Building a world of
resilient communities.



'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.


Supply, Demand, and the Price of Oil

Could the price of oil be a value such that the current quantity produced …

Peak Oil Review - Oct 5

 A weekly update, including: -Quote of the Week -Oil and the Global …

"Blood and Oil," North Dakota, and dreams not exactly fulfilled

Last week a new television series set amidst the North Dakota oil boom …

Resilience Roundup - Oct 2

 Shell Exits Arctic as Slump in Oil Prices Forces Industry to Retrench …

Back From the Dead: The Rise of EVs

A decade ago electric cars were a lost cause. The popular 2006 documentary …

US Shale Oil too Expensive, Peaks 1H 2015

According to EIA data, monthly US crude oil production peaked in April 2015 …

Peak Oil Notes - Oct 1

A midweek update. Despite several important developments during the last few …