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News from November 2014

Fossil fuels have made all our lives better

Fossil fuels have made all our lives better thumbnail

Here’s a question for Floridians to ponder: Is it good that your state generates 86 percent of its electricity from fossil fuels? I’d wager most of you would say no. So would many of the politicians and bureaucrats directing America’s energy policy. This was on full display earlier this month, when President Obama announced that […]


More on Bakken Production, Choke Theory

More on Bakken Production, Choke Theory thumbnail

The US Petroleum Supply Monthly just came out with production data for every state and territory. US supply was up 168,000 bpd to 8,864,000 bpd in September. The biggest gainers were North Dakota, up 53,000 bpd to 1,185,000 bpd and Alaska up 79,000 to 477,000 bpd. Alaska  was way down in both July and August […]


Monster Wells: Hundreds Of Fracking Wells Using 10-25 Million Gallons of Water Each

Monster Wells: Hundreds Of Fracking Wells Using 10-25 Million Gallons of Water Each thumbnail

While the oil and gas industry likes to claim that fracking is not an especially water intensive process, a new report has found that there are more than 250 wells across the country that each require anywhere from 10 to 25 million gallons of water. The American Petroleum Institute suggests that the typical fracked well […]


Building global oil power, China’s reserves far ahead of plan

Building global oil power, China’s reserves far ahead of plan thumbnail

China is estimated to be holding double the amount of crude in its strategic reserves than its official plan has revealed, as the world’s top energy consumer takes advantage of a dive in prices to strengthen its position in the global oil market. Based on data compiled by industry and consulting sources, China now has […]


Saudi Arabia Says Oil to Stabilize

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Saudi Arabia’s oil minister said crude prices will stabilize while the United Arab Emirates said OPEC will do what it takes to balance the market. Angola predicted the 12-nation group will reach a consensus when it meets tomorrow. The “market will stabilize itself,” Ali Al-Naimi, the Saudi minister, told reporters in Vienna today. The world’s […]


Saudi, Russia Pre-OPEC Talks Yield No Oil Output Cut

Saudi, Russia Pre-OPEC Talks Yield No Oil Output Cut thumbnail

Impromptu talks between Saudi Arabia, fellow OPEC member Venezuela and oil powers Russia and Mexico yielded no agreement on Tuesday on how to address a growing oil glut, ending without any plan to cut output despite a collapse in prices. In a day of shuttle diplomacy before OPEC’s output meeting in Vienna on Thursday, energy […]


OPEC may decide to give Iraq, Iran, and Libya immunity from oil supply cut

OPEC may decide to give Iraq, Iran, and Libya immunity from oil supply cut thumbnail

Should OPEC decide to cut production this week in an effort to boost oil prices, media reports suggest that Iraq, Iran, and Libya could be given an exemption from making supply reductions. The three counties may not have to cut production since they are not operating at full capacity, and are not likely to do […]


Saudis unlikely to cut oil production

Saudis unlikely to cut oil production thumbnail

Oil prices are bottoming, and Saudi Arabia is unlikely to heed Iran’s request for a cut in oil production when OPEC meets Thursday, analyst Stephen Schork told CNBC on Monday. Iran’s semi-official news agency Mehr reported on Sunday that ministers from Iran will seek a cut from Saudi Arabia, joining a chorus of other members […]


Heinberg: No: The Economics Simply Don’t Work And Will Get Worse

Heinberg: No: The Economics Simply Don’t Work And Will Get Worse thumbnail

For years, Americans have seen commercials touting “clean coal,” while politicians on both sides of the aisle have extolled its promise. The technology to capture carbon emissions from coal-fired power plants has been tried and tested. Yet today almost none of the nation’s coal-fueled plants are “clean.” Why the delay? The biggest problem for “clean […]


Who’s Ready For $30 Oil?

