Art Berman
The U.S. war with Iran may be the last gasp of an old world order fighting with weapons that no longer decide outcomes. Societies evolve like species, only faster, and…
It’s hard to separate signal from noise in assessing the Iran war and what it means going forward. War is always confusing, but there’s a growing sense that this one…
Oil is likely to surge to extreme highs in 2026, but that does not mark the beginning of a long-term structural bull market. It’s a wartime spike inside a debt-saturated…
Control oil, and you control nations, observed Henry Kissinger. Right now, that’s what Iran is doing in a way Kissinger would not have imagined. The prevailing narrative is that Iran…
On February 28, oil tankers stopped moving through the Strait of Hormuz. Roughly 20 million barrels of oil per day—about one-fifth of global supply—suddenly stopped flowing. Oil is the lifeblood…
Leon Trotsky famously said, “You may not be interested in war, but war may be interested in you.” A variation that fits Trump’s dilemma in the Iran war might be…
The Strait of Hormuz is not formally closed, but traffic has effectively stalled. Only four tankers transited on March 1 as crude carriers paused to reassess security conditions. Kpler is…
What is true? What is certain? Einstein’s answer, in effect, was that it depends on the model you’re using. The first time I visited a deepwater drilling rig, what amazed…
Shell describes the world we live in, models a different one, and doesn’t seem to notice the mismatch. Its 2026 Energy Security Scenarios lays out the constraints of our planetary…
The story of a big oil glut is based on some of the worst analysis I’ve seen in years. I wrote that six months ago, and it’s as true today…
Our modern civilization has no coherent world view. That sentence by physicist David Bohm hit me hard. It rang true because it explains why our social and planetary crises feel…
We need gas. We need nuclear. We need it all. We need it now. That was Virginia Governor Glenn Youngkin’s message on surging U.S. power demand. It sounds decisive. It’s…