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

Jon Kofas – Review Of Global Trends In 2015 And Prospects For 2016

Introduction Top events in 2015 that shaped the world and are very likely to continue doing so include the economic slowdown not just in China and India, but in most of the world outside the US. Globalization under the neoliberal model of development continued to devastate the middle class in 2015 as it has in the last three decades, especially …

1

Prof. James Petras – The “Dirty Work” of the International Monetary Fund, Lays the Groundwork for Worldwide Financial Conquest

The IMF is the leading international monetary agency whose public purpose is to maintain the stability of the global financial system through loans linked to proposals designed to enhance economic recovery and growth. In fact, the IMF has been under the control of the US and Western European states and its policies have been designed to further the expansion, domination and profits …

1

Timothy Alexander Guzman – De-Dollarization Accelerates: Iran-Russia “New Trade Agreements” to Drop US Dollar

– The threat of war against Iran is not just about its natural resources, strategic control and supposedly to protect Israel, it is also about the US dollar being used for its oil trades. Iran is moving forward to replace US dollars for its foreign trade with Russia in rials and Russian rubles. This past January, Iran made a significant …

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

ANDREW HIGGINS – Norway Has a New Passion: Ghost Hunting

MOSS, Norway — Like many Europeans, Marianne Haaland Bogdanoff, a travel agency manager in this southern Norwegian town, does not go to church, except maybe at Christmas, and is doubtful about the existence of God. But when “weird things” — inexplicable computer breakdowns, strange smells and noises and complaints from staff members of constant headaches — started happening at the …

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

Gail Tverberg – 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 to 1820 in some cases–that help us understand our situation better. When examining these …