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The End of Peak Oil thumbnail

The End of Peak Oil

Peak oil has been an alarmist catch phrase for so long that many of us simply assume that oil production has in fact peaked and we’re well on the way to running out of the world’s favorite fossil fuel. Not so, according to this story in the Wall Street Journal: Have we beaten “peak oil”? For decades, it has been a doomsday scenario looming large in the popular imagination: The world’s oil production tops out and then starts an inexorable decline—sending costs soaring and forcing nations to lay down strict rationing programs and battle for shrinking reserves. U.S. oil production did peak in the 1970s and sank for decades after, exactly as the theory predicted. But then it did something the theory didn’t predict: It started rising again in 2009, and hasn’t stopped, thanks to a leap forward in oil-field technology. To the peak-oil ...

‘Peak oil’ will return, just not how the energy worriers imagine thumbnail

‘Peak oil’ will return, just not how the energy worriers imagine

A year ago saw the final post on The Oil Drum, a popular blog — started in 2005 — devoted to discussing the idea that global oil production had peaked. Next up was an age of energy scarcity and economic collapse. Actually what peaked was interest in “peak oil.” As reporter Russell Gold points out in the WSJ today, US oil production began to rise in 2009 and continues to rise today thanks to the oil field innovation of hydraulic fracturing and horizontal drilling. Innovation met scarcity and innovation won. And there are more innovations on the way, according to Gold. But won’t we one day run out of oil? It’s not infinite, after all, right? Actually price and technological advances rather than petroleum supply is more likely to keep plenty of oil in the ground forever. Gold:  When the oil industry ...

Arab World’s Main Exports Are Hatred And Violence thumbnail

Arab World’s Main Exports Are Hatred And Violence

At least since the early part of the 20th century, aside from oil, the Arab world has produced and exported two products. It has produced essentially no technology, medicine or anything else in the world of science. It has almost no contributions to world literature, art or to intellectual development. According to the most recent United Nations Arab Human Development Reports (2003-05), written by Arab intellectuals, Greece, with a population of 11 million, annually translates five times more books from English than the entire Arab world, population 370 million. Nor is this a new development. The total number of books translated into Arabic during the past 1,000 years is less than Spain translates into Spanish in one year. ArabianBusiness.com reports that about 100 million people in the Arab world are illiterate. And three quarters of them are 15 to 45 years old. As for Arab ...

Oil’s corroding pipeline thumbnail

Oil’s corroding pipeline

Oil and gas burned furiously through the independence referendum campaign. Quite a lot was said by people on both sides who should have known better. It's now the subject of a conspiracy theory suggesting vast reservoirs were being hidden from voters. Oil and Gas UK, the industry body, has just published its annual economic report, which seeks to do several things. One of them appears to be an attempt to calm things down a bit, with a sober assessment of what's left and what it will take to extract it. It's also very keen to impress on the UK government that more tax breaks will be required if oil and gas are to keep flowing. No change there, then. The industry is adept at lobbying, particularly on tax. And it's got quite a strong story to tell about the challenges it faces. Drilling The most striking ...

US poised to become world’s leading liquid petroleum producer thumbnail

US poised to become world’s leading liquid petroleum producer

The US is overtaking Saudi Arabia to become the world’s largest producer of liquid petroleum, in a sign of how its booming oil production has reshaped the energy sector. US production of oil and related liquids such as ethane and propane was neck-and-neck with Saudi Arabia in June and again in August at about 11.5m barrels a day, according to the International Energy Agency, the watchdog backed by rich countries. With US production continuing to boom, its output is set to exceed Saudi Arabia’s this month or next for the first time since 1991. Riyadh has stressed that the rise of the US should not detract from its own critical role in oil markets. It says it has the ability to increase its output by 2.5m b/d if needed to balance supply and demand. Prince Abdulaziz Bin Salman Bin Abdulaziz, Saudi Arabia’s deputy oil minister, ...

