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News from January 2012

EIA projects strong crude oil, natural gas production through 2035

EIA projects strong crude oil, natural gas production through 2035 thumbnail

Over the next 10 years, continued development of tight oil and ongoing development of offshore resources in the Gulf of Mexico will push US crude oil production to 6.7 million b/d in 2020, and even with a projected decline after 2020, crude oil production will remain above 6.1 million b/d through 2035, the US Energy […]


Oil Demand, U.S. Oil Imports, Obama Policy

Oil Demand, U.S. Oil Imports, Obama Policy thumbnail

–Oil Demand: Ed Yardeni notes slowing demand for oil. “If it weren’t for all the saber rattling, the price of oil would probably be falling. Oil Market Intelligence just released the latest data for global oil demand through December. It is weak. While the 12-month average rose to a record high of 89.3 million barrels […]


Gerald Celente on the Crisis of Western Civilization

Gerald Celente on the Crisis of Western Civilization thumbnail

Gerald Celente: My background is such that after graduate school and I got my Masters in Public Administration, I started running political campaigns in Westchester County in New York, which is a very affluent area. I was very successful at it so they sent me up to Albany, where I became the assistant to the secretary […]


Gold for Oil: India and Iran Ditch Dollar

Gold for Oil: India and Iran Ditch Dollar thumbnail

According to a new and yet unconfirmed report, India bought oil from Iran using gold. India certainly has the gold resources to fund the oil, while Iran is under pressure by the West, due the continuation of its nuclear program. There were reports that officials have been floating this idea for some time, and now, […]


PetroPlus, Largest European Refiner By Capacity, Files Bankruptcy

PetroPlus, Largest European Refiner By Capacity, Files Bankruptcy thumbnail

Back on December 30, we noted that a little known name in the US, but very well known in Europe, PetroPlus is having significant solvency issues as banks froze a $1 billion revolver. Less than a month later the situation has proceeded to the next evolutionary step, as Europe’s largest refiner by capacity has announced […]


ConocoPhillips Reports 2011 Organic Reserve Replacement of 120 percent

ConocoPhillips Reports 2011 Organic Reserve Replacement of 120 percent thumbnail

ConocoPhillips [NYSE:COP] today announced preliminary 2011 organic net proved reserve additions of 738 million barrels of oil equivalent (BOE). This represents an expected organic reserve replacement ratio of 120 percent of 2011 production.  “Replacing our 2011 production with new reserves reflects the success of our strategic focus on organic growth,” said Jim Mulva, chairman and […]


South Sudan to shut oil production over thefts

South Sudan to shut oil production over thefts thumbnail

A South Sudan official says the country is shutting down its oil production because Sudan is stealing its oil. South Sudan Minister of Information Barnaba Marial Benjamin said Monday that oil companies operating in the country were instructed to begin shutting down operations in the country’s oil fields as of Sunday. Benjamin said oil production […]


Net-energy (EROEI), Peak Oil denial & Oil Shale hype

Net-energy (EROEI), Peak Oil denial & Oil Shale hype thumbnail

Here’s a brief explanation of why net-energy aka EROEI (energy returned on energy invested) debunks wild claims of “energy independence” from U.S. oil shale deposits like the Bakken Formation, and especially dry kerogen shale that can’t release its oil via fracking. Dry shale gets included in bogus claims about America’s reserves exceeding Saudi Arabia’s, but […]


No Fracking Way!

