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!  

Find out more about Community Resilience. See our COMMUNITIES page
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.

 

This is a community site and the discussion is moderated. The rules in brief: no personal abuse and no climate denial. Complete Guidelines.

Tags:  

Fracking and Health: What we Know from Pennsylvania's Gas Boom

Tensions between economic development, energy policy and environmental and …

Peak Oil Review: A Midweek Update - 24th Aug 2016

 A midweek update. It has been a volatile three days for oil with …

How We Went on an Energy Diet, and What We Lost (and Gained!)

In which I reveal the changes in our household energy usage from 2003 …

Five Billion Years of Energy Supply: the "Stereosphere" and the Upcoming Photovoltaic Revolution

Both the biosphere and the stereosphere use solar light as the energy …

Peak Oil Review - Aug 22 2016

 A weekly roundup of peak oil  news, including: -Oil and the …

Limitless imagination and physical limits

How do we distinguish those ideas that are forever going to remain in the …

Some Reflections on the Twilight of the Oil Age (part III)

The impact of the Tooth Fairy Syndrome is all the more felt in the main …