Tag: recession

Oil price creeps toward danger point for global economy

A spike in the price of crude historically has foreshadowed economic slumps and economists are worrying anew after the price touched its highest in nine months, above $113 a barrel, amid fresh violence in Iraq,  More »

Puerto Rico governor vows reform as electricity bills soar

Puerto Rico’s governor announced Wednesday that he is overhauling the island’s state-run power company amid corruption allegations and criticism that bills are on average more than double that of the U.S. mainland.  More »

US carbon pollution drops, despite growth worldwide

The United States cut its energy-related carbon dioxide pollution by 3.8 percent last year, the second biggest drop since 1990, the Department of Energy said Monday.  More »

Our Investment Sinkhole Problem

We are used to expecting that more investment will yield more output, but in the real world, things don’t always work out that way. Figure 1. Comparison of 2005 to 2011 percent change in real GDP vs percent change in oil consumption, both on a per ca…  More »

Eagle Ford drilling fuels income surge for all, despite recession

Counties in the Eagle Ford shale saw an average increase in per capita income of 13.62 percent between 2008 and 2011, according to the Bureau of Economic Analysis. Texas as a whole saw an increase of 1.34 percent during that time period.  More »

IEA Oil Forecast Unrealistically High; Misses Diminishing Returns

The International Energy Agency (IEA) provides unrealistically high oil forecasts in its new 2012 World Energy Outlook (WEO). It claims, among other things, that the United States will become the world’s largest oil producer by around 2020, and North…  More »

World Energy Consumption Since 1820 in Charts

Figure 1 shows the huge increase in world energy consumption that has taken place in roughly the last 200 years. This rise in energy consumption is primarily from increased fossil fuel use.

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Figure 1. World Energy Consumption by Source, Based on Vaclav Smil estimates from Energy Transitions: History, Requirements and Prospects together with BP Statistical Data for 1965 and subsequent

With energy consumption rising as rapidly as ...

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Why High Oil Prices Are Now Affecting Europe More Than the US

The world is presently sharing a limited supply of oil. When oil prices rise, oil production doesn’t rise very much, if at all.

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Figure 1. Brent oil spot price and world oil supply (broadly defined), based on EIA data.

The issues then become: Which buyers get the oil? What uses get priced out of the market? Which countries are disproportionately affected?

It seems to me that this ...

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Could shale gas reserves reignite U.S. economy?

In late 1998, Chesapeake Energy Corp., an independent natural-gas producer based in Oklahoma City, exemplified an industry in decline.  More »

OPEC cuts oil demand forecast on growth concerns

OPEC has cut its estimate for world oil demand this year and next.  More »

Oil rising as recession worries fade for now

Oil prices inched higher today as recession alarm bells quieted following a glimmer of positive U.S. economic news and steps in Europe toward controlling its debt crisis.  More »

Oil prices continue downward spiral on recession fears

Oil prices continued to fall sharply today, retreating $2 to below $79 a barrel amid falling equity markets and the prospect of weaker demand for crude as the global economy slows.  More »
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