No Fracking Way! thumbnail

This week: 1. Oh Frack it! 2. Bullshit detector 3. Fugitive Methane 4. Romanian carbon offsets 5. Chinese rebellion 6. Occupy MayDay 7. Australia Day 8. Fracking Down Under


‘Peak timber’ concerns in tropics

‘Peak timber’ concerns in tropics thumbnail

Current tropical timber practices are not sustainable and nations should consider the “implications of ‘peak timber’”, a study has suggested. A team of researchers says the standard cutting cycle of 30-40 years is too short to allow trees to grow to a volume required by commercial loggers. As a result, they add, the pressure to […]


Canada Doesn’t Have Enough Workers To Tap The Oil Sands, And The Shortage Is Getting Worse

Canada Doesn’t Have Enough Workers To Tap The Oil Sands, And The Shortage Is Getting Worse thumbnail

This is almost hard to believe from an American perspective, but the biggest obstacle to growth in the Candian oil sands is a labor shortage. A labor shortage and resultant cost inflation are already causing oil producers to cancel new projects, according to investment bank Raymond James. Going forward this problem will get worse, says […]


Shortages send fuel oil price soaring

Shortages send fuel oil price soaring thumbnail

In oil industry jargon, fuel oil is the bottom of the barrel. Fuel oil, used to fire power stations and ships, has lived up to its moniker: for years it was cheap compared with other refined oil products such as petrol and diesel. Now an acute shortage of fuel oil has sent prices soaring. The […]


As North Sea oil dwindles, UK eyes ocean energy ‘gusher’

As North Sea oil dwindles, UK eyes ocean energy ‘gusher’ thumbnail

North Sea oil production passed its peak more than a decade ago, but the UK is still looking offshore for future energy supplies … from the ocean waters themselves. With the potential to generate up to 27 gigawatts of ocean energy by 2050 — that’s as much as is produced by eight coal-fired power plants […]


Paying the Bills. Review: The Frugal Superpower

Paying the Bills. Review: The Frugal Superpower thumbnail

Is the US too broke to continue its global empire? Photo: Kenteegardin via Flickr. For some, the distinction between coolly rational foreign policy theorists and messianic interventionists out to remake the world in America’s image is enticing. Lively, endless debate ensues. Did our not-fully engaged engagement in Egypt and Libya get it right, or did […]


US Officials Forecast Higher Oil Prices, Greater Domestic Production

US Officials Forecast Higher Oil Prices, Greater Domestic Production thumbnail

Increased production of oil, natural gas and renewable energy will improvements in energy efficiency will reduce U.S. dependency on imported energy resources, the U.S. Energy Information Administration (EIA) reported today. Continued development of tight oil in the onshore U.S. and exploration and production in the U.S. Gulf of Mexico will push domestic crude oil production […]


Petrodollars: Canada’s move on Kyoto doesn’t mean clear sailing for oil sands

Petrodollars: Canada’s move on Kyoto doesn’t mean clear sailing for oil sands thumbnail

Canada’s official exit from the Kyoto treaty–an act undertaken by one of the pact’s biggest public supporters–could be seen as a significant win for the oil sands industry. But that sector is facing a host of other issues, including rising costs. Platts correspondent Gary Park, in this week’s Oilgram News column “Petrodollars,” reviews the landscape. […]


Fossil Fuels vs. Renewables: The Key Argument That Environmentalists are Missing

Fossil Fuels vs. Renewables: The Key Argument That Environmentalists are Missing thumbnail

Which of the following can we count on to act as a “bridge fuel” to a renewable energy economy? Oil Natural Gas Coal None of the above The correct answer is: D. None of the above. Mark Twain is reported to have said: “It ain’t what you don’t know that gets you into trouble. It’s […]


Peak Oil’s Impact: Credit Cards

Peak Oil’s Impact: Credit Cards thumbnail

Other posts will describe routine aspects of daily living that will likely change when producers of goods and services no longer have inexpensive and adequate supplies of the fossil fuel resources they need. I’m certain that the questions I raise will in turn raise other concerns as well. It is only by acknowledging the consequences […]


EU bans Iranian oil, Tehran responds with threats

EU bans Iranian oil, Tehran responds with threats thumbnail

The European Union banned imports of oil from Iran on Monday and imposed a number of other economic sanctions, joining the United States in a new round of measures aimed at deflecting Tehran’s nuclear development programme. In Iran, one politician responded by renewing a threat to blockade the Strait of Hormuz, an oil exporting route […]


