Peak Oil is You

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News from December 2021

Mexico to Stop Exporting Oil in 2023 in Self-Sufficiency Quest

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Mexico plans to end crude oil exports in 2023 as part of a strategy by the nationalist government of Andres Manuel Lopez Obrador to reach self-sufficiency in the domestic fuels market. Petroleos Mexicanos, the Mexican state-owned producer known as Pemex, will reduce crude oil exports to 435,000 barrels a day in 2022 before phasing out […]

China Panic-Hoards Half Of World’s Grain Supply Amid Threats Of Collapse

About two and a half years ago, we told readers China was panic hoarding food, which was several months before the virus pandemic began to spread worldwide; Beijing has managed to stockpile more than half of the world’s maize and other grains that have resulted in rapid food inflation and triggered famine in some countries. In August […]

Saudi Arabia’s Exports Surge in October on Higher Oil Prices

Saudi Arabia’s exports soared in October as the world’s biggest oil exporter benefited from higher crude prices. The value of exports jumped to 106.2 billion riyals ($28 billion) from 55.9 billion riyals a year ago, according to the kingdom’s General Authority for Statistics. The share of oil in total exports rose to 77.6% in October […]

The “Selling” of Degrowth

Over the last three decades, a growing number of scientists and ecologists have argued that economic growth has long outstripped the capacity of the planetary ecosystem. They have developed numerous sophisticated models to demonstrate their point. They have boiled down the technical information—about the availability of mineral resources, the limits of energy generation, the constraints […]

Global Oil And Gas Discoveries Set To Hit 75-Year Low In 2021

Global oil and gas discoveries in 2021 are on track to hit their lowest full-year level in 75 years should the remainder of December fail to yield any significant finds, Rystad Energy analysis shows. As of the end of November, total global discovered volumes this year are calculated at 4.7 billion barrels of oil equivalent […]

Exxon Reports Blaze at Major U.S. Oil Refinery

Exxon Mobil Corp. is working to extinguish a fire at its Baytown facility in Texas, the fourth-largest refinery in the U.S. Four people have been injured in the fire that occurred at about 1 a.m. local time, according to Exxon. Gasoline’s premium to West Texas Intermediate crude rose as much as 6.1% on the New […]

Germany’s Coming Cold, Expensive, and Dangerous Experiment

Desire and will are powerful things. With luck, hard work, and good timing … really wanting something enough can be the key to making things you desire come to pass. Little warning though … wanting something by itself is not enough. It has to match with reality. Few things are more real than being cold, […]

Goldman Says $100 Oil Possible

Oil at $100 a barrel cannot be ruled out in 2023 as supply additions are expected to be too slow to keep up with record demand, according to Goldman Sachs Group Inc. While the bank’s base forecast is for Brent to stay around $85 next year and 2023, it could breach triple digits through either […]

The age of energy disruptions

In recent months the world has been thrown into a global energy crisis that seems to have taken observers as well as global leaders by surprise. In September and October, wholesale prices of natural gas and electricity brutally surged in Europe, several energy providers went bust in the UK, China and then India experienced widespread […]

Here’s How Oil Could Hit $380 Per Barrel In 2050

Oil prices are set to exceed $100 per barrel in all three scenarios for global energy developments through 2050, with inflation and carbon prices potentially sending oil to $380 a barrel in 2050, Russia’s oil producer Lukoil said in its long-term energy outlook on Friday. The “Transformation” scenario of Russia’s second-largest producer behind Rosfnet assumes […]

New York is banning the use of natural gas in new buildings

After several other cities in the United States, the City Council of New York passed a law banning the use of natural gas in most new buildings. Construction projects submitted for approval from 2027 will have to use electricity instead of gas or fossil fuels for heating. In the most populated American city, with 8.8 […]

IEA: The World Will Generate Record Power From Coal in 2021

The amount of electricity generated from coal is expected to hit an all-time high this year, as electricity demand outpaces low-carbon supply options, according to the International Energy Agency (IEA). That means that the world’s climate targets may be getting further out of reach. Global power generation from coal is expected to jump by 9% […]

Declining births: is civilisation going to crumble?

The richest man in the world wants us to have more babies, said Sam Shead on CNBC. Speaking at a corporate event last week, Tesla and SpaceX founder Elon Musk lamented that too many “good, smart people” were worried about the global population growing out of control. The real problem, he insisted, was quite the […]

World Economy Entering Period Of Oil Scarcity, Halliburton CEO Says

Halliburton CEO and president Jeff Miller made waves this week by predicting that the world is due for a period of oil scarcity in comments at the World Petroleum Congress in Houston, Texas. “I think that for the first time in a long time, we will see a buyer looking for a barrel of oil, […]

Doomberg: There’s Not Enough Oil

“Nobody goes there anymore. It’s too crowded.” – Yogi Berra We have a small confession to make. Discovery Channel’s Gold Rush is one of our favorite television shows. For those that don’t know, a television is a thing that looks remarkably like a computer monitor, but instead of simply watching whatever you feel like whenever […]

Has The EIA Massively Overestimated The Potential Of U.S. Shale?

