The US Northeast is so short on heating oil that the fuel used to power home furnaces is being rationed even before the start of winter

The US Northeast is so short on heating oil that the fuel used to power home furnaces is being rationed even before the start of winter. Some wholesalers in Connecticut are putting retailers on allocation, meaning they can only get a limited amount of fuel based on availability, according to Chris Herb, president of the […]

The Most Consumed Energy Sources In Every Country Of Europe

Europe is racing to ramp up renewable energy capacity, but many countries are still reliant on fossil fuels. France is the only country in Europe whose energy is mostly comprised of nuclear power. Scandanavia also stands out for its hydroelectric energy use. Much of Europe has set itself the goal of switching away from heavily […]

OPEC could tip the world economy into recession, warns IEA

By Hanna Ziady, CNN Business Western governments are furious after OPEC+ decided last week to slash oil production by the largest amount since the start of the pandemic. They have good reason to be upset: The cartel’s actions may tip the global economy over the edge, the International Energy Agency has warned. “With unrelenting inflationary […]

The Era Of Cheap Food And Cheap Gasoline Is Over

All of our lifestyles are about to change in a major way, but the vast majority of the population still does not understand what is coming.  Throughout our entire lives, we have always been able to depend on a couple of things.  There would always be cheap gasoline to fuel our vehicles and there would […]

Your Next Pain Will Be Soaring Electricity Costs As Energy Crisis Comes To America

One central theme that comes to mind is the impact of higher natural gas prices and, by extension, power prices. Americans will soon see higher gasoline prices at the pump because of OPEC+ production cuts slated for next month. Many folks will also see their electricity bills rise this winter because NatGas generators power a […]

US Strategic Oil Reserves Reach Historic Low as Biden Taps Further

As Washington tries to control the nation’s gas prices, US President Joe Biden’s decisions this year have led to a serious depletion of the US Strategic Petroleum Reserve. According to statistics released by the US Department of Energy, the US emergency oil reserves this week included just 416.4 million barrels, which is the lowest amount […]

OPEC+ oil output cut ahead of winter fans inflation concerns

Global crude futures jumped this week, returning to three-week highs, after the Organization of the Petroleum Exporting Countries and their allies, including Russia, on Wednesday agreed to slash output by 2 million barrels per day just ahead of peak winter season. This is likely to drive spot prices higher, particularly for Middle East oil, which […]

How big a problem is America’s shrinking oil reserve?

What is the U.S. Strategic Petroleum Reserve (SPR)? What are the implications of depleting the SPR, which the U.S. has been doing now since 2016? Further, what has been the impact of the rapid drawdown of the SPR that has taken place this year? Let’s discuss.   Source: Oil Price SPR 101 In December 1975, […]

Oil plunges below $80 to eight-month low as recession fears mount

Recession fears are slamming the oil market, with crude tumbling on Friday below $80 a barrel for the first time since January. The good news is the selloff should drive prices at the gas pump down, easing crushing inflation that has been harming consumers. The bad news is the sharp drop in oil prices is […]

Global crude oil demand continues to decelerate

Growth in global crude oil demand continues to decelerate, weighed down by renewed Chinese lockdowns and an ongoing slowdown in the OECD region, global energy body International Energy Agency said in its latest report. “Persistent demand weakness in China considerably slowed the pace of a summer ramp-up in refining activity. After reaching a post-Covid peak […]

Europe’s Natural Gas Shortage Could Trigger A Food Crisis

Energy crises impact nearly every aspect of our lives, and that is particularly true of food markets, with food production next year expected to be severely threatened. About 70 percent of the cost of fertilizer production is solely the price of natural gas, and as the price of energy soars, the cost of making and […]

Energy Crisis Could Lead To Food Shortages In Europe

European farm and food groups said soaring energy prices could lead to shortages of fruit and vegetables, as high utility bills force more companies to curb production. “Refrigeration and cooling are very energy intensive, as is the heating of greenhouses,” said Pekka Pesonen, secretary general at Brussels-based farm lobby Copa-Cogeca. “We might expect some shortages […]

Questioning Technological Determinism

This is an essay in two parts on modern technology and its demise. Part I deals with the history of modern technology starting from the Industrial Revolution (1760-1830) and ending with the 2008 financial meltdown and the birth of the Fourth Industrial Revolution. In Part II we will show how this latest industrial revolution is […]

No Stream: EU gas markets brace for price surge after latest Russia gas cut

European gas buyers already grappling with record-high prices face further pain when the markets open on Monday after Russia said one of its main supply pipelines to Europe would remain shut indefinitely, sparking fears over energy rationing. Lower gas flows from Russia ahead of and following its February invasion of Ukraine have already pushed up […]

weekend drivers to enjoy cheaper gas

The final long weekend of summer will also be the cheapest for Canadian drivers, with gasoline prices heading into the Labour Day holiday the lowest they’ve been since late February. The national average retail price for regular gasoline on Thursday, according to Natural Resources Canada, was 161.1 cents per litre. The last time Canadians saw […]

