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News from May 2021

Peak demand? More like a supply crisis propelling oil to US$100

The world stands on the cusp of an oil supply crisis. Years of insufficient investment in offshore mega-projects combined with the end of U.S. shale hyper growth and a recent shift by global supermajors to preferentially invest in alternative energy over traditional hydrocarbons have resulted in an oil industry that lacks the ability to meaningfully […]

We’re returning to the ‘70s era of social decay, crime, and stagflation

The most dangerous part of the recently released 4.2% headline inflation, the highest since 2008, is the fact that higher labor costs haven’t even kicked in yet, said Scott Rothbort, president of LakeView Asset Management. Rothbort said that the economy is headed to a situation where we will have much higher inflation but low economic […]

The American infrastructure, ancient Rome and ‘Limits to Growth’

Infrastructure is the talk of the town in Washington, D.C. where I now live and with good reason. The infrastructure upon which the livelihoods and lives of all Americans depends is in sorry shape. The American Society of Civil Engineers 2021 infrastructure report card gives the United States an overall grade of C minus. Everyone […]

The Stiff Price of Weaponizing Energy for Political Gain

Before Russia weaponized energy with the Nord Stream 1 and Nord Stream 2 natural gas pipelines, the Organization of the Petroleum Exporting Countries had the monopoly on holding global economies at bay by raising prices or constraining supply at will. But now there is a more insidious strain of weaponizing energy since it incorporates fear […]

The Great Pause Week 61: Swallow the Doctor

“The first successful transubstantiation is estimated to happen around 2035. After that we will each be able to back ourselves up to the cloud, if we can afford the data plan.“ Elon Musk and Peter Diamandis, May 5, 2021 X-Prize Launch Near the start of World War II, Robert A. Heinlein published a story […]

Mexican Power Plants Boost Dirty Fuel Oil Use, Shun Natural Gas

Fuel that is so dirty that the global shipping industry banned its use last year is being burned at the highest level in three years in Mexican power plants. With the global shipping industry shunning sulfurous fuel oil to curb emissions, storage tanks in Mexico are overflowing with the stuff. The solution for Mexico is […]

Netanyahu assures Biden that Israel is seeking to limit Gaza civilian casualties

Prime Minister Benjamin Netanyahu spoke with US President Joe Biden on Saturday about the ongoing escalation in violence between Israel and terrorists in the Gaza Strip and said the IDF was doing everything possible to avoid harming civilians, according to an Israeli statement on the call. The conversation, reportedly initiated by Biden, came as the […]

Shell Makes Deepwater Discovery

Shell Offshore Inc, a subsidiary of Royal Dutch Shell plc (NYSE: RDS.A), has announced a “significant” discovery at the Leopard prospect in the deepwater U.S. Gulf of Mexico (GOM). The Leopard well encountered more than 600 feet of net oil pay at multiple levels, according to Shell, which said evaluation is ongoing to further define […]

We must stop flushing our trees down the toilet

Our destructive habit of wiping instead of washing our derrieres is having a devastating impact on what remains of our precious biodiversity-rich old-growth boreal forests and tropical rainforests. It’s estimated that only 30 per cent of the world’s population uses bathroom tissue to clean their bottoms. The rest of the world uses water or soft […]

China Records Slowest Population Growth In Decades

China’s population grew at its slowest pace in decades, according to government data released on Tuesday. The average annual growth rate was 0.53% over the past 10 years, down from a rate of 0.57% between 2000 and 2010 – bringing the population to 1.41bn. The results add pressure on Beijing to boost measures for couples […]

Israeli energy pipeline hit in Gaza rocket attack

A pipeline belonging to an Israeli state-owned energy company was hit in a rocket attack from Gaza late on Tuesday, an Israeli government official and an energy sector official told Reuters. Video broadcast by Channel 12 showed flames rising from what appeared to be a large fuel vat near the Israeli Mediterranean city of Ashkelon, […]

More than 1,000 gas stations run out of fuel

More than 1,000 gas stations in the Southeast reported running out of fuel, primarily because of what analysts say is unwarranted panic-buying among drivers, as the shutdown of a major pipeline by a gang of hackers entered its fifth day Tuesday. Government officials acted swiftly to waive safety and environmental rules to speed the delivery […]

Big Oil Is In Desperate Need Of New Discoveries

The year 2020 was a watershed moment for the fossil fuel sector. Faced with a global pandemic, severe demand shocks and a shift towards renewable energy, experts warned that nearly $900 billion worth of reserves–or about one-third of the value of big oil and gas companies–were at risk of becoming worthless. Even Big Oil mostly […]

Oil buying accelerates amid growing confidence in economic recovery

Hedge funds boosted their position in petroleum for the fourth week running, as bullishness about oil consumption and prices rebounded after the setback in March. Hedge funds and other money managers purchased the equivalent of 40 million barrels in the six most important petroleum futures and options contracts in the week to May 4. Oil […]

Kunstler: The Raptures of Hyper-Complexity

Looks like The New York Times will have to recalibrate its president-o-meter. For five months they’ve been styling Joe Biden as the reincarnation of FDR, but he’s looking more and more like the second coming of Millard Fillmore — who came to leadership of the dominant Whig Party at exactly the moment it flew up […]

