Another major story that emerged today was Mexico’s announcement that its oil production continued its rapid decline. Their main oil field, Cantarell, managed less than a million barrels per day of production in July — less than half its production a few short years ago. At 974,000 barrels per day, Cantarell production has dropped more than a third from last July. New production at key fields such as Chincotepec and Ku Maloob Zaap can only offset part of the decline from Cantarell — threatening our major source of imports to become a net importer themselves within a few years. On top of that, the President of major oil and gas producer Russia said today that they are not afraid of a new Cold War after they recognized the breakaway Georgian territories of Abkhazia and South Ossetia.

With hurricanes, oil production declines, accelerating melting in Greenland’s glaciers, and political gaming — it’s clear that a sustainable energy transition must become a higher priority for the US and all other oil importers.