Venezuela Oil Price Tumbles Below $40

Venezuela’s weekly oil basket price fell further back below $40 as oil prices around the world slipped and as the crucial U.S. market remained well supplied. According to figures released by the Venezuela Ministry of Energy and Petroleum, the average price of Venezuelan crude sold by Petroleos de Venezuela S.A. (PDVSA) during the week ending […]

The Fatal Blindness of Unrealistic Expectations

I wrote the article below in January 2013, but never published it. The strong response to last week’s post on the hubris and hype of Silicon Valley, as well as this recent interview, jogged my memory and inspired me to dig this out of the mothballs. I was pleased to see how relevant it remains 2.5 years later. […]

Angolans are asking: where did all the oil riches go?

A few years ago, Luanda, the capital of Angola, was on every ambitious investor’s lips. With large infrastructure and housing projects rapidly changing its appearance, the city seemed to be leaving behind the country’s 27-year civil war. But hopes for renewal are slowly dissipating as the price of the commodity on which Angola’s future was […]

Pouring oil on troubled waters: ‘Surplus until 2017’

Thomas Pugh economist at Capital Economics predicts oil could hit $55 per barrel for Brent crude at the end of 2015, with oil to remain in surplus for another couple of years. “The market is still going to be in surplus by this time next year, so by the time you actually have supply and […]

End of growth is our reality

“Growth is the largest religion in the world and it is the one thing for which we collectively agree,” said filmmaker and author of ‘The Third Curve – The end of growth as we know it’ Mansoor Khan during his lecture by the same name, organised at Design Centre, Porvorim. The first time author, in […]

U.S. And China Still Driving Demand Higher

Despite prognostications otherwise, gasoline demand in the United States and globally continues to grow. Lower gasoline prices combined with net additions to the global fleet of vehicles powered by gasoline mean that despite increases in sales of electric and hybrid vehicles, gasoline demand will likely continue to grow in absolute terms in the near future. […]

Looking Back 10 Years After Peak Oil

All views expressed here are those of Verwimp Bruno and do not necessarily represent those of Ron Patterson. 1. INTRODUCTION Peak Oil is the moment in time when, on a global scale, the maximum rate of oil production is reached. The moment after which oil production, by nature, must decline forever. Since Earth is a closed system, next […]

Oil prices ‘to rise to $60.2 in 2017’

Oil prices will stabilise at around $55 per barrel next year before picking up to $60.2 per barrel in 2017, according to an analysis by Qatar National Bank (QNB). QNB said oil markets have been oversupplied since the beginning of 2014 leading to a sharp fall in prices. However, the bank predicted prices will stabilise […]

“Revolution” or “Phase Transition”?

At the P2P Foundation, we don’t use the moniker ‘revolution’ with much frequency, preferring the concept of phase transition. In this article, we would like to elucidate the relation between the two concepts. In my experience, revolution is used in two quite different senses; in a generic sense, it just means a ‘big change’, like […]

Global Trade Is Collapsing

When the global economy is doing well, the amount of stuff that is imported and exported around the world goes up, and when the global economy is in recession, the amount of stuff that is imported and exported around the world goes down.  It is just basic economics.  Governments around the world have become very […]

Michael Lynch: The Myth Of America’s Addiction To Oil

Some years ago, President George W. Bush, the putative oil man, shocked the nation by saying that America was addicted to oil. Needless to say, any number of groups echoed the charge, and I wrote a piece then, but it seems time to revisit the case, given changes in oil prices and rebounding sales for […]

The Oil Slump : Why We Aren’t Going Back To The 1980’s

The world is a very different place today than in the 1980’s. The demand growth from China in the early 2000’s completely changed the demand picture. OPEC, namely Saudi Arabia, doesn’t have the spare capacity it once had to flood the market. The shale plays in the United States require constant investment to maintain production, […]

The Elite Are The Most Paranoid Preppers Of All

When it comes to “prepping”, many among the elite take things to an entirely different level.  As you will see below, the elite are willing to pay big money for cutting edge home security measures, luxury bomb shelters and superyacht getaway submarines. Some of the things that the elite are demanding for their own protection […]

Michael Lynch: Is $50 Oil The New $100?

