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Tag Archives: oil price collapse
16% of oil and gas firms thinking of job cuts: Mercer survey
16% of oil and gas firms thinking of job cuts: Mercer survey Canadian industry harder hit because production and exploration more sensitive to falling price A survey of oil and gas companies throughout North America indicates a major pullback underway in the industry as they cut capital spending and reduce hiring in response to low […]
The Reason for Hyperinflation-phobia
The Reason for Hyperinflation-phobia The New York Times can be forgiven for blaming the empty shelves in Caracas to the plunge in oil. However, a raging hyperinflation cleared the cupboards before the price of oil was cut in half. William Neuman’s front page story illustrates what the NYT does best, making economic tragedies personal. Laboratory assistant Mary Noriega […]
Strikes: The Latest Threat Facing US Oil Industry
Strikes: The Latest Threat Facing US Oil Industry Workers are on strike at nine oil refineries and chemical plants around the United States in the largest such job action in 35 years. Members of the United Steelworkers union (USW) who are employed by more than 200 US oil terminals and pipelines as well as refineries […]
‘Peak Debt’ At Work: Savings at the Pump Are Staying in Consumer Wallets
‘Peak Debt’ At Work: Savings at the Pump Are Staying in Consumer Wallets Americans are taking the money they are saving at the gas pump and socking it away, a sign of consumers’ persistent caution even when presented with an unexpected windfall. This newfound commitment to frugality was illustrated this past week when the nation’s […]
Arctic Oil On Life Support
Arctic Oil On Life Support Oil companies have eyed the Arctic for years. With an estimated 90 billion barrels of oil lying north of the Arctic Circle, the circumpolar north is arguably the last corner of the globe that is still almost entirely unexplored. As drilling technology advances, conventional oil reserves become harder to find, and climate […]
Commodities crash: Bad news for the world economy, but is anyone listening?
Commodities crash: Bad news for the world economy, but is anyone listening? Reading the general run of financial headlines might lead one to believe that price declines in those commodities which are highly sensitive to economic conditions such as iron ore, copper, oil, natural gas, coal, and lumber are good on their face. Obviously, the declines aren’t good for those who sell these commodities. […]
Canada Mauled by Oil Bust, Job Losses Pile Up – Housing Bubble, Banks at Risk
Canada Mauled by Oil Bust, Job Losses Pile Up – Housing Bubble, Banks at Risk Ratings agency Fitch had already warned about Canada’s magnificent housing bubble that is even more magnificent than the housing bubble in the US that blew up so spectacularly. “High household debt relative to disposable income” – at the time hovering near a […]
This Week In Energy: The War For Market Share Is Only Just Beginning
This Week In Energy: The War For Market Share Is Only Just Beginning This week saw yet more bad news for the oil sector, as the EIA’s latest figures released on Wednesday showed U.S. Inventories at levels not seen since 1982, when the agency first started collecting such data. To put it another way, the last […]
Can Saudi Arabia Diversify Away From Oil?
Can Saudi Arabia Diversify Away From Oil? The Saudi government hopes new special economic zones can spur foreign investment and lessen the Kingdom’s reliance on oil. Regulatory reforms are needed, however, to convince foreign firms that Saudi Arabia has more to offer than just cheap energy. Just off the coast of the Red Sea, about […]
Was Shell the First Big Oil Company to Publicly Accept the Science of Climate Change and its Consequences?
Was Shell the First Big Oil Company to Publicly Accept the Science of Climate Change and its Consequences? The DeSmog UK epic history series investigates the divide that opened up between chief executives and shareholders who were anxious that company operations and profits could be undermined by climate change. The heavy-handed attack from lobbyists on the Intergovernmental Panel […]
Chevron Slashes 23% Of PA Workforce As US Rig Count Collapses To June 2010 Lows
Chevron Slashes 23% Of PA Workforce As US Rig Count Collapses To June 2010 Lows For the 8th week in a row (something that hasn’t happened since June 2009), US total rig count plunged. This week’s 90 rig drop to 1543 is the largest so far (with oil rigs down 94 to 1223 – lowest since Jan […]
The Biggest “Hamilton Oil Shock” In History
The Biggest “Hamilton Oil Shock” In History Slowly but surely, the narrative that plummeting oil prices is “unambiguously good” for the economy is fading into obscurity, as reality is starting to emerge. For the latest capitulation we go to the Bank of America chart of the day which shows that the current Hamilton Oil Shock […]
Loonie Plunges Through 80 Cents U.S. In Currency’s Biggest 2-Year Drop Ever
Loonie Plunges Through 80 Cents U.S. In Currency’s Biggest 2-Year Drop Ever The Canadian dollar fell through a psychologically important barrier Wednesday, trading for the first time in five years below 80 cents U.S. The loonie was hovering at 79.8 cents U.S. as of Wednesday afternoon, having followed oil prices downward for yet another day. […]
Shell Cuts $15 Billion of Spending as Profit Misses Expectations
Shell Cuts $15 Billion of Spending as Profit Misses Expectations (Bloomberg) — Royal Dutch Shell Plc will cut $15 billion of investment over the next three years as the crash in oil prices saw fourth-quarter profit miss forecasts. Shell, the first of the world’s largest oil companies to report earnings following the slump in crude […]
