Blogs

US gasoline production at record levels, but supplies are still dropping on record exports

Even with a record high in our gasoline production, the EIA reported that our gasoline supplies fell by 1,593,000 barrels to 227,143,000 barrels as of December 23rd. While our gasoline imports fell by 13,000 barrels per day to 434,000 barrels per day, our gasoline exports rose by 354,000 barrels per day to a record high of 1,149,000 barrels per day,

Oil Production Cuts Could Result in 600,000 Barrel Per Day Global Deficit in First Half of 2017

We finally have some details on the secondary agreement to cut oil production that came out of that meeting of Russia and other non-OPEC oil producers last Saturday. That agreement is projected to reduce production of the 11 signatories by 558,000 barrels a day, on top of the 1.2 million barrels a day in cuts already agreed to by OPEC, thus amounting to a total reduction of about 1.8% of global oil supply. 

OPEC agrees to cut production back to March levels, oil prices spike 14%

At their meeting in Vienna on Wednesday, the member nations of OPEC agreed to cut their oil production by 4.5% for a period to run 6 months, effective January 1st.  The amount of oil output each member is expected to forgo is generally based on their October production, although for some countries, such as Iran, the baseline for the output cut has been adjusted for special factors.   Libya and Nigeria, whose recent production has been disrupted by civil conflict, will be exempt from the cuts.

Tom Friedman Is Now Another Angry While Male

It was not a good year from New York Times columnist Thomas Friedman. One of the major themes in the election was tightening up trade policy, with the candidates of both major parties promising action in that regard. This has to rankle on a prominent trade evangelist like Friedman. But even worse, the much more strident of the two candidates on trade issues is the one that prevailed. Ouch! He is now lashing out, warning Trump voters that The Donald will abandon them.

15 Million Fracking Jobs at Risk; 12 Million Export Jobs Could Also Be Lost

On Friday, the US Chamber of Commerce released a report, apparently timed for the weekend before the election when a number of fracking initiatives are on the ballot nationally, which alleged that "14.8 million jobs could be lost, gasoline prices and electricity prices could almost double, and each American family could see their cost of living increase by almost $4,000" if fracking were banned in the US.

Mother Jones Our Hats Are Off To You

How many Americans know that America has privatized prisons, the shares of which are listed on stock exchanges?  Free market ideologues provided cover for corrupt Republican politicians to divert taxpayers’ hard-earned money to favored political insiders with the false claim that prisons run by private owners are more cost effective.  A Mother Jones reporter took a job as a private prison guard and found that private prisons are places of unimaginable violence.

The enemy is us.

Your government is on red alert: between 2006 and 2014, the Animal and Plant Health Inspection Service (APHIS), an agency of the Department of Agriculture, spent nearly $4.8 million to purchase shotguns, propane cannons, liquid explosives, pyro supplies, drones, thermal imaging cameras, and more.

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