California Declares Grid Emergency

California officials declared a statewide grid emergency to cope with surging demand for power amid a blistering heat wave, raising the prospect of rolling blackouts. The California Independent System Operator issued a level-1 energy emergency alert around 3:10 p.m. local time Wednesday after tapping all of its available power supplies. The notice, which comes after […]

Shell CEO Warns Energy Crisis May Last More Than One Winter

European oil major Shell Plc cautioned that Europe may have to brace for a string of winters with exorbitant power bills and electricity rationing as Russia squeezes gas supplies. “It may well be that we have a number of winters where we have to somehow find solutions through efficiency savings, through rationing and as a […]

U.S. Plans to Push Down Oil Prices Won’t Be Straightforward

The Biden administration announced plans Tuesday for the next tranche of sales from the strategic petroleum reserve, as well as a proposal for future purchases to refill the SPR. The sales announcement is the latest under the administration’s plan announced in March to sell 180 million barrels from the SPR over a six month period, […]

Europe can withstand Russia’s energy threats

Not since World War II has the threat to global energy security been as severe as it is today. Russia’s brutal invasion of Ukraine and the consequent geo-economic war between the Kremlin and the West disrupted global gas markets at a scale unprecedented in recent history. The Kremlin’s use of its power over energy markets […]

We Appear To Be Very Close To Peak Global Oil Production, And That Has Enormous Implications For The Entire Global Economy

What do you think is going to happen when we get to a point where the world simply cannot produce any more oil than it is already producing?  It is often said that “energy is the economy”, and to a large degree that is true.  Very wealthy nations with large GDPs tend to use a […]

Europe Must Cut Gas Usage 20% To Survive Winter

After calling on all member states to reduce gas consumption by 15% in the face of the threat of a complete Russian gas cutoff, the IEA says the European Union will need to cut even more in order to get through the winter. “Even if there is no single accident… #Europe still needs to reduce […]

You Will Own Nothing And Be Happy Now

You will own nothing and you will be happy. This may sound like a crazy idea, but it’s something that more and more people are starting to believe in. In an article published in Forbes by the World Economic Forum, the authors talk about how we will eventually live in a system where your whole […]

The Landfill Economy

Our economy is in a crisis that’s been brewing for decades… The Chinese characters for the English word crisis are famously – and incorrectly – translated as danger and opportunity. The more accurate translation is precarious plus critical juncture or inflection point. Beneath its surface stability, our economy is precarious because the foundation of the global economy – cheap […]

The World Is Failing In Both Energy Affordability And Climate Goals

Global energy investment is forecast to rise by 8 percent to $2.4 trillion this year. Investment in renewables is rising, but it’s nowhere near the levels necessary to limit global warming within a 1.5 degrees Celsius increase. IEA: Inflation has brought the first increases in the cost of renewables in a decade. U.S. shale spending […]

The Gas Inflation Crisis Is Far From Over – Where Will Prices Finally Stop?

After a single Federal Reserve rate hike of 75bps I am noticing a trend among mainstream economists whipping out their crystal balls and predicting an almost immediate reversion to deflationary conditions. In their view, a recession will “balance everything out.” For most of these people I would suggest that they keep their crystal balls in […]

$150 Oil Could Still Happen. Here’s How.

$150 oil could still happen, BofA Global Research indicated in a new report sent to Rigzone this week. In the report, BofA Global Research outlined that it sees Brent averaging $102 per barrel this year and in 2023 and highlighted that a potential spike to $150 per barrel could happen if European sanctions push Russian […]

Germany faces natural gas ‘crisis,’ raises warning level

Germany activated the second phase of its three-stage emergency plan for natural gas supplies Thursday, warning that Europe’s biggest economy faces a “crisis” and storage targets for the winter are at risk after Russia reduced energy deliveries to several countries. The government said the decision follows cuts Russia made to natural gas flows starting last […]

Stagflationary Collapse Has Arrived

In my 16 years as an alternative economist and political writer I have spent around half that time warning that the ultimate outcome of the Federal Reserve’s stimulus model would be a stagflationary collapse. Not a deflationary collapse, or an inflationary collapse, but a stagflationary collapse. The reasons for this were very specific – Mass […]

The 1970s Again?

For the United States and much of the rest of the world, the 1970s were a time of high oil prices, surging inflation, stock market swoons, political upheaval, and geopolitical tension. Add pandemic and climate change to the list, and it also sounds like a fair description of the world today, a half-century later. Psychoanalyst […]

IEA Sees Oil Supply Struggling to Meet Demand Next Year

Global oil supply will struggle to meet rising demand next year, meaning consumers will continue to face tight fuel markets, the International Energy Agency said in its first assessment of 2023. A resurgent Chinese economy will bolster consumption, while tighter sanctions on Russia will curtail oil output, the agency forecast in its latest monthly report. […]

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