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News from September 2017

United Kingdom’s Oil, Gas Reserves May Be Depleted Within 10 Years

United Kingdom’s Oil, Gas Reserves May Be Depleted Within 10 Years thumbnail

A recent study suggests oil industries in the United Kingdom are entering their final decade of production. Researchers at the University of Edinburgh in Scotland analyzed the output from offshore fields and found nearly 10 percent of the U.K.’s original recoverable oil and gas remains, according to a release on the study. This is roughly 11 percent of […]


Shale Billionaire Hamm Slams ‘Exaggerated’ U.S. Oil Projections

Shale Billionaire Hamm Slams ‘Exaggerated’ U.S. Oil Projections thumbnail

Billionaire oilman Harold Hamm says the government was way too optimistic with its prediction of more than 1 million new barrels a day in U.S. production, and the snafu is “distorting” global crude prices. This year’s rise is likely to be closer to about 500,000 barrels, far off an initial forecast by the U.S. Energy […]


The Hubbert Game – Teaching the Science of Collapse

The Hubbert Game – Teaching the Science of Collapse thumbnail

  My students playing the “Hubbert Game.” It is a simple operational game illustrating the exploitation of a non-renewable resource and the phenomenon of overshoot and collapse.  In my presentation at the recent Summer Academy of the Club of Rome, I stressed the point that the major stumbling block we face in managing the ongoing crisis […]


Russia Remains Open to Longer OPEC Cuts, While Mulling Exit Plan

Russia Remains Open to Longer OPEC Cuts, While Mulling Exit Plan thumbnail

Russia signaled that it would be willing to prolong the production cuts it agreed with OPEC beyond the first quarter of next year if needed, while also making clear its commitment to the deal wasn’t open ended. It was too early to talk about the specific details of extending the oil-output pact at a meeting […]


The Real Cause Of Peak Gasoline Demand

The Real Cause Of Peak Gasoline Demand thumbnail

New analysis shows that fuel-efficient cars that utilize gasoline engines will lower oil demand more effectively than the widespread adoption of electric cars, according to an analyst from FGE who spoke to Reuters. Though Asian and European nations have pledged a shift towards electric cars in the next decade, the biggest threat to oil prices […]


After Harvey, What Will Happen to Houston’s Oil Industry?

After Harvey, What Will Happen to Houston’s Oil Industry? thumbnail

This story originally appeared on CityLab and is part of the Climate Desk collaboration. During this year’s record-breaking hurricane season, oil rigs and refineries were just as exposed as any structure on the precarious Gulf Coast, and their owners were limited to the same options as everyone else: evacuate, prepare, and hope the storm was merciful. The devastation Harvey […]


The Strafing Run of Mother Nature 4: 2017 Autumn of the Apocalypse

The Strafing Run of Mother Nature 4: 2017 Autumn of the Apocalypse thumbnail

Discuss this article at the Environment Table inside the Diner I was going to take a break from Hurrican Reporting and devote my next article to another form of storm, the Financial Storm surrounding the breach of the Equifax security of Credit Data and the sprinkling out of SS#s and all the rest of your […]


Capitalism: The Nightmare

Capitalism: The Nightmare thumbnail

The neoliberal, arch-capitalist era we inhabit is chock-full of statistics and stories that ought to send chills down the spines of any caring, morally sentient human. Nearly three-fourths (71 percent) of the world’s population is poor, living on $10 a day or less, and 11 percent (767 million people, including 385 million children) live in […]


The Petrodollar Is Under Attack: Here’s What You Need To Know

The Petrodollar Is Under Attack: Here’s What You Need To Know thumbnail

Once upon a time, the U.S. dollar was backed by the gold standard in a framework that established what was known as the Bretton-Woods agreement, made in 1944. The dollar was fixed to gold at a price of $35 an ounce, though the dollar could earn interest, marking one notable difference from gold. The system ended up […]


The Terror of Deep Time

The Terror of Deep Time thumbnail

Back in the 1950s, sociologist C. Wright Mills wrote cogently about what he called “crackpot realism”—the use of rational, scientific, utilitarian means to pursue irrational, unscientific, or floridly delusional goals. It was a massive feature of American life in Mills’ time, and if anything, it’s become more common since then. Since it plays a central […]


