Increasing spending does not contradict efforts to reduce emissions, says IEF
World energy markets are facing a “red alert,” and there’s more trouble ahead without enough investment going into oil and gas to meet demand, according to a new report by the International Energy Forum (IEF). “At a time when the global energy crisis calls for more supply, underinvestment in hydrocarbons will be the main reason…
Bullish pressure on crude oil markets doesn’t seem to be easing
Crude oil prices fell last week, notching their second weekly decline in the face of concern that rising interest rates could push the global economy into recession. Yet the future of crude oil still seems bullish to many. Spare capacity, or lack of it, is just one of the reasons. The global surplus of crude…
Hereditary dynasties could not survive the industrial revolution. Well, except for one
Last week’s column drew from British historian Dominic Lieven’s current book about emperors and empires. Called In the Shadow of the Gods, it’s an exploration of the characteristics that contributed to dynastic success or failure. Lieven’s penultimate chapter deals with the challenges modernity posed to hereditary dynasties. As the environment changed rapidly, the crowns adorning…
The best bet remains to bring sanctioned Iranian oil back to the market
American gasoline prices have crossed the unprecedented US$5-a-gallon mark. American Automobile Association data shows prices at the pump are up roughly 60 per cent from a year ago. And prices in Canada are already more than $2 a litre. We are seeing new record prices around the world with each passing week. And no respite…
And we can blame political meddling
The crude oil world has inched into a crisis mode. The world faces a “much bigger” energy crisis than the one in the 1970s. Fatih Birol, the executive director of the International Energy Agency (IEA), told the German daily Der Spiegel in an interview last Tuesday. The IEA, the Organization for Economic Co-operation and Development…
Here are facts for Canadians forced to face the real-world impact
The marvellous Christmas movie The Polar Express, starring the inimitable Tom Hanks, ends with the words “anything is possible, if you only believe.” Except, as adults understand, many things aren’t possible, not even if some people do believe them. An obvious example is the fantasy that the 84 per cent of global energy supplied by…
Climate change, a pandemic, war and nationalistic hoarding are all contributing factors
Events unfolding around the world are creating the perfect playbook for a global food security crisis: climate change, a pandemic, war and nationalistic hoarding are all factors. Climate has been affecting agriculture for a very long time. And the unpredictable nature of severe weather patterns is making the lives of our farmers more difficult. Growing…
And the U.S. is getting ready to cave in
With crude oil fortunes on an upswing, Saudi Arabia – the world’s largest crude producer – is playing its cards very well. The crude oil markets have been transformed, with prices starting in 2022 at US$75.69 and now trading at around US$115 a barrel. That’s a gain of just over 50 per cent so far…
More to do with strangulation of the world’s fuel supply
There are a million funny things to talk about, a million laughs to be had, a lot of phenomenal progress being made on numerous fronts, things that do make our lives better and better. But it’s kind of hard to smell the roses when it’s like Voldemort is expected by dinner time. There’s the war…
Combat naturally leads to behaviours that would be deemed shocking in normal life
Antony Beevor is a prolific English military historian, most famous for the bestseller Stalingrad. First published in the late 1990s, the book’s narrative covers the period between the June 1941 German invasion of the Soviet Union and the conclusion of the Battle of Stalingrad in February 1943. That battle is often described as the Second…