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US drives rainforest destruction by importing Amazon oil, study finds

US imports of crude oil from the Amazon are driving the destruction of some of the rainforest ecosystem’s most pristine areas and releasing copious amounts of greenhouse gases, according to a new report. The study, conducted by environmental group Amazon Watch, found that American refineries processed 230,293 barrels of Amazon crude oil a day last year. And California, despite its green reputation, …

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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 …

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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 …

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Michael T. Klare – Double-Dip Oil Rout

The plunge of global oil prices began in June 2014, when benchmark Brent crude was selling at $114 per barrel. It hit bottom at $46 this January, a near-collapse widely viewed as a major but temporary calamity for the energy industry.  Such low prices were expected to force many high-cost operators, especially American shale oil producers, out of the market, while stoking …

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Tara Lohan – Fossil fuels have become an economic liability—for both consumers and energy companies.

Deborah Lawrence had been watching a once-empty parking lot near Midland-Odessa, Texas, fill up with idled drilling rigs usually at work plumbing for oil in the nearby Permian Basin. In January she noticed 10 rigs, then 17 a few weeks later. As winter turned to spring, the number climbed to 35. That trend has continued across the country. By the …

Shale

Oil Market Uncertain As US Shale Boom “Goes Bust”

Oil market is uncertain as the US shale oil output is expected to fall for the first time in four years, and the coming months are likely to see a continuing price war between OPEC producers. Deutsche Bank, Goldman Sachs and HIS are now projecting that US oil production growth will now end. The global oil price rose slightly in …