SURREAL ECONOMICS OR CONCRETE SCIENCE?
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The End of Fossil Energy and Per Capita Oil by John G Howe (5th Ed)covers updates to the book as well as other related material regarding the imminent global energy crisis. Over 1.5 MILLION Followers and Readers have engaged our various curated Digest of Insights and Ideas from leading global investors, economists, scientists, experts and media; focusing on Humanity's "BIG 7 Es" Energy, Economics, Exponentiation, Environment, Entropy, Earth and Extinction.
SURREAL ECONOMICS OR CONCRETE SCIENCE? ORIGINAL POST It was the best of times, it was the worst of times, it was the age of wisdom, it wa...
SURREAL ECONOMICS OR CONCRETE SCIENCE?
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OILPRICE.com
Oil prices rebounded substantially on Thursday after a major selloff earlier in the week. That earlier selloff had stripped away nearly all the gains that crude oil had made after Russia’s invasion of Ukraine and resulting sanctions.
By 4:30 pm, WTI’s gains had eased somewhat, but was still trading up $8.21 on the day at $103.30 per barrel. Brent crude was trading up $8.55 on the day at $106.60.
Gasoline prices, which were already on the rise in the latter half of 2021, spiked after Russia’s invasion of Ukraine on supply fears surrounding the possibility of sanctions on the world’s third-largest crude oil producer after the United States and Saudi Arabia. When crude oil prices finally began to ease earlier this week on stock builds and hopes of a speedy resolution between Ukraine and Russia, it was hoped by many Americans that gasoline prices would ease in lockstep.
But with crude oil prices rising once again, the prospects of an imminent gasoline price dip in the United States has all but disappeared.
March 15, 2022
November Non-OPEC production increased by 410 kb/d to 49,870 kb/d. Of the 410 kb/d increase, the biggest increase came from the US with 244 kb/d along with a number of smaller increases. The other increasing countries were Brazil 74 kb/d, Kazakhstan 82 kb/d and Russia, 63 kb/d for a total of 463 kb/d. The biggest declines occurred in Guyana 86 kb/d and Norway 85 kb/d.
Using data from the March 2022 STEO, a projection for Non-OPEC oil output was made for the time period December 2021 to December 2023 (Red graph). Output is expected to reach 52,082 kb/d in December 2023, which is 295 kb/d lower than the January pre-covid peak of 52,377 kb/d. Note the projected drop for December 2021.
The current December 2023 output of 52,082 was revised down by 474 kb/d from the previous February report. The downward revision is primarily related to the STEO’s downward projection of close to 500 kb/d for Russian output, relative to February 2022. The revision is due to sanctions imposed by the US and its allies and the difficulty Russia is having in finding buyers for its oil. See Russia chart below for further details.
Oil Shortages Forever - OPEC Says No Supply To Replace Russia
EDITOR'S COMMENTS - The End of Fossil Energy
Oil prices take a bit of a breather as OPEC adds more production nonetheless rumors persist regarding depletion that could take oil prices well over $100 barrel and negatively affect inflation and interest rates. We are facing perilous economic headwinds.
Oil Ticks Lower as Traders Digest OPEC+ Decision to Add Barrels
Editor's Comments
As oil prices continue to rise their upward moves will put more pressure on inflation and for the FED to raise interest rates to protect the sale and rollover of US bonds and treasuries - ultimately to maintain the reserve currency status of the US dollar to avoid hyperinflation, economic collapse, and unprecedented political /social unrest. Not looking good.
https://www.quora.com/Is-the-US-dollar-going-to-collapse-in-2022.
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