China’s biggest oil company wants natural gas to account for half its output by the end of the decade. PetroChina Co. aims to raise natural gas as a share of its production from 37 percent currently, President Wang Dongjin told reporters Thursday in Hong Kong. The company supports the government’s efforts to liberalize gas prices […]
Most companies have struggled to come to grips with the 2014 crude price crash by curbing investments and delaying projects. The top developers in the Eagle Ford were no exception to this, and as a result, production volumes at this south Texas play have dropped. The U.S. Energy Information Administration (EIA) painted a bleak picture […]
Do you remember the peak oil hysteria from the early 2000s? Oil didn’t just not end, the world started pumping even more thanks to the shale revolution. Now the reign of fossil fuels is being undermined by renewable energy and batteries, spurred on by the growing environmental awareness of humankind. But it’s precisely this growing […]
The world’s first self-driving taxis are picking up passengers in Singapore. Select members of the public began hailing free rides Thursday through their smartphones in taxis operated by nuTonomy, an autonomous vehicle software startup. While multiple companies, including Google and Volvo, have been testing self-driving cars on public roads for several years, nuTonomy says it […]
We’ve gone electric, and there’s no going back at this point. Lithium is our new fuel, but like fossil fuels, the reserves we’re currently tapping into are finite – and that’s what investors can take to the bank. You may think lithium got too popular too fast. You may suspect electric vehicles are too much […]
The other day, one of the readers over at the other blog asked a question as sensible as it is timely: why do so many sane people start foaming at the mouth when the subject of this year’s US presidential election comes up? It’s a fair question. Even by the embarrassing standards of political discourse […]
Nations are just as likely to unravel after periods of prosperity as afte periods of depression Have you ever met an Ottoman? Or a Habsburg? Neither have I. Like a chopped-up Magritte painting, all that is left of the Habsburgs is a homburg hat. Yet in the 1800s, the Ottoman and Habsburg Empires controlled a […]
The ‘peak oil’ controversy is staging a come-back as the industry confronts higher costs—and low prices Talking about “peak oil” can feel very last decade. In fact, the question is still current. Petroleum markets are so glutted and prices are so low that most industry commenters think any worry about future oil supplies is pointless. […]
China has become the largest crude oil operator in the North Sea despite boasting that it uses deep-water oilrigs as strategic weapons. The scale of Chinese growth in the region meant that Britain handed about £2 billion in tax breaks to one state-run oil company last year, analysis by The Times has shown. China National […]
Permian, Marcellus Lead U.S., while Eagle Ford Dives Hard As cost structures are held in check and oil price fluctuations are seemingly without end, producers are evaluating acreage positions and determining what are the best assets. As covered by Oil & Gas 360®, the Permian basin has been the hot bed of activity recently. With […]
Crude oil and stocks used to have a tight relationship. They typically moved in the same direction, and strategists were quick to cite a decline in oil prices as one major reason for any stock market weakness. For example, when stocks nosedived a year ago, on August 24, crude oil fell to a post-crisis low […]
Have you ever described efficiency as an energy resource and gotten a quizzical look in return? We have, even though utility system planners have been using energy efficiency for decades to make sure that power for their customers is both reliable and affordable. For those of us who have been in the energy efficiency industry […]
In this sedition we bring you an exclusive interview with prison inmate Melvin Ray, secretly filmed inside Holman Prison in Alabama. Melvin is a member of the Free Alabama Movement, a national organization against mass Incarceration and prison slavery. They have teamed up with the IWW’s Incarcerated Workers Organizing Committee, to organize the largest prison […]
“The city of the future, 10,000 years hence, will not be located on the surface of the Earth. It will be floating up miles high, and such things as snow, rain, and storms will be unknown to the city dwellers of the future.” (Hugo Gernsback, 1922) Humans can imagine lots of things. They can […]
What the world is witnessing, without actually paying much attention, is the death of our debt-based economy — that is, borrowing the means to thrive in the now from a future that can’t really furnish it anymore. The illusion that the future would always provide was a legacy of the cheap energy era. That era […]
