Peak Oil is You

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News from August 2021

America’s Energy Strategy is Bonkers

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“Higher gasoline costs, if left unchecked, risk harming the ongoing global recovery. The price of crude oil has been higher than it was at the end of 2019, before the onset of the pandemic. While OPEC+ recently agreed to production increases, these increases will not fully offset previous production cuts that OPEC+ imposed during the […]

Extinction Rebellion occupy Norway’s oil ministry

Scores of Extinction Rebellion activists blocked access to Norway’s oil and energy ministry for more than five hours on Monday, before police cleared the demonstration and made arrests. Around 17 campaigners, some with “Ban oil” written on their palms, occupied the ministry’s reception, while dozens of others demonstrated outside, stopping people getting into the building […]

China’s Sinopec, CNPC Discover More Oil, Natural Gas Resources

China Petroleum & Chemical Corp., aka Sinopec, has reportedly announced another oil and natural gas discovery in the Tarim Basin. The state-owned company said on Chinese social media that it had discovered 100 million tons of oil and gas resources in the legacy-producing region, according to Reuters. That’s roughly the equivalent of 733 million bbl […]

Can democracy survive peak oil?

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Preface. This is a book review of Howard Bucknell’s Energy and the National Defense. University of Kentucky Press. Bucknell was amazingly prescient as you’ll see in this review, especially about why democracy might not survive the energy crisis. Though it turns out the U.S. may not need an energy crisis to descend into totalitarianism. It’s […]

Fusion experiments break records and explode 10 trillion watts of energy

Damien Jemison, a photographer at the National Ignition Facility (NIF), captured this image of the NIF laser beamline entering part of the target chamber. Jemison needed five exposures to capture the range of light in dimly lit areas. He also converted the resulting image into a monotonous, saying, “The end result is my artistic […]

A 1,000 Year Drought is Hitting the West

The United States and many other parts of the world are reeling under the impacts of severe drought. One possible solution is the desalination of seawater, but is it a silver bullet? The Western United States is currently experiencing what one paleoclimatologist called “potentially the worst drought in 1,200 years.” The region has had many […]

Iran’s Huge Caspian Gas Find Is A Geopolitical Gamechanger

Iran last week revealed a huge new gas deposit located in the Iranian sector of the Caspian Sea. The ‘Chalous’ structure is to be developed with the intention of forming a new gas hub in northern Iran to complement the southern gas hub centred on the massive South Pars field. The principal named developer of […]

Saudi Arabia Remains Top Oil Supplier to China

Saudi Arabia Remains Top Oil Supplier to China Saudi Arabia remained the largest supplier of crude oil to China for the ninth consecutive month in July, but its shipments of crude fell 10% on a monthly basis, while shipments from Russia fell only 4%. According to data from the General Administration of Customs in China, […]

The ‘Montreal Protocol’ Designed To Heal the Ozone Layer May Have Also Fended Off Several Degrees of Warming

In 1987, dozens of nations adopted the Montreal Protocol, agreeing to phase out the use of chlorofluorocarbons and other chemicals used in refrigerants, solvents, and other industrial products that were breaking down Earth’s protective ozone layer. It was a landmark achievement, the most successful example of nations pulling together in the face of a complex, […]

Saudi Aramco aims to raise at least $17 bln from gas pipeline

Saudi Aramco is looking to raise at least $17 billion from the sale of a significant minority stake in its gas pipelines, higher than the $12.4 billion raised from its oil pipeline deal, sources familiar with the matter said on Monday. Potential bidders including North American private equity and infrastructure funds, as well as state-backed […]

U.S. Petroleum Demand Holds Strong Even as Delta Variant Raises New Worries

Consumption of U.S. petroleum climbed last week, driven by demand for jet and distillate fuels, while production ticked up and inventories dropped, the U.S. Energy Information Administration (EIA) said Wednesday. The boost in consumption extended a summer-long trend — a few weekly interruptions aside — despite mounting coronavirus cases that forced downward revisions to oil […]

Venezuela’s Oil Reserves Doomed To Become The World’s Largest Stranded Asset

The aggressive push to decarbonize the world economy is forcing big oil to examine how the carbon emissions of its operations can be reduced with a goal of becoming carbon neutral. That coupled with the threat of peak oil demand has seen oil supermajors reevaluate their business strategy, with many now choosing to eschew high-cost […]

The Oil & Gas Inflation Trap That No One Wants To Talk About

President Joe Biden has lately sought to soothe fears that rising inflation could hurt the U.S. recovery and undermine his $4-trillion spending plans. This comes after U.S. inflation for the month of June accelerated to the fastest clip since 2008, as the economy continues to recover following the Covid-19 related lockdowns. According to the Labor […]

Is Carbon Neutral Oil Really Possible?

