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News from February 2017

Inside the black heart of IS’s oil sector

Inside the black heart of IS’s oil sector thumbnail

At the peak of its hold on Iraq, the self-proclaimed Islamic State (IS) militant group transformed a barren expanse of desert, about four miles south of Mosul, into the black heart of its oil industry.The low-slung hills of Khafsah are now a wasted landscape of mangled metal and explosive ordnance. But until recently this was […]


Dakota Pipeline Protesters Leave $1 Million Clean-Up Bill For Taxpayers

Dakota Pipeline Protesters Leave $1 Million Clean-Up Bill For Taxpayers thumbnail

The U.S. Army Corps will spend more than $1 million to clean up the mess left behind by the Standing Rock Sioux Tribe and others opposed to the Dakota Access Pipeline in North Dakota. The protesters — who succeeded in temporarily shutting down pipeline construction under orders from President Barack Obama — were evicted after […]


Putting It All Together…

Putting It All Together… thumbnail

Some simple themes today… Population growth, economic growth, and resultant energy consumption are inexorably slowing.  The Federal Reserve knows it can not stop this and is simply slowing the inevitable with interest rate cuts to incent greater consumption via skyrocketing credit/debt (particularly government debt….debt that is undertaken with no intent of ever repaying it and is really just pure monetization). The chart […]


BP sets oil price breakeven target at $35 a barrel

BP sets oil price breakeven target at $35 a barrel thumbnail

BP PLC on Tuesday laid out plans to drive its break-even oil price down to $35 to $40 a barrel by 2021, asserting that it can grow again and keep a lid on spending despite a massive bill from its Gulf of Mexico disaster six years ago. In a strategic update that detailed the company’s […]


Initiating a Global Citizens Movement for the Great Transition

Initiating a Global Citizens Movement for the Great Transition thumbnail

Journey to Earthland is a recently released book by the Great Transition Initiative (GTI), a worldwide network of activist scholars with a unique purpose—to advance “a vision and praxis for global transformation”. Few civil society organisations have such a broad focus on transformational strategies towards a new global social-ecological system, as condensed and overviewed in […]


Cooking The Books? Saudi Aramco Could Be Overvalued By 500%

Cooking The Books? Saudi Aramco Could Be Overvalued By 500% thumbnail

The world’s most valuable oil company, Saudi Aramco, is approaching its first IPO in 2018, as the government of Saudi Arabia prepares to sell off portions of the company in order fill a sovereign wealth fund crucial to the country’s transition away from an oil-based economy. Saudi Aramco is worth $2 trillion, according to Riyadh, […]


Catastrophism is popular, but not necessarily right.

Catastrophism is popular, but not necessarily right. thumbnail

  “The Hill’s Group” has been arguing for the rapid demise of the world’s oil industry on the basis of a calculation of the entropy of the oil extraction process. While it is true that the oil industry is in trouble, the calculations by the Hill’s group are, at best, irrelevant and probably simply plain […]


The Dutch Love Affair With Natural Gas: A Cautionary Tale

The Dutch Love Affair With Natural Gas: A Cautionary Tale thumbnail

The story sounds familiar. For decades oil and natural gas drilling have been proceeding and creating prosperity for those involved. At some point significant earthquakes occur in areas where they were formerly very rare or nonexistent. Those quakes are linked to oil and gas drilling and production. The industry denies the link. The quakes continue, […]


The Most Critical Variable in Sustainable Development: Discount Rate

The Most Critical Variable in Sustainable Development: Discount Rate thumbnail

Highlights: An example of the effect of discount rate is presented by calculating the welfare optimal wind/solar market share. Developed nations with a low discount rate show an optimal wind/solar market share of 37%. On the other hand, developing nations with high discount rates show an optimal share of only 2%. This is tremendously important given that […]


A cornerstone of global oil supply — Canada at a cross roads

A cornerstone of global oil supply — Canada at a cross roads thumbnail

Canadian heavy crude is a cornerstone of global oil supply now and into the next decade. But growth is likely to be increasingly affected by investor sentiment soured by environmental concerns and competition for capital from tight oil. Both factors have already begun to reshape the domestic corporate landscape. How many oil producing countries can […]