In his letter (11 August) Dr David Lowry raised the issue of radon and shale gas quoting studies in Pennsylvania and sought to reinforce his own views by quoting from a study undertaken by Public Health England in 2014. Let me quote the same study, which states, “caution is required when extrapolating experiences in other […]
Despite the fact that man-made climate change continue to be proven false, the left drives on with its fear-driven insistence that human beings must dramatically change their behavior in order to save the planet. Everything revolves around the idea that man’s consumption of natural resources is creating an unsustainable environment, and if we don’t somehow curb our use of […]
Oil has finally found a strong bull in Savita Subramanian, commodity strategist at BofA Merrill Lynch, who believes oil will rally to $54 a barrel by this year-end and continue its march higher to touch $69 a barrel by June of next year. The commodity team led by Savita has upgraded the energy sector to […]
From The Oil Drum Europe 2009 by Ugo Bardi The figure above, from Robert Anson Heinlein’s “Pandora’s Box” (1952), is perhaps the first graphical representation of the concept that technology is not only progressing but progressing at an exponentially growing rate. Today, this concept goes sometimes under the name of the “technological spike” or the […]
In this post I present some of the methods I have used to get estimates based on actual NDIC data on the Estimated Ultimate Recovery (EUR) for wells in the Bakken North Dakota. The Bakken is here being treated as one big entity. As the Bakken shales [for geological reasons] are not ubiquitous there will […]
Several years back, the economist Bryan Caplan wrote a wonderful book called Selfish Reasons to Have More Kids. Caplan argued that most parents underestimated the benefits of larger families and were engaging in costly parenting strategies that yielded few real benefits. Thus, he said, if you love kids, you should have lots of them. From […]
Alice Friedemann www.energyskeptic.com author of “When Trucks Stop Running: Energy and the Future of Transportation”, 2015, Springer and “Crunch! Whole Grain Artisan Chips and Crackers”] Peak Oil Of all the resources in the world, oil is top dog. All other resources depend on oil. You can get every fish in the sea, drain every […]
Peak oil, if it even exists, is very much a moving target. But so, it turns out, is measuring how much oil is already above ground, sitting in the holds of ships and in storage facilities around the world. It’s not that humanity is fundamentally incapable of measuring how much oil we are extracting—it’s that […]
After 3-4 weeks of waiting for oil to drop convincingly below $40 for a buying opportunity we seem to have missed the boat on this rally. We see prompt Brent trading choppily within a $45-$54 range in the coming weeks and if forced to pick a side believe the market is closer to being a […]
Episode 241 is a very important discussion regarding oil and so-called “fossil fuels” and “peak oil”, with Greg Quinones, titled: “Abiogenic Petroleum: Peak Oil and “Fossil Fuels” – Debunked”. This episode is being released for Thursday, December 03, 2015, and was recorded November 22. Greg Quinones is a business consultant, writer, public speaker, trainer and […]
Top oil exporter Saudi Arabia increased its crude exports in June as it pumped at near-record-high levels while burning less petroleum for electricity than the same month last year, official data released on Thursday showed. Crude exports in June rose to 7.456 million barrels a day, the highest for the month of June since 2012, compared with 7.295 […]
Near the end of 2014, Uber co-founder and Chief Executive Officer Travis Kalanick flew to Pittsburgh on a mission: to hire dozens of the world’s experts in autonomous vehicles. The city is home to Carnegie Mellon University’s robotics department, which has produced many of the biggest names in the newly hot field. Sebastian Thrun, the […]
Tom Nelson, head of commodities and resources at Investec Asset Management, spends almost as much time tracking Tesla Motors as he does ExxonMobil or BP . Why? If the electric carmaker lives up to its pledge to upend the auto industry, it will have serious implications for oil demand. Navigating profound industry transitions is particularly […]
It was assumed oil would be more valuable in the future but all bets are off if demand falls ©AP Timing is everything when it comes to investing in commodities.It seems difficult to believe now but in 2014 oil was considered one of the safest bets around. The reasoning among large financial investors was straightforward. […]
Central banks’ implementation of negative policy rates is at an unprecedented scale, reflecting both the limits of previous unconventional monetary policies and a general inability to utilize fiscal stimulus to jump start economic growth. However, this extreme policy approach will have consequences, both intended and unintended, for markets, macroeconomic balances, investors, consumers, and policymakers. We […]
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