OPEC ‘No Longer in Control’ of Oil Prices

By Matt Egan – Re-Blogged From http://money.cnn.com

For decades, OPEC’s sway on oil prices was unparalleled.

But the cartel’s immense influence has been dealt a huge blow by the dramatic boom in US shale.

“Saudi Arabia and OPEC are no longer in control,” Douglas Rachlin, managing director at Neuberger Berman’s Rachlin Group, said on Wednesday at the SALT Conference in Las Vegas.

The emergence of US shale as a key global player that can pump even during low oil prices means OPEC can no longer “manipulate prices,” Rachlin said. “The shale revolution has changed a lot of things.”

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2017…The Year Of Monetary Revolution

By Andrew Hoffmann – Re-Blogged From http://www.Silver-Phoenix500.com

In the past month, I’ve espoused many beliefs of what 2017 will bring – deeming it to likely be a year of money printing and draconian government actions.  In fact, following an historic year of political, economic, and monetary change, the best possible description for what I anticipate in the next 12 months, is “monetary revolution.”  Which, in turn, may catalyze the most dramatic status quo changes of our lifetimes, for anyone born in the post-War era.

Never before has the world faced a man-made calamity of such enormity; partly because of policy – particularly the monetary type; but predominantly, procreation – as let’s face it, there is no way to economically manage 7.4 billion people, without the scourges of socialism, fascism, and communism forcing their way into the fold.  I mean, when the gold standard was abandoned in 1971, the global population was just 3.5 billion, so we have more than doubled the population in less than five decades.

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Weekly Climate and Energy News Roundup #252

The Week That Was – Dec 16, 2016 – Brought to You by www.SEPP.org

By Ken Haapala, President Science and Environmental Policy Project

Data Manipulation: As twice-elected president of a science society formed in 1871, with early members important to the beginning of climate measurements covering the US, this author has been very concerned with the manipulation of historic data that seems to have taken place over the past few decades. In effect, a warming trend seems to have been established in the data where one did not exist before. As we saw during Climategate, the Climatic Research Unit at the University of East Anglia “lost” historic data when data was mathematically adjusted.

Similarly, as researchers Joe D’Aleo and Tony Heller have demonstrated, the data entrusted to NOAA; and its subordinate organizations the US Historical Climatology Network (USHCN), the Global Historical Climatology Network (GHCN), and the National Climatic Data Center (NCDC); seem to have been manipulated to give the illusion of a warming trend by lowering the earlier data. Now, Paul Homewood, of the UK, points out that NASA’s Goddard Institute of Space Studies (NASA-GISS) has changed its own data since 2011 without notification as to why. The adjustments to its December 2016 version give the illusion of a stronger warming trend than existed in their 2011 data.

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On December 14th Whirlybird Janet Will Be In A Very, Very “Hot Seat”

By Andrew Hoffman – Re-Blogged From http://www.Gold-Eagle.com

It’s Friday night, after another week of financial market ignominy has passed; fortunately, without further damage to those holding REAL money. Which fortunately, is likely to be extremely limited going forward, given how low Precious Metal “valuations” have been driven, amidst the most bullish fundamental environment imaginable. Heck, whilst the paper gold price has been mercilessly attacked – as countless fiat currencies crash, amidst an environment of unprecedented economic and political instability – physical demand has exploded.

To wit, physical gold is trading around $1,700/oz in India; whilst Chinese physical premiums have surged to their highest level since April 2013’s “Alternative Currencies Destruction” raid; which, I might add, caused May 2013 to be Miles Franklin’s best ever month. To that end, yesterday was the single strongest day of Shanghai Exchange physical gold offtake all year; and November, the year’s strongest month for U.S. Mint gold Eagle sales – surpassing…drum roll please…October, which saw a dramatic demand surge following the Cartel’s blatant October 4th attack, just after China’s markets closed for the “Golden Week” holiday.

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Did OPEC Just Cry Uncle?

By Frank Holmes – Re-Blogged From http://www.Gold-Eagle.com

OPEC Decision Helps Oil Post Its Second Straight Month of Gains

You’ve probably heard by now that, in an effort to lift oil prices, the Organization of Petroleum Exporting Countries (OPEC) tentatively agreed to a production cut at its meeting in Algiers last week. The cartel, which controls more than a third of world output, plans to limit daily production to between 32.5 million barrels and 33 million barrels, down from 33.2 million barrels.

This comes more than two years since oil prices were kneecapped, wreaking havoc on several OPEC member nations’ economies. Saudi Arabia currently faces a steep budget deficit, as oil revenues make up close to 90 percent of the country’s budget. Meanwhile, Venezuela’s currency, the bolivar, has become so worthless that it’s now cheaper to use it as a napkin than to buy actual napkins. Airlines flying to the U.S. won’t even accept bolivars. (Of course, this has more to do with the government’s woeful mismanagement of the country than oil prices.)

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Venezuela Chaos: The Biggest Threat to Cheap Oil

Venezuela’s deepening chaos could soon create tremors in the global oil markets.

Already in an economic and humanitarian crisis, Venezuela’s oil production — the country’s sole lifeline for revenue — has hit a 13-year low.

As the situation worsens, Venezuela’s oil output could plunge even lower. A new report by Columbia University’s Center on Global Energy Policy calls Venezuela a “growing supply risk for oil markets in 2017.”

Oil prices are currently around $45 a barrel, a dramatic drop from about $110 two years ago. The main reason for the low prices is that there’s too much supply globally. However, the line between oversupply and a shortage in the oil market is thin, and Venezuela could tip the scale in the opposite direction.

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Weekly Climate and Energy News Roundup #198

The Week That Was: September 26, 2015 – Brought to You by www.SEPP.org

By Ken Haapala, President, Science and Environmental Policy Project (SEPP)

Changing Science: Several developments related to climate science occurred this week that can have some influence on policy as governments are rushing towards an “agreement” to be reached at the 21st session of the Conference of the Parties (COP-21) of the United Nations Framework Convention on Climate Change (UNFCCC) to be held in Paris from November 30 to December 11. No doubt, these developments will be ignored by some governments, the government-supported Climate Establishment, which adheres to the findings of the UN Intergovernmental Panel on Climate Change (IPCC) while ignoring its deficiencies, and by the well-funded Green lobby, which depends on an image of “saving the world.” One development is a book-length independent review of the IPCC’s work by Alan Longhurst, a biological oceanographer with over 50 years’ experience. The second development is group of essays by mathematician and electrical engineer David Evans posing a serious critique of the models depended upon by the IPCC and the Climate Establishment.

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Quote of the Week: “Common sense is the collection of prejudices acquired by age eighteen.” Albert Einstein

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