Technological development will transform the global marketplace over the next decade, with the oil and gas sector set to be the most negatively affected, according to Neptune Investment Management’s chief investment officer and economist James Dowey. Speaking at a press event, Dowey argued that the pace of technological change is likely to speed up over
WASHINGTON — President Obama announced on Friday that he had rejected the request from a Canadian company to build the Keystone XL oil pipeline, ending a seven-year review that had become a symbol of the debate over his climate policies. Mr. Obama’s denial of the proposed 1,179-mile pipeline, which would have carried 800,000 barrels a
Get ready for some bad news and red ink. With the bulk of quarterly earnings reports in the energy industry yet to be announced, there are already $6.5 billion worth of asset write-downs, according to Bloomberg. And that could be just the tip of the iceberg. A Barclays’ assessment last week predicted $20 billion in
The truth of Exxon’s complicity in global warming must to be told – how they knew about climate change decades ago but chose to help kill our planet I’m well aware that with Paris looming it’s time to be hopeful, and I’m willing to try. Even amid the record heat and flooding of the present,
In mid-August, TomDispatch’s Michael Klare wrote presciently of the oncoming global oil glut, the way it was driving the price of petroleum into the “energy subbasement,” and how such a financial “rout,” if extended over the next couple of years, might lead toward a new (and better) world of energy. As it happens, the first
Shell’s departure from the Arctic is a very significant event in the global energy picture, writes Energy Post editor-in-chief Karel Beckman. It is another sign that the End of the Oil Age is in sight. After Volkswagen, a second major European company had to face acute embarrassment this week. Shell did not commit fraud, but
Britain’s diesel pumps could “run dry” because of a growing dependence on foreign fuel, according to the RAC Foundation. The motoring research group said diesel demand had been rising for decades, but UK refineries were struggling to cope. There were 11 million diesel cars on the road last year, compared with just 1.6 million in
We are now far advanced into the third central bank generated bubble of the last two decades, but our monetary politburo has taken no notice whatsoever of its self-evident leading wave. Namely, the massive malinvestments and debt mania in the shale patch. Call them monetary bourbons. It is no exaggeration to say that inhabitants of
The ‘fracking revolution’ has transformed the economics of oil production globally, with the US becoming a bigger producer than Saudi Arabia and – after decades of dependency on oil imports – even being able to export some of its surplus production. US shale oil is unusual, too, in being privately owned: most of the world’s
Both the stock market and oil prices have been plunging. Is this “just another cycle,” or is it something much worse? I think it is something much worse. Back in January, I wrote a post called Oil and the Economy: Where are We Headed in 2015-16? In it, I said that persistent very low prices
