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oftwominds-Charles Hugh Smith: We Just Enjoyed the Last Christmas in America
oftwominds-Charles Hugh Smith: We Just Enjoyed the Last Christmas in America. The end of rising wages = the end of mass affluence: we just enjoyed the Last Christmas in America (TLCIA). As unemployment topped 10%, the January 1975 cover of Ramparts magazine blared: The End of Affluence: The Last Christmas in America. (TLCIA) The government responded to the high […]
If Shell Backs Out, Arctic Oil Off the Table for Years
If Shell Backs Out, Arctic Oil Off the Table for Years. The next several months may be pivotal for the future of oil development in the Arctic. While Russia has proceeded with oil drilling in its Arctic territory, the U.S. has been much slower to do so. The push in the U.S. Arctic has been […]
Peak Oil Review – Dec 22
Peak Oil Review – Dec 22. 1. Oil and the Global Economy Oil prices were volatile last week with New York futures trading around $55 a barrel and around $60 in London with little change at week’s end. In the absence of any solid news on supply or demand, traders jumped in and out of […]
oftwominds-Charles Hugh Smith: Maybe Oil Goes to $70 on its Way to $40
oftwominds-Charles Hugh Smith: Maybe Oil Goes to $70 on its Way to $40. A retrace that fills open gaps and kisses the 50-day moving average surprises everyone who was confident oil was heading straight down to $40/barrel. When the conventional media ordains oil inevitably dropping to $40/barrel, I start looking for something else to happen–like […]
Drilling Our Way Into Oblivion – The Automatic Earth
Drilling Our Way Into Oblivion – The Automatic Earth. Oh, that sweet black gold won’t leave us alone, will it? West Texas Intermediate went through some speedbumps Friday, but ended over +5%, though still only at $57. Think them buyers know something we don’t? I don’t either. I see people covering lousy bets. And PPT […]
“Houston, You Have A Problem” – Texas Is Headed For A Recession Due To Oil Crash, JPM Warns | Zero Hedge
“Houston, You Have A Problem” – Texas Is Headed For A Recession Due To Oil Crash, JPM Warns | Zero Hedge. It was back in August 2013, when there was nothing but clear skies ahead of the US shale industry that we asked “How Much Is Oil Supporting U.S. Employment Gains?” The answer we gave: […]
Saudi Arabia Refuses To Cut Oil Output Even If Non-OPEC Members Do | Zero Hedge
Saudi Arabia Refuses To Cut Oil Output Even If Non-OPEC Members Do | Zero Hedge. As even Reuters observes this morning when discussing the ongoing crude rout, “the market slide has triggered conspiracy theories, ranging from the Saudis seeking to curb the U.S. oil boom, to Riyadh looking to undermine Iran and Russia for their support of Syria.” […]
2014 Year in Review – David Collum | Peak Prosperity
2014 Year in Review – David Collum | Peak Prosperity. Every year, friend-of-the-site David Collum writes a detailed “Year in Review” synopsis full of keen perspective and plenty of wit. This year’s is no exception. As with past years, he has graciously selected PeakProsperity.com as the site where it will be published in full. It’s quite longer than […]
The Oil Price Crash of 2014 Post Carbon Institute
The Oil Price Crash of 2014 Post Carbon Institute. Oil prices have fallen by half since late June. This is a significant development for the oil industry and for the global economy, though no one knows exactly how either the industry or the economy will respond in the long run. Since it’s almost the end […]
Obama Bars Oil Industry From Alaska’s Bristol Bay | Environment News Service
Obama Bars Oil Industry From Alaska’s Bristol Bay | Environment News Service. President Barack Obama today designated the waters of Bristol Bay as off limits to oil and gas leasing for exploration, development or production. This action safeguards one of the nation’s most productive fisheries and preserves an ecologically rich area of the Bering Sea […]
Average gasoline price dips to 99 cents and falling – Business – CBC News
Average gasoline price dips to 99 cents and falling – Business – CBC News. For the first time in 4½ years the average cost of gasoline in Canada has dropped below $1 a litre. The actual prices vary by market, from $1.05 in Vancouver to 76.9 cents in Edmonton to 98.9 cents in St. John’s, […]
The reason oil could drop as low as $20 per barrel
The reason oil could drop as low as $20 per barrel. How low can it go — and how long will it last? The 50 percent slump in oil prices raises both those questions and while nobody can confidently answer the first question (I will try to in a moment), the second is pretty easy. […]
Exxon Mobil Shows Why U.S. Oil Output Rises as Prices Plunge – Bloomberg
Exxon Mobil Shows Why U.S. Oil Output Rises as Prices Plunge – Bloomberg. Crude oil production from U.S. wells is poised to approach a 42-year record next year as drillers ignore the recent decline in price pointing them in the opposite direction. U.S. energy producers plan to pump more crude in 2015 as declining equipment […]
The Biggest Economic Story Going Into 2015 Is Not Oil – The Automatic Earth
The Biggest Economic Story Going Into 2015 Is Not Oil – The Automatic Earth. Isn’t it fun to just watch the market numbers roll by from time to time as you go about your day, see Europe markets up 3%+, Dubai 13%, US over 2% (biggest two-day rally since 2011!), and you just know oil […]
Violence In South Sudan Threatens Chinese Oil Investment
Violence In South Sudan Threatens Chinese Oil Investment. On December 15, 2013, fierce fighting broke out in South Sudan’s capital, Juba. Rebel forces loyal to Machar targeted South Sudan’s oil fields, and what started as a clash, quickly escalated to a civil war. Violence swept the country, killing tens of thousands people and displacing over […]
