In this week’s Off The Cuff podcast, Chris and Art Berman discuss:

• US oil consumption is down ~15%, a good proxy of GDP shrinkage
• Why US oil production will be dramatically lower by next June
• Why the US may never produce as much oil as it did between 2016-2019
• Why oil, not interest rates, will be the limiter of economic growth going forward

For many years on this website we’ve warned of the coming crisis of “Peak Cheap Oil”. We may now be entering a new, accelerating stage of that story.

Petroleum geologist Art Berman returns to the program to explain why he predicts US oil production will be materially lower by next June, and why it will likely never return to its 2016-2019 highs.

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In this week’s Off The Cuff podcast, Chris and Art Berman discuss:

• It’s about as bad as it has ever been for the US oil industry
• Expect the government to intervene, as oil is Too Vital To Fail
• Any ‘recovery’ will be long and costly
• Like it or not, energy conservation and efficiency will be forced on society

The global economy remains completely addicted to fossil fuel, particularly oil — the “master” resource.

Of late, a collapse in the price of oil due to a slowing global economy — and then the widespread shutdowns forced by covid-19 — combined with overleveraged players and energetically-expensive extraction practices, and the industry is facing a likely wave of bankruptcies.

So expect extreme action to keep the oil flowing, including but not limited to government takeover. Why? It truly is an “at all costs” need for those in charge. Art explains why extremely eloquently in this podcast.

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The current Federal Reserve money printing is doing little more than delaying the inevitable crash that is coming.

Worse, when it does come, it will arrive with extra force because the Fed is pushing thin-air money by the trillions into a rapidly shrinking economy.

This means we all have to be ready for…. (Enroll now to continue reading)

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An economic &/or financial crash is not only possible, but is expected to be far larger than the 2008 crisis.  Economic impacts are piling up too fast to be properly analyzed.  So in this report we go into the one key factor out of them all that we watch most closely for clues to what’s coming up next.

Be ready for shortages and the possibility of market closures, banking holidays and things like that.  While not very probable, the possibility of such things is now well above zero.

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Executive Summary

• Urgency is needed, as society’s alarm bells aren’t working
• The most important charts of all
• Recent learnings on resilience relocation
• When a culture becomes desperate, it reacts desperately. No one wins.

If you have not yet read Part 1: Getting Real About Green Energy, available free to all readers, please click here to read it first.

What seems to be true is that humanity is in the early innings of a great transition.  Losing access to abundant energy will change more things that you or I can appreciate at this time.

The future is barreling towards us at a furious pace.  And the pace of that change is accelerating.

It’s time to freak out a bit.  To get serious about protecting ourselves.  To make different decisions and reorganize our priorities.

If you understand energy and its relationship to the economy the way I do, you’d share my urgency to create community and develop a resilient homestead.  My goal here is to nudge you towards action.

Here’s what has me so concerned right now. These charts clearly show the… (Enroll now to continue reading)

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In this week’s Off The Cuff podcast, Chris and Art Berman discuss:

• Understanding The Importance Of Crack Spreads
• Diesel Consumption Is Down 500,000 Barrels/Day Since January
• The Shale Oil Reckoning Is Approaching
• Key Slides From Art

Petroleum expert Art Berman explains how crack spreads (the difference between what refiners pay for crude oil and the price they receive for their refined product) and oil demand volumes are indicating the global economy is slowing markedly. Economies need energy to function. Less energy consumed = lower growth and output.

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