The price of oil has seemingly stabilized near $50, raising the possibility that this is the new equilibrium or market-clearing price. At several points in the past year, prices seemed to be moving up or down, only to revert towards this new mean. To some degree, this implies that traders think that $50 is the […]

To Feed Humankind, We Need the Farms of the Future Today

Right now—at this very moment—there are over 7 billion humans crawling on the Earth. That’s a lot of mouths to feed. To sustain them all, we’ve taken 40 percent of the planet’s total landmass and turned it into cornfields and almond orchards, cattle ranches and orange groves, all to churn out the cereals, produce and meat that […]

Derrick Jensen has Inspired Me to Question Civilization

I rode my horse out through the woods the other day. It was a beautiful Autumn afternoon as golden light filtered through the trees. My horse was keen to graze in an open meadow, so we found a spot where he could forage for some greenery among the late season grasses. On my ride out, […]

One Town’s Big, Bold Celebration of Oil

Last weekend in Taft, California, between the procession of floats, antique cars, and marching bands, grown men in cowboy attire shot at one another with antique revolvers, rifles, and shotguns. The concussions rattled plate glass windows of stores along Center Street, many of which stand vacant. As the men passed by, children rushed to retrieve […]

Oil, conflict create Middle East woes

Fiscal deficits are mounting for countries in the Middle East, North Africa and Central Asia because of lingering conflict and low oil prices, the IMF said. The International Monetary Fund said the region as a whole should witness stagnant economic growth of around 2.5 percent for 2015. Conflict, the IMF said, is taking a “horrendous” […]

Why Crude Oil Prices May Hit $130 a Barrel in 2017

Ecstrat’s Emad Mostaque explains why he thinks crude oil prices are heading toward $130 a barrel. He speaks with Bloomberg’s Alix Steel and Scarlet Fu on “What’d You Miss?

Peak Oil Has Officially Peaked

The idea that we will use up all of the earth’s oil has just gone from extreme to ludicrous. According to a new report by BP plc (BP), the oil game has significantly changed over the last few years. What you thought you knew about how the oil industry works is wrong. But that doesn’t […]

Economics, The Art Of Deception Vs. Demographics, The Simple (Yet Ugly) Reality

Summary Population growth is the main driver of economic growth, and population growth is ending in developed nations and slowing in developing nations. As core 16-54 year old population growth ends, oil consumption has peaked and declined indefinitely, indicating slowing economic activity. Interest rate cuts and debt are substituted for decelerating population growth… but population […]

5 Surprising Ways Oil Prices Affect Our Everyday Lives

The effects of oil prices are more far-reaching than what is immediately visible. Petroleum permeates nearly every corner of our economy. In fact, just last week, the federal government revealed that social security benefits will remain stagnant in fiscal 2016 because inflation – the deciding factor on whether to up benefits – was weighed down […]

Russian minister sees oil prices stuck at $50 “for years”

Russia’s economy minister warned that the nation is facing years of oil prices at about $50 as a sluggish global economy ushers in a long cycle of low commodities prices. The world’s largest energy exporter must continue financial support for non-commodities exports to buoy the nation’s shrinking economy, Alexei Ulyukayev told a conference Wednesday in Moscow. […]

Operating in a World of $50 Oil

While hopes for a reversal in oil prices may have faded just after mid-August when U.S. crude oil futures slipped to a six-and-a half year low, the battered petroleum industry continues to plod along in its search for ways to steer through these difficult times. Last month, some industry players met in Singapore for the […]

“Hyperinflation Is On The Table… It Will Be Completely Uncontrollable”

Thibaut Lepouttre is a highly educated and well respected economist from Belgium. But unlike many of his counterparts who often toe the line of mainstream politicians and financial pundits, he’s not one to sugarcoat the seriousness of the current global economic, financial and monetary environment. According to Lepouttre, while the Federal Reserve has worked feverishly to […]

Daniel Yergin: Where’s all the stimulus from the 50% drop in oil prices?

The fall in oil prices heralds a momentous shift in world energy markets from the BRIC era of emerging markets (Brazil, Russia, India and China) to the Shale Era. An oil tanker sits anchored off the Fos-Lavera oil hub near Marseille, France, Oct. 15. © Reuters Yet there are two continuing puzzles about the price […]

Food Sovereignty: This is What Anarchy Looks Like

“This is what democracy looks like” goes the popular protest chant.  However, it’s not democracy that captures the imagination, provides answers, and drives today’s resistance  movement.  Something much more interesting has been taking place during protests, forums and intentional communities. In his book The New Left the anthropologist David Graeber states that anarchy has become […]

Goldilocks and the three prices of oil

We all know Goldilocks from the story of Goldilocks and the Three Bears in which the young maiden wanders into the home of the bears and samples some porridge that happens to be sitting on the dinner table. The first bowl is too hot, the second is too cold and the third is just right. […]

Federal Reserve Could Start A Currency War

There is a war, a currency war, and the war is, ultimately, on us. In many respects, Americans have fallen far, and hard, from the liberty they once had. Rather than living under a sound currency, modern Americans live under an economic despotism. There are monopoly men who tightly control the money, and are all […]

Russia faces battle with Saudi Arabia over European oil market share

European oil refineries seem to be turning to Saudi instead of Russian crude. The Kingdom has been cutting prices to win market share away from Russia which accounts for 25 percent of crude consumption in Europe. According to Reuters, oil majors Exxon, Shell, Total and Eni have been buying more crude from Riyadh for their […]

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