We are witnessing one of the most eventful weeks in modern history. Stocks and oil prices plunged on Monday and bounced on Tuesday; credit markets seem to be freezing; the Congress remains in gridlock as members watch the approaching elections fearful of what could happen to their incumbency.
While waiting to see how much damage this week’s hurricane will do, it is a good time to review recent developments in the world’s petroleum and economic situations for their relevance to peak oil.
Of the 266 distinct nations or entities on the world today, nearly 100 are now reporting continuing energy shortages, mostly in the form of inadequate electricity supply, but in a growing number of cases, shortages of liquid fuels and natural gas. The actual number of countries affected is probably well […]
Fuel prices alone are unlikely to bring America to its senses.
Largely unnoticed in America are the increasingly frequent electricity shortages developing around the world.
The evidence is growing that it is going to take a really major event to get America out of its beloved and seemingly essential automobiles. Even with gasoline running a dollar a gallon higher compared to this time last year, consumption is holding about the same or even creeping up […]
In China, small privately or locally owned oil refineries are called “teapots.” Unlike the giant ones that refine hundreds of thousands of barrels each day, these little fellows typically process about 10,000, but taken together, they produce some 10-15 percent of China’s refined products. Reduce the teapots’ production and you […]
Last spring, when U.S. gasoline stockpiles were falling like a brick, there was much concern about shortages during the summer driving season. The average price for gasoline in the U.S. rose to $3.22 per gallon and in some parts of the country over $4. Our aged refineries were huffing and […]
Earlier this week Hurricane Dean slammed into the Yucatan peninsula and crossed over into the Bay of Campeche where some 1.5 million of the 10 million barrels the U.S. imports every day are produced. While it is too early for a full damage assessment, at best a few days […]
The U.S.’s gasoline stockpile situation is quiescent at the minute as we wait to see how much foreign gasoline our oil companies can find to import this summer and whether the Atlantic will start spinning hurricanes toward our shores as forecast.