Food, oil to stoke June inflation

The Philippine Statistics Authority (PSA) will report official inflation data on Thursday. Latest forecasts show that prices have definitely picked up faster than the 2.5% pace clocked in June 2017. — BW FILE PHOTO By Melissa Luz T. Lopez, Senior Reporter INFLATION likely clocked in faster in June on the back of rising food and oil […]

Oil Rallies Towards $80

It was only a week ago that OPEC and Non-OPEC agreed to add 1 million barrels per day (mb/d) to the market, but it already feels like a distant memory with the oil bulls back on the march (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to […]

Economic Advisor Warns British Defense Planners Growth Is Ending

Economic growth isn’t coming back. While some level of growth might continue in coming decades, the boom era of seemingly unlimited material throughput we became accustomed to in the middle of the twentieth century is unlikely to ever return again as we enter a fundamentally new age of diminishing returns These are the conclusions of […]

World Energy 2018-2050: World Energy Annual Report (Part 1)

Guest Post by Dr. Minqi Li, Professor Department of Economics, University of Utah E-mail: minqi.li@economics.utah.edu June 2018 This is Part 1 of the World Energy Annual Report in 2018. This author has developed world energy annual reports that have been posted at Peak Oil Barrel since 2014. The purpose of this Annual Report is to […]

Oil Spikes to Highest Price in Four Years

Oil prices rallied Wednesday, with the U.S. benchmark settling at its highest since 2014 as domestic crude supplies notched their biggest weekly drop of the year so far. Traders also showed concerns over U.S. threats to sanction countries that don’t stop importing oil from Iran by Nov. 4. On the New York Mercantile Exchange, August […]

Potential fossil fuel production could buy time for energy transition

Given their significance for the vital functions of industrial societies and their potential for climate change, future developments in fossil fuel production (petrol, natural gas, coal), will have to buy us time for energy transition. Energy transition will be the move from a society living off fossil fuels to a society forced to do without […]

China surpasses Japan as world’s largest natural gas importer

China has surpassed Japan to become world’s largest importer of natural gas, with China’s drive for a cleaner environment and a bluer sky on the increase, reports Bloomberg. China-Russia East-Route Natural Gas Pipeline in Heihe, Heilongjiang province, June 29, 2015. [File photo: IC] In order to meet President Xi Jinping’s goal of cutting pollution, many […]

Unlike Peak Oil, Peaker Gas Has a Future

Like a bridge to the future. Photographer: Christopher Furlong/Getty Images Europe Bloomberg New Energy Finance has just released its annual tome of forecasts. The short story is that wind and solar power are getting cheaper and we will all be using more of them — a lot more, and relatively soon: Rewired The world’s mix of electricity […]

How will Earth feed 9 billion people by 2050?

Over 795 million people in the world are hungry, and by 2050 there will be an additional 2 billion people to feed. Is the Earth able to provide enough food for our exploding population? What is the worst mistake that humans have ever made? According to an article by public intellectual Jared Diamond, humans decision […]

Chris Martenson: The End Of Growth

More and more, I hear that folks are feeling frustrated and betrayed, combined with a sense of loss and despair. I feel this way, too. As I’ve written recently, I observe this is due more than anything else to a widespread demoralization society is suffering from. Certainly the statistics reflect this. Suicides in the US […]

What Will Follow The Age Of Oil?

U.S. natural gas production will increase by 10 percent this year alone and by as much as 60 percent by 2037, a new report from IHS Markit has forecast. The market research company is extremely upbeat about U.S. gas because of the shale gas revolution, seeing the country becoming a leading LNG exporter thanks to […]

Appalachian Natural Gas Prices Up Even As Production Jumps

According to the U.S. Energy Information Administration, natural gas prices at trading points around the Appalachia region have generally increased in the past three years relative to the benchmark Henry Hub in Louisiana, even as production in that area reached new highs. Natural gas production in the Appalachia region averaged 22 billion cubic feet per […]

Eight insights based on December 2017 energy data

BP recently published energy data through December 31, 2017, in its Statistical Review of World Energy 2018. The following are a few points we observe, looking at the data: [1] The world is making limited progress toward moving away from fossil fuels. The two bands that top fossil fuels that are relatively easy to see are nuclear […]

Richard Heinberg: Electric Cars to the Rescue?

My wife Janet and I recently bought a used Nissan Leaf from a friend. We are now proud electric vehicle (EV) owners, and we love our plug-in, battery-powered car: some days we almost fight over who gets to drive it. If this essay were a consumer review, it would glow in the dark. The car […]

Why OPEC Isn’t Going To Give Up On High Oil Prices That Easily

With the most highly-anticipated OPEC meeting since November 2014 taking place Friday in Vienna, Macrovoices host Erik Townsend made this week’s podcast all about oil. He started his three-part interview series with Dr. Ellen Wald, the author of “Saudi Inc.”, a book about Aramco. During their discussion, Wald shares what she learned about the Kingdom […]

What Happens If All The Oil Just Disappears?

