Peak Oil is You

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News from June 2021

There Isn’t Enough Natural Gas

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Natural gas markets around the globe are rallying as the world’s importers have come to a stark realization: there isn’t enough supply to go around. A long, frigid winter drained gas stockpiles from Louisiana to Germany, and utilities are struggling to build them back up. But unforeseen supply disruptions and a rebounding global economy are […]

Peak Oil: The Continuous Climb

Scientists, philosophers, and engineers have been predicting the eventual peak of oil production for decades, but each estimate has been incorrect. Was 2019 the year of peak oil? What are factors contributing to a decline in production? What are the newest estimates for peak oil? All of this and more in the first episode of […]

The Return Of Oil

BARELY 14 months ago, oil traders were paying almost $40 to anyone willing to accept delivery of a barrel of crude by the end of May 2020. Such had been the pandemic’s impact in the demand for the black gold, that storage reached full capacity and those who, acting as middlemen, had secured large quantities of oil, […]

Oil Prices Could Peak to $100 in 2022

According to Bank of America Corp (NYSE:BAC)’s analyst Francisco Blanch, oil prices could peak to $100 next year if the high demand continues. The limited supply and ineffectiveness of shale in the U.S. have sent oil to the highest since 2013. Q1 2021 hedge fund letters, conferences and more Brent surpassed the October 2018 high by reaching $75 […]

Oil prices soar even as consumption remains below trend

Global oil consumption is set to return to pre-pandemic levels by the first quarter of 2022, driven by a strong expansion in global manufacturing and freight transport as well as the gradual re-opening of major economies. Booming consumption from miners, manufacturers, shipping and trucking firms, as well as private motorists, is expected to offset the […]

February Non-OPEC Oil Production Sinks

Below are a number of oil (C + C ) production charts for Non-OPEC countries created from data provided by the EIAʼs International Energy Statistics and updated to February 2021. Information from other sources such as OPEC, the STEO and country specific sites such as Russia, Norway and China is used to provide a short term outlook […]

Everyone Wants to Sell the Last Barrel of Oil

A final victory last week over the Keystone XL pipeline is a reminder that fighting particular fossil-fuel projects is a necessary strategy if the climate is to be saved. The defeat of Keystone XL doesn’t mean that Canada’s vast tar-sands project, which is generally regarded as the largest industrial project in the world, is over, […]

Brace for huge oil volatility

Oil prices are likely to be extremely volatile in the next few years, driven by supply constraints rather than demand as financing for new production evaporates in favour of renewables, U.S.-based Castleton Commodities International said. “You could see spikes to even higher than $100 a barrel, even $130, and you could also see it go […]

OPEC told to expect limited U.S. oil output growth, for now

OPEC officials heard from industry experts that U.S. oil output growth will likely remain limited in 2021 despite rising prices, OPEC sources said, giving it more power to manage the market in the short term before a potentially strong rise in shale output in 2022. Officials from OPEC’s Economic Commission Board (ECB) and external presenters […]

One day in May and Big Oil’s future

May 26, 2021 is not “a date that will live in infamy,” unless you work in the oil and gas industry. That day saw three events across the world being cited as the “end to Big Oil.” In The Netherlands, a Dutch court ruled Shell Oil must accelerate its carbon emissions reduction efforts to comply […]

Bezos-Backed Fusion Startup Picks UK to Build First Plant

A nuclear fusion startup backed by billionaire Jeff Bezos will build its first pilot power plant outside of London, potentially accelerating a new way of generating clean energy. Canada’s General Fusion Inc. is one of about two dozen startups trying to harness the power that makes stars shine. Rather than splitting atoms like in traditional fission reactors, fusion […]

Why the Earth needs a course correction now

The massive impact of the COVID-19 pandemic on lives and economies underscores that our collective survival and well-being hinges on our willingness to confront environmental threats that have global consequences. Key to protecting lives and making communities more resilient to such threats will be an emphasis on proactive, science-based decision-making at all levels of society. […]

Munger and Roberts on Recycling, Peak Oil and Steroids

podcast: EconTalk Mike Munger, of Duke University, and EconTalk host Russ Roberts clean up some loose ends from their previous conversation on recycling, move on to talk about the idea of buying local to reduce one’s carbon footprint and then talk about the idea of peak oil. They close the conversation with the Rick Ankiel […]

$100 Oil Is Now A Distinct Possibility

Although oil may not be headed to a new supercycle, prices still have room to rise from current levels because of a strong demand rebound and expected tightness in supply, some of the world’s largest commodity trading groups say. There is a chance for $100 oil, Jeremy Weir, chief executive officer at commodity trader Trafigura, […]

Oil & Gas Industry Planning To Replace Vaccinated Personnel

A recruiter for oil and gas corporations recently gave an ominous warning on Tik Tok, claiming that these big companies are mysteriously preparing to replace their vaccinated employees within three years.

