oil

energyUS Crude Production Keeps Hitting New Records and Texas is Over 5 Million Barrels Per Day

U.S. crude oil production reached a new all-time daily average high of 12.2 million barrels per day (MMbpd) in May. In May, Texas crude oil output was over 5 MMbpd for the first time. Texas is only behind Russia, Saudi …

militaryUS Sanctions Cut Iranian Oil Exports by Five Times and Iran is in an Economic Depression

Iran shipped over 2.5 million barrels per day of crude oil in April 2018, the month before Trump withdrew the US from the nuclear deal but monthly oil exports were down five times to 330,000 to 500,000 barrels per day …

energyUS Extends Lead As World Number One Oil Producer

US Crude oil production is up 600,000 barrels per day since the start of 2019 to 12.3 million barrels per day. EIA forecasts that U.S. production will increase by 1.4 million b/d in 2019 and by 0.9 million b/d in …

chinaChina Globalizing Currency But Ten Years From Passing British Pound for Third

Russia and China agreed to develop bilateral trade using the Russian ruble and the Chinese yuan. China-Russia bilateral trade was US$24.2 billion in the first quarter of 2019, according to Chinese customs. This was up 30 percent over the first …

energyOne Thousand US Troops Sent to Middle East in Response to Iran’s Attack on Oil Tankers

One thousand U.S. troops are being sent to the Middle East in response to last week’s attacks on oil tankers in the Gulf of Oman. The US accused Tehran of being responsible for an explosion that set two oil tankers …

air pollutionCoal, Oil And Gas Subsidies Are $5 Trillion Per Year Because of Uncharged Air Pollution

Subsidies – Biggest subsidies are for not charging oil, gas, and coal for air pollution and environmental damage. Next biggest bucket is various forms of tax incentives. Then direct spending and research. A lot of the recent nuclear research is …

businessDebunking Myths about Global Solar, Wind and Nuclear

I was debating Ned Ford about solar, wind and nuclear energy at Quora. My energy answer on Quora was about how nuclear power was still being more economical than solar and wind. Ned is a volunteer conservation chair at a …

batteriesRural China Buying Millions of $3,000 Slow Electric Cars

Low-speed electric vehicles (LSEV) sold 75% of the unit volume of standard electric vehicles in 2018. About 1.5 million units in China during 2018—equal to about 6% of “conventional” vehicle sales for the year. For a bit of perspective, the …

chinaSaudi Arabia and the Future of China-US Financial Balance of Power

Saudi Arabia controls a 10% of global oil production. They are the world’s biggest oil exporter with sales of $356 billion last year. China is the world’s biggest importer of oil. The annual value of global oil output is currently …

cubaCuba, Venezuela and Iran Oil Problems Under US Sanctions

Iran dropped 154,000 bpd to 2.554 million bpd in April. Iraq dropped 113,000 bpd to 4.63 million bpd. Saudi Arabia had 45,000 bpd less oil in April at 9.742 million bpd. Venezuela had a slight increase of 28,000 bpd to …