In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘oil bubble’

UK’s oil industry close to collapse

Posted by seumasach on December 18, 2014

PressTV

18th December, 2014

A senior British energy official says the UK’s oil industry is “close to collapse” due to a recent dramatic fall in crude prices.

“It’s close to collapse. In terms of new investments – there will be none, everyone is retreating, people are being laid off at most companies this week and in the coming weeks,” said Robin Allan, the chairman of the independent explorers’ association Brindex.

He added that the plunge in oil prices pushed the industry into “crisis” and oil companies are cutting staff and investment to save money.

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UK energy firms go under as oil price tumbles

Posted by seumasach on December 16, 2014

Guardian

15th December, 2014

The tumbling oil price has led to a trebling of insolvencies among UK oil and gas services companies so far this year, while £55bn of further oil projects reportedly under threat.

 

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Oil, currencies, finance, societies, the Middle East : Massive storm in the Western port!

Posted by seumasach on December 16, 2014

LEAP 2020

15th December, 2014

For almost two years, by combining various points of view (speculative, geopolitical, technological, economic, strategic and monetary…), we have continued to anticipate a major crisis in the entire oil sector.

Today, no one doubts the fact that we are actually at that point, and the GEAB must therefore anticipate the consequences of this veritable atomic bomb, which has begun to blow up all the old system’s pillars: everything which we have known, international currencies, financial markets, the US, the Western alliance, world governance, democracy, etc.

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Oil prices plunge after shakeup on Wall Street

Posted by seumasach on September 16, 2008

Vienna’s JBC Energy linked Lehman Brothers’ demise with the steep fall in oil prices, saying the investment bank “was said to be a big player in oil markets, and its bankruptcy could explain the big sell-off yesterday.”

Were they forced to sell off the oil reserves they bought to force up prices?

CBC News

16th September, 2008

Oil prices plummeted Tuesday, falling briefly below $92 US a barrel amid market fears that the U.S. credit crisis which brought down Lehman Brothers will drag on global economic growth and restrain demand for crude.

OPEC’s production cut of 520,000 barrels a day earlier this month has failed to stem the decline. The 13-country group said oil demand in the United States fell by 800,000 barrels a day last month due to the slow economy and high prices.

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Oil falls below $100 after bleak financials

Posted by seumasach on September 16, 2008

16th September, 2008

NEW YORK (AP) — Oil prices closed below $100 a barrel for the first time in six months yesterday, tumbling in another dramatic sell-off as the demise of Lehman Brothers and the sale of Merrill Lynch deepened worries about the economy.

Crude prices shed more than $5 a barrel and have now given up virtually all their gains for the year, extending a steep, two-month slide from record levels above $147 a barrel.

Analysts said investors feared that the upheaval in the financial sector could trigger another round of commodities liquidation — especially with Lehman likely to unwind its holdings.

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