World Energy 2017-2050: Annual Report

A Guest post by:

Dr. Minqi Li, Professor
Department of Economics, University of Utah
E-mail: minqi.li@economics.utah.edu

This Annual Report evaluates the future development of world energy supply and its impact on the global economy as well as climate change. The report projects the world energy supply and gross world product (global economic output) from 2017 to 2050. It also projects carbon dioxide emissions from fossil fuels burning and the implied global average surface temperature from 2017 to 2100.

chart/

Figure 18
Sources: World historical oil, natural gas, and coal consumption from 1950 to 1964 is estimated from carbon dioxide emissions (Boden, Marland, and Andres 2017); world primary energy consumption and its composition from 1965 to 2016 is from BP (2017); world primary energy consumption and its composition from 2017 to 2050 is based on this report’s projections. Continue reading

Posted in Uncategorized | Tagged , , , , , , , , , , , , | 551 Comments

OPEC May Production Data

All data below is based on the latest OPEC Monthly Oil Market Report.

All data is through May 2017 and is in thousand barrels per day.

OPEC crude only production was up 336,000 barrels per day in May. The two countries that are not subject to OPEC quotas, Nigeria and Libya, were up a combined 352,000 barrels per day. That means the rest of OPEC was down 16,000 bpd. And all this was after OPEC April production was revised upward by 72,000 barrels per day.

Continue reading

Posted in Uncategorized | Tagged , , , , , , , , , | 248 Comments

Open Thread Non-Petroleum, June 14, 2017

Comments not directly related to oil and natural gas in this thread please.

This eye-popping chart on inequality is a slap in the face of America’s middle class

Why does the US economy still feel iffy to most Americans despite an eight-year economic expansion and historically low unemployment?

Look no further than this eye-popping chart of income growth between 1980 and 2014 courtesy of Berkeley’s elite-squad of inequality research, including Thomas Piketty, Emmanuel Saez, and Gabriel Zucman.

Featured in a recent blog from the University of Chicago’s Booth School of Business, the graphic highlights just how stratospheric income growth has been for the very wealthiest Americans — and how stagnant, in contrast, wages have been for the rest.

That’s not a typo on the right. Incomes for the top 0.001% richest Americans surged 636% during the 34-year period. Wow.

There’s more. “The average pretax income of the bottom 50% of US adults has stagnated since 1980, while the share of income of US adults in the bottom half of the distribution collapsed from 20% in 1980 to 12% in 2014,” writes Howard Gold, founder and editor of GoldenEgg Investing, in the Chicago Booth blog.

“In a mirror-image move, the top 1% commanded 12% of income in 1980 but 20% in 2014. The top 1% of US adults now earns on average 81 times more than the bottom 50% of adults; in 1981, they earned 27 times what the lower half earned.”

Here’s a link to the full paper for the academically inclined.  Read »

Posted in Uncategorized | 400 Comments

EIA’s Electric Power Monthly – May Edition with data for March

This is a guest post by islandboy.

Any comments not related to petroleum (politics, renewable energy, or coal for example) should be in this thread, there will be a separate Open thread for Petroleum (oil and natural gas) discussion.

chart/

chart/

The EIA released the latest edition of their Electric Power Monthly on May 25th, with data for March 2017. March data includes some milestones which are significant in that these circumstances have not existed for a very long time, if ever. Continue reading

Posted in Uncategorized | Tagged , , , , , , , , , , | 274 Comments