Helping America Navigate a New Energy Reality

Archive for August, 2009

Michael Lynch, Daniel Yergin – The Denizens of Peak Oil Denial

By on 31 Aug 2009 in commentary with 6 Comments
Michael Lynch, Daniel Yergin – The Denizens of Peak Oil Denial

Last week Michael Lynch and Daniel Yergin pummeled the concept of peak oil in two mainstream media outlets. Lynch’s feisty but nearly fact-free op-ed for the New York Times and Yergin’s more scholarly reflection in Foreign Policy whipped up further discussion in the blogosphere. Although the majority of on-line responses to Lynch’s piece were negative, […]

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Puru Saxena, publisher of Money Matters

By on 31 Aug 2009 in quotes with 0 Comments

Demand in the developing countries peaked in October 2008 at 46.33 million barrels per day and it is down by only 0.36 million barrels per day. I don’t know about you but I am amazed that the worst global recession in decades has barely managed to shrink energy demand in the developing world. On the […]

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Rolling Blackout

By on 31 Aug 2009 in cartoon with 0 Comments
Rolling Blackout

Briefs 8/31/09

By on 31 Aug 2009 in Other with 0 Comments

In Russia, Anatoly Dmitrievsky, director of the Institute of Oil and Gas Problems (Russian Academy of Sciences), said $280 billion of investment into the development of global oil reserves has been postponed due to the global financial crisis. More than a year ago, Leonid Fedun, vice president of Lukoil, said that Russia would never produce […]

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Production and Prices

By on 31 Aug 2009 in Other with 1 Comment

The struggle between optimists and pessimists goes on and on with neither side as yet gaining a decisive advantage. Oil prices started the week close to $75 a barrel on rising stock markets and hopes for a global recovery; fell to below $70 at mid-week on rising inventories and the outlook for bad employment numbers; […]

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Review Aug 31, 2009

By on 31 Aug 2009 in Peak Oil Review with 0 Comments

1. Production and prices The struggle between optimists and pessimists goes on and on with neither side as yet gaining a decisive advantage. Oil prices started the week close to $75 a barrel on rising stock markets and hopes for a global recovery; fell to below $70 at mid-week on rising inventories and the outlook […]

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The New Gilded Age

By on 27 Aug 2009 in commentary with 15 Comments
The New Gilded Age

Blessed are the poor in spirit: for theirs is the kingdom of heaven. Blessed are they that mourn: for they shall be comforted. Blessed are the meek: for they shall inherit the earth. Blessed are they which do hunger and thirst after righteousness: for they shall be filled. —the Sermon on the Mount, Matthew 5:9 […]

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Briefs 8/24/09

By on 24 Aug 2009 in Other with 0 Comments

In July 2009 world production of all liquid fuels increased by 580,000 barrels per day from June according to the latest figures of the International Energy Agency (IEA), resulting in total world liquid fuels production of 85.15 million b/d. (8/17, #16) Contrary to expectations, Russian oil output has risen 0.8 percent this year over last […]

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Review Aug 24, 2009

By on 24 Aug 2009 in Peak Oil Review with 0 Comments

1. Production and prices Oil, which traded below a $67 a barrel on Monday, touched $74.72 on Friday before closing at $73.98. The move, which sent oil prices to a new high for 2009, was primarily motivated by higher equity prices and speculation that the global economic picture is improving. The move was helped by […]

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Interview with Tom Whipple

By on 23 Aug 2009 in commentary with 3 Comments

Tom Whipple, retired CIA analyst and editor of this newsletter, will be a speaker at the ASPO-USA conference this October 11-13. When called up and ambushed for this interview, he immediately said he thought the idea qualified as “the dumbest idea of the week,” but eventually assented. From his home just outside Washington D.C. in […]

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The Incredible Shrinking Boomer Economy

By on 20 Aug 2009 in Other with 13 Comments
The Incredible Shrinking Boomer Economy

Hope I die before I get old —The Who, My Generation The vagabond who is rapping at your door Is standing in the clothes that you once wore. Strike another match, go start anew And its all over now, baby blue. —Bob Dylan, It’s All Over Now, Baby Blue Nothing left to do When you […]

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Peak Oil Could Now Be Reality

By on 19 Aug 2009 in Other with 1 Comment
Peak Oil Could Now Be Reality

Peak Oil Could Now Be Reality ASPO 2009 International Peak Oil Conference Brings Experts Together to Discuss Impacts on U.S. and Global Economy DENVER, Colorado – August 18, 2009 – With our world at the convergence of peak oil and climate change, ASPO’s 2009 International Peak Oil Conference, titled System Reset: Global Energy and the […]

