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Lower 48 Oil Production Outlook Stable Despite Expected Near-Term Reduction in Rig Count thumbnail

Lower 48 Oil Production Outlook Stable Despite Expected Near-Term Reduction in Rig Count

Source: U.S. Energy Information Administration, January Short-Term Energy Outlook. Note: Graph does not include production from Alaska and the Federal Gulf of Mexico. The sharp decline in oil prices over the last quarter of 2014, which has continued in January, is already having a significant effect on drilling activity in the United States, as shown by the 16% decline in the number of active onshore drilling rigs in the Lower 48 states between the weeks ending on October 31, 2014 and January 23, 2015, according to data from Baker-Hughes. Moving from what has happened to forecasting the future is challenging, in part because market expectations of uncertainty in the price outlook have increased as reflected in the current values of futures and options contracts. When the latest edition of EIA's monthly Short-Term Energy Outlook (STEO) was issued on January 13, the ...

I quit my job to set up a post-apocalyptic commune thumbnail

I quit my job to set up a post-apocalyptic commune

In early 2006 I was 39, living in Bristol and working at one of the best robotics labs in the world. I had become increasingly obsessed with what life would be like if civilisation collapsed, and thought that I could find out by setting up a community that acted as if it already had. I created a website called An Experiment In Utopia, and announced that I was creating a novel kind of community based on three main ideas. I wrote: 1. It will be a LEARNING COMMUNITY – each member must have a distinctive skill or area of knowledge that they can teach to the others. 2. It will be a WORKING COMMUNITY – no money is required from the members, but all must contribute by working. 3. It will be strictly TIME-LIMITED. This is not an attempt to found an ongoing ...

97% of fracking now operating at a loss at current oil prices thumbnail

97% of fracking now operating at a loss at current oil prices

 If the Saudis wanted to crush America's shale oil industry they are certainly doing a good job of it.  West Texas Intermediate reached a 2014 peak of $107.73 in June before dropping as low as $49.77 today on the New York Mercantile Exchange. The grade settled at $50.04 a barrel. That’s below the break-even price for 37 of 38 U.S. shale oilfields, according to Bloomberg New Energy Finance. Shale oil fracking and Canadian tar sand is some of the most expensive (and dirty) oil production on the planet, while conventional Persian Gulf oil is the cheapest to produce. Warren Henry, the spokesman for Continental, one of the frackers who have been spending money faster than they can make it, says that current oil prices are “not a sustainable long-term trend.” However, Bob Tippee, Editor of Oil & Gas Journal, has a different take.  "The Saudis ...

“Paranoia” Driving Wealthy to Buy Homes in New Zealand thumbnail

“Paranoia” Driving Wealthy to Buy Homes in New Zealand

Rich American clients concerned about personal safety, global crises Paranoia” is one of the primary factors motivating the wealthy to purchase secret getaways in New Zealand, according to one realtor, with concerns about personal safety and global crises driving the search to acquire a safe haven in a remote location. During the Davos Economic Forum, economist Robert Johnson made headlines when he revealed that “hedge fund managers all over the world….are buying airstrips and farms in places like New Zealand because they think they need a getaway.” Johnson highlighted growing income inequality as a driving factor behind the threat of civil unrest and economic turmoil. The economist’s revelation was confirmed by realtors who handle luxury property in New Zealand who say that the world’s third safest country is a draw for the super rich due to its political stability and low crime rate. “Yes, there ...

EU Extends Sanctions Against Russian Officials thumbnail

EU Extends Sanctions Against Russian Officials

EU foreign ministers have decided to extend targeted sanctions against Russian officials and the militias in eastern Ukraine until September, according to Federica Mogherini, the European Union High Representative for Foreign Affairs. The first batch of sanctions, which was adopted last year and targeted specific individuals accused of fostering conflict in eastern Ukraine, was set to expire in March. The sanctions included travel bans and economic restrictions. The EU Council has also requested that the European Commission expand the blacklist of individuals it blames for the escalation of the Ukraine conflict, Mogherini said after a meeting in Brussels on Thursday. “We have shown that the EU is ready to take further measures and to prepare further measures in the weeks to come if the situation doesn’t improve,” she said. The council, however, has refrained from imposing broader economic measures for now. Greek Foreign Minister Nikos ...

US Senate approves Iran sanctions bill thumbnail

US Senate approves Iran sanctions bill

The US Senate Banking Committee has approved a controversial bill that would trigger additional sanctions against Iran if the ongoing nuclear negotiations between the Islamic Republic and the P5+1 group of countries collapse. On Thursday, lawmakers in the Senate panel voted 18 to 4 to advance the bipartisan legislation sponsored by hawkish Senators Robert Menendez and Mark Kirk, despite warnings from the Obama administration that the new sanctions risked derailing the talks with Iran. The full Senate is expected to vote on the so-called Kirk-Menendez bill by March 24. “It is clear that further action is necessary to compel Iran to reach an acceptable agreement, which is why I strongly support this critical bill,” committee chairman Senator Richard Shelby said after the vote. Before the vote, Senator Sherrod Brown, the top Democrat on the US Senate Banking Committee, urged panel members to wait until ...