Iraq Plans Offshore Oil and Gas Exploration to Boost Reserves

Iraq Plans Offshore Oil and Gas Exploration to Boost Reserves thumbnail

Iraq is planning to start offshore oil and gas exploration to boost the OPEC nation’s reserves, Oil Minister Jabar al-Luaibi said in a statement on Monday. Luaibi said he “gave guidance to the Oil Exploration Company about the importance of exploring territorial waters to assess the hydrocarbons reserves and to boost Iraq’s capacity”. Iraq last […]


Kunstler: A Hole in the Head

Kunstler: A Hole in the Head thumbnail

We need a new civil war like we need a hole in the head. But that’s just it: America has a hole in its head. It’s the place formerly known as The Center. It didn’t hold. It was the place where people of differing views could rely on each other to behave reasonably around a […]


Saudi Arabia and Iraq Crude Exports to US Hit Five-Year High

Saudi Arabia and Iraq Crude Exports to US Hit Five-Year High thumbnail

Crude oil imported to the United States from Saudi Arabia and Iraq combined has reached a peak not seen since 2012, but the U.S. Energy Information Administration says the volume will likely decline soon. Toward the end of 2016, high production in Saudi Arabia and Iraq, coupled with low domestic demand in Saudi, contributed to […]


Who’s Behind US Downward-Mobility?

Who’s Behind US Downward-Mobility? thumbnail

President Trump blames Mexicans, Chinese and other foreigners for the plight of downwardly mobile Americans but the real culprits are his corporatist pals who grab the lion’s share of the wealth from U.S. global dominance, says JP Sottile. By JP Sottile Donald Trump kicked-off his presidency with the bold accusation that the “wealth of our […]


The Untold Story of the Red Warrior Camp

The Untold Story of the Red Warrior Camp thumbnail

Greetings Trouble Makers, At the end of last year, we decided to put an end to our flagship project, “It’s the end of the world as we know it and I feel fine” after a decade-long run. We did this in order to focus our energies on developing a new show concept — one that […]


The legacy of Deepwater Horizon: What researchers learned about oil spills

The legacy of Deepwater Horizon: What researchers learned about oil spills thumbnail

The explosion of the Deepwater Horizon drilling rig in 2010 caused an environmental disaster. But an oil spill like that could happen again, scientists say. Will they be able to prevent worse in the future? 21 April 2010: Fireboats battling the blazing remnants of the oil rig The search for crude oil has become increasingly […]


Intelligence Advisor Discusses Coup Against President Trump

Intelligence Advisor Discusses Coup Against President Trump thumbnail

Infowars reporter Millie Weaver discusses developments regarding an ongoing coup against President Donald Trump with renowned code breaker and former intelligence advisor Louis Buff Parry. Weaver and Parry discuss a recent Tucker Carlson interview with former CIA officer Bryan Dean Wright who reveals insider information which confirms a rogue group within the U.S. intelligence community is […]


An Independent Evaluation of the El Hierro Wind & Pumped Hydro System

An Independent Evaluation of the El Hierro Wind & Pumped Hydro System thumbnail

1. Overview In the 1980s, the first ideas about the combination of a wind park with a pumped hydro system were discussed within Unelco, the then electric utility of El Hierro (“The Iron One”), followed by first principal designs in the 1990s. When support from the European Union was signalled, the company “Gorona del Viento” […]


Why Oil Demand Forecasts Have Become A Guessing Game

Why Oil Demand Forecasts Have Become A Guessing Game thumbnail

Get yourself a ruler, a pencil and a piece of paper. Place the ruler at about 45 degrees and draw a line upward across the page. That’s what a chart of world oil consumption looks like over the past 30 years, give or take a few shakes off the line (Figure 1). That was easy. […]


Losing 4.3 Billion Barrels Is Good For Exxon

Losing 4.3 Billion Barrels Is Good For Exxon thumbnail

Losing 4.3 billion barrels of reserves could be just what Exxon Mobil Corp. needed. There’s no denying that having almost one in five barrels of oil equivalent of your proved reserves slip off the books, as Exxon announced this week, isn’t the company’s finest hour. Coming just after Exxon took a $2 billion asset impairment, it looks […]


