1

Nafeez Ahmed – Is an Economic Oil Crash Around the Corner?

A report by HSBC shows that contrary to industry mythology, even amidst the glut of unconventional oil and gas, the vast bulk of the world’s oil production has already peaked and is now in decline, while European government scientists show that the value of energy produced by oil has declined by half within the first 15 years of the 21st century. …

1

F. William Engdahl – What’s Really Going on With Oil?

If there is any single price of any commodity that determines the growth or slowdown of our economy, it is the price of crude oil. Too many things don’t calculate today in regard to the dramatic fall in the world oil price. In June 2014 major oil traded at $103 a barrel. With some experience following the geopolitics of oil …

1

The ‘Real’ Price Of Oil Is Below $17

“You see a big destruction in the income of the oil and commodity producers,” exclaims on analyst but, as Bloomberg notes, while oil prices flashing across traders’ terminals are at the lowest in a decade, in real terms the collapse is considerably deeper. Adjusted for inflation, WTI is its lowest since 2002 and worse still Saudi Light Crude is trading …

1

Michael T. Klare – The Oil Pricequake Political Turmoil in a Time of Low Energy Prices

As 2015 drew to a close, many in the global energy industry were praying that the price of oil would bounce back from the abyss, restoring the petroleum-centric world of the past half-century.  All evidence, however, points to a continuing depression in oil prices in 2016 — one that may, in fact, stretch into the 2020s and beyond.  Given the …

1

John Feffer – The Geopolitics of Cheap Oil

The market was supposed to save the planet. That, at least, was the argument of many economists grappling with the problem of climate change. As fossil fuels became scarcer, they pointed out, the price of oil and natural gas would go up. And then other options, like solar and wind, would become cheaper, particularly as investment flowed into that sector …

1

Steve Horn – During Paris Climate Summit, Obama Signed Exxon-, Koch-Backed Bill Expediting Pipeline Permits

Just over a week before the U.S. signed the Paris climate agreement at the conclusion of the COP21 United Nations summit, President Barack Obama signed a bill into law with a provision that expedites permitting of oil and gas pipelines in the United States. The legal and conceptual framework for the fast-tracking provision on pipeline permitting arose during the fight over TransCanada’s …

1

“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 Riyadh when it comes to crude exports to Beijing. “Moscow is wrestling with crippling Western economic sanctions and building closer ties with …

1

Joshua Frank – Are the Fracking Vampires Going Bust?

I’m a vampire, baby, suckin’ blood from the earth. Well, I’m a vampire, babe, sell you twenty barrels worth. -Neil Young (Vampire Blues) Oil is crashing, and gas prices at the pump keep sliding lower and lower. As of October 2015, a barrel of Brent crude (the global standard) is selling for less than $50, that’s nearly half of what a barrel …

1

Donald Kaul – The Stock Market: The Only Game in Town

The stock market is down. It must be some crazy thing China has done. Those Communist countries just don’t understand how capitalism works. No, wait! The market just went up. Did China fix its capital markets already? Not really. More likely it’s that our Federal Reserve has hinted that it’s not going to raise interest rates any time soon because …

1

Deirdre Fulton – As Europe’s One Percent Flourishes, Millions Sink into Poverty

On a continent that is home to some of the world’s richest people, most profitable businesses, and most valuable assets—including 342 billionaires—more than 120 million people are at risk of poverty, exemplifying the “unacceptable” levels of inequality sweeping Europe in 2015. That’s according to Oxfam, whose new report, A Europe for the Few, Not the Many (pdf), warns that the excessive …