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“Miracle of American Oil”: Continental Resources Courted Corporate Media to Sell Oil Exports
“Miracle of American Oil”: Continental Resources Courted Corporate Media to Sell Oil Exports A document published by the Public Relations Society of America, discovered by DeSmog, reveals that from the onset of its public relations campaign, the oil industry courted mainstream media reporters to help it sell the idea of lifting the ban on crude oil exports to the […]
The Crude Oil Export Ban–What, Me Worry About Peak Oil?
The Crude Oil Export Ban–What, Me Worry About Peak Oil? Congress ended the U.S. crude oil export ban last week. There is apparently no longer a strategic reason to conserve oil because shale production has made American great again. At least, that’s narrative that reality-averse politicians and their bases prefer. The 1975 Energy Policy and Conservation Act (EPCA) that […]
Bank of Montreal Asks If “Oil Prices Could Collapse To $20”; Answers: “Yes”
Bank of Montreal Asks If “Oil Prices Could Collapse To $20”; Answers: “Yes” When looking at the price of oil in 2015, Canada’s Bank of Montreal admits it was wrong. Very, very wrong. In our “2015 Year Ahead” report we laid out three plausible scenarios: (1) our base case, which forecast Brent crude oil prices […]
Oil Bankruptcies Hit Highest Level Since Crisis And There’s “More To Come”, Fed Warns
Oil Bankruptcies Hit Highest Level Since Crisis And There’s “More To Come”, Fed Warns “Two things become clear in an analysis of the financial health of US hydrocarbon production: 1) the sector is not at all homogenous, exhibiting a range of financial health; 2) some of the sector indeed looks exposed to distress [and] lifelines […]
“Canadians Should Be Concerned” As Energy Sector Job Losses Spike To 100,000 This Year
“Canadians Should Be Concerned” As Energy Sector Job Losses Spike To 100,000 This Year It’s grim up north… and getting grimmer. Amid soaring suicide rates, Canada’s once-booming oil patch is rapidly accelerating its downward trajectory. “Canadians should be concerned in times like these,” warned Tim McMillan, president and chief executive of the Canadian Association of Petroleum Producers, noting […]
“I Know Of No One Who Predicted This”: Russian Oil Production Hits Record As Saudi Gambit Fails
“I Know Of No One Who Predicted This”: Russian Oil Production Hits Record As Saudi Gambit Fails In late October, we noted that for the second time this year, Russia overtook Saudi Arabia as the biggest exporter of crude to China. Russia also took the top spot in May, marking the first time in history that Moscow beat out […]
Azerbaijan Currency Crashes 50% As Crude Contagion Spreads
Azerbaijan Currency Crashes 50% As Crude Contagion Spreads OPEC blowback continues to ripple around the world. With Russia’s Ruble pushing back towards record lows against the USD, and Kazakhstan’s Tenge having tumbled to record lows, the writing was on the wall for Azerbaijan. As Bloomberg reports, the third-biggest oil producer in the former Soviet Union moved to a free […]
Egypt update: net oil importer and chokepoints
Egypt update: net oil importer and chokepoints Oil production and consumption Fig 1: Oil production vs consumption After a post-peak decline production has stabilized but consumption has increased relentlessly at a long-term 1.7% pa, slightly below population growth of around 2% pa. Egypt is now a net oil importer. On these trends, the gap between […]
ISIS Oil Trade Full Frontal: “Raqqa’s Rockefellers”, Bilal Erdogan, KRG Crude, And The Israel Connection
ISIS Oil Trade Full Frontal: “Raqqa’s Rockefellers”, Bilal Erdogan, KRG Crude, And The Israel Connection “Effectively, we have been financially discriminated against for a long time. By early 2014, when we did not receive the budget, we decided we need to start thinking about independent oil sales” — Ashti Hawrami, Kurdistan’s minister for natural resources […]
Oil Prices Down As Storage Keeps On Filling Up
Oil Prices Down As Storage Keeps On Filling Up Happy Thanksgiving Eve! One hundred and forty-eight years to the day after Alfred Nobel patented dynamite, and the fuse has been lit for an explosion to the downside for the crude complex. After geopolitical tension was stoked yesterday, attention shifts back to oversupply today with the […]
Oil May Plunge to $20, Signalling Economic Disaster: “The Numbers Are Dreadful And Unprecedented”
Oil May Plunge to $20, Signalling Economic Disaster: “The Numbers Are Dreadful And Unprecedented” The price of oil has long been a key indicator of economic health and stability. And that index is tanking fast. In the last few years, dramatic overproduction of oil has become a major tool of geopolitical conflict. As prices have plummeted from […]
OPEC’s Bad Bet By The Numbers
OPEC’s Bad Bet By The Numbers What will happen to the economic fortunes of OPEC members if it turns out the Saudis and their Gulf Arab allies (UAE, Kuwait, and Qatar) bet on the wrong horse in November 2014? With the wager Saudi Oil Minister Al al-Naimi announced on market forces as the cure for […]
OPEC’s Strategy Is Working According To Cartel’s Latest Report
OPEC’s Strategy Is Working According To Cartel’s Latest Report OPEC, which has been exceeding its own oil-production cap during the past year, says output was down in October and forecasts a production drop overall next year because of the persistent low price of oil. The cartel’s Monthly Market Report, published Thursday, said its 12 members extracted […]
