Building a world of
resilient communities.

MAIN LIST

 

'Panic sets in' as oil prices hit new high

Oil prices have climbed towards $52 on worries about supply problems in the Gulf of Mexico and low oil inventories.

The price of light sweet crude rose 39 cents to $51.48 a barrel in New York, the highest in its 21-year history.

In London, Brent North Sea crude oil gained 42 cents to $47.55 a barrel, also a new all-time summit.

"There is a grim realisation that there is a chronic shortage of light sweet crude in the world," analysts said.

"Real panic is setting in, and the hurricane-related bad weather is still causing a backlog in US imports, so this afternoon's results will be interesting to say the least," they added.

Almost 27% of Mexico's 1.7 million barrels of daily production is still disrupted, according to the US Department of the Interior.

More than 15 million barrels, 2.5% of Mexico's annual oil production, have been affected.

What do you think? Leave a comment below.

Sign up for regular Resilience bulletins direct to your email.

Take action!  

Make connections via our GROUPS page.
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.

Tags:  

Is This The End Of China’s Coal Boom?

“The End Of China’s Coal Boom,” is a new, must-read …

The Age of Diminishing Returns

A Q&A with Ugo Bardi, author of Extracted: How the Quest for Mineral …

Energy Crunch: The end of business as usual for fossil fuels?

It’s the end of business as usual for fossil fuels. That’s …

Peak oil notes - April 17

A mid-week update. Oil prices in London have risen this week on concerns …

Climate Panel Stunner: Avoiding Climate Catastrophe Is Super Cheap — But Only If We Act Now

The U.N. Intergovernmental Panel on Climate Change (IPCC) has just issued …

Kashagan – Back to the drawing board?

The recent shutdown of Kashagan oil field in Kazakhstan represents one …

King Coal Is Dying a Slow Death in America

In cities choked by pollution and a world coming to grips with the realities …