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Tag Archives: oil
Oops! Low oil prices are related to a debt bubble
Oops! Low oil prices are related to a debt bubble Why is the price of oil so low now? In fact, why are all commodity prices so low? I see the problem as being an affordability issue that has been hidden by a growing debt bubble. As this debt bubble has expanded, it has kept the sales prices […]
The Global Oil Supply: Implications for Biodiversity?
The Global Oil Supply: Implications for Biodiversity? The following is an overview of my recent lecture to the Linnean Society of London, which is named in honour of Carl Linneus, who among many other accolades has been described as “The father of modern taxonomy”, and is also considered as one of the founders of modern ecology. It is the world’s […]
U.S. Shale Lifelines Running Thin
U.S. Shale Lifelines Running Thin As the world heads towards the start of the winter fuel oil season, crude prices still show little sign of a sustained upward move. Instead, oil seems to be trapped in a new “normal” range of around $40 to $55 a barrel. Shale oil producers have done a remarkable job […]
Everything’s Deflating And Nobody Seems To Notice
Everything’s Deflating And Nobody Seems To Notice Whenever we at the Automatic Earth explain, as we must have done at least a hundred times in our existence, that, and why, we refuse to define inflation and deflation as rising or falling prices (only), we always get a lot of comments and reactions implying that people […]
Four Ticking Global Time-Bombs Few Even Hear
Four Ticking Global Time-Bombs Few Even Hear A few charts help us grasp the magnitude of the four global time-bombs. The geopolitical and financial risks facing the global economy are well-known.Hot wars and currency meltdowns garner headlines around the world. But few even hear, much less discuss, four ticking global time-bombs: 1. The demographic time-bomb. […]
Saudi Arabia’s fiscal break-even oil price to be around $US 100 mark for the foreseeable future
Saudi Arabia’s fiscal break-even oil price to be around $US 100 mark for the foreseeable future The latest IMF Article IV consultation report on Saudi Arabia was published on 9 September 2015. http://www.imf.org/external/country/sau/ Extract: Government spending has increased substantially in recent years. Consequently, the breakeven oil price rose to $106 a barrel in 2014 from $69 […]
Goldilocks and the three prices of oil
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 […]
Macroeconomic Instability For Emerging Markets Thanks To Commodity Bust
Macroeconomic Instability For Emerging Markets Thanks To Commodity Bust The bust in commodity prices is sending ripples through the world of emerging markets. Countries depending on resource extraction and exports of commodities have run into a brick wall this year the prices collapsed for all sorts of materials – oil, gas, coal, gold, copper, and […]
Oil and the Global Economy
Oil and the Global Economy How important is oil to the future of the global economy? The remarkable economic expansion of in the United States and other industrial nations over the past century or more has been fueled by a steadily growing supply of low-cost energy—mostly from fossil fuels—oil in particular which accounts for more global energy […]
How Big an Oil Glut is There Really?
How Big an Oil Glut is There Really? Revisiting Crude Oil Beginning in late August we have frequently discussed the possibility that a significant low in crude oil prices could be imminent in spite of the “obvious” lousy fundamentals. As blind luck would have it, the first of these articles (entitled “Is Crude Oil Close to a Low?”) was […]
Saudi Oil Minister Puts On Brave Face Amid Severe Headwinds: “Eventually, Economic Producers Will Prevail”
Saudi Oil Minister Puts On Brave Face Amid Severe Headwinds: “Eventually, Economic Producers Will Prevail” As the EM world looks on helplessly while Saudi Arabia’s war with the US shale complex (and, by extension, with the Fed) serves to keep crude prices depressed putting enormous pressure on commodity currencies and accelerating emerging market outflows, the […]
TSX falls 373 points as commodities sell off again
TSX falls 373 points as commodities sell off again Canadian dollar loses almost half a cent to close at 74.66 cents US. Canada’s benchmark stock index lost almost 2.8 per cent on another bleak Monday for commodities like oil, gold and copper. The S&P/TSX Composite Index lost 373 points to close at 13,004. That’s the lowest level for Canada’s […]
There Are 800 Fossil Fuel Subsidies Around The World
There Are 800 Fossil Fuel Subsidies Around The World There are 800 different programs around the world that subsidize fossil fuels, according to a new report from the OECD. The OECD released the report ahead of the international climate change negotiations set to take place in Paris in December, where the world has a “moral imperative to […]
American Petroleum Institute Touts Oil Exports to Fend Off Iran, Russia Despite API Members Tied to Both Countries
American Petroleum Institute Touts Oil Exports to Fend Off Iran, Russia Despite API Members Tied to Both Countries The American Petroleum Institute (API) has launched a new advertising campaign in its ongoing push to oust the U.S. oil exports ban in place since 1975. One of the most recent ads, titled “Crude Oil Exports and National Security” on YouTube, starts off with […]
How our energy problem leads to a debt collapse problem
How our energy problem leads to a debt collapse problem Usually, we don’t stop to think about how the whole economy works together. A major reason is that we have been lacking data to see long-term relationships. In this post, I show some longer-term time series relating to energy growth, GDP growth, and debt growth–going back […]