ISIS launches attack on oil-rich northern Iraqi city of Kirkuk thumbnail

ISIS launches attack on oil-rich northern Iraqi city of Kirkuk

ISIS militants have attacked Kirkuk in northern Iraq, an effort that might be an earnest attempt to capture the key oil-rich city or perhaps to divert Kurdish troops fighting to capture the Islamist extremist group's stronghold of Mosul. For months, ISIS has been facing off with the Peshmerga -- armed fighters who protect Iraqi Kurdistan -- to the west of Kirkuk. It had gone into areas on Kirkuk's outskirts, but not the central city. Until now, apparently. Heavily armed militants attacked an abandoned hotel in central Kirkuk that local police had used as their headquarters. Peshmerga and Kurdish anti-terror units later raided the hotel, wresting control of it from the militants and killing three of them, according to Peshmerga sources. In addition, two suicide bombers detonated themselves in an attempt to keep the Kurdish forces out. Also Friday, ISIS militants took over Maktab Khalid, an ...

Millions Of Gallons Of Oil Settled At The Bottom Of The Gulf After BP Oil Spill thumbnail

Millions Of Gallons Of Oil Settled At The Bottom Of The Gulf After BP Oil Spill

Millions of gallons of oil from the Deepwater Horizon oil spill didn’t get cleaned up, and instead settled in the sediment of the Gulf of Mexico’s floor, a new study has found. The study, published in the journal Environmental Science and Technology, found that 6 to 10 million gallons of oil from the spill are buried in the seafloor. The researchers measured the amount of carbon 14 — a radioactive carbon isotope that’s found in organic material but not found in oil — in an approximately 24,000 km² area of sediment near the spill site, a process which allowed them to see what parts of the sediment were low in carbon 14 and thus contained oil. The study sought to determine two things: whether oil had, in fact, settled on the seafloor, and how much of it had settled. Jeff Chanton, Professor ...

Planetary Boundaries thumbnail

Planetary Boundaries

The Planetary Boundaries framework was first introduced in 2009, when a group of 28 internationally renowned scientists identified and quantified the first set of nine planetary boundaries within which humanity can continue to develop and thrive for generations to come. A Jan 2015 update by the researchers say a fourth of these boundaries – forests – have been breached. According to a report on the update in the Scientific American (Humans Cross Another Danger Line for the Planet): Five years go an impressive, international group of scientists unveiled nine biological and environmental “boundaries” that humankind should not cross in order to keep the earth a livable place. To its peril, the world had already crossed three of those safe limits: too much carbon dioxide in the atmosphere, too rapid a rate of species loss and too much pouring of nitrogen into rivers and oceans—primarily in the form of ...

Oil Cash Waning, Venezuelan Shelves Lie Bare thumbnail

Oil Cash Waning, Venezuelan Shelves Lie Bare

  CARACAS, Venezuela — Mary Noriega heard there would be chicken. She hated being herded “like cattle,” she said, standing for hours in a line of more than 1,500 people hoping to buy food, as soldiers with side arms checked identification cards to make sure no one tried to buy basic items more than once or twice a week. But Ms. Noriega, a laboratory assistant with three children, said she had no choice, ticking off the inventory in her depleted refrigerator: coffee and corn flour. Things had gotten so bad, she said, that she had begun bartering with neighbors to put food on the table. “We always knew that this year would start badly, but I think this is super bad,” Ms. Noriega said. Because Venezuela is so dependent on oil sales to buy imports of food, medicine and many other basics, the drop in ...

Public Policy Oil’s Next Casualty: Government Budgets
The 56 percent drop in oil prices in the last six months is fueling ...
Public Policy 2015: the Year A Lot of Chickens Come Home To Roost?
Assassinations, Hostage-Taking, Geopolitical Violence, Economic Crises, Financial Meltdowns are all part and parcel of ...
Where Is All That Excess Oil Going? thumbnail Where Is All That Excess Oil Going?
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There's a term traders use when the price of a commodity like oil has ...
Keystone passes in US Senate, faces Obama veto thumbnail Keystone passes in US Senate, faces Obama veto
Republicans in the U.S. Senate made good on a pledge to pass the long-pending ...

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#peakoil Lower 48 Oil Production Outlook Stable Despite Expected Near-Term Reduction in Rig Count: Source: U.S... bit.ly/1wRaFdo

Boy Scouts settle California suit over abuse #peakoil bit.ly/1EXyDdd

BBC News - Hong Kong pro-democracy protesters return to streets #peakoil bit.ly/16fem7u