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Briefs 8/17/09

By on 17 Aug 2009 in Other with 0 Comments

From an ongoing study by the UK’s Industry Peak Oil Task Force, early indications are that the recession has moved the peak a little further into the next decade, but steepened the descent in production thereafter. (8/10, #16) In Venezuela, the bidding to explore seven oil fields — called the Carabobo auction — was just […]

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Review Aug 17, 2009

By on 17 Aug 2009 in Peak Oil Review with 0 Comments

1. Production and prices Since the beginning of August oil has hovered around $70 a barrel as the markets tried to decide whether the prospects for an imminent economic rebound trumped weak global demand. On Friday the pattern was broken when new reports showed weaker-than-expected US retail sales and a drop in consumer confidence. The […]

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The Next Oil Shock

By on 13 Aug 2009 in Other with 12 Comments
The Next Oil Shock

There can be few fields of human endeavor in which history counts for so little as in the world of finance. Past experience, to the extent that it is a part of memory at all, is dismissed as the primitive refuge of those who do not have the insight to appreciate the incredible wonders of […]

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China's New Energy Plan

By on 13 Aug 2009 in Other with 2 Comments
China's New Energy Plan

On Monday, Beijing announced that it will unveil a plan to develop new energy sources, including wind, solar, nuclear, and “clean coal” by the end of the year. The announcement came just as the UN Secretary General warned of a dire future for the world unless it moves quickly to deal with climate change. Meanwhile, […]

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Prices and Production

By on 13 Aug 2009 in Other with 0 Comments
Prices and Production

Crude oil continues to trade around $70 a barrel as OPEC continues to increase production, stockpiles continue to build, and demand remains weak except perhaps in China. The weekly stocks report showed crude inventories increasing by 2.5 million barrels, distillate stocks increasing by 800,000 barrels, and gasoline stocks falling by 1 million barrels as refiners […]

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Cartoonist Ed Stein

By on 10 Aug 2009 in Other with 1 Comment
Cartoonist Ed Stein

As far back as its initial date of publication, a cartoon drawn by Denver-based cartoonist Ed Stein in 1977 was a favorite of well-known individuals concerned about long-term world oil supply constraints. Said group includes M. King Hubbert, L.F. “Buzz” Ivanhoe, and Walter Youngquist. Last week ASPO-USA commissioned Ed to draw an updated version, shown […]

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Review Aug 10, 2009

By on 10 Aug 2009 in Peak Oil Review with 0 Comments

1. Production and prices For yet another week, hopes for an economic recovery and the course of the dollar continued to overshadow oil market fundamentals. Despite rising inventories, higher OPEC production, and weak demand, oil prices continued to gyrate between $70 and $72 a barrel in accordance with the latest economic headlines and movements in […]

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Briefs 8/10/09

By on 10 Aug 2009 in Other with 0 Comments

Across Nigeria, the consistent rise in the cost of diesel fuel to power electric generators is alarming. The effect on the cost of doing business is particularly severe. Unreliable power supply has meant that many businesses and homes which have for long relied on diesel generators are in despair. (8/8, #6) The Niger Delta crisis […]

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Don't Buy Stuff You Can Not Afford

By on 6 Aug 2009 in Other with 8 Comments
Don't Buy Stuff You Can Not Afford

Everyone is a genius in a bull market —old financial saying Disbelief in magic can force a poor soul into believing in government and business —Tom Robbins I would argue that the most serious threat to the United States is not someone hiding in a cave in Afghanistan or Pakistan, but our own fiscal irresponsibility […]

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Briefs 08/03/09

By on 3 Aug 2009 in Other with 0 Comments

World oil consumption will rise for the first time in two years in 2010 as a recovery in the global economy boosts demand, according to a Reuters poll of top oil-tracking analysts and organizations. (7/28, #6) Saudi Aramco CEO Khalid al-Falih, in an interview with the pan-Arab daily newspaper Al-Hayah, said production capacity of the […]

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Review Aug 3, 2009

By on 3 Aug 2009 in Peak Oil Review with 2 Comments

1. Production and prices It was a very volatile week with oil prices starting off at $68 a barrel, falling to $63 at mid-week, and then bouncing back to close out the month at $69.50. Once again, the fundamentals of the oil market had little to do with price movements which remain tied to fluctuations […]

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