Earth scientist David Hughes—who is out with a new skeptical report on the future of U.S. shale oil and gas—has two very important things in common with Michael Burry. Burry is the investor made famous by The Big Short, the book that was later turned into a movie of the same name about the 2008 housing crash. Both […]

Inflation could mean a big heating bill this winter

This winter could be especially cold and expensive. But there are a few ways to keep your wallet full and your family warm. People who heat their homes with natural gas, propane, electricity and heating oil are all in for a bigger bill come winter if they aren’t careful. Nearly half of U.S. households who […]

When Might Oil Demand Peak?

Electric passenger vehicle sales are on a tear. In the first quarter of 2010, 395 EVs were sold worldwide. Last quarter, more than 1.7 million were sold — of those, more than 935,000 sold in Asia. In 1Q 2010, you would have needed three decimal places to show EVs as a percentage of global passenger […]

U.S. Electricity-Price Inflation Shows No Sign of Cooling Off

U.S. consumers continue to face the biggest jump in their energy bills in more than a decade, with the price of electricity in November rising 6.5% from the same month a year ago, according to numbers released Friday by the U.S. Bureau of Labor Statistics. That matches the spike last month, when U.S. consumers saw […]

Kuntler: The Air Coming Out

Has the illustrious Dr. Fauci not just plumb shot his wad now? Made himself — how do you put it delicately — something less than…uh… helpful… in the public health sphere? Worn out his welcome, a little bit? We have been a kind and generous nation through our history, after all, patient to a fault […]

How to Brick an Entire Economy

“For want of a nail the kingdom was lost” – Proverb Long-haul trucking is one of those industries that everybody relies on, but few spend much time thinking about. The men and women who crisscross our highway systems to deliver critical cargo are among the unsung heroes of our economy. Without them, our entire just-in-time […]

Why having more children will save the world

He has a history of saying the unsayable; thinking the unthinkable; doing the undoable. But that is why we are all enthralled by Elon Musk – the entrepreneur-contrarian who has defied naysayers, short-sellers and tech-sceptics to buck trends and realise vast dreams, from clean cars to rocket ships. Now, though, he seems to have grasped […]

Oil CEOs Strike Back

“Bloomberg Commodities Edge” talks to the smartest voices in the commodity world about the companies, the physical assets and the trading behind the hottest commodities. This week Bloomberg’s Alix Steel discusses Europe’s energy crunch, big oil’s faceoff with the White House and how SPACs are reshaping alternative energy investments.

Democrats Asking Biden Not to Ban Oil Exports

The Biden administration shouldn’t ban the export of crude oil, a bipartisan group of House lawmakers said in a letter to Biden. Re-instating the ban on the export of domestic crude oil, which was lifted in 2015, was among the options the White House was considering as it sought ways to address gasoline prices that […]

Canadian oil output set to peak in 2032

Oil output from Canada, the world’s fourth-largest producer, is set to climb over the next decade to peak at 5.8 million barrels per day (bpd) in 2032, the Canada Energy Regulator (CER) said on Thursday. The country’s oil production, seen at 5 million bpd in 2021, is likely to remain resilient despite relatively low oil […]

U.S. Is World’s Biggest Producer of Plastic Waste

The United States is the world’s leader in the generation of plastic waste, nearly all from fossil fuels, and must develop a plan to curb its destructive impacts on the health of oceans and marine wildlife, concludes a new report from the National Academies of Sciences, Engineering, and Medicine. The first recommendation of the committee […]

how China has monopolized the electric vehicle industry

Think of an electric car and the first name that comes to mind will probably be Tesla. The California company makes the world’s bestselling electric car and was recently valued at $1tn. But behind this US success story is a tale of China’s manufacturing might. Tesla’s factory in Shanghai now produces more cars than its […]

Activists hail North Sea oil ‘death blow’ as Shell walks away

A major North Sea oil project which it was claimed would help secure UK energy supplies has been plunged into crisis after Shell pulled out citing doubts about its viability, amid a lack of political support in Westminster and Holyrood. The Cambo oil field off the Shetland Islands was set to create an estimated 1,000 […]

Here’s how your gas could hit $5 a gallon

By Matt Egan, CNN Business The surge in oil prices this year has angered drivers, tainted Americans’ views on the economy and confounded both the White House and Federal Reserve. Unfortunately, JPMorgan Chase says the oil spike is just getting started. In a new report on Monday, JPMorgan warned clients that Brent crude oil will […]

Kunstler: Fury, Rising

If anything, political pressures may prevent the White House from going far enough, Binghamton University political science professor Olga Shvetsova argued. In order to halt the virus, she said vaccines must not only be mandated but that fully vaccinated people need to be tested regularly to stop the emergence of new variants. “We cannot allow […]

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