The ‘new’ Saudi Arabia is still a dungeon

The ‘new’ Saudi Arabia is still a dungeon thumbnail

ONCE AGAIN, news from Saudi Arabia points toward the old thinking and not the modern society promised by the new crown prince, Mohammed bin Salman. Despite the lofty rhetoric of the crown prince’s “Vision 2030” declaration, he increasingly resembles an earlier generation of leaders with authoritarian methods. Saudi Arabia has been, and seems determined to […]


US shale oil reaching 10 million barrels per day is fiction

US shale oil reaching 10 million barrels per day is fiction thumbnail

Any financial advisor worth their salt will caution you that past performance is not a guarantee of the same in the future. And so it is with US shale oil. Recent EIA estimates claim potential production of up to 10 million barrels per day (BPD). That projection is pure fiction and in this article I […]


Permian could top out in 2021

Permian could top out in 2021 thumbnail

The world’s hottest oil field could run out of steam in just a few years if shale drillers can’t overcome the natural constraints of the region’s geology, a new study says. By 2021, oil production could peak in Permian Basin, as rapid drilling and fracking exhaust underground pressure in the most prolific areas of the […]


Thirst for oil returns in wealthy nations

Thirst for oil returns in wealthy nations thumbnail

  A decade’s worth of efforts to cut oil consumption in industrialised countries is at risk of being reversed, as low fuel prices boost demand and send motorists flocking back to larger gas-guzzling cars. Figures from the International Energy Agency and other forecasters show OECD oil demand, which declined between 2005 and 2014, has been […]


Meet the scientists who want to harness the power of the Sun

Meet the scientists who want to harness the power of the Sun thumbnail

Fusion is the power source of the future, according to science fiction, but did you know that scientists have been working on this for decades, and are drawing ever closer to harnessing the power of the Sun? What is Fusion Power? When we look up into the sky, and see the Sun burning brightly during […]


kinda a shame you need a spreadsheet to compete

kinda a shame you need a spreadsheet to compete thumbnail

It might just be me in my little echo chamber, but it seems as though oil is hardly being spoken about. There was a time – in fact, there has been many a time – when the subject was on everybody’s lips. Either because supply was about to run out (Peak Oil) or because of […]


UK oil and gas reserves will expire in 10 years

UK oil and gas reserves will expire in 10 years thumbnail

The UK’s oil industry could be entering its final decade of production, according to new research. A study of output from offshore fields estimates about 10% of the nation’s original recoverable oil and gas remains. If the predictions are correct, the UK would soon have to import all the oil and gas it needs, scientists […]


China’s Electric Vehicles Run on Coal! Yes, But …

China’s Electric Vehicles Run on Coal! Yes, But … thumbnail

China’s offhand bombshell about potentially consigning gasoline-fueled cars to the scrapheap has met, predictably, with a round of cheers and jeers. This is about one of the latter, which concerns the chart below: Steam Engines Almost 90 percent of China’s power derives from fossil fuels, especially coal Source: Bloomberg New Energy Finance Note: Data are for […]


IEA: Oil Price Spike Coming In 2020

IEA: Oil Price Spike Coming In 2020 thumbnail

The halving of oil prices from $100 per barrel before 2014 down to just $50 today has led to a corresponding plunge in upstream investment. But even as benchmark prices seem to have stabilized over the past year, with most analysts predicting gradual and modest gains in the year ahead (depending on OPEC’s actions), there’s […]


The World’s Largest Offshore Oil Field Is Back In Action

The World’s Largest Offshore Oil Field Is Back In Action thumbnail

Without much international fanfare, the world’s largest offshore oil field and the largest discovered in the last 40 years, Kazakhstan’s Kashagan Field, is on the verge of finally moving beyond the manifold impediments that hindered its development. Discovered in 2000, the 13 Bbbl field (38 Bbbl of oil in place) was set to begin producing […]


Kunstler: Pushback

Kunstler: Pushback thumbnail

A very brave law professor at the University of Pennsylvania, named Amy Wax has published the astounding argument that human beings in America would benefit from adopting “bourgeois values” and behaving accordingly. Bourgeois (Boozh-wah, for the underspeeched) may be an unfortunate term-of-art, since it came to be used as a pejorative back in the old […]


