Category: peak oil

Here’s what’s happening today



Many people blame political intrangience for today’s stock market plunge. That’s part of it, but there’s a deeper reality. Our nation’s fiscal priorities couldn’t be more completely hosed, but resource limitations are the fundamental basis of our economic dreariness over the past five years.



A five minute video highlights some of the factors behind Richard Heinberg’s End of Growth thesis.




Gas futures drop

2.4% less gas leads to 40 cent drop in gas prices! Last week’s dramatic price drop in the New York gasoline futures market shows YOU have the power to change national economies!

Happy Boycott OPEC/Exxon/Chevron/Shell/BP Bike To Work Day in California, all.

The usual one day gasoline boycotts we hear about usually involves deferring our gas purchases by a day or choosing a specific brand to avoid. This does absolutely nothing to actually reduce the demand , which is the real reason gas prices are so high. Substituting your single occupant driving miles with something else — such as riding your bicycle, taking public transportation, telework (which is what I’m doing today) or even carpooling — reduces demand.


Populist grandstanding

President Obama announced today that U.S. Attorney General Eric Holder will assemble a “Financial Fraud Enforcement Working Group” to investigate oil market manipulation. The price of gas — approaching $4/gallon nationwide and around $4.20 in California — is surely the fault of cheating Wall Street dirtbags, right? Upstanding, middle class, salt-of-the-earth American citizens such as you and I could never be responsible for such a horrible thing!


Infographic: US Oil Imports

Infograph: US Oil Imports

This infographic from a 2009 issue of an oil industry journal is a little bit dated — the graph shows thousands of barrels per day from each country. We now import 2700 thousand barrels per day from Canada, for example. Imports from Saudi Arabia are up to 1100 thousand barrels per day. Venezuelan imports have dropped to 917 thousand barrels per day. But you still get the gist of what’s going on.

You can see discussion and a larger version over at Oil & Gas Next Generation.

Gas prices punched through $4/gallon this week in San Jose, California. That’s a record for this time of year.