Who’s Ready For $30 Oil? thumbnail

How low can and will oil prices go, and what will the effects of those prices be? I bet you’ll have a hard time finding even just two people who have the same opinion on that. Not that it’s merely a matter of opinion, mind you, there are a great number of real life factors […]


Texas oil boom starts taking hits from cheap gas

Texas oil boom starts taking hits from cheap gas thumbnail

Falling oil prices are causing some drilling companies to cut back on operations in Texas. Baker Hughes Inc. recently reported shutting down four of its rigs in the Permian Basin of Texas and New Mexico.  Oil rig counts have also dropped in North Dakota’s Bakken shale formation. From this year’s peak, oil prices have dropped […]


Russia losing $140 billion from sanctions and low oil prices

Russia losing $140 billion from sanctions and low oil prices thumbnail

Russian President Vladimir Putin received a high-ranking black belt in karate Friday, but his master fighting skills haven’t been enough to fend off economic troubles. The country is losing up to $140 billion per year because of falling oil prices and sanctions with Western nations, according to estimates from Russia’s finance minister Anton Siluanov. This […]


Chevron, Exxon snubbed by Raymond James

Chevron, Exxon snubbed by Raymond James thumbnail

It just might be time to be more aggressive about buying the right energy stocks. Analysts at Raymond James did just that on Monday, cutting their ratings on “Big Oil” Exxon Mobil Corp. XOM, -1.13%  and Chevron Corp. CVX, -0.83% viewed as defensive names, and upgrading the shares of Hess Corp. HES, -0.63%  and Occidental […]


Iran nuclear talks extended seven months after failing to meet deadline

Iran nuclear talks extended seven months after failing to meet deadline thumbnail

Iran and six powers failed for a second time this year on Monday to resolve their 12-year dispute over Tehran’s nuclear ambitions and gave themselves seven more months to overcome the deadlock that has prevented them from clinching an historic deal. Western officials said they were aiming to secure an agreement on the substance of […]


Peak oil price ‘may have passed’ according to oil and gas analysts

Peak oil price ‘may have passed’ according to oil and gas analysts thumbnail

The peak price of oil may have passed, according to industry analysts Gaffney, Cline and Associates. The firm said the drop in value of a barrel of oil from $145 in 2008 to less than $80 in 2014 was caused by supply significantly outstripping demand. In a newly-released report, the Houston-based company warned the imbalance […]


What Does ‘Energy Access’ Even Mean Anyway?

What Does ‘Energy Access’ Even Mean Anyway? thumbnail

What does it mean for a household or business in a developing country to have electricity access? This apparently simple question has a complex and contested answer. Should a household with a solar panel that runs a light and a cell-phone charger be deemed ‘electrified’? How about a home connected to an electricity grid that […]


The Only Way to Stop the Empire

The Only Way to Stop the Empire thumbnail

Dear friends, The final days of US empire are fast approaching. Perhaps its end will pass slowly and gradually, or perhaps the event will unfold rapidly and catastrophically. Maybe chaos will break loose, or maybe its demise will be organized well and proceed smoothly. This nobody knows, but the end of empire is coming as […]


Peak car, peak house?

Peak car, peak house? thumbnail

There’s been a bit of talk in the media over the past week or so about ‘peak car’ in Australia. This is the idea that car use in Australia seems to have peaked. The term of course comes from ‘peak oil’ – the idea that oil reserves had peaked and were entering decline. This was […]


Natural Gas Boom Is Drowning Out Coal Industry’s Battle Cries

Natural Gas Boom Is Drowning Out Coal Industry’s Battle Cries thumbnail

While a lot of the political fodder during the 2014 election season focused on the “war on coal,” a bigger and even stronger show of force is transforming the nation’s economic landscape, especially in “war torn” Appalachia: natural gas. The natural resource has emerged from the back burner of U.S. energy development and onto the […]


Nuclear war: A forgotten threat to human sustainability

Nuclear war: A forgotten threat to human sustainability thumbnail

The possibility of a new Cold War between Russia and the United States and its NATO allies brings with it the spectre of nuclear war, an all-but-forgotten threat since the breakup of the Soviet Union in 1991. Even as the number of nuclear weapons has declined through mutually agreed reductions from a worldwide total of […]


Revolucíon

Revolucíon thumbnail

“Marx said the opium of the masses was religion. For the USA, it’s Netflix and Wal-Mart.“ We arrived to rural México in time for the 104th anniversary of Dia de la Revolución. The dirt streets of this small village whose central plaza we sit in to write this were lined with people waving flags and […]


