https://peakoil.com Exploring Hydrocarbon Depletion Sat, 11 May 2024 20:25:52 +0000 en-US hourly 1 https://wordpress.org/?v=5.8.10 https://peakoil.com/generalideas/why-the-iea-is-wrong-about-peak-oil-demand https://peakoil.com/generalideas/why-the-iea-is-wrong-about-peak-oil-demand#comments Sat, 11 May 2024 20:25:11 +0000 https://peakoil.com/?p=100733
The IEA predicts peak oil demand in 2028 due to the shift towards cleaner energy technologies. OPEC disagrees, forecasting rising oil demand driven by increasing energy needs in emerging economies. Two key factors often overlooked in oil demand forecasts are the growth of the middle class in emerging economies and the energy demand for artificial […]]]> https://peakoil.com/generalideas/why-the-iea-is-wrong-about-peak-oil-demand/feed 2585 https://peakoil.com/enviroment/did-we-inadvertently-speed-global-warming https://peakoil.com/enviroment/did-we-inadvertently-speed-global-warming#comments Sat, 11 May 2024 20:23:46 +0000 https://peakoil.com/?p=100732
A paper published late last year by climate scientists James Hansen and colleagues claims that the rate of global warming is poised to increase by 50% in the coming decades. Disclaimer: James Hansen has a bit of a checkered reputation within the climate community. There is a faction that discounts much of what he says. […]]]> https://peakoil.com/enviroment/did-we-inadvertently-speed-global-warming/feed 28 https://peakoil.com/business/venezuelas-oil-monopoly-eases https://peakoil.com/business/venezuelas-oil-monopoly-eases#comments Sat, 11 May 2024 20:19:34 +0000 https://peakoil.com/?p=100731
Venezuela is allowing a small startup to import fuels even as the country struggles to feed its owns refineries and the recent reimposition of US sanctions presses on its industry. The country’s oil minister granted Eway, founded in 2022 to cater to the private aviation industry, a permit in March to import low and ultra-low […]]]> https://peakoil.com/business/venezuelas-oil-monopoly-eases/feed 17 https://peakoil.com/consumption/why-germany-is-choosing-natural-gas-over-nuclear-power https://peakoil.com/consumption/why-germany-is-choosing-natural-gas-over-nuclear-power#comments Sat, 11 May 2024 20:17:43 +0000 https://peakoil.com/?p=100730
Germany’s anti-nuclear stance is based on historical factors rather than current geopolitical realities. Germany’s decision to phase out nuclear energy has led to concerns about energy security and higher energy prices. Despite public regret over the nuclear shutdown, Germany’s unique energy transition path faces challenges due to the slow and costly nature of new nuclear […]]]> https://peakoil.com/consumption/why-germany-is-choosing-natural-gas-over-nuclear-power/feed 19 https://peakoil.com/production/u-s-coal-fired-electricity-generation-decreased-in-2022-and-2023 https://peakoil.com/production/u-s-coal-fired-electricity-generation-decreased-in-2022-and-2023#comments Sat, 11 May 2024 20:16:58 +0000 https://peakoil.com/?p=100729
Data source: U.S. Energy Information Administration, Hourly Electric Grid Monitor Note: The chart series reflects the average electricity generation from coal for a given hour across one year; the data are reported in 24-hour increments for the U.S. Lower 48 states, based on local time. Electricity generation from units that primarily consume coal in the […]]]> https://peakoil.com/production/u-s-coal-fired-electricity-generation-decreased-in-2022-and-2023/feed 7 https://peakoil.com/production/is-it-time-to-abandon-the-idea-of-phasing-out-oil-and-gas https://peakoil.com/production/is-it-time-to-abandon-the-idea-of-phasing-out-oil-and-gas#comments Sun, 31 Mar 2024 18:31:04 +0000 https://peakoil.com/?p=100727
Despite feigning interest, Big Oil still appears to oppose the global green transition and could well stand in its way. As Saudi’s state oil company leader condemns the green transition and calls for long-term oil production, other major industry players are voicing their scepticism around renewable energy and clean tech. Despite large investments into green […]]]> https://peakoil.com/production/is-it-time-to-abandon-the-idea-of-phasing-out-oil-and-gas/feed 665 https://peakoil.com/business/more-than-20-of-global-refining-capacity-at-risk-of-closure https://peakoil.com/business/more-than-20-of-global-refining-capacity-at-risk-of-closure#comments Sun, 31 Mar 2024 18:29:35 +0000 https://peakoil.com/?p=100726