Kunstler: Murmuration

Kunstler: Murmuration thumbnail

    On last week’s podcast, Duncan and I yakked about an important concept introduced by Nicole Foss at The Automatic Earth blog site. This concept was “the trust horizon,” which outlines how legitimacy is lost in the political hierarchy. That is, people stop trusting larger institutions like the federal or state government and end […]


A Basic Understanding of Oil

A Basic Understanding of Oil thumbnail

The creation of oil, gas, coal, and kerogen is an ancient process, which has taken place over the eons ever since photosynthetic life first occurred in the oceans and seas. For example, did you know that the Alberta oil sands area was once part of a prehistoric sea? Alberta’s oilsands are in an area that […]


Subculture of Americans prepares for civilization’s collapse

Subculture of Americans prepares for civilization’s collapse thumbnail

When Patty Tegeler looks out the window of her home overlooking the Appalachian Mountains in southwestern Virginia, she sees trouble on the horizon. “In an instant, anything can happen,” she told Reuters. “And I firmly believe that you have to be prepared.” Tegeler is among a growing subculture of Americans who refer to themselves informally […]


US aircraft carrier enters Strait of Hormuz without incident

US aircraft carrier enters Strait of Hormuz without incident thumbnail

A U.S. aircraft carrier sailed through the Strait of Hormuz and into the Gulf without incident on Sunday, a day after Iran backed away from an earlier threat to take action if an American carrier returned to the strategic waterway. The carrier USS Abraham Lincoln completed a “regular and routine” passage through the strait, a […]


Elaborating eCOOLnomics

Elaborating eCOOLnomics thumbnail

“Voluntary simplicity must be extolled for the ineffable quality of life it bestows, to the point where it becomes a viral meme that infects teenagers and sticks with them for life.“ Humorist historian SarahVowell, in her book on the rise and fall of Hawaii, UnfamiliarFishes, writes that “expectingcapitalists to refrain from gobbling up the Earth […]


Hydrofracturing tested for Geothermal Energy

Hydrofracturing tested for Geothermal Energy thumbnail

Geothermal energy developers plan to pump 24 million gallons of water into the side of a dormant volcano in central Oregon this summer to demonstrate technology they hope will give a boost to a green energy sector that has yet to live up to its promise. They hope the water comes back to the surface […]


Iran Said to Seek Yen Oil Payment From India Amid Tighter Global Sanctions

Iran Said to Seek Yen Oil Payment From India Amid Tighter Global Sanctions thumbnail

Iran has asked India to pay for oil partly in yen as the two nations seek an agreement on how to maintain trade amid tightening global sanctions, according to three people with knowledge of the matter. At talks in Tehran last week, India proposed to pay its second-biggest oil supplier in rupees through a bank […]


As Price of Oil Soars, Users Shiver and Cross Their Fingers

As Price of Oil Soars, Users Shiver and Cross Their Fingers thumbnail

When David Harris built his 2,000-square-foot hilltop home nine years ago, he wanted to put in natural gas, but the utility wouldn’t run a line to his house. Like many people here, he was stuck using heating oil. Mr. Harris added a wood stove to help cut costs and now uses only about one-third of […]


Suppressing volatility makes the world more dangerous

Suppressing volatility makes the world more dangerous thumbnail

It’s counterintuitive that suppressing volatility in human affairs would actually make the world a more dangerous place. But that is precisely the thesis of a recent article by Nassim Nicholas Taleb and Mark Blyth which appeared in Foreign Affairs. Taleb, a former Wall Street trader, achieved fame with his book, The Black Swan: The Impact […]


A look inside the Fukushima containment vessel

A look inside the Fukushima containment vessel thumbnail

Forty technicians were needed to create a 8.5 mm hole so an endoscope could be lowered inside the stricken Fukushima containament vessel. The video, highly distorted due to radiation levels, was uploaded to YouTube on Thursday by arevamirpal “Drilling the hole on the containment vessel was done on January 17, requiring 40 workers in 10 teams. […]


The Age of Stupid: Resource wars

The Age of Stupid: Resource wars thumbnail

short animation, resource wars


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