Why Crude Oil $80 Is the New Normal, Reasons Saudi Arabia Will Not “Swing”

Why Crude Oil $80 Is the New Normal, Reasons Saudi Arabia Will Not “Swing” thumbnail

Now the dust from the Shock & Awe of the 30% drop in oil prices has started to settle, two things are clear: (a) Saudi Arabia did not engineer anything (b) they don’t have a Machiavellian plan to stick one up the wildcatters in North Dakota, or the Russians…the Iranians…the Venezuelans, or even the genius […]


Energy & The Economy – Why Society Will Be Forced To Become Less Complex

Energy & The Economy – Why Society Will Be Forced To Become Less Complex thumbnail

In the past few chapters on Energy Economics, Peak Cheap Oil, and the false promise of Shale Oil, we’ve gone into great detail to show how our economic growth is deeply dependent on our energy systems. Here’s how it all sums up. There are some knowns: We know that energy is required for both growth and complexity.  We know that surplus […]


Iran May Propose 1 Million-Barrel OPEC Cut in Saudi Talks

Iran May Propose 1 Million-Barrel OPEC Cut in Saudi Talks thumbnail

Iran may propose that OPEC cuts its output target by as much as 1 million barrels a day to prop up prices when the country’s oil minister meets his Saudi counterpart as the group gathers this week, Mehr News reported. Bijan Namdar Zanganeh and Saudi Arabia’s Oil Minister Ali Al-Naimi will confer on the sidelines […]


Giant Oil Field Decline Rates

Giant Oil Field Decline Rates thumbnail

Summary of article 1, Cobb’s “Aging Giant Oil Fields” 2013 The world’s 507 giant oil fields comprise a little over 1% of all oil fields, but produce 60% of current world supply Of the 331 largest fields, 261, or 79%, are declining at 6.5% per year. Techno-fixes have made matters worse because they’ll increase the […]


Bakken Sweet Spots are Petering Out

Bakken Sweet Spots are Petering Out thumbnail

The Bakken, as well as other shale oil areas, is not one homogeneous area where equal amounts of can be found. David Hughes in DRILLING DEEPER puts it this way, though here he is talking about gas wells, the same applies to oil wells: All shale gas plays invariably have “core” areas or “sweet spots”, where […]


Insurrecto-Riotosis

Insurrecto-Riotosis thumbnail

This week we bring you an exclusive report on the pandemic that’s infecting the globe. Insurrecto-Riotosis. The first wave of the pandemic was reported in the city of Nantes in France following the police murder of 21 year old eco-defender Rémi Fraisse. This contagion quickly spread to Belgium where 100,000 peeps hit the streets in […]


Israel reconsiders military action against Iran

Israel reconsiders military action against Iran thumbnail

Israeli official cites “sunset clause” in proposed comprehensive deal, which guarantees Iran a path into the nuclear club and may corner Israel into war. Historic negotiations with Iran will reach an inflection point on Monday, as world powers seek to clinch a comprehensive deal that will, to their satisfaction, end concerns over the nature of […]


Yergin: OPEC Underestimated Resiliency of U.S. Oil Output

Yergin: OPEC Underestimated Resiliency of U.S. Oil Output thumbnail

OPEC was mistaken in thinking that U.S. shale oil production would be unprofitable once crude prices slipped below $90 a barrel, according to Pulitzer Prize-winning author Daniel Yergin. The Organization of Petroleum Exporting Countries will have a tough time coming to an agreement about production when ministers gather Nov. 27 in Vienna, said the vice-chairman […]


200 billion barrels of new oil production is needed by 2030

200 billion barrels of new oil production is needed by 2030 thumbnail

This 21 November the world’s oil analysts are attempting to guess what OPEC will decide at its meeting in Vienna on 27 November. Before each OPEC meeting Bloomberg News asks a number of analysts their opinions on OPEC’s future oil production. Yesterday Bloomberg News published what 20 analysts think regarding the 27 November meeting. Half […]


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