Recent analysis by Wood Mackenzie finds that, based on forecasted 2030 net cash margins, 121 out of 465 screened refineries are at some risk of closure. This represents a cumulative 20.2 million b/d of refining capacity, or 21.6% of global 2023 capacity. The future viability of refinery facilities will be dependent on a combination of […]]]> https://peakoil.com/business/more-than-20-of-global-refining-capacity-at-risk-of-closure/feed 16 https://peakoil.com/consumption/charles-hugh-smith-blog-fire-then-ice-our-deflationary-future https://peakoil.com/consumption/charles-hugh-smith-blog-fire-then-ice-our-deflationary-future#comments Sun, 31 Mar 2024 18:25:39 +0000 https://peakoil.com/?p=100725
Lest you weep for those whose phantom wealth will be drained away, recall that few win when a reserve currency dies. Labor can start earning the day after the reset, but the capital lost is gone for good. Outside the “everything’s always fine” echo-chamber, the consensus is that easily created fiat currencies will all evaporate as […]]]> https://peakoil.com/consumption/charles-hugh-smith-blog-fire-then-ice-our-deflationary-future/feed 12 https://peakoil.com/business/saudi-aramco-ceo-amin-nasser-says-energy-transition-strategy-visibly-failing https://peakoil.com/business/saudi-aramco-ceo-amin-nasser-says-energy-transition-strategy-visibly-failing#comments Fri, 29 Mar 2024 21:00:45 +0000 https://peakoil.com/?p=100723
Pointing to the still paltry share of renewable energy in global supply, the head of Saudi Aramco described the current energy transition strategy as a misguided failure on Monday. “In the real world, the current transition strategy is visibly failing on most fronts,” Saudi Aramco Chief Executive Amin Nasser said at the CERAWeek conference in […]]]> https://peakoil.com/business/saudi-aramco-ceo-amin-nasser-says-energy-transition-strategy-visibly-failing/feed 24 https://peakoil.com/alternative-energy/100-million-degree-artificial-sun-sets-new-records-in-hunt-for-energys-holy-grail https://peakoil.com/alternative-energy/100-million-degree-artificial-sun-sets-new-records-in-hunt-for-energys-holy-grail#comments Fri, 29 Mar 2024 20:58:47 +0000 https://peakoil.com/?p=100722
Scientists in Korea have sustained plasma at temperatures seven times hotter than the sun for longer than ever before after upgrading a key component, an advance that could provide invaluable data for an international fusion mega-project planned to launch next year. The Korean ‘artificial sun’, known as KSTAR, sustained the plasma at temperatures of 100 […]]]> https://peakoil.com/alternative-energy/100-million-degree-artificial-sun-sets-new-records-in-hunt-for-energys-holy-grail/feed 10 https://peakoil.com/business/new-englands-last-coal-plants-to-voluntarily-shut-down https://peakoil.com/business/new-englands-last-coal-plants-to-voluntarily-shut-down#comments Fri, 29 Mar 2024 20:57:24 +0000 https://peakoil.com/?p=100721
Granite Shore Power (GSP) announced an agreement with U.S. Environmental Protection Agency (EPA) setting a firm date for the voluntary closure of Merrimack Station and Schiller Station, New England’s last remaining coal plants. Merrimack Station has two coal-fired steam units and two kerosene-fueled combustion turbine units for a total of 482 MW (winter capacity). The […]]]> https://peakoil.com/business/new-englands-last-coal-plants-to-voluntarily-shut-down/feed 1 https://peakoil.com/publicpolicy/kunstler-oh-say-can-you-see https://peakoil.com/publicpolicy/kunstler-oh-say-can-you-see#comments Fri, 29 Mar 2024 20:55:12 +0000 https://peakoil.com/?p=100720
Who was not impressed seeing the sudden and total collapse of the Francis Scott Key Bridge after getting its pylon bonked by the container ship Dali a few hours before the dawn’s early light in Baltimore harbor? In America’s ongoing death-of-a-thousand-cuts, that one literally severed a major artery, but it may take a while to […]]]> https://peakoil.com/publicpolicy/kunstler-oh-say-can-you-see/feed 2 https://peakoil.com/publicpolicy/kurt-cobb-can-we-find-a-balance-between-economic-growth-with-environmental-sustainability https://peakoil.com/publicpolicy/kurt-cobb-can-we-find-a-balance-between-economic-growth-with-environmental-sustainability#comments Fri, 29 Mar 2024 17:02:44 +0000 https://peakoil.com/?p=100724