Crude oil, or petroleum, is made of decaying organic matter which has been trapped underground, under intense heat and pressure, for millions of years. Oil is a nonrenewable resource; there’s only so much of it. You might have heard the term “peak oil” before. Most experts have predicted that peak oil will occur by 2020, […]

Oil producers face their ‘life or death’ question

Asked last month by a frustrated investor if, “hand on heart”, Royal Dutch Shell was more concerned about “the sustainability of the company or with the sustainability of the planet”, chief executive Ben van Beurden acknowledged that climate change will be “the defining challenge” facing the oil industry for years to come. He then went […]

Why Goldman Sachs still sees oil peaking above $82 a barrel this summer

Goldman Sachs on Monday said it continues to expect Brent crude oil prices to peak above $82 a barrel this summer, even after assuming that the Organization of the Petroleum Exporting Countries will soon agree to lift production. “Oil prices have sold off over the past three weeks on concerns over higher OPEC production, weaker […]

Why $100 Price Forecasts Are More Sensational Than Logical

Towards the end of 2017 and for much of the first quarter of this year, both oil futures benchmarks – i.e. Brent, the global proxy gauge, and West Texas Intermediate, the keenly watched U.S. contract – oscillated in very predictable ranges marking a gradual uptick to sub-$70 per barrel for the former, and sub-$65 for the […]

Nigeria plunged in to darkness by power grid meltdown as millions watched World Cup build-up on TV

NIGERIA suffered a major power cut on the first day of its World Cup campaign, according to local reports. The power grid melt down came on the same day the national team played Croatia in its first fixture. AP:Associated Press 3 Nigeria has suffered a nationwide power cut after millions watched their national team play […]

Steep Oil and Strong Dollar Make Toxic Brew for Global Economies

For Americans, rising oil prices are threatening $3-a-gallon gasoline and pushing up prices for plane tickets. In many other parts of the world, today’s crude rally is more painful—sparking protests, gas lines and emergency subsidies to quell unrest. That is because many consumers outside the U.S. face a double whammy when—like now—the dollar gets stronger […]

The Bullish And Bearish Case For Oil

Oil prices are in a holding pattern as we await the outcome of the OPEC+ meeting in a few days, and while the result of that meeting will almost completely control the direction of oil prices in the near-term, there is a bit of disagreement among analysts over the bigger picture in regards to the […]

What’s Wrong With The Economy: 9 Toxic Dynamics

These nine dynamics are mutually reinforcing. Beneath the surface signals of an eternally rising stock market and expanding GDP, we all sense something is deeply, systemically wrong with the U.S. economy. These nine structural dynamics generate secondary dynamics, all of which are toxic to social mobility, sustainable prosperity, accountability and democracy: 1. The financialization of the […]

Oil Markets Unmoved By North Korea Summit

Oil markets largely ignored the much-anticipated meeting between U.S. President Donald Trump and North Korean leader Kim Jong Un, though further geopolitical maneuvers should weigh on crude prices moving forward. (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) – LNG exports have increased sharply around the world, after the inauguration of a […]

How many vehicles can the earth sustain?

One of the hallmarks of the good life in developed countries is the freedom to move about as we choose in personal vehicles. However, as populous developing countries are gaining in economic power, people in those countries are asking for the same mobility that people in developed countries enjoy. Consequently, demand for personal vehicles has […]

How much raw material goes into the foods you eat and products you use on an everyday basis

Each iPhone contains 31 grams of aluminum. istock; Jenny Cheng/Business Insider You’d be surprised by how much raw material goes into the everyday items you use. For example, take your coffee habit. The average cup of coffee requires about 100 beans. So if you drink one cup per day, you’d need at least nine coffee […]

The gift and the curse of China’s energy demand

Last year, China became the world’s largest and second-largest importer of crude oil and liquefied natural gas (LNG), underscoring that the driver of global growth and energy demand has moved from west to east. While energy consumption in the U.S. and Europe has never recovered to the levels seen before the global financial crisis, China’s […]

The Resource Curse of Appalachia

Jason Clark has lived near Amity, Pa., in the southwestern part of the state, since he was born. He likes to call urban Americans “hypocrites.” At 38, he’s the president of the Pork Association in Washington County, which sits at the edge of Appalachia. City dwellers are consumers, as he sees it; they gobble up […]

Equinor Sees Peak Oil Demand Around 2030

Peak oil demand could come around 2030 at 111 million bpd in the current market as road transport electrification and efficiency gains in all sectors offsets increasing petrochemical and aviation growth, Norway’s Equinor said in its Energy Perspectives report on Thursday. That assumption is one of Equinor’s scenarios for energy transition, Reform, which suggests that […]

It’s The Demand, Stupid! Is China About To Burst The Black Gold Bubble?

For months we have heard about how the oil market’s over-supply ‘glut’ has been removed thanks to OPEC/NOPEC’s production cut deal and the narrative of ‘global synchronous recovery’ has buoyed the demand side of the equation – sending crude prices to four year highs (helped considerably by an increasing geopolitical risk premium, that is now […]

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