Update On Global Coal, Natural Gas Consumption -- October 24, 2014

A reader sent me a number of great articles earlier today. I'm just now getting caught up.

This is an excellent article from Forbes that show graphically how coal and natural gas consumption is growing worldwide. The interesting thing: I first saw these graphs several years ago when I first started blogging. Nothing has changed. Despite all the talk about renewable energy and all the talk about "war on coal" and all the talk about global warming climate change extreme weather ice age now, nothing has changed in the past few years with regard to global consumption of coal and natural gas. Except, I guess, we're consuming more.

The second article is on Saudi Arabia and current glut of oil and the slump in the price of oil:

Within OPEC, only Kuwait (needing a breakeven price of $75), Qatar ($71) and United Arab Emirates ($80) can withstand the current oil price decline along with the Saudis.

However, others would be left sweating. For instance, Venezuela needs the price to be an unrealistic $162. Iran needs $134, Nigeria $126 and non-OPEC producer Russia around $100. Of the four, Russia can withstand the price decline for now, but persistently low prices will start biting.

Compare with my note of October 15, 2014.