Output from the world’s oilfields is declining faster than previously thought, the first authoritative public study of the biggest fields shows.

Without extra investment to raise production, the natural annual rate of output decline is 9.1 per cent, the International Energy Agency says in its annual report, the World Energy Outlook, a draft of which has been obtained by the Financial Times.

The findings suggest the world will struggle to produce enough oil to make up for steep declines in existing fields, such as those in the North Sea, Russia and Alaska, and meet long-term de­mand. The effort will become even more acute as prices fall and investment decisions are delayed.

The decline will not necessarily be felt in the next few years because demand is slowing down, but with the expected slowdown in investment the eventual effect will be magnified, oil executives say.

“The future rate of decline in output from producing oilfields as they mature is the single most important determinant of the amount of new capacity that will need to be built globally to meet demand,” the IEA says.

The watchdog warned that the world needed to make a “significant increase in future investments just to maintain the current level of production”.

Assuming supply destruction is greater than demand destruction, buying some oil futures is starting to look like a pretty good bet at some point soon.

On Saturday I drove up to Hockenheim to check out the DTM race. Not too much to say about it really, but there are some photos below.

The Times: Wall Street Halts Futures Trading to Stem Panic Sell-Off

Stock markets across the world cracked yesterday, forcing Wall Street to suspend trading on a key futures contract to stem panic-selling while Moscow shut for business altogether. Sharp losses in New York, London, Europe and the Far East raised the spectre that governments may be forced to impose emergency holidays to avert a meltdown across world stock markets. Before Wall Street opened yesterday, American regulators suspended all trading of Dow Jones futures contracts, which had plunged.
Such contracts allow traders to bet on the future direction of the Dow Jones index. The plunge had triggered an automatic circuit breaker, which halts trading to prevent a market sliding into freefall. Nouriel Roubini, Professor of Economics at New York University, said his prediction earlier this week that markets would have to be shut down is already coming true.

`This is the worst financial crisis in the U.S., Europe and now emerging markets that we’ve seen in a long time,” Roubini said. `Things will get much worse before they get better. I fear the worst is ahead of us.”

My old friend JP is doing big things with his Lobster label in Italy, including throwing some fat parties!
Check out the vid below.

It’s funny looking back at myself as a young kid, soaking up all the videos and magazines on Motox I could find (which back then was not much!) and thinking how the bikes and graphics were the most briliant thing I had ever seen.
Today I got some photos from Yann who designed the gear Nagl is wearing in this photo below, MP who posts on derestricted sometimes, designed the KTM SX Bike he is riding and I designed the gfx for the production models (which are a bit different from below). People seem to either love or hate the gfx, but either way, they are different from every other bike which was kind of the goal. Am I stoked? Yes in some ways, but the 2010 gfx are much better.

The other photo is of Villopoto, who was so impressive to watch during the MXDN laying down a sick whip.

It’s allways cool to see a design you did go from the original concept in your head to the screen and then to reality. After doing mainly web/3d and print design since I left Alpinestars about 5 years ago it was fun to design these helmets and jacket for KTM which have just been released on the market.

You can have the background to this site as a wallpaper if you like. Or not.
Click the image to get it bigger.

Thanks to all those who wrote in for some -273 stickers, we are collecting all the names and addresses and will send them out when we get the chance. If you didnt email us yet, you can still drop us an email at stickers@minus273.biz with your address and which colors you like.

Thanks for the pic mp.

It snowed last week up on the glacier an hour and a half from here, so at the last minute we decided to drive down and get a first taste for the new season. There was a park with a few really small kickers but we mainly stayed on the big wide open pistes cruising around getting back into it. Easy does it.

Yann B from Alpinestars sent me some photos of the new custom sticker kit for his CRF that he made.

Not subtle, but well nice. Fix up that shoulder and I will be down for a ride man!

Get your’s FREE today! Once you have them we want to see them on a helmet, bike, car, skis, snowboard, girlfriend, the dog or anything else you wish.
Just drop us an email at stickers@minus273.biz with your address and which colors you like.

With so much doom and gloom around, I thought I would cheer things up by posting a few pictures from a stag party I went to last summer which I never got around to posting.

Documentary on the events that led to the economic collapse of Argentina in 2001 which wiped out the middle class and raised the level of poverty to 57.5%. Central to the collapse was the implementation of neo-liberal policies which enabled the swindle of billions of dollars by foreign banks and corporations. Many of Argentina’s assets and resources were shamefully plundered. Its financial system was even used for money laundering by Citibank, Credit Suisse, and JP Morgan. The net result was massive wealth transfers and the impoverishment of society which culminated in many deaths due to oppression and malnutrition.

Nature does not hurry, yet everything is accomplished.
Lao Tzu

Truly it may be said that the outside of a mountain is good for the inside of a man.
George Wherry, Alpine Notes 1896

I only went out for a walk and finally concluded to stay out till sundown, for going out, I found, was really going in.
John Muir, 1913