On the Thermodynamic Model of Oil Extraction by the Hill’s Group

On the Thermodynamic Model of Oil Extraction by the Hill’s Group thumbnail

SK is a professor emeritus in the department of Mechanical and Aeronautical Engineering at a Major University in the USA. Corrections to the first and third equations were made on Feb 25, 2017. The report reviewed here claims to rely on thermodynamics arguments to predict oil’s price-volume trajectory going forward. Classical Thermodynamic analysis First a few […]


Famine is back

Famine is back thumbnail

For the first time in six years, there is famine in the world: a real, United Nations-declared famine, with more than 30 percent of the affected population suffering acute malnutrition and more than a thousand people dying of hunger each day. And there are three more countries where famine may be declared any day now. […]


‘Doomsday vault’: Emergency Arctic facility receives 50k seed deposits

‘Doomsday vault’: Emergency Arctic facility receives 50k seed deposits thumbnail

Hidden away in a ‘seedy’ part of the Arctic, an international transaction of huge importance occurred on Wednesday. No money was moved, instead there was a massive haul of seeds for storage in a vault designed to protect them in case of global catastrophe. The recent deposit to the Svalbard Global Seed Vault consisted of […]


Energy Return and Economic Planning

Energy Return and Economic Planning thumbnail

A recent academic paper suggested that the Energy Return on Energy Invested (EROEI) of Solar Photovoltaic in northern latitudes was actually less than unity, in other words that the technology was a net energy consumer. In response, another paper argued that it was probably in the region of 7 to 10. Read together the papers […]


Dakota Access Pipeline 99% Complete

Dakota Access Pipeline 99% Complete thumbnail

Energy Transfer Partners LP said on Thursday that 99 percent of its controversial Dakota Access Pipeline is complete after receiving all federal authorizations necessary earlier this month. The crude pipeline will begin or continue line fill in late March or early April, according to executives on its fourth-quarter earnings call. It will then begin “demand […]


Peak Oil. The Energy Report

Peak Oil. The Energy Report thumbnail

Oil is rising on peak oil concerns. OK, not the old failed ideology of “peak oil” but the fact that U.S. oil supply in the U.S. may have peaked as well as Exxon Mobil’s proven reserve. The American Petroleum Institute (API) in their weekly report said we had the first crude oil drawdown of the […]


Donald Trump versus the Club of Rome

Donald Trump versus the Club of Rome thumbnail

With Trump’s threats to dismantle the EPA and trash the Endangered Species Act, Norm Sanders reminds us of the Club of Rome’s warning that Planet Earth was finite. JUST ABOUT everybody on earth knows who Donald Trump is, but many have never heard of the Club of Rome and its forecasts for the future of life on […]


Coal Is Just Too Damn Expensive

Coal Is Just Too Damn Expensive thumbnail

President Trump is ready to start signing executive orders that roll back Obama-era regulations on climate and water pollution: While both directives will take time to implement, they will send an unmistakable signal that the new administration is determined to promote fossil-fuel production….One executive order — which the Trump administration will couch as reducing U.S. […]


The US is transitioning into a natural gas exporter

The US is transitioning into a natural gas exporter thumbnail

The United States is on track to become a net exporter of gas next year, driven largely by the growth of liquefied natural gas exports, according to the U.S. Energy Department. The U.S. started exporting LNG last year, courtesy of Houston-based Cheniere Energy, and the country is increasingly piping more natural gas to Mexico while, […]


Oil To $70? Or Down To $30?

Oil To $70? Or Down To $30? thumbnail

Will oil prices rise to $70 per barrel this year or fall to $30? Depends on who you ask. Oil price forecasts are always all over the map, but the exceptional disparity between some projections for 2017 is pretty stunning. On the one hand, you have Citibank, which sees oil shooting up to $70 this […]


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But supply peak is now. So tech change too late to prevent EROEI-based economic crisis, even if it could! #EROI #EROEI #PeakOil twitter.com/JamesBeardWWF/…

World petrol demand 'likely to peak by 2030 as electric car sales rise' #peakoil theguardian.com/business/2017/…