Insight and inspiration in turbulent times.
staff reporter As the oil price rose to a new high of more than $44 a barrel this week, amid concerns about supply, OPEC’s president said the cartel was unable to pump more oil and thus bring down the price. He later contradicted these comments, but observers remain sceptical about OPEC’s ability to turn on more taps.
Jim Puplava: Welcome everyone. Joining me on the program today is Richard Heinberg. He has been writing about energy resource issues and the dynamics of cultural change for many years. He’s a member of the core faculty at New College of California and he’s an award-winning author of three previous books. His last book is called The Party is Over; his newsletter was nominated for the best alternative newsletter award; his new book is called Power Down: Options and Actions for a Post -Carbon World.
The US Army, its numbers seriously depleted by deployments in Iraq, foresees recruiting problems in the coming year and is offering big cash incentives to induce young people to sign up.
After last year’s spectacular performance, India’s economic growth is being jeopardized by the double impact of rising global oil prices and a faltering monsoon.
Oil profits in Africa have been used almost exclusively for the enrichment of the countries’ leaders, and as a consequence most of the population remains poor and unprotected.
Record-high oil prices signal new danger to the economy, as rising costs ripple into everything from floral deliveries to the production of plastic toys and orange juice.
The US presidential candidates don’t have workable plans and things will only get worse.
As crude oil prices soar to their highest levels ever, costs of related products and services such as petrochemical products and international airfare are being yanked up along with them, threatening economic growth.
Fears that the world economy could be derailed by higher energy costs intensified on Wednesday night after the price of oil set fresh records on both sides of the Atlantic.
The World Bank this week agreed to continue making investments in oil, gas and mining, setting aside an independent review’s recommendations that it phase out lending for such projects.
Saudi Arabia’s Sheikh Ahmed Zaki Yamani — the face of the OPEC oil cartel during the 1970s oil price shocks — says this time it is big-money speculators to blame for surging prices and confidently predicts the scare will not last.
State-owned oil company Pertamina has assured Indonesians that the local fuel supply will remain safe despite the soaring price of oil on global markets.