The perils that threaten the continuity of human civilization are so obvious that it is puzzling that so little is being done to counter these perils. In fact, much is being done to hasten their arrival. Climate change, nuclear war, toxic pollution leading to complete loss of human fertility, solar storms and electromagnetic pulse weapons […]]]> https://peakoil.com/publicpolicy/kurt-cobb-can-we-find-a-balance-between-economic-growth-with-environmental-sustainability/feed 11 https://peakoil.com/publicpolicy/the-mystery-of-food-politics-and-its-proposed-extrication https://peakoil.com/publicpolicy/the-mystery-of-food-politics-and-its-proposed-extrication#comments Sat, 24 Feb 2024 17:54:02 +0000 https://peakoil.com/?p=100718
Wars and cross border conflicts are known to stifle food supply mechanisms and impact production on a large scale. Ukraine being foremost exporter maize, oilseeds, wheat among other food commodities stands at an all time high supply risk of essential supplies. Food, famines and farming are conspicuously deeply connected to politics and governance. All policies […]]]> https://peakoil.com/publicpolicy/the-mystery-of-food-politics-and-its-proposed-extrication/feed 723 https://peakoil.com/production/oil-slick-in-the-red-sea-from-a-british-owned-ship-attack-by-yemens-houthis-us-military-says https://peakoil.com/production/oil-slick-in-the-red-sea-from-a-british-owned-ship-attack-by-yemens-houthis-us-military-says#comments Sat, 24 Feb 2024 17:51:27 +0000 https://peakoil.com/?p=100716
An attack by Yemeni Houthi rebels on a Belize-flagged ship earlier this month caused an 18-mile (29-kilometer) oil slick, the U.S. military said Saturday. It also warned of the danger of a spill from the vessel’s cargo of fertilizer. The Rubymar, a British-registered, Lebanese-operated cargo vessel, was attacked on Feb. 18 while sailing through the […]]]> https://peakoil.com/production/oil-slick-in-the-red-sea-from-a-british-owned-ship-attack-by-yemens-houthis-us-military-says/feed 42 https://peakoil.com/business/how-oil-and-gas-execs-are-still-incentivised-to-grow-production-despite-peaking-demand https://peakoil.com/business/how-oil-and-gas-execs-are-still-incentivised-to-grow-production-despite-peaking-demand#comments Sat, 24 Feb 2024 17:49:26 +0000 https://peakoil.com/?p=100715
As the energy transition continues to accelerate, demand for each of the fossil fuels is likely to peak before 2030. Oil and gas companies must plan for an economy with falling hydrocarbon use; for most, this means setting a strategy that includes planning for declining hydrocarbon output. To ensure that transition strategies are duly executed, […]]]> https://peakoil.com/business/how-oil-and-gas-execs-are-still-incentivised-to-grow-production-despite-peaking-demand/feed 25 https://peakoil.com/publicpolicy/supreme-court-examines-cross-state-air-pollution https://peakoil.com/publicpolicy/supreme-court-examines-cross-state-air-pollution#comments Sat, 24 Feb 2024 17:47:46 +0000 https://peakoil.com/?p=100714
As the U.S. Supreme Court Wednesday (Feb. 21) held oral arguments on the legality of the Environmental Protection Agency’s “good neighbor” policy to limit upwind states from polluting downwind states, two legal constructs dominated the discussion: “severability” and the court’s “emergency docket.” The case is “Ohio et al v. EPA” brought by several states and joined […]]]> https://peakoil.com/publicpolicy/supreme-court-examines-cross-state-air-pollution/feed 27 https://peakoil.com/consumption/potassium-depletion-in-soil-threatens-global-food-security https://peakoil.com/consumption/potassium-depletion-in-soil-threatens-global-food-security#comments Sat, 24 Feb 2024 17:43:38 +0000 https://peakoil.com/?p=100713
Nutrient depletion in agricultural soil is nothing new. There have been numerous studies and concerns about the depletion of nutrient-rich topsoil and the loss of nutrients like carbon, nitrogen and phosphorus, but scientists are now warning about the depletion of potassium in soil. In a study published in the journal Nature Food, scientists highlight how […]]]> https://peakoil.com/consumption/potassium-depletion-in-soil-threatens-global-food-security/feed 39 https://peakoil.com/alternative-energy/worlds-largest-nuclear-reactor-aims-to-power-the-earth-with-unlimited-energy https://peakoil.com/alternative-energy/worlds-largest-nuclear-reactor-aims-to-power-the-earth-with-unlimited-energy#comments Sat, 27 Jan 2024 16:30:23 +0000 https://peakoil.com/?p=100712