The industry needs to address questions such as “which emissions are accounted for, what methodology is employed in the emissions measurement and verification, and how the emissions are priced—either through a carbon credit or a carbon tax WHAT IS CARBON NEUTRAL? The terms ‘carbon neutral’, ‘carbon off-set’ or ‘carbon off-set compensation’ indicate that company has […]

Start-Up Hopes to Move a Step Closer to Commercial Fusion

A start-up founded by scientists at the Massachusetts Institute of Technology says it is nearing a technological milestone that could take the world a step closer to fusion energy, which has eluded scientists for decades. Researchers at M.I.T.’s Plasma Science and Fusion Center and engineers at the company, Commonwealth Fusion Systems, have begun testing an […]

‘Blue’ Hydrogen Is Worse For the Climate Than Coal, Study Says

quotes a report from Ars Technica: Most hydrogen today is made by exposing natural gas to high heat, pressure, and steam in a process that creates carbon dioxide as a byproduct. In what’s called “gray” hydrogen, all that carbon dioxide is released into the atmosphere. In “blue” hydrogen, facilities capture the carbon dioxide and sell […]

U.S. Coal Consumption Falls To 60-Year Low

The is the fifth article in a series on BP’s recently-released Statistical Review of World Energy 2021. Previous articles provided an overview of this year’s Review, an examination of the data on carbon emissions, a look at oil supply and demand trends, and an examination of natural gas trends. Today I delve into the data on […]

EIA Reveals New Oil Price Forecast

The United States Energy Information Administration (EIA) kept its Brent spot average prices for 2021 and 2022 flat month on month, the organization’s latest Short Term Energy Outlook (STEO) has revealed. According to its August STEO, the EIA now sees the Brent spot price averaging $68.71 per barrel this year and $66.04 per barrel next […]

China is Redrawing the World’s Energy Map

China’s outsize energy needs and its reliance on overseas suppliers have underpinned its foreign policy for decades. Now those needs are changing. The planet’s largest oil and coal importer wants to become greener and more self-reliant and has already taken strides toward those goals. The rest of the world needs to pay attention.By 2060 the world’s second-largest […]

The Slow Drain of an Expensive Collapse

Complexity is expensive. One of the reasons people are desperate for a “living wage” is because living costs so much more than it used to. New and improved technology starts out as status symbols for wealthy people, but gradually becomes a necessity. Mobile phones, for example, used to be a fancy luxury, and now nearly […]

Peak Oil Demand With Morse (Podcast)

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Ed Morse, Citi Head of Commodities Research, says we haven’t reached peak oil demand yet, but it’s coming. William Lee, Milken Institute Chief Economist, Fed is concerned with maximum extent of employment. Brian Levitt, Invesco Global Market Strategist, says the U.S. wll stabilize to a more modest growth rate. Claudia Sahm, Jain Family Institute Senior […]

IPCC report is ‘code red for humanity’

Human activity is changing the climate in unprecedented and sometimes irreversible ways, a major UN scientific report has said. The landmark study warns of increasingly extreme heatwaves, droughts and flooding, and a key temperature limit being broken in just over a decade. The report “is a code red for humanity”, says the UN chief. But […]

The search for the world’s largest methane sources

The threat was invisible to the eye: tonnes of methane billowing skyward, blown out by natural gas pipelines snaking across Siberia. In the past, those plumes of potent greenhouse gas released by Russian petroleum operations last year might have gone unnoticed. But armed with powerful new imaging technology, a methane-hunting satellite sniffed out the emissions […]

The U.S. Remained The World’s Top Oil Producer In 2020

Earlier this month BP released its Statistical Review of World Energy 2021. The Review provides a comprehensive picture of supply and demand for major energy sources on a country-level basis. Each year, I do a series of articles covering the Review’s findings. In the previous article, I discussed the trends in global carbon dioxide emissions. Today, I want to […]

Forget About Peak Oil – We Haven’t Even Reached Peak Coal Yet

Despite all the heavy dissemination of narratives and talking points about a “climate emergency” and the “energy transition” during 2021, the ongoing economic recovery from the COVID-19 pandemic proves that the world still heavily relies on fossil fuels to provide its constantly growing energy needs. Indeed, as the pushers of Peak Oil demand theory try […]

Exxon mulls pledging net-zero carbon emissions by 2050

Exxon Mobil Corp (XOM.N) is considering a pledge to reduce its net carbon emissions to zero by 2050, according to two people familiar with the matter. The deliberations come as the company is considering its future, the sources said, speaking on the condition of anonymity because the discussions are private. They also comesome two months […]

The global supply chain was not built for this

Wayne Kaylor knew his shipping container was parked somewhere in a Chicago rail yard. He just did not know where, and for 78 days, no one could tell him. Thanks to roaring consumer demand, US rail yards, ports and warehouses are choked with freight, with too few people to move it quickly, causing delays […]

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