Peak Oil is You

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News from February 2021

The Pandemic, Peak Oil Demand, and the Oil Industry

Recent months have seen a growing crescendo of claims that a peak in oil demand may be near, or even be past. Pandemic-related changes in behavior such as working from home are predicted to persist after the emergency ends, and advances in technology are said to make oil-fueled vehicles increasingly obsolete. Michael Lynch and Ivan […]

Green technology and growth: a vision we can believe in

James McKenzie believes the UK government’s ambitious 10-point-plan for a “green industrial revolution” can deliver – if we put our collective minds to the problem Visionary thinking The UK’s recent green-energy plan offers great opportunities for physicists. (Courtesy: iStock/ConceptCafe) If 2020 taught us anything, it was that humans are a very adaptable and tenacious species […]

The Great Reset: What the fuss is all about?

The great reset is an initiative taken by the World Economic Forum to reset the world economy for a sustainable and climate conscious growth. The Great Reset was the name of the 50th annual meeting of the World Economic Forum (WEF) that was held in June 2020. It had brought together high-profile business personalities and political leaders […]

China Is Approaching Its Own Peak Oil

Big Oil has become used to a ravenous China. But Chinese energy companies are starting to look ahead to an overall peak in oil demand around mid-decade. Sinopec, SHI 0.21% China’s largest refiner, estimated in December that the nation’s demand for oil products will peak in 2025. While that might yet prove ambitious, a confluence […]

Is China Headed To Peak Oil Demand?

The world’s top oil importer, China, could be just years away from its own peak in domestic demand for oil products, Chinese refiners have started to warn, but consumer preferences and government policies about transport electrification and support for EVs are likely to determine whether Chinese domestic oil consumption will peak around 2025. China’s largest […]

For energy giant Shell, the era of peak oil has already arrived

Royal Dutch Shell Plc said its carbon emissions and oil production have peaked and will decline in the coming years as the company laid out a detailed plan for its transition to cleaner energy. In a sign of how much the petroleum industry has shifted away from its mantra of growth and exploration, Shell said […]

One more dance for oil, before EVs boom

Oil demand could grow at its fastest rate since the 1970s for the next three years, BofA Global Research has said in a note. The commodity’s future is limited, though, the analysts said, expecting global oil demand to peak around 2030. The rise of electric vehicles (EVs) drives this change. Oil demand fell by 8.7 […]

Oil Prices Surge As Inventories Decline

Oil in London climbed for a fourth straight week as efforts to clear an oil surplus are seen holding the market over until demand comes back in force. Global benchmark Brent futures on Friday surged the most since early January, while West Texas Intermediate crude flirted with $60 a barrel for the first time in […]

How Much Higher Can Oil Prices Go?

Oil prices have rallied back to the point they are almost ready to match pre-Covid levels. There are two key drivers for this miracle, which no one predicted early on as being possible in this period of time. The first is the production curbs by U.S. producers and of course, the millions of barrels of […]

How the Fossil Fuel Industry Convinced Americans to Love Gas Stoves

In early 2020, Wilson Truong posted on the NextDoor social media platform—where users can send messages to a group in their neighborhood—in a Culver City, California, community. Writing as if he were a resident of the Fox Hills neighborhood, Truong warned the group members that their city leaders were considering stronger building codes that would […]

White Could Be The New Black For Big Oil

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A metal once dubbed “white petroleum” might soon draw the world’s oil companies back to a sector they abandoned decades ago, mining. It was during the 1970s that major oil producers such as ExxonMobil and BP operated a wide range of copper, uranium, zinc and titanium projects alongside their traditional petroleum business units. The logic […]

Alarming rise in global temperatures

The past six years have been the warmest on record since 1880, with 2016, 2019 and 2020 being the top three, according to a World Meteorological Organization (WMO) press release on 15 January. The year 2020 was 1.2°C above pre-industrial era (1880) temperatures. WMO predicts a 20 per cent probability that temperatures will temporarily exceed […]

Oil’s peak seen nowhere near in India despite energy transition

India’s peak oil demand will come much later than what the rest of the world might anticipate, creating enough room to pursue refinery expansions and secure crude supplies through diversification drives, speakers at the S&P Global Platts South Asia Commodities Virtual Forum said Feb. 4-5. To meet incremental demand and prepare for smoother business operations, […]

