Peak Oil is You

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News from December 2023

Meet America’s Newest Oil Trader Extraordinaire: Joe Biden

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Head of state. Commander in chief. Oil-trading whale? President Biden’s unprecedented release of oil from America’s petroleum reserves in 2022 turned the White House into an unusually active player in the volatile crude market. The flood of emergency supplies helped arrest surging oil prices after Russia invaded Ukraine, and pulled billions of dollars into the […]

Is It Time To Refill America’s Strategic Petroleum Reserve?

In late 2021, President Biden ordered the release of 50 million barrels of crude from the Strategic Petroleum Reserve to bring down the price of gasoline. Then, in the spring of the next year, he ordered the release of another 130 million barrels. Prices at the pump fell between $0.17 and $0.42 per gallon. With the massive […]

Oil prices set to end year 10% lower as demand concerns snap winning streak

Crude futures rose slightly on Friday in thin activity on the last trading day of the year. Both benchmarks are set to end 2023 about 10% lower after two years of gains as geopolitical concerns and oil production cuts drove wild fluctuations in prices. Brent futures rose 12 cents to $77.27 a barrel at 2:22 […]

What’s Driving America’s New Oil and Gas Boom?

December 30, 2023 [Oilprice]- Last week Robert Rapier pointed out in a TikTok video that the U.S. is poised to set a new oil production record. In response, someone took exception to my claim by stating that he works in the industry, and drilling rigs are stacking up. It is correct that the rig count has […]

China’s peak oil demand bombshell eviscerates Danielle Smith’s energy strategy

China has dealt a serious political blow to Alberta Premier Danielle Smith. On Thursday, the country’s largest refiner, state-owned Sinopec, released its latest long-term energy forecast. Oil demand is now expected to peak in just a few years, not in 2045 as OPEC has predicted. Sinopec’s announcement calls into question Alberta’s energy strategy, which is […]

US seeks to buy up to 3 million bbls of oil for Strategic Petroleum Reserve

The U.S. Department of Energy on Friday said it wants to buy up to 3 million barrels of crude oil for the Strategic Petroleum Reserve (SPR) for delivery in March 2024, as it takes advantage of lower prices to start to replenish the stockpile. The administration of President Joe Biden last year conducted the largest sale to date […]

Desertification: the world is losing healthy land at an astonishing rate

Nearly 13 per cent of Azerbaijan is deemed degraded, much is desert. Image: Denis Sv/Shutterstock Data shows at least 100 million hectares of healthy land is lost each year to desertification, drought and land degradation. Can anything halt it? By Tom Howarth The UN Convention to Combat Desertification (UNCCD) has launched its new ‘Data Dashboard’, […]

US oil production will keep booming in 2024, setting up a possible showdown with Saudi Arabia

US oil production is having a blockbuster year, and 2024 could see fresh highs, putting more pressure on Saudi Arabia to regain control over crude prices. Analysts at Rapidan Energy estimate US output will average 13.3 million barrels a day next year, up from 2023’s average of 13 million and above the current all-time record […]

Saudi Arabia piles pressure on UAE to shift COP28 focus away from oil and gas

Saudi Arabia is obstructing the UN’s flagship climate negotiations and pressuring their presidency, the United Arab Emirates, in a bid to shift the focus away from oil and gas producing nations, according to several senior people involved in the talks. Sultan al-Jaber, COP28 president and head of the Abu Dhabi National Oil Company, is “under […]

US Warship, Commercial Ships Under Attack In Red Sea

US Central Command provided a detailed summary of the four maritime attacks carried out by Houthi rebels in the Red Sea, targeting commercial vessels on Sunday: Today, there were four attacks against three separate commercial vessels operating in international waters in the southern Red Sea. These three vessels are connected to 14 separate nations. The […]

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