While it may sound like part of the Mandalorian creed, experts at ITER claim “The Way” here on Earth is headed to an unimaginable goal: everlasting energy. Experts at ITER, the International Thermonuclear Experimental Reactor (and also Latin for “the way,” per the agency) are working to harness fusion reactions, the same energy source that […]]]> https://peakoil.com/alternative-energy/worlds-largest-nuclear-reactor-aims-to-power-the-earth-with-unlimited-energy/feed 643 https://peakoil.com/production/tanker-transporting-russian-oil-attacked-by-houthis https://peakoil.com/production/tanker-transporting-russian-oil-attacked-by-houthis#comments Sat, 27 Jan 2024 15:11:06 +0000 https://peakoil.com/?p=100711
A tanker belonging to Trafigura company, which, according to the firm’s representatives, was carrying oil of Russian origin, has been attacked by Houthis in the Red Sea. Source: Bloomberg Details: A missile attacked the tanker on its way out of the Red Sea, becoming the largest Houthi attack ever. Yemeni Houthi rebels claimed responsibility for […]]]> https://peakoil.com/production/tanker-transporting-russian-oil-attacked-by-houthis/feed 38 https://peakoil.com/consumption/iea-to-expedite-2025-oil-demand-forecast-after-opecs-early-move https://peakoil.com/consumption/iea-to-expedite-2025-oil-demand-forecast-after-opecs-early-move#comments Sat, 27 Jan 2024 15:10:26 +0000 https://peakoil.com/?p=100710
The International Energy Agency plans to bring forward publication of its first 2025 oil demand forecast in its monthly report by two or three months to April, the agency told Reuters, after OPEC expedited its forecast by six months. The Organization of the Petroleum Exporting Countries and the IEA are the two most closely watched […]]]> https://peakoil.com/consumption/iea-to-expedite-2025-oil-demand-forecast-after-opecs-early-move/feed 37 https://peakoil.com/publicpolicy/biden-pauses-liquified-natural-gas-exports https://peakoil.com/publicpolicy/biden-pauses-liquified-natural-gas-exports#comments Sat, 27 Jan 2024 15:09:16 +0000 https://peakoil.com/?p=100709
 The Biden administration is delaying consideration of new natural gas export terminals in the United States, even as gas shipments to Europe and Asia have soared since Russia’s invasion of Ukraine. The election year decision by President Biden aligns with environmentalists who fear the huge increase in exports, in the form of liquefied natural gas, […]]]> https://peakoil.com/publicpolicy/biden-pauses-liquified-natural-gas-exports/feed 95 https://peakoil.com/business/world-oil-forecast-upstream-industry-to-grow-moderately-in-2024 https://peakoil.com/business/world-oil-forecast-upstream-industry-to-grow-moderately-in-2024#comments Sat, 27 Jan 2024 15:07:39 +0000 https://peakoil.com/?p=100708
On Friday, Jan. 26, 2024, World Oil hosted its 56th annual Forecast Breakfast at the Norris Conference Center in Houston, Texas. In an event described as a “first look” at upcoming upstream oil and gas trends, approximately 340 professionals from across the sector gathered for an early-morning meal to hear projections, data and analysis on […]]]> https://peakoil.com/business/world-oil-forecast-upstream-industry-to-grow-moderately-in-2024/feed 34 https://peakoil.com/publicpolicy/america-cracks-down-on-methane-emissions-from-oil-and-gas-facilities https://peakoil.com/publicpolicy/america-cracks-down-on-methane-emissions-from-oil-and-gas-facilities#comments Sun, 14 Jan 2024 16:23:51 +0000 https://peakoil.com/?p=100706
Friday America’s Environmental Protection Agency “proposed steep new fees on methane emissions from oil and gas facilities,” reports the Washington Post, “escalating a crackdown on the fossil fuel industry’s planet-warming pollution.” Methane does not linger in the atmosphere as long as carbon dioxide, but it is far more effective at trapping heat — roughly 80 […]]]> https://peakoil.com/publicpolicy/america-cracks-down-on-methane-emissions-from-oil-and-gas-facilities/feed 425 https://peakoil.com/publicpolicy/meet-americas-newest-oil-trader-extraordinaire-joe-biden https://peakoil.com/publicpolicy/meet-americas-newest-oil-trader-extraordinaire-joe-biden#comments Sun, 31 Dec 2023 16:45:01 +0000 https://peakoil.com/?p=100704
