Nigeria: Fuel Scarcity Looms as Oil Workers Begin Nationwide Strike

NIGERIA Union of Petroleum and Natural Gas Workers, NUPENG, and its Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, will today begin an indefinite nationwide strike, to protest the inability of the government to carry out Turn Around Maintenance, TAM, of the refineries and reduce pump prices of petroleum products in line with […]

Orlov: Can anybody find me… a central banker to love?

[Last minute update: the repo rate has been just hiked to an eyewatering 17%! At the same time, the percentage of bullshit in the rationale given was lowered significantly: it is to prevent further ruble devaluation. Simply put (perhaps too simply), ruble liquidity for currency speculation has just dried up. At the same time, the […]

The Global Bankers’ Coup: Bail-In and the Shadowy Financial Stability Board

On December 11, 2014, the US House passed a bill repealing the Dodd-Frank requirement that risky derivatives be pushed into big-bank subsidiaries, leaving our deposits and pensions exposed to massive derivatives losses. The bill was vigorously challenged by Senator Elizabeth Warren; but the tide turned when Jamie Dimon, CEO of JPMorganChase, stepped into the ring. […]

A look at Israeli settler population growth

Here is a look at the growth in the population of Israel’s West Bank settlements over the past decade, including the past five years under Prime Minister Benjamin Netanyahu, compared with growth of the overall Israeli and Palestinian populations. 2003 2008 2013 Israeli overall population: 6.75 million 7.42 million 8.13 million Growth 9.9 percent 9.6 […]

Iraqi army prepares for liberation of Mosul

Battle over Iraq’s second largest city will be key in fight against ISIL, Iraqi finance minister tells Al Jazeera. Iraqi forces are making plans for a push into Mosul, Iraq’s second city that was captured by the Islamic State of Iraq and the Levant fighters six month ago, Iraq’s Finance Minister Hoshyar Zebari told Al […]

Sensing a Deal on Sanctions, Iran Is Bullish

The text message, received as the deadline for nuclear talks was expiring, gave Fatemeh Moghimi a thrill she had been waiting years to feel. “The deal,” it read, “was done.” It took Ms. Moghimi, the owner of a leading trucking company, a second to absorb the news. When she did, she recalled recently in her […]

Saudi Arabia’s oil war against Iran and Russia

This week, oil fell through the price floor of $60 a barrel and gas at my local filling station was $2.26 a gallon. That’s great news for commuters and almost every business, but wonderfully bad news for our ugliest enemies. If oil prices remain low through next year, the effect on rogue governments, from the […]

On the Brink of War and Economic Collapse

On occasion a reader will ask if I can give readers some good news. The answer is: not unless I lie to you like “your” government and the mainstream media do. If you want faked “good news,” you need to retreat into The Matrix. In exchange for less stress and worry, you will be led […]

Why Russia’s Unfazed By Falling Oil Prices

Oil is not quite as powerful a weapon against modern-day Russia as one might think. By arguing that the slump in oil prices will finish off Russia just like it did the Soviet Union, Ambrose Evans-Pritchard, writing in the Daily Telegraph, is forgetting how far Russia has come since those dark days. It is true […]

US to impose sanctions on Venezuela

The US Congress on Wednesday voted to restrict travel and freeze assets on some Venezuelan government officials it accuses of human rights abuses during a crackdown on protests against socialist President Nicolás Maduro earlier this year. More than 40 people have died during a wave of protests by students and members of the Venezuelan opposition […]

Iran: Fall in oil prices is ‘treachery’

Iran’s President Hassan Rouhani said Wednesday that the sharp fall in global oil prices is the result of “treachery,” in an apparent reference to regional rival Saudi Arabia, which opposed production cuts. Oil prices have plunged by more than 40 percent since June to around $65 a barrel, placing severe strain on Iran’s economy, which […]

Saudis won’t cut oil production unless US, Russia also cut production

Saudi Arabia’s influential royal Prince Turki al-Faisal al-Saud has said the kingdom would only consider cutting oil production if Iran, Russia and the US agreed to match those cuts because it wants to protect its market share. Speaking in London, the Prince who is a senior Saudi royal and the former head of the country’s […]

China: Turning away from the dollar

When an economic theme goes global, Hollywood is never far behind. In the futuristic thriller Looper, retired hit man Bruce Willis travels back in time from the year 2074. Upon meeting his younger self, he advises him to stop learning French and instead head to China. In the future, Shanghai is the centre of the […]

Will this country be the next oil domino?

