After seven decades of importing oil, the US is only a few years away from reversing the flow. In 2005, the US imported 13.5 million barrels per day; by year-end 2012, net imports are projected to fall to 8.6 million barrels per day, or about half the country’s current consumption. Continue reading
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Geologists and analysts are concerned that our oil supply won’t grow as quickly or as easily as it used to. We’ll have to resort to harder-to-drill oil, which makes it more expensive oil. And high oil prices could act as a drag on growth. Continue reading
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In 2008, oil prices were receding from record highs, two hurricanes were causing gasoline shortages, and the US economy was headed for trouble. The general mood was that things were rapidly unraveling. Continue reading
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“A funny thing happened on our way to permanent prosperity and unlimited cheap oil. The right to prosperity was yanked out from underneath us by the current Greater Depression. The worldwide economic downturn has masked the onset of peak cheap oil. Therefore, when it hits America with its full fury, it will be a complete surprise to the ignorant masses and the ignorant politicians who run this country.” Continue reading
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As investors are betting on more quantitative easing, Ben Bernanke may or may not give the market hints about possible third round of bond purchases at his upcoming speech next week. Price of crude oil is once again getting close to the $100 a barrel. If the Fed turns on the printing presses, the dollar could weaken and push prices of not just oil but other commodities higher. Continue reading
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High oil prices tend to have a recessionary effect, and can lead to debt defaults. Continue reading
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Politicians and the media are desperately trying to spin the oil price surge as a temporary inconvenience that will not derail the phony recovery. But the average American is now paying more than $1,200 per year extra in gas expenditures, not to mention more for everything impacted by oil: food, utilities and any consumable transported by truck. Meanwhile, the Fed and politicians only care about their friends in the top 1% elitist society for whom oil is an investment, not an expense. Continue reading
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According to confidential cables from its Riyadh embassy, the US fears that Saudi Arabia, the world’s largest oil exporter, may not have enough reserves to prevent escalating oil prices. The cables urge Washington to heed a warning from a senior Saudi government oil executive that the kingdom’s crude oil reserves may have been overstated by as much as 300 billion barrels – nearly 40%. Continue reading
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by Clint Smith
“Oil is ‘the lifeblood of modern civilisation’. This paper provides an overview of the global oil market. In particular, it examines the outlook for oil supply and demand over the next… Continue reading
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by James Quinn
With the oil price relatively stable, Americans are content with gas prices and politicians can ignore the peak oil situation. Elections are looming, so no one wants to mention that oil… Continue reading
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Australian Broadcasting Corporation. First Broadcast: 10 July 2006. The era of cheap oil may be over and a growing number of analysts predict production is about to peak before significantly falling behind demand. Jonathan Holmes… Continue reading
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