Global Oil Demand is Surging But That’s Still Not Enough to Fix the Oil Market

Global Oil Demand is Surging But That’s Still Not Enough to Fix the Oil Market thumbnail

The oil industry just can’t seem to snap out of its doldrums this year. Crude remains stubbornly low, which has stalled the industry’s attempts at a recovery. However, while weaker prices have been bad for oil producers, they’ve been great for consumers because it has kept prices for refined products like gasoline down, which is […]


Beyond peak oil

Beyond peak oil thumbnail

The last decade has seen a significant change in the terms of the debate around the concept of “peak oil”. Ten years ago the focus was on when oil resources would start to run out and was still based on a concept developed in the 1950s by a Shell geophysicist called M King Hubbert. Hubbert […]


China Dollar Dump Means Hyperinflation – Chris Martenson

China Dollar Dump Means Hyperinflation – Chris Martenson thumbnail

Resource analyst and futurist Chris Martenson points out, “The Dow is hitting all-time highs. So, it can’t be that bad, right? The Dow is used as a signaling device, and it says have faith in your leadership and everything is fine. Under the covers, obviously, things are not fine. The people I talk to are […]


How to Become a Geologist

How to Become a Geologist thumbnail

Petroleum geologists use their know-how in a variety of settings and in a multitude of applications worldwide. Their work can be exciting and challenging, but becoming a geoscientist in the oil and natural gas industry demands that one acquire a broad set of technical, conceptual and practical skills. Aspiring geologists who decide early on that […]


Failure to launch

Failure to launch thumbnail

Risk assets failed to launch even after North Korea fired a missile over the northern part of Japan and reports of a terror attack on a London subway or the “tube” in rush hour. Oil failed to launch after rejecting the August high and pulled back below that strong resistance upper Bollinger band. The oil […]


NKorea Nuclear Tests Could Trigger ‘Supervolcano’ Eruption

NKorea Nuclear Tests Could Trigger ‘Supervolcano’ Eruption thumbnail

After North Korea’s latest nuclear test, scientists are worried that more underground explosions in the isolated country’s rocky north could set the stage for a deadly volcanic eruption not unlike the one that NASA fears could be brewing in the Yellowstone caldera. Following the North’s sixth nuclear test Chinese authorities have stepped up radiation monitoring […]


Suddenly, “De-Dollarization” Is A Thing

Suddenly, “De-Dollarization” Is A Thing thumbnail

For what seems like decades, other countries have been tiptoeing away from their dependence on the US dollar. China, Russia, and India have cut deals in which they agree to accept each others’ currencies for bi-lateral trade while Europe, obviously, designed the euro to be a reserve asset and international medium of exchange. These were […]


The High Cost Of Going Green

The High Cost Of Going Green thumbnail

It has become raison d’être that electric vehicles (EV) will keep increasing in use without considering serious factors that could hamper their growth. The British electrical grid example and the growth of EVs should bring pause to consumers, investors and governments promoting their unconstrained usage. According to the British National Grid, “the growing use of electric […]


Venezuela publishes oil prices in Chinese currency to shun US dollar

Venezuela publishes oil prices in Chinese currency to shun US dollar thumbnail

Venezuela published the price of its oil and fuel in Chinese currency on Friday in what it called an effort to free the socialist-run country from the “tyranny of the dollar,” echoing a plan recently announced by President Nicolas Maduro. Maduro last week said his government would shun the dollar after the United States announced […]


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#NorthSea #PeakOil #Energy | Twilight years: is the UK entering its last decade of oil and gas production? offshore-technology.com/features/twili… via @Offshore Technology

@paulcurrion @RodZeidan @giancarlotorpi @BrankoMilan Willingly or by force we are going to make the transition because there is no alternative. The problem is what level of economic output we'll have after it. I doubt for example that we are going to see electrical planes. Will we have energy rationing like in the 40s ? #PeakOil

@paulcurrion @RodZeidan @giancarlotorpi @BrankoMilan If renewables were easy to implement and they had good EROIs then I wouldn't worry. But since most renewables have very low EROIs then I think we are heading towards catastrophe. Many industries depend on fossile fuels. And we need a hard rudder turn... #PeakOil