With Greece on the verge of default, we’re about to learn how little has really changed since governments around the world wrote the last round of bail out checks to prop up failing financial institutions. Just as the collapse of the US subprime mortgage market rippled into nearly every corner of the global financial system, [...]
With the sudden collapse of the Qaddafi regime in Tripoli, the oil industry is hoping it can repair enough of Libya’s damaged export terminals, pumping stations and pipelines to get as much as one million barrels a day of oil flowing into the market within the next six to 12 months. But as I have [...]
The International Energy Agency may not have a solution but no one can accuse them of no longer understanding the gravity of the problem. In their June report, the IEA warned that unless OPEC could increase production by at least 1.5 million barrels a day, world oil demand is going to surpass available supply during [...]
Just why did the United States and the International Energy Agency decide to release 60 million barrels of oil next month from their strategic petroleum reserves? The IEA cites the loss of 1.5 million barrels of Libyan production but that’s been going on since February. So why has it taken until July for them to [...]
The relationship between energy and global economic growth has never been more clear than in BP’s World Energy Statistical Review for 2010. No sooner had the global economy shook off the shackles from the last recession than energy demand exploded. It grew by more than 5.5% last year, the largest annual increase in more than [...]
What’s more important to world oil demand- gasoline prices in the U.S. that are nearly $4 a gallon, or power rationing in China? To Americans, of course, it’s the former. But to world oil markets, the latter may be a far more significant indication of where oil prices will be heading this summer. At today’s [...]