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Commentary: Could falling oil prices spark a financial crisis?

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When oil prices were high and production was relentlessly climbing, energy related junk bonds looked highly profitable. The situation will compound itself if oil prices stay low. Without the ability to finance drilling, smaller or more indebted oil companies may not have a future.

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Opinion: Oil Price War May Benefit both US Shale and Saudi Arabia

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Even as financial commentators on CNBC are starting to come around to the idea of a bottom in oil prices, the key question for US oil producers remains one of timing. How long will the oil price slump last? Is this a relatively short term event like 2008, or a longer term slump like the one in the mid 1980’s?

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Fossil Fuel Production Up in 2008 Despite Recession

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World production of fossil fuels—oil, coal, and natural gas—increased 2.9% in 2008 to reach 27.4 million tons of oil equivalent (Mtoe) per day, according to a Worldwatch Institute analysis. In 2000, coal provided 28% of the world’s fossil fuel energy production, compared with 45% for oil. Oil production reached 10.7

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IHS Markit: US gasoline demand could be cut almost in half due to COVID-19

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The magnitude of gasoline demand decline will be much greater than the impact of the 2008 recession and could be further protracted depending on how effective social distancing measures are at controlling the spread of the COVID-19 virus. during the global recession in 2008/2009. million units. million units, down by at least 15.3%

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Annual Increase in Global CO2 Emissions Halved in 2008; Decrease in Fossil Oil Consumption, Increase in Renewables Share

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in 2008, against 3.3% In addition to high oil prices and the financial crisis, the increased use of new renewable energy sources, such as biofuels for road transport and wind energy for electricity generation, had a noticeable and mitigating impact on CO 2 emissions. billion tonnes in 2008. Source: PBL. Click to enlarge.

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EIA: world petroleum use sets record high in 2012 despite declines in North America and Europe

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In 2009, Asia surpassed North America as the world’s largest petroleum-consuming region as consumption rebounded from its 2008 decline. Between 2008 and 2012, Asia’s consumption increased by 4.4 The rapidly industrializing economies of China and India fueled much of Asia’s demand increase, growing 2.8 million bbl/d.

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Worldwatch Institute report finds global energy intensity increased in 2010 for second year in a row

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Between 2004 and 2008, global energy intensity experienced its sharpest decline in 30 years, with an average annual growth rate of 1.87%. Starting in 2008-09, however, energy intensity again bumped up, experiencing the first rise in three decades.

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