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What We Read Today 04 January 2015

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.

Russia, Iraq Supply Most Oil in Decades as 2015 Begins With Glut (Grant Smith and Anna Andrianova, Bloomberg)  Oil production in Russia and Iraq surged to decades high levels in December 2014 as global oversupply pushed prices lower.  The price of oil has declined by almost half from earlier in the year.  Russia and Iraq combined supply 15% of the world's oil.  See also next article. 


Saudi Arabia bets its future on 'Berlin or Bust' oil strategy (Andrew Critchlow, The Telegraph)  With 12% of global oil production, Saudi Arabia is a chief architect of the oil price swoon as they have refused to cut output to counter the global production glut and in November convinced the rest of OPEC (Organization of Petroleum Exporting Countries)  not to cut production.  OPEC is responsible for 32% of world production.  The action by the Saudis is a do-or-die kind of move.  They risk breaking their country's economy should the price of oil go too low and stay there too long with the objective of regaining  control and emerging "stronger after re-asserting its global significance as the custodian of the world’s primary energy source".  To establish this control it must force the other two oil giants, Russia and the U.S., to cut back on higher cost production and the strategy is based on lower prices forcing that reaction.  See next article.


Oil Production:  Countries Overview (U.S. Energy Information Administration)  The three "giants" in oil production for the world are Saudi Arabia (11.73 million barrels a day), The U.S. (11.11 million) and Russia (10.40 million).  The three countries combine for more than a third of global petroleum production.  Data is for 2012 production.

Click for interactive data map at the EIA.
global-oil-production-map

global-oil-production-table


Articles about Local Fracking Bans

New York, Citing Health Risks, Moves to Ban Fracking (U.S. News & World Report)

After New York ban, Pennsylvania renews focus on fracking health impacts (StateImpact, NPR)

Behind New York's Fracking Ban (U.S. News & World Report)

New York Fracking Ban Is Killing Local Farms And Businesses (The Daily Caller)

Locals react to statewide fracking ban (WBNG Channel 12)

Heavyweight Response to Local Fracking Bans (The New York Times)

Interior secretary criticizes fracking bans (The Hill)

Toxic Chemicals, Carcinogens Skyrocket Near Fracking Sites (U.S. News & World Report)

Study Links Fracking to Infertility, Miscarriages, Birth Defects (U.S. News & World Report)

List of Bans Worldwide (Keep Tap Water Safe)

Hydraulic fracturing in the United States (Wikipedia)


Articles about events, conflicts and disease around the world

AirAsia Flight 8501

Race Relations and Related News

Ebola

Libya

Turkey

Bahrain

Israel

Iran

Australia

Greece

Cuba


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