China Insists Taishan Nuclear Plant Radiation Levels Normal

Beijing says the safety of its nuclear power plant in southern China is “guaranteed,” following alarming reports about a fission gas leak in recent weeks. Zhao Lijian, a spokesperson for China’s foreign ministry, told reporters on Tuesday that the Taishan Nuclear Power Plant in Guangdong province met all technical requirements. “No abnormalities in radiation levels […]

G7 Nations Promise Decarbonization

The world’s wealthiest large democracies issued a joint communiqué that stressed the need for drastic action to end the pandemic and counter China. President Biden then had tea with Queen Elizabeth and said the monarch reminded him of his mother. Here’s what you need to know: G7 leaders come together on a global minimum tax […]

Shell considering sale of holdings in largest U.S. oil field, worth up to $10 billion

Oil giant Royal Dutch Shell is reviewing its holdings in the largest oil field in the United States for a possible sale as the company looks to focus on its most profitable oil-and-gas assets and grow its low-carbon investments, according to sources familiar with the matter. The sale could be for part or all of […]

Energy consumption rises as recovery continues

Crude oil closed at $70 per barrel for West Texas Intermediate (WTI) on the New York Stock Exchange (NYMEX) on June 8. Brent crude oil, which is traded on the international exchange, has closed at more than $70 for several days. EIA estimates the price of Brent oil will remain strong amid expectations of global […]

Over $1 trillion needed by 2030 to put world on track to reach net-zero by 2050

A report earlier this month from the International Energy Agency (IEA) carried out in collaboration with the World Bank and the World Economic Forum has found that the world’s energy and climate futures are increasingly hinged on whether emerging economies manage that transition successfully. The report calls for a complete rethink of global efforts to mobilise and […]

The Keystone XL Oil Pipeline Is Dead

The Canadian company behind the controversial Keystone XL oil pipeline called it quits on the project Wednesday, ending a decadelong standoff over the $8 billion pipeline that promised to transport 830,000 barrels of crude oil across the American plains each day. The decision to end construction on the project, which was first proposed by Alberta-based TC […]

The Lie That A Kinder, Gentler US Empire Is Possible

Minnesota Representative Ilhan Omar has once again been the center of an artificial controversy launched in bad faith, this time over a tweet where she mentioned the United States and Israel in the same breath as Hamas and the Taliban as perpetrators of “unthinkable atrocities”. “We must have the same level of accountability and justice […]

The Eugenical Highway

‘Voice or no voice, the people can always be brought to the bidding of the leaders. That is easy. All you have to do is tell them they are being attacked, and denounce the peace makers for lack of patriotism and exposing the country to danger. It works the same in any country.’ – Hermann […]

U.N. declares decade of ecosystem restoration to ‘make peace with nature’

The U.N. has declared the coming decade a time for ecosystem restoration, highlighting in a new report the importance of preventing, halting and reversing ecosystem degradation worldwide. It calls on the world to restore at least 1 billion hectares (2.5 billion acres) of degraded land in the next decade — an area larger than China […]

IEA Tells OPEC To “Open The Taps”

Oil prices climbed on Friday as the IEA boosted optimism about global oil demand recovery. Friday, June 11th, 2021 Oil prices showed modest gains on Friday, after a selloff on Thursday. Oil prices drop after U.S. lifting sanctions on Iranian officials. The U.S. Department of the Treasury said on Thursday it is removing several Iranian […]

Wyoming To Lead The Coal-To-Nuclear Transition

Coal and natural gas together produce two-thirds of our electricity, almost equally split between them. Nuclear produces 20%, hydro produces 7%, and renewables about 7%. Oil produces even more energy than either coal or gas, but it is used almost entirely for transportation except during Polar Vortexes when coal, gas and wind fail to produce […]

An Inconvenient Truth: EVs May Offer A “Negligible” CO2 Difference From ICE Vehicles

Are the carbon footprints of EVs really as drastically lower than that of internal combustion engine vehicles? When considering the amount of carbon and CO2 created from assembling lithium ion batteries, one firm thinks the difference could be “negligible”. Such was the topic of a new blog post by natural resource investors Goehring & Rozencwajg (G&R), a “fundamental […]

Scientists develop ‘cheap and easy’ method to extract lithium from seawater

Researchers at King Abdullah University of Science and Technology developed what they believe is an economically viable system to extract high-purity lithium from seawater. Previous efforts to tease lithium from the mixture the metal makes together with sodium, magnesium and potassium in seawater yielded very little. Although the liquid contains 5,000 times more lithium than […]

Rosneft Warns of ‘Severe’ Oil Shortage Amid Hasty Energy Shift

Russian oil giant Rosneft PJSC warned of an impending shortfall in supply as global producers increasingly channel funds into a “hasty” energy transition. “The world risks a severe deficit of oil and gas,” Rosneft Chief Executive Officer Igor Sechin said Saturday at the St. Petersburg International Economic Forum. “The world consumes oil, but isn’t ready […]

BP CEO calls IEA net zero scenario ‘credible’ despite planning more oil and gas projects

The CEO of BP has described an IEA net zero scenario calling for the end of new oil and gas projects as “credible”, despite the firm planning major fossil fuel developments. A landmark report last month from the International Energy Agency (IEA) set out that no new oil and gas projects should be approved and […]

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