IEA Chief Forecast for $80 Oil

Oil prices will start climbing in 2017, rising to $80 a barrel in coming years as production declines in some regions and global demand continues to grow, the executive director of the International Energy Agency said Tuesday. Robust output in the U.S., Saudi Arabia and other countries has resulted in a glut of crude , […]

China expected to double strategic oil purchases

China is likely to double its strategic crude oil purchases next year as one of the biggest ever price routs spurs a buying spree that would offer some support to battered markets for the commodity. Beijing will add 70-90 million barrels of crude to storage tanks in 2016 to build up its strategic petroleum reserves […]

The Price of Oil in Terms of Demand

Jason Schenker, president and chief economist at Prestige Economics, discusses the outlook for oil and the coming OPEC summit. He speaks with Ryan Chilcote on Bloomberg Television’s “The Pulse.” Bloomberg

Peak oil is a reality with serious consequences

Sir, Martin Wolf, in “Cheap oil puts humanity on a slippery slope” (December 2) states: “The emergence of shale oil underlines what was already fairly clear, namely, that the global supply capacity is not only enormous but expanding. Forget peak oil.” He is mistaken. Even the International Energy Agency acknowledges that conventional oil production peaked […]

Prices Are Expected To Stay Low

As the world’s oil producers gather in Vienna, they are all hurting from prices that crashed a year ago and are hovering at a little over $40 a barrel. One country, Saudi Arabia, could probably drive up prices if it wanted to cut its production. But the Saudis appear willing to endure the pain rather […]

The Greatest Economic Collapses In History

The very first major economic collapse in recorded history occurred in 218-202 BC when the Roman Empire experienced money troubles after the Second Punic War. As a result, bronze and silver currencies were devalued. As HowMuch.net depicts in the video below economic collapses date back thousands of years. While many countries today still feel the […]

Understanding the new global oil economy

If US imports fall, its interest in a stable Middle East will shrink as that of China and India rises Why have oil prices fallen? Is this a temporary phenomenon or does it reflect a structural shift in global oil markets? If it is structural, it will have significant implications for the world economy, geopolitics […]

Transition from Oil

Podcast: Play in new window | Download Guest Mark Lewis, Former senior analyst for energy, climate, and sustainability research, Kepler Cheuvreux; former head of energy commodities research, Deutsche Bank. On Twitter: @MCL1965 Links Lewis:: Toil for Oil Spells Danger for Majors (Sep 2014) Nelder: The straight dope on oil prices (Dec 2014) Nelder: The future […]

Daniel Yergin: The party is over for oil

When oil prices started taking off in 2004, it was part of the same “commodity supercycle” that sent prices of so many other commodities spiraling up. Oil stayed at the party longer than anyone else but now, the party is over. The driving force was the surge in economic growth from the emerging markets — […]

Hyperglobalization and Global Inequality

I’ve mentioned before that I’m a big fan of work by my CUNY colleague Branko Milanovic showing that if you look at income growth by percentile of the whole world population for the past 25 years, you see “twin peaks”: rapid growth near the middle, representing China’s middle class, and at the top, representing the […]

Bees, oil and the Economics 101 lesson on supply, pricing

I spent a recent Thursday as part of the Watch D.O.G.S. — Dads Of Great Students — at Christian Evers Elementary, where three of my daughters go to school. We get to hang out with our kids in their classrooms, during their activities — such as P.E., lunch and library — patrol the halls, etc. […]

subMedia smoothie

A smooth blend of juicy videos from subMedia.tv’s riotous first decade of anarchist video making.

Driving in the US is at an all-time high

Remember peak car? Over the past five years, various analysts and writers have been wondering whether driving in the United States might finally be going out of style. Their reasons: Overall road travel has been dropping since 2008. And there was at least anecdotal evidence that younger Americans preferred city life to suburban sprawl. Well… it’s […]

Daniel Yergin: US shale boom shaking up the global energy order

TOKYO Oil prices remain stuck at low levels, unaffected by the waves of risk washing over the world amid mounting geopolitical tension. What is driving that trend, and how long will it last? The Nikkei Asian Review put these and other questions to Daniel Yergin, vice chairman of research company IHS and a world-renowned expert […]

A Surprising Look At Oil Consumption

The EIA publishes oil consumption numbers for all major nations. However, they have data for most nations only through 2013. They do have data for some nations through 2014. Nevertheless, a lot can be gleaned from just looking at those consumption numbers. If oil consumption numbers are growing year after year, then there is a […]

