Petroleum

Ann Arbor (Informed Comment) – May contracts for West Texas Intermediate (WTI) crude oil went as low as -$37.63 on Monday. So report Jillian Ambrose and Martin Farrer at The Guardian. The price, well below zero, was a first for the US oil market, and showed the conviction of traders that the economy would not […]

Donald Trump

Trump is Using Saudi Arabia to Prop up his Big Oil Donors, and that should Worry Us

Thembisa Fakude

( Middle East Monitor ) – When Saudi Arabia approached members of the Organisation of Petroleum Exporting Countries (OPEC) and its affiliates recently to cut oil production in an attempt to cushion the impact of the falling oil prices as a result of Covid-19, Russia rejected the proposal. The subsequent spat between Moscow and Riyadh […]

Climate Crisis

Killing off the Animals: By Burning Fossil Fuels, we’ll destroy 50% of their Habitat this Century

The Conversation

By Christopher Trisos and Alex Pigot | – The impacts of climate change on species and ecosystems are already evident. Poleward shifts in the geographic distributions of species, catastrophic forest fires and mass bleaching of coral reefs all bear the fingerprints of climate change. But what will the world’s biodiversity look like in the future? […]

Petroleum

Will the Pandemic Kill Big Oil and OPEC even before the Electric Car?

Middle East Monitor

By Hani Habeeb | – ( Middle East Monitor ) – Giant oil tankers have changed into floating warehouses for oil following the sharp drop in the price per barrel. The dispute between Russia and Saudi Arabia has led to the biggest drop since 2002. It seems that US President Donald Trump’s call to Saudi’s […]

Corruption

The Contango Tango: SecState Pompeo Pressures Saudis to Raise Gasoline Prices, Harming US Consumers

Juan Cole

Ann Arbor (Informed Comment) – Secretary of State Mike Pompeo had a phone call with Saudi crown prince Mohammed Bin Salman on Tuesday. So reports Sam Meredith at CNBC. Then the State Department issued a statement on Wednesday that said, “Secretary Pompeo and the Crown Prince focused on the need to maintain stability in global […]

Featured

“A Seller’s Market for Bankruptcy Talent:” The Beginning of the End of Methane-Producing Fracking?

Juan Cole

Ann Arbor (Informed Comment) – On Monday, the price of West Texas Intermediate petroleum fell below $30 a barrel for the first time in four years. Elliot Smith at CNBC reports that BP CFO Brian Gilvary is braced for petroleum demand actually to contract in 2020. This prediction is very bad news for US fracking […]

Featured

Behind the Turmoil: Russia Provoked Oil Price Fall to Protect its Markets from US Frackers, which could now Collapse

Juan Cole

Ann Arbor (Informed Comment) – Last weekend, OPEC Plus, an expanded cartel of petroleum exporters, considered a plan for members to cut back on their oil production so as to support prices in the face of a slowing world economy owing to the novel coronavirus. The Russian Federation rejected the plan put forward by OPEC, […]

Climate Crisis

“A Toothpick in a Tsunami”: US Big Oil Faces Bankruptcy as Prices Plunge 30% on Saudi Expansion

Juan Cole

Ann Arbor (Informed Comment) – Oil prices plummeted by 30% on Monday morning in Asia on news that Saudi Arabia intended actually to cut its prices and increase its production on April 1 to more than 10 million barrels a day. As a result, Asian markets also took a huge hit. Riyadh’s move came after […]

Denialism

How Louisiana Lawmakers Stop Residents’ Efforts to Fight Big Oil and Gas

ProPublica

Louisiana has pioneered ways for other states to discourage environmental protests around “critical infrastructure” projects. Much of it can be traced back to efforts by corporate lobbyists.