2018/10/25: A report released earlier this year by HSBC predicted that Texas is on track to outpace the oil production of both Iran and Iraq by 2019. Texas is home to two rather massive oil fields, and behind Russia and Saudi Arabia, it’s the number three oil producer in the world. The shale oil boom has contributed greatly to that, making the Permian Basin a hotbed of production.
The shale oil development and growth in Texas has been defined as reshaping the world’s energy landscape. The result is the pumping of more oil out of the U.S., making the country less reliant on imports from the Middle East. According to reports, the combined output of the Permian and Eagle Ford (the south Texas oil field) is expected to be 5.6 million barrels per day in 2019. That will see the Lone Star State producing over half of America’s entire oil production. In comparison, Iraq is producing 4.8 million barrels per day while Iran is on track for 3 million a day.
2018/09/26: The energy lessons here are many.
The industrial whale business tells us, for example, that human economies don’t respond to the depletion of any commodity with alacrity. Or reason.
The discovery and mining of petroleum could have prevented the slaughter of nearly three million whales in the 20th century, but it didn’t.
Just because a substitute exists — kerosene for whale oil or renewables for some fossil fuels — doesn’t mean the market will use them for conservation purposes.
The factory ship and its fleet could not exist without fossil fuels, which powered the whole operation and allowed for long-duration storage of whale products by running freezers (for meat) and processing whale oil so it would not become rancid.
The prospect of regulating whaling also provided whalers with an extra incentive to catch as many whales as they could before the regulations came into force.
Economists now call this perverse response to resource depletion the “green paradox.”
German economist Hans-Werner Sinn, for example, argues that society is playing out the same game with fossil fuels.
policies aimed at reducing future demand for fossil fuels could backfire by inducing resource owners to bring forward their extraction plans, thus accelerating global warming. In fact most oil-exporting nations such as Canada want to build more pipelines and export more carbon-heavy fuels as quickly as possible.
Technological innovations don’t retire resources or lead to conservation but increase production so as to increase revenue.
The widespread expectation that new technologies will help societies overcome environmental problems reflects the still common assumption that technologies will principally have the consequences intended by those who develop and/or deploy them.
Real change, he writes, “may require active suppression of fossil fuel use, such as by restricting the amount of fossil fuel that can be extracted.”
Novecento litri di carburante da una tonnellata di rifiuti. è la sfida di un'azienda svizzera che sbarca in Italia
If car manufacturers are right about the prospects for electric vehicle sales, an oil price crash won't be far behind.
Research shows paints, perfumes, sprays and other synthetic items contribute to high levels of 'volatile organic compounds' in air
by James Corbett corbettreport.com November 12, 2017 Saudi Arabia, May 2017. A private yacht sails into the port by corbettreport
A key geopolitical axis is swiftly shifting...
A groundbreaking study in Elsevier's Ecological Economics journal by two French economists, for the first time proves the world has passed a point-of-no-return in its capacity to extract fossil fuel
Energy is often called the 'lifeblood' of civilisation, yet the overconsumption of fossil energy lies at the heart of two of the greatest challenges facing humanity today: climate change and peak oil.
The Peak Oil story got some things right. Back in 1998, Colin Campbell and Jean Laherrère wrote an article published in Scientific American called, "The End of Cheap Oil." In it they said: Our analysis of the discovery and production of oil fields around the world suggests that within the next decade, the supply of conventional oil
The recent EIA drilling productivity reports show a peaking of shale oil production in the main production regions. https://www.eia.gov/petroleum/drilling/
Fig 1: Bakken production change from old/new wells The 1st panel...
Il 17 aprile gli elettori sono chiamati a votare sì o no per il referendum "sulle trivelle", per abrogare un articolo della Legge di stabilità che toglie le scadenze delle concessioni di coltivazioni di gas e petrolio entro le 12 miglia dalle coste italiane. Se non si raggiungerà il quorum (50%) o vincerà il NO, le concessioni scadranno alla "fine utile dei giacimenti".
Economic growth never seems to be as high as those making forecasts would like it to be. This is a record of recent forecasts by the International Monetary Fund: Figure 2 shows world economic growth on a different basis--a basis that appears to me to be very close to total world GDP, as measured in
Google for "US energy independence" and you will get 134k results, "US self sufficiency" yields 10k results. Here are some examples of what the media reports: In Aljazeera's Inside Story,...
2016/01/12: a story that passed largely unnoticed in our American world. Sitting atop some of the planet's great oil reserves and getting 73% of their revenues from oil sales (income that dropped by 23% last year), the Saudi royals just hiked the domestic price of gas at the pump by 40%. Though it still remains dirt cheap by global standards, that act -- which is like charging for salt water in the middle of the ocean -- is an indication that something startling is going on. And note that, in the years to come, that kingdom's rulers are planning to cut back on similar subsidies for “electricity, water, diesel, and kerosene.” In other words, the world’s largest oil producer and a country of striking wealth (and foreign reserves) no longer feels comfortable giving away gas to its own population, even though this is part of a bargain it struck long ago for peace in the kingdom.
And the reason for this has little to do with Iran or Syria or Yemen or Iraq or the Islamic State. The problem is far more basic, as TomDispatch’s resident energy expert Michael Klare points out today. It’s the price of oil, which in the last 18 months has dropped through the floor. In a sense, the oil business -- with its constellation of giant energy firms, until recently among the most profitable companies in history, and its energy-producing states, until recently riding high -- may prove to be the natural-resource equivalent of a failed state, and, as Klare makes clear, the changing economics of oil will transform the political face of the planet. So keep your eye on Saudi Arabia. Things there could get ugly indeed.
While Saudi officials contemplate whether or not to sell shares in their massive energy company - Aramco, some experts suggest that Riyadh may have underestimated Western investors' concerns about the company's secrecy, corruption, and the global oil glut.
Druid perspectives on nature, culture, and the future of industrial society
The traditional understanding of supply and demand works in some limited cases--will a manufacturer make red dresses or blue dresses? The manufacturer's choice doesn't make much difference to the economic system as a whole, except perhaps in the amount of red and blue dye sold, so it is easy to accommodate. A gradual switch in