Russia Halts Natural Gas Supplies to Ukraine

Gazprom will resume supply when Ukraine pays for more fuel Ukraine said no need for Russian gas now given low consumption Russia halted natural gas supplies to Ukraine after its western neighbor said it wouldn’t buy more this year amid ample supply. Ukraine’s NAK Naftogaz Ukrainy received its final prepaid volumes of Russian gas on Wednesday, […]

The Revision of China’s Energy and Coal Consumption Data

The New York Times has recently carried two important stories on China’s coal consumption, indicating that the situation is even more serious than previously appeared to be the case. On November 3 the NYT carried a front page report that China has revised its estimates of how much coal it has been burning, and concluding that its carbon emissions […]

A Surprising Look at Oil Consumption

The EIA publishes oil consumption numbers for all major nations. However they have data for most nations only through 2013. They do have data for some nations through 2014. Nevertheless a lot can be gleaned from just looking at those consumption numbers. If oil consumption numbers are growing year after year, then there is a good chance that […]

Of Pigs, Peasants, and Pastoralists

I’ve been meaning to write a simple little blog post about the pigs I’ve been raising on my holding this year. But here at Small Farm Future we like to go for big picture analysis, and somehow the post has turned into a redesign for British agriculture in its entirety. Ah well, at least it […]

Why “Supply & Demand” Doesn’t Work For Oil

The traditional understanding of supply and demand works in some limited cases–will a manufacturer make red dresses or blue dresses? The manufacturer’s choice doesn’t make much difference to the economic system as a whole, except perhaps in the amount of red and blue dye sold, so it is easy to accommodate. A gradual switch in […]

The Local Economy Solution

Serving as mayor provides one with an array of opportunities to demean oneself on a regular basis—funny hats and dunk tanks tend to be involved. However, for me, and for most of the mayors I know, the lowest moments occur in the grandest corporate offices during economic development ‘recruitment’ trips. After schlepping the best and […]

Goldman Predicts $20 Oil

Oil prices may fall another 50 percent from their current levels of about $40 a barrel if the world runs out of storage space and mild weather reduces heating demand. “Goldman Sachs told clients that the increasing glut of oil on the global market has combined with mild weather from a freak El Nino this […]

Despite Cheap Gas, Coming Back to Peak Oil

Yesterday, in Virginia, I filled up my gas tank for $2.75 a gallon. At that price, even old peak oilers like my wife and I hardly think about poor old King Hubbard’s theory much these days. And though gas has been cheap in the U.S. for the last six months or more, I still think Hubbard […]

Heinberg: Can We Afford The Future?

A logging truck transporting rainforest timber in Jambi Province, Sumatra, Indonesia. (Photo: Rainforest Action Network) As a child of the 1950s I grew up immersed in a near-universal expectation of progress. Everybody expected a shiny new future; the only thing that might have prevented us from having it was nuclear war, and thankfully that hasn’t […]

India, Not China, Powering Growth in Fuel Demand

China’s fuel usage tends to gather headlines as an indicator of the strength of global crude oil demand, and while this has been justified, the real growth action is happening over the Himalayas in India. India’s total demand for oil products is about one one-third of that in China, but the South Asian nation is […]

The ‘M’ word in fuel marketing is not ‘mileage.’ It’s ‘millennials’

Millennials are today’s low-hanging fruit for a joke. I’m guilty. A few weeks ago at a party, discussion turned to their sense of entitlement. The office gets pizza. The millennial gets a salad. The office gets the local donut chain. The millennial wants Krispy Kreme. A friend who, like me, is about 20 years older […]

Oil Supply and Demand to Rebalance in 2016

Last fall, it appeared unlikely that the Organization of the Petroleum Exporting Countries (OPEC) would cut its crude oil production. And sure enough, the cartel increased its production to a rate not seen in 30 years. As Doug Terreson, an oil analyst with Evercorer ISI, explained during a Nov. 13 webinar, OPEC sought two things: […]

Coping With a Post-Peak Future

So I first learnt about peak oil back in 2005, when The End of Suburbia was shown at an activist skillshare. And while I didn’t go into denial per se, I didn’t really accept it. It was like if anyone had asked me about it, I would’ve said, “yeah peak oil’s really full on, I […]

T. Boone Pickens: There’s Too Much Natural Gas

BP Capital Chairman and CEO T. Boone Pickens discusses the oil and gas industries. He speaks on “Bloomberg Markets.

Sub-$2 gas on the horizon again

Though gas prices remain stubbornly higher in Lincoln, they are creeping down toward $2 a gallon in other parts of Nebraska. Lincoln’s average for a gallon of regular unleaded was $2.36 as of Monday, according to both AAA and GasBuddy.com. That’s down 7 cents from a week ago and 25 cents from a month ago. […]

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