Insight and inspiration in turbulent times.
Does the Saudi oil minister’s statement that the oil market is oversupplied make any sense? Saudi production goes down in the face of rising demand, and prices skyrocket, and that shows the market is oversupplied? Wouldn’t prices have dropped drastically during that period if the market had been oversupplied?
– Bahrain braced for new wave of repression
– President Assad’s promises fail to quell Syrian protests
– If Humalain wins presidency, he could align Peru with Latin America’s political left
– Furious Greeks press for country to default on debt
The IEA reported this week that there are preliminary signs of oil demand destruction due to soaring prices. Goldman Sachs underlined this viewpoint on Tuesday by advising its clients to sell oil, copper, platinum and cotton. Prices fell in response, although concern over conflict in the Middle East and Saudi production saw prices nudging up again by the end of the week.
A midweek roundup of peak oil news, including:
-Developments
-The Oil Market Report
Imagine a nuclear reactor that runs on fuel that could power civilization for millennia; cannot melt down; resists weapons proliferation; can be built on a relatively small parcel of land; and produces little hazardous waste. It sounds like a good idea, and it was a well-tested reality in 1970 when it was abandoned for the current crop of reactors that subject society to the kinds of catastrophes now on display in Japan.
A weekly roundup of peak oil news, including:
-Oil and the global economy
-Conflict in the Middle East and North Africa
-Japan
-The fear factor
-Quote of the week
-Briefs
– Hiding From Shame, Addicted to Optimism
– Hedges: Why the United States Is Destroying Its Education System
– Stiglitz: Of the 1%, by the 1%, for the 1%
– The Blowback World of Chalmers Johnson
– Swans and Zombies: Neoliberalism’s Permanent Contradiction
The oil price hit a two and half year high this week of $123/barrel as the Libyan conflict continues to dominate market sentiment. This pushed the sterling value of crude to an all time high, exceeding even its level in the summer of 2008 when the dollar price reached $147/barrel, because the pound has slumped 17% against the greenback since then.
The oil price firmed to around $117 this week as evidence emerged of the impact of the Libyan crisis on the oil supply. Bloomberg reported that OPEC oil output dropped in March as Saudi Arabia failed to make up the loss in production from Libya. Reuters reported that Saudi has unexpectedly called on oil companies to expand its drill count by 30%. It is not clear whether this is in an attempt to add further spare capacity, or whether the kingdom is struggling to raise production.
– Immanuel Wallerstein: The Great Libyan Distraction
– Chomsky: On Libya and the Unfolding Crises
– Obama’s Libya Speech and the Tasks of Anti-Imperialists
– Libya is another case of selective vigilantism by the west
– Hugs From Libyans
– The shape of Libya’s ‘better future’ remains elusive
– Juan Cole: An Open Letter to the Left on Libya
– After unscripted Arab drama, the west sneaks back on set
– Intervention in Libya: Is It Really the Only Option?
– Libyan rebels offer cease-fire. Does Qaddafi have the upper hand?
– Libya rebels pen oil deal with Qatar
– Gaddafi regime admits attempts to talk to west
– Exposed: The US-Saudi Libya deal
– Undisciplined Libyan rebels no match for Gaddafi’s forces
– On Libya’s Revolutionary Road (narratives of the rebels)
A midweek peak oil roundup, including:
-Developments this week
-America’s new oil policy