ISIS Reportedly Moving In On Baghdad thumbnail

ISIS Reportedly Moving In On Baghdad

ISIS is reportedly closing in on Baghdad. This is the claim being made by the vicar of Iraq’s only Anglican Church. According to him, the Islamic militant group is only about one mile away from the Iraqi capital. Airstrikes against ISIS targets were supposed to stop the group from taking Baghdad. But, the advance by ISIS toward Baghdad shows that the group isn’t weakening despite U.S.-led airstrikes in Iraq. ISIS executed 300 Iraqi soldiers last week during their march toward the Iraqi capital and attempted to break into a prison in northern Baghdad. ABC’s Cheri Preston joins us from London. Newstalk Florida

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The Collapse of the American Economy Has Begun thumbnail

The Collapse of the American Economy Has Begun

Susan Duclos recently interviewed “V” the Guerrilla Economist and the following information was revealed in this landmark interview: “The process of undermining the US dollar is well on schedule as well; more than 105 countries have decided that the dollar no longer works for them, joining Russia, China and other BRICS nations in leaving the dollar as the entire world comes to the realization that America’s leaders are insane. Their recklessness and evil ways have left tremendous shame upon our nation. Though there has been much manipulation and propping up, but that is only setting us up for the inevitable massive crash. “V” begins by updating us on recent information that he has received from his 4-Star General source and warns that events are still on schedule, a schedule that he previously warned would leave the US dollar ‘undermined’ by 2015 and ...

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Business

Europe & China Start Direct Trading In Euros & Yuan As De-Dollarization Expands

De-dollarization has been an ongoing theme hidden just below the surface of the mainstream media for more than a year as Russia and China slowly but surely attempt to "isolate" the US Dollar. Until very recently, direct trade agreements with China (in other words, bypassing the US Dollar exchange in bilateral trade) had been with smaller trade partners. On the heels of Western pressure, Russia and China were forced closer together and de-dollarization accelerated from Turkey to Argentina as an increasing number of countries around the world realize the importance of this chart. However, things are about to get even more dramatic. As Bloomberg reports, China will start direct trading between the yuan and the euro tomorrow as the world’s second-largest economy seeks to spur global use of its currency in a "fresh step forward in China’s yuan internationalization." With ...

General Ideas

Peak Oil: The Mirage Pt 3

This is a third look at one of this year’s better features on the subject of peak oil: an article by John Kaufmann entitled: The Energy Independence Illusion. It’s an excellent read [adapted from a presentation to the World Affairs Council of Oregon this past March] for anyone interested in this topic. [Any quotes here are from that article unless noted otherwise.] Peak oil is not some crackpot idea. Peak oil is about flow rates, not how much oil is theoretically left in the ground….The only question is how steeply conventional oil production will decline and how much it can be offset by unconventional supplies. And while fracking helps domestically, it barely makes a dent in global supplies…. The peak of world oil production is intertwined with our current economic malaise. Energy fuels growth, and growth is what makes debt feasible and ...

Coal competing with oil and gas for space on rail thumbnail

Coal competing with oil and gas for space on rail

In 2010, Chuck West, manager of coal procurement for one of the country's largest power generators, American Electric Power, rode a train down from the coal fields of Wyoming to Denver. Out the window, he took note of the many empty coal cars parked along the tracks. Coal shipments have been on the decline since 2008 as low gas prices invigorated coal-to-gas switching at power plants. In 2008, coal reached a 20-year peak in railroad shipments. By 2013, it was at the lowest point during the same period of time. Last winter, when AEP was getting low on its coal supply, Mr. West thought back to that trip. Unlike some other generators facing a coal shortage because they couldn't get the fuel delivered in time, AEP squeaked by on its reserves. "But it was a long three months," he told a sympathetic crowd of ...

Production Sustaining oil boom a logical step
One of the economy’s good-news stories is the oil boom, a derivative of the ...
Searching for the Good Life in the Bakken Oil Fields thumbnail Searching for the Good Life in the Bakken Oil Fields
I rode into the Bakken in a dusty car with Minnesota plates and “Highway ...
The Oil Head-Fake: The Illusion that Lower Oil Prices Are Positive thumbnail The Oil Head-Fake: The Illusion that Lower Oil Prices Are Positive
The essence of the Oil Head-Fake Dynamic is the inevitable drop in oil price ...
Plowing Bedrock: How bad is soil erosion in US cropland? thumbnail Plowing Bedrock: How bad is soil erosion in US cropland?
A statement1 in JM Greer's blog last month challenged everything I thought I knew ...

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Green Chicken Little wrong (again): US oil production surpasses Saudi Arabia. shar.es/1aUToV via @sharethis #PeakOil
#peakoil UNC's dining halls composted 539 tons of food waste in 2013-14 fiscal year - The Daily Tar Heel: The ... bit.ly/YMUWSY
#peakoil Local foodies head to Terra Madre - Sooke News Mirror: Local foodies head to Terra MadreSooke News Mi... bit.ly/1nLiUd6
Peak-a-boo 2: RT @RayLongDC: "In Search of Oil Realism" a response to Russell Gold's @WSJ #peakoil article raylong.co/blog/2014/9/30…