Nigeria started 2014 as a darling of investors seeking opportunities in ever more far-flung frontiers, but now the African economy could take a body blow from the oil price decline. “In a country plagued by deep regional and religious divisions, oil revenue is literally the glue that binds the fractious elites together,” RBC Capital said […]

Orlov: Defeat is Victory

On the wall of George Orwell’s Ministry of Truth from his novel 1984 there were three slogans: WAR IS PEACE FREEDOM IS SLAVERY IGNORANCE IS STRENGTH It occurred to me that these apply just a little bit too well to the way the Washington, DC establishment operates. War certainly is peace: just look at how […]

Economic warfare the main Western weapon

In the last few days it became clear that economic warfare is the main weapon used by the Transnational Elite, (TE- i.e. the network of the elites based mainly in the G7 countries which run the New World Order of neoliberal globalization), to subordinate Russia and integrate every other country still resisting the process, e.g. […]

Do we need a 250-mile natural gas pipeline?

While the debate on Kinder Morgan’s proposed 250-mile natural gas pipeline will continue to rage on, I keep scratching my head trying to understand exactly why it is a good idea in the first place. To be sure, there is a ready answer from the utility industry — the pipeline is needed to move enough […]

Ferguson Redux

In this sedition a special report on the rebellions that have been rocking Turtle Island in the wake of the “no indictment” of racist cop Darren Wilson for his murder of black teen Mike Brown in Ferguson Missouri. Also a very special interview with subMedia.tv’s Franklin López

Why the World Missed the Oil Price Crash

On Feb. 1, 2011, oil prices rose above $100 a barrel. For the next three years, they largely stayed there, with few of the dramatic ups and downs that oil markets are famous for. So when prices began falling slowly in June of this year, most industry experts shrugged. Hundred-dollar oil was here to stay, […]

UN to curb population by axing laws for sex, drugs, abortions for youths

The United Nations Population Fund (UNFPA) realizes there are more young people on earth today than at any other time in human history, and the organization has a plan to reduce this segment of the population in order to achieve what it calls a “demographic dividend.” To reach this goal, the UNFPA is working toward […]

News Of OPEC’s Demise Has Been Much Exaggerated

The Organization of the Petroleum Exporting Countries (OPEC) last week made no change to its production target despite a 40 percent slide in oil prices over just five months, causing some commentators to pronounce the cartel irrelevant. If OPEC cannot act to defend the prices and revenues of its member countries, does the organisation still […]

Iraqi Government and Kurds Reach Deal to Share Oil Revenues

The Iraqi government agreed Tuesday to a long-term accord with the autonomous Kurdish region to share the country’s oil wealth and military resources in a far-reaching deal that helps reunite the country in the face of a bitter war with Islamic extremists. The deal settles a long dispute between Baghdad and Erbil, the Kurdish capital […]

Saudi Arabia warns oil market speculators

Saudi Arabia said on Monday that its oil policy was based on economic principles, as speculation continued to swirl after last week’s OPEC meeting of political motives aimed at other producers. It also warned market speculators. “The Kingdom’s oil policy is emanating from economic fundamentals, to achieve the economic interests of the Kingdom on the […]

Falling Oil Prices Could Cripple ‘Vulnerable’ Russia, Trigger World War III

The Cold War 2.0 is going hot, and while it may someday be fought with planes, tanks, guns and bombs, the first front is being fought with oil and shale gas. The U.S. and European sanctions against Russia will become more severe and crippling in the face of drastically falling oil prices – prices which […]

The Cheap Oil Curse

Remember “Peak Oil?” The world was running out of oil, prices would soon skyrocket, and we had better find other fuels. Well, that argument didn’t work out so well for environmentalists, did it? As oil reserves and those of other carbon fuels became scarce and prices rose, the law of supply and demand kicked in. […]

Peak Oil: does the CIA know?

Years ago, at an international conference on peak oil, I met Michael Ruppert, who later became known for his investigations of the 9/11 attacks. He told me that in the audience, that day, there were a few CIA agents whom he personally knew. I had no way to check Ruppert’s statement, but, on the whole, […]

Kuwait urges cooperation from non-OPEC producers

Kuwait Oil Minister Ali Al-Omair urged non-OPEC crude producers to cooperate to help stabilize the oil market and prevent sharp fluctuations in prices, KUNA news agency said. The minister called on producers from outside OPEC to “cooperate with the Organization of Petroleum Exporting Countries to guarantee stability of the market and prevent major swings in […]

OPEC Presents: QE4 And Deflation

Thinking plummeting oil prices are good for the economy is a mistake. They instead, as I said only yesterday in The Price Of Oil Exposes The True State Of The Economy point out how bad the global economy is doing. QE has been able to inflate stock prices way beyond anything remotely looking fundamental, but energy prices […]

China Raises Tax on Oil Products

China said Friday that it will raise the consumption tax on a range of oil products in a move to promote conservation and boost the attractiveness of alternative energy. The move, announced by the finance ministry, was also aimed at reducing pollution–a problem that authorities have been struggling with as air quality levels plummet across […]

Oil Price Drop After OPEC Decision Is ‘Terrible’

The plunge in crude prices after OPEC’s decision to keep its production ceiling unchanged is “terrible,” according to Iraq’s oil minister. Brent crude, the global benchmark, fell the most in more than three years after the 12-member group completed talks and traded at $72.50 a barrel in London today. That’s 29 percent less than the […]

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