Oil’s Recovery Is Too Fast for Its Own Good

The OPEC+ alliance of oil producers will face a big test of its cohesion in a few weeks’ time, when ministers meet to discuss the next step in their historic production deal aimed at rebalancing the world’s oil supply with recovering demand. Things have almost moved too quickly in their favor. Recent increases in crude […]

Scientists Warn Iraqie Oil Will Be Depleted in Less Than 30 Years

The solar revolution is coming. It’s been building momentum for years and is quickly becoming unstoppable. According to the U.S. Department of Energy, installations in the United States have grown 35-fold since 2008. This trend is expected to continue, with installations set to double between 2019 and 2023. Some people may doubt that the future […]

James Howard Kunstler and John Michael Greer

John Michael Greer, an old friend of the podcast, blogs at Ecosophia, subtitle, Toward an Ecological Spirituality. JMG has been an astute observer of the Western world’s arduous economic and cultural descent, and is the author of many books, both novels and non-fiction, including Green Wizardry, After Oil, The Wealth of Nature, and Not the […]

Oil Up, “Up and Away” Over Positive Signs of U.S. Economic Recovery

Oil was up Friday morning in Asia to its highest levels in year, ending the week on a strong note over producers’ commitment to continued supply cuts and positive signs of U.S. economic recovery. Brent oil futures rose 0.41% to $59.24 by 11:02 PM ET (4:02 AM GMT) and WTI futures rose 0.73% to $56.64. […]

Forget Peak Oil, Peak Capital Will Cost Consumers Dearly

The Energy Information Administration reported that the United States did not import any oil from Saudi Arabia in the last week of 2020. There are many reasons for this, and it is likely temporary, but the trend of lower oil imports is happening because of increased domestic oil production in states like New Mexico, […]

UK North Sea Summary Part II: Reserves, Recent Production and Future Projections

The OGA issues UK oil and gas reserve values each year, but only in total, not for individual fields as is done in Norway, Mexico, GoM and Brazil (which reports by basin rather than field). The reserves are not backdated to discovery date so it’s not possible to generate anything like a true creaming curve, […]

How High Will Oil Prices Go This Year?

This week we hit some milestones in the year-long recovery from the oil demand crash of 2020. West Texas Intermediate, (WTI) hit and moved past the $55.00 level, and Brent moved closer to $60. These are some important psychological barriers for the market, and if sustained, as we expect they will be, will push prices […]

When Automobiles Ruled the Earth

Read Part One U.S. oil major Chevron Corp. on Jan. 29 swung to an $11 million fourth-quarter loss and missed Wall Street expectations as low margins on fuel, acquisition costs and foreign currency effects overwhelmed improved drilling results… It reported a full-year loss of $5.54 billion compared with earnings of $2.92 billion in 2019… — […]

After a Bruising Year, the Oil Industry Confronts a Diminished Future

Big oil companies lost billions in 2020 because of the pandemic and face broad questions about how they will adapt to climate change and regulations. HOUSTON — Big Oil isn’t so big anymore. Exxon Mobil, BP and other large oil companies collectively lost tens of billions of dollars last year, posting their worst performance in […]

BP Says Electric Car Chargers Aren’t Profitable Yet

BP Plc isn’t yet turning a profit on its car-charging stations, but the U.K. oil giant expects that to change as more electric vehicles come onto market. “I would not say we are breaking profits in all spaces there,” Christian Girardeau, electrification director at BP, said Tuesday at the BNEF Summit in San Francisco. But […]

Oil jumps 2%, hits highest in a year as producers limit supply

Oil prices rose 2% on Tuesday, reaching their highest in 12 months after major producers showed they were reining in output roughly in line with commitments. The global and U.S. crude benchmarks rallied as optimism about more U.S. economic stimulus added to bullishness from OPEC production levels, which rose less than expected in January. Brent […]

China and Russia: Two Big Threats the U.S. Military Can’t Ignore

Russia and China are working together to enhance their weapons and partner militarily. What will Joe Biden do about it? On December 22, 2020, six strategic bombers—four Chinese and two Russian—flew a joint patrol mission over the East China and Japan Seas. According to the Russian Defense Ministry, the mission was intended to develop and […]

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