East Coast Faces Fuel Shortage

Motorists from New York to Atlanta face a growing threat of fuel shortages and surging prices as a cyberattack that crippled North America’s biggest petroleum pipeline drags into its third day. Colonial Pipeline said on Sunday that it was still developing a plan for restarting the nation’s largest fuel pipeline — a critical source of […]

If You Believed Something Else, You Wouldn’t Be Sitting Here

Listen to this article: It sure is interesting how stuff keeps happening that makes free speech on the internet something dangerous which must be curtailed. Covid, the Capitol riot, Russian propaganda, all of which just happen to require tightening restrictions on our single best tool against the powerful. Had online platforms not agreed to curtail […]

Michael Lynch: Peak Oil Demand, Really? Some Lessons From The Debate Over Peak Supply

Some recent headlines and quotes from the press: “Peak Oil is Suddenly Upon Us” (Bloomberg 12/1/20); “Even Exxon Mobil is Capitulating to Peak Oil Demand” (Bloomberg 12/1/20); “End Game for Oil? OPEC Prepares for an Age of Dwindling Demand,” (Reuters 7/28/20); “World has already passed peak oil, BP figures reveal” (CarbonTracker 9/15/20); “COVID-19 has brought peak […]

Jet Fuel Use Set to Surge 30% in USA

It’s the postponed weddings and family reunions. It’s meeting newborn grandchildren and attending memorial services for loved ones lost to the pandemic. It’s the rebooked trips to Maui and adventures in new cities. All that travel demand has been piling up for more than a year, and now it’s about to burst out into one […]

Cyber attack shuts down top U.S. fuel pipeline network

Top U.S. fuel pipeline operator Colonial Pipeline shut its entire network, the source of nearly half of the U.S. East Coast’s fuel supply, after a cyber attack on Friday that involved ransomware. The incident is one of the most disruptive digital ransom operations ever reported and has drawn attention to how vulnerable U.S. energy infrastructure […]

Green apocalypse

For decades, the powers-that-be have been claiming the world would come to an end within a few years (they’ve repeatedly predicted catastrophes that didn’t happen ever since 1970). Their mantra has always been to push wacky ideas they’ve fabricated in their burning desire to control every element of our lives — and they wind up […]

A Shock Ouster in Qatar

Qatar ordered the arrest of Finance Minister Ali Sharif Al-Emadi for misusing public funds, an unprecedented move in the Gulf where allegations of criminal conduct by senior officials are typically addressed behind closed doors. Regarded as a budget-conscious finance chief, Al-Emadi took over in 2013 after helping transform Qatar National Bank from a local champion into the […]

Clean energy minerals shortage: Who knew it could happen?

The race for so-called green energy has spawned another race, one for the minerals needed to make the devices such as solar panels and batteries that produce, store and transmit that energy. A hitherto largely unchallenged economic idea—that we will always have supplies of everything we need at the time we need it at prices […]

“Great Reset” Will Force Businesses To Comply

Recently, economies throughout the world have been completely transformed. Numerous attempts have been made to lead people to continue to believe that it’s a straight-up conspiracy hoax. It’s not a conspiracy theory, however. It’s true and it’s happening now. The Blaze’s Glenn Beck recently discussed how “the great reset” is currently taking place in Europe. The […]

Renewables to grow far faster than oil sector

Renewable energy will account for a far larger share of global supply in 2050 than major oil companies or the International Energy Agency (IEA) expect, Oslo-based consultancy Rystad Energy said on Thursday. Its updated models show renewables meeting 74% of total energy demand by 2050, compared to 43%, 45% and 69% in the most aggressive […]

Coal Is Getting Even Closer to the End of Its Line

In 2020, Americans used 447 million short tons (to distinguish from metric tons) of coal. That’s enough to fill 4 million railroad cars, which sounds like a lot. But it’s also the country’s lowest annual coal consumption since 1965, and even that barely hints at the historical territory coal may soon explore. A few more […]

IEA Says Governments Should Consider Stockpiling Battery Metals

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Western governments should consider stockpiling critical battery metals such as cobalt and lithium, the International Energy Agency said, in a stark warning of the geopolitical risks that accompany the green-energy transition. That call comes as some policy makers worry the shift from burning fossil fuels to a greener economy will expose the world to new […]

China is out-polluting the world

They say climate change is a global issue, something that the entire world is responsible for. But for more that two centuries, western countries went on a pollution spree. The west was a powerhouse of emmissions with its trains, factories, oil refineries and much more. Most of the pollution we see today is from that […]

New York City sues Exxon, BP, Shell in state court over climate change

New York City on Thursday sued three major oil companies and the top industry trade group in state court, arguing that the companies are misrepresenting themselves by selling fuels as “cleaner” and advertising themselves as leaders in fighting climate change. The lawsuit comes after a federal appeals court this month rejected the city’s effort to […]

Living within our energy income

Traditional fiscal advice for a sustainable life style is to preserve your capital and live on your interest income. The cautionary tale is a person who burns through an inheritance, living beyond their income, and eventually winds up bankrupt. This same basic idea can be applied to natural resources and energy systems. Natural resources have […]

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