a breakthrough in the long-running dispute between a Saudi-led bloc and Qatar. Saudi Arabia on Monday announced the reopening of land borders with Qatar after a three and a half-year spat that saw the kingdom, Egypt, the United Arab Emirates (UAE) […]

Chinese cities reportedly go dark as country faces shortage of coal, a major Australian export

Several major Chinese cities have reportedly gone dark as authorities limit power usage, citing a shortage of coal. Analysts said prices of the commodity in the country have shot up due to the reported crunch and some tie the shortages and blackouts to the unofficial ban on Australian coal. Chinese authorities have not tied the […]

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