Saturday , 29 April 2017


How Does Current Decline In Oil Price Compare With Past Spills?

The price of oil is currently undergoing a major decline but it is nothing compared to other famous oil slumps in history.  Let’s take a look.

Composition and commentary*** is from VisualCapitalist.com (How Does the Recent Oil Slump Compare?); the crude oil graphic* is from BusinessTimes.com (Big drops of oiland the U.S. crude oil production chart** is from BusinessInsider.com (US oil production is still going through the roof).

Historical Crude Oil Price Corrections

How Does the Recent Oil Slump Compare?

U.S. Crude Oil Production

Oil inventories have reached 80 year highs thanks in large part to U.S. crude (shale) oil production which is shown in the chart below** from Business Insider’s Chart of the Day.

Recent US oil production shows no sign of slowdown.

[The above article is presented by  Lorimer Wilson, editor of  www.munKNEE.com and www.FinancialArticleSummariesToday.com and the FREE Market Intelligence Report newsletter (sample hereregister here) and may have been edited ([ ]), abridged (…) and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article. This paragraph must be included in any article re-posting to avoid copyright infringement.]

Sources:

  • *Original crude oil graphic from: http://www.businesstimes.com.sg/sites/default/files/attachment/2015/01/13/140115_crude_oil_graphic.pdf;
  • **Original US crude oil production chart from: http://www.businessinsider.com/markets-chart-of-the-day-february-4-2015-2;
  • ***Post composition & commentary from http://www.visualcapitalist.com/recent-oil-slump-compare/

Stay connected!

Register for our Newsletter (sample here)

Find us on Facebook

Follow us on Twitter (#munknee)

Subscribe via RSS

Related Articles:

1. What is Shale Oil?

People often say: “You can’t squeeze blood from a stone.” However that’s exactly what shale oil is. An alternative fuel, created by squeezing our planet’s proverbial “Life Blood” out of rock. Words: 1066 Read More »

2. Is Gold Too Pricey – OR – Is Oil Is Too Cheap?

There’s a relationship between gold and oil that’s worth understanding because each, being valued in U.S. dollars, putatively serves as a measure of inflation and, since both commodities have a common denominator, it’s easy to price one against the other. Ergo, the gold/oil ratio i.e. the price of gold expressed in barrels of crude, and the current gold/oil ratio begs the question: “Is gold getting pricey or is oil too cheap? Read More »

3. The Pros & Cons of Building the Keystone XL (oil) Pipeline Through Midwest of USA

Canadian oil sands production is set to double by 2020, and new markets must be found for this oil….Below is an infographic presenting a crash course in the need for, problems with, and benefits of, building the Keystone XL pipeline from Alberta through the American midwest to the refineries in Texas. Read More »

4. This Map Shows Where Each US Region Gets Its Oil Imports

The United States imported about 40 percent of its oil in 2012. So where are we getting it from? It depends a lot on where you live. [This article presents a map showing U.S. crude oil imports by country of origin for 2012 with commentary on regional particulars.] Read More »

5. Brent vs. West Texas Intermediate Crude Oil: What’s the Diff?

We use crude oil for everything from running our cars to making plastic. The need for oil causes conflicts and gives power to those countries that have an abundance of it. Taking all this into account, not too many of us actually know how it’s priced. A lot of us hear how much it costs per barrel or get mad when prices go up at the pump but what’s the method behind the madness? Hopefully, I can shed a little light on the process. Words: 790 Read More »

6. Crude Oil: Which Countries Consume It Most Efficiently?

One of the most fundamental relationships of the modern economy is the tie between the amount of energy a country consumes and their GDP and is an excellent way to predict a country’s economic productivity. [This article analysis the daily number of barrels of oil consumed for 20 countries relative to their PPP adjusted GDP. Germany has the largest residual of all developed countries followed closely by the U.K. while the U.S. has the poorest and Canada is not far behind. Read on to determine just how efficient your country actually is in its crude oil utilization.] Words: 470 Read More »

7. Canada’s Oil Sands to Have $520 Billion Impact on U.S. Economy: Here Are the Facts, State by State 

Canada is the largest supplier of oil to the U.S. When the U.S. imports oil from Canada, the spin-off economic benefits are substantial. The interactive map of the U.S. below will let you calculate the economic impact generated in each U.S. state from new oil sands projects in Alberta, Canada. Words: 592 Read More »

8. A Look at the Canadian Oil Sands: the U.S.’s #1 Source of Supply

The third largest source of oil in the world is the Canadian oil sands and the United States already imports more of it from there than from anywhere else. With oil prices on the rise, the controversial oil sands are likely to become even more economically viable, despite experts’ warnings about environmental risks [and the political and environmental gamesmanship to block the Keystone pipeline project from there to refining facilities in the U.S.]. Below are 12 incredible facts about the oil sands. Words: 408 Read More »

9. Shale Gas Info: What is Shale? What is Fracking? What Does Its Future Mean For America?

Natural gas has the potential to bridge the gap between the current oil dominated energy mix and sustainable renewables. It’s cheap, abundant, and the cleanest fossil fuel in the world. In fact, at today’s consumption rates, estimated US natural gas resources could be used to supply domestic electricity generation for 52 years.That being said, shale gas is trapped thousands of feet underground. How do we extract it and what does the process look like? The infographic below has all the details. Read More »

10. What’s “Fracking”? Here’s a Definition and 5 Things You Ought to Know About the Process

Fracking has had profound effects on the energy industry, so far mostly in the U.S., where it has created oil and gas booms in non-traditional places, moved the country closer to energy independence, and resulted in a huge reduction in the cost of energy, particularly natural gas. What is fracking? It’s a technique used to extract oil and gas from previously inaccessible underground shale (rock) formations. Here are 5 more things about fracking. Read More »

11. Fracking: Everything You’ve Always Wanted to Know but Were Embarrassed to Ask

Marathon Oil has a great animation on the basics of hydraulic fracturing or “fracking.” It explains how horizontal drilling works and explains the roles of water and sand. Take a look. Read More »