The Paris-based International Energy Agency (IEA) reported today that they expect global oil demand to fall 2.6 million barrels per day (Mbd) in 2009, .24 Mbd lower than their April forecast. As I wrote last month, falling oil consumption can lead to lower overall global greenhouse gas emissions. And IEA’s prediction of even lower oil demand leads me to believe a 2009 emissions drop is now (more…)
Posts Tagged ‘Oil’
New report shows global emissions likely to fall
Thursday, May 14th, 2009Gas price passing diesel
Wednesday, May 13th, 2009
As I wrote two months back would happen, the price of gasoline is catching up with diesel after a couple years of separation. A year ago, diesel would cost you 60 cents more than gasoline. But looking at the trends in pump prices over the last few days, parity should be reached by (more…)
May report: US emissions expected to fall further
Tuesday, May 12th, 2009
The US Energy Information Administration (EIA) released its monthly Short Term Energy Outlook today. And their projection for 2009 US carbon dioxide emissions from energy fell even further than last month’s. The drop was led by (more…)
Recession Demand Sends Fuel Inventories Toward Record Highs
Thursday, April 16th, 2009
This past quarter was another tough one for the US economy. Industrial production sank to a record low in March below 70% of capacity. The resulting lower demand for fuels is sending storage levels toward record highs. The EIA reported this morning that natural gas rose another (more…)
New Report: US emissions to fall another 2.5+% in 2009
Wednesday, April 15th, 2009In February, I shared that the US Energy Information Administration (EIA) predicted lower greenhouse gas emissions from US energy consumption in 2009. Their earlier projection of ~2% lower emissions just shifted in their April report to a much lower (more…)
High US Oil Supply can Handle 2009 Mexico Oil Decline
Wednesday, April 1st, 2009Today’s EIA petroleum report shows that storage of all major petroleum products are now above average. Even the prospect of lower oil supplies from Mexico don’t threaten our situation through the summer. Higher oil prices the last few years drove a domestic drilling boom that is finally paying off through a substantial increase in US oil production. The question is, how long will (more…)
Oil Passes $50 on Dollar’s Slide
Thursday, March 19th, 2009
I said yesterday that oil may pass $50 per barrel, but I didn’t know it would take just one day to occur. That’s what happens when the Fed announces it will print a few hundred billion more to buy debt. The weaker dollar sent dollar-denominated commodity prices up, with oil reaching (more…)
US Oil Supplies Climb Further – Records May be Tested
Wednesday, March 18th, 2009The US Energy Information Agency reported another build in fuel supplies last week on low demand and high production. If crude supplies continue on this trajectory another few weeks, they may hit record levels. And lower heating needs from the fast-approaching Spring mean that diesel prices are indeed close to the parity with gasoline I mentioned (more…)
Economic Woes Subdue Global Oil Demand Further
Wednesday, March 11th, 2009Global GDP forecasts for 2009 fell again this week as news of contraction emerged in recent economic powerhouses such as Australia, Brazil, and even China. And since oil demand is closely linked to economic output, the 2009 forecast is for even lower demand than the EIA projected last month. They now see global oil consumption falling (more…)
Gasoline and Diesel Move toward Parity Again
Wednesday, March 4th, 2009Remember the old days when gasoline and diesel had roughly the same price? Well, it looks like things are returning toward price parity after last year when diesel often had a premium of ~75 cents. These past few weeks, US diesel production has created ample supply levels and the price has fallen toward the rising price of gasoline. (more…)