by Steve St. Angelo
The top two gold miners burned a record amount of fuel to produce gold in 2015. Even though Barrick and Newmont burned less overall fuel than their operations did in 2013, their consumption per ounce of gold produced was the highest ever.
This is not good news for the gold mining industry as the world has peaked in cheap oil production. While total global liquid energy production continues to be at record levels, the high-value cheap light sweet crude oil peaked several years ago. Furthermore, we are now witnessing the rapid decline of U.S. oil production as many of the shale oil fields go into terminal decline.