Head of state. Commander in chief. Oil-trading whale? President Biden’s unprecedented release of oil from America’s petroleum reserves in 2022 turned the White House into an unusually active player in the volatile crude market. The flood of emergency supplies helped arrest surging oil prices after Russia invaded Ukraine, and pulled billions of dollars into the […]]]> https://peakoil.com/publicpolicy/meet-americas-newest-oil-trader-extraordinaire-joe-biden/feed 288 https://peakoil.com/publicpolicy/is-it-time-to-refill-americas-strategic-petroleum-reserve https://peakoil.com/publicpolicy/is-it-time-to-refill-americas-strategic-petroleum-reserve#comments Sun, 31 Dec 2023 13:20:05 +0000 https://peakoil.com/?p=100703
In late 2021, President Biden ordered the release of 50 million barrels of crude from the Strategic Petroleum Reserve to bring down the price of gasoline. Then, in the spring of the next year, he ordered the release of another 130 million barrels. Prices at the pump fell between $0.17 and $0.42 per gallon. With the massive […]]]> https://peakoil.com/publicpolicy/is-it-time-to-refill-americas-strategic-petroleum-reserve/feed 58 https://peakoil.com/business/oil-prices-set-to-end-year-10-lower-as-demand-concerns-snap-winning-streak https://peakoil.com/business/oil-prices-set-to-end-year-10-lower-as-demand-concerns-snap-winning-streak#comments Sun, 31 Dec 2023 13:18:52 +0000 https://peakoil.com/?p=100702
Crude futures rose slightly on Friday in thin activity on the last trading day of the year. Both benchmarks are set to end 2023 about 10% lower after two years of gains as geopolitical concerns and oil production cuts drove wild fluctuations in prices. Brent futures rose 12 cents to $77.27 a barrel at 2:22 […]]]> https://peakoil.com/business/oil-prices-set-to-end-year-10-lower-as-demand-concerns-snap-winning-streak/feed 25 https://peakoil.com/consumption/whats-driving-americas-new-oil-and-gas-boom https://peakoil.com/consumption/whats-driving-americas-new-oil-and-gas-boom#comments Sun, 31 Dec 2023 13:17:48 +0000 https://peakoil.com/?p=100701
December 30, 2023 [Oilprice]- Last week Robert Rapier pointed out in a TikTok video that the U.S. is poised to set a new oil production record. In response, someone took exception to my claim by stating that he works in the industry, and drilling rigs are stacking up.   It is correct that the rig count has […]]]> https://peakoil.com/consumption/whats-driving-americas-new-oil-and-gas-boom/feed 56 https://peakoil.com/consumption/chinas-peak-oil-demand-bombshell-eviscerates-danielle-smiths-energy-strategy https://peakoil.com/consumption/chinas-peak-oil-demand-bombshell-eviscerates-danielle-smiths-energy-strategy#comments Sun, 31 Dec 2023 13:17:13 +0000 https://peakoil.com/?p=100700
China has dealt a serious political blow to Alberta Premier Danielle Smith. On Thursday, the country’s largest refiner, state-owned Sinopec, released its latest long-term energy forecast. Oil demand is now expected to peak in just a few years, not in 2045 as OPEC has predicted. Sinopec’s announcement calls into question Alberta’s energy strategy, which is […]]]> https://peakoil.com/consumption/chinas-peak-oil-demand-bombshell-eviscerates-danielle-smiths-energy-strategy/feed 14 https://peakoil.com/consumption/us-seeks-to-buy-up-to-3-million-bbls-of-oil-for-strategic-petroleum-reserve https://peakoil.com/consumption/us-seeks-to-buy-up-to-3-million-bbls-of-oil-for-strategic-petroleum-reserve#comments Sat, 09 Dec 2023 22:31:52 +0000 https://peakoil.com/?p=100698
The U.S. Department of Energy on Friday said it wants to buy up to 3 million barrels of crude oil for the Strategic Petroleum Reserve (SPR) for delivery in March 2024, as it takes advantage of lower prices to start to replenish the stockpile. The administration of President Joe Biden last year conducted the largest sale to date […]]]> https://peakoil.com/consumption/us-seeks-to-buy-up-to-3-million-bbls-of-oil-for-strategic-petroleum-reserve/feed 102