Keyword: peakoil

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  • Underclothes That Display The 4th Amendment When X-Rayed by TSA

    04/24/2017 10:08:23 PM PDT · by vannrox · 43 replies
    Laughing Squid ^ | 29NOV10 | Scott Beale
    4th Amendment Wear is a series of underclothes that have the Fourth Amendment to the United States Constitution printed on them with metallic ink that so that it will show up when worn through a TSA X-Ray machine. The clothes are designed as a silent protest against the new reality of being searched to the point where we’re basically naked. We don’t intend for this to be anything more than a thought-provoking way to fuel the debate about safety vs. civil liberties. If we sell a few items, great. But the main intention is to open more dialogue. It’s more...
  • The largest oil deposit ever found in America was just discovered in Texas

    11/18/2016 11:34:24 AM PST · by Lorianne · 49 replies
    Business Insider ^ | 16 November 2016 | Akin Oyedele
    The US Geological Survey said Tuesday that it assessed what could be the largest deposit of untapped oil ever discovered in America. An estimated average of 20 billion barrels of oil and 1.6 billion barrels of natural gas liquids are available for the taking in the Wolfcamp shale, which is in the Midland Basin portion of Texas' Permian Basin. Based on a West Texas Intermediate crude oil price of $45 per barrel, those deposits are worth about $900 billion. US oil exploration companies have flocked to the superrich Permian Basin in recent years and used shale-drilling technology to create an...
  • Like Ebay For Oilfields, EnergyNet Booms As Oil Busts

    06/01/2016 6:47:09 PM PDT · by 2ndDivisionVet · 2 replies
    Forbes ^ | June 1, 2016 | Christopher Helman
    How online auctioneer EnergyNet helps bring liquidity, and recovery, to America’s busted oil patch. In the first 18 months of the oil bust, 70 companies have gone bankrupt, defaulting on $40 billion in debt. A trillion dollars of oil company equity has been wiped out. Layoffs top 200,000. With oil holding at around $45 a barrel, more liquidations are on the way. Already the old guys swear this bust is worse than in 1986, when oil dropped below $25 in today’s dollars. At least one thing is better now: Thanks to the magic of the Internet, it’s easier for cash-strapped...
  • Janet Yellen says Fed could raise rates in coming months

    05/27/2016 4:16:45 PM PDT · by Olog-hai · 33 replies
    Associated Press ^ | May 27, 2016 4:08 PM EDT
    Federal Reserve Chair Janet Yellen said Friday that an interest rate hike would be appropriate in the coming months if the economy keeps improving. While economic growth was relatively weak at the end of last year and beginning of this year, it appears to be picking up now based on recent data, Yellen said during a discussion at Harvard University. She said she expects the Fed to “gradually and cautiously increase” its key interest rate “and probably in the coming months, such a move would be appropriate.” …
  • A quick reminder on 'peak oil' (Another doomsday prediction that was proven wrong)

    01/21/2016 6:57:52 AM PST · by doldrumsforgop · 33 replies
    am thinker ^ | 1/21/16 | h percy
    The Wall Street Journal recently printed an excerpt from "The Next Oil Crisis Looms Large – and Perhaps Close," printed in the Aug. 28, 1998 issue of Science magazine. According to a study from the International Energy Agency of the Organization for Economic Cooperation and Development, "sometime between 2010 and 2020 the gush of oil from wells around the world will peak at 80 million barrels per day, then begin a steady, inevitable decline." Well, not quite. According to the U.S. Energy Information Administration, in 1998, when the article was written, global oil production was 75.7 million bbl/day. In 2014...
  • Oil companies scrap $380 billion in new projects, Wood Mac says

    01/15/2016 5:31:42 AM PST · by thackney · 6 replies
    Fuel Fix ^ | January 14, 2016 | Collin Eaton
    Oil companies have scrapped $380 billion in new projects since the oil-market downturn began a year and a half ago, Wood Mackenzie said Thursday. The energy research firm's dollar-figure estimate has nearly doubled since its first report on the matter last July, as oil prices crashed from around $60 a barrel in the summer to about $30 a barrel this week. About $170 billion of the scrubbed projects had been scheduled to come into production from 2016 to 2020. That means 2.9 million barrels a day that the industry had planned to bring up won't hit the market until after...
  • U.S. Oil Prices Drop Below $32 a Barrel

    01/11/2016 8:49:32 AM PST · by Citizen Zed · 32 replies
    wsj ^ | 1-11-2016 | NICOLE FRIEDMAN
    U.S. oil prices dropped below $32 a barrel Monday for the first time since 2003 on a stronger dollar and continued concerns about Chinese demand. Prices slumped to 12-year lows this month as the global glut of crude that has weighed on oil prices for more than a year continues to persist.
  • So, I Guess We're Not Running Out Of Oil After All

    12/29/2015 1:49:02 PM PST · by Kaslin · 27 replies
    Townhall.com ^ | December 29, 2015 | Matt Vespa
    If you read Stephen Moore's column, he noted how the consensus over oil is wrong. We're not running out of oil. In fact, many have been saying we're going to run out since the 1930s: These stupid predictions of the end of oil have been going on for most of the last century. Just over 100 years ago, the U.S. Bureau of Mines estimated total future production at 6 billion barrels, yet we've produced more than 20times that amount. In 1939 the Department of the Interior predicted U.S. oil supplies would last 13 years. I could go on. […] The...
  • Irving-based oil driller files for bankruptcy, citing $1.1 billion in debts

    12/15/2015 12:51:34 PM PST · by PAR35 · 13 replies
    Dallas News ^ | 15 December 2015 | Dawn McCarty and Tiffany Kary
    Irving-based Magnum Hunter Resources Corp., an oil and gas explorer once heady with spending amid the U.S. shale boom, filed for bankruptcy as its heavy debt load was exacerbated by the glut in cheap energy. The company said Tuesday that it has the support of a majority of its lenders for a turnaround plan. Holders of 75 percent of the company's debt have agreed to support the restructuring, which calls for a $200 million loan to keep Magnum Hunter operating in bankruptcy, according to a statement. The loan will convert to equity in a new, reorganized company in a process...
  • Warning: Half of oil junk bonds could default

    12/09/2015 10:02:37 PM PST · by PAR35 · 13 replies
    CNN ^ | December 10, 2015: 12:36 AM ET | Matt Egan
    ... It's fueling financial turmoil on Wall Street with Standard & Poor's Ratings Service recently warning that a stunning 50% of energy junk bonds are "distressed," meaning they are at risk of default. Overall, about $180 billion of debt is distressed. It's the highest level since the end of the Great Recession and much of it is in energy companies. ... Not a repeat of 2008...
  • The retreat of ‘peak oil’

    06/15/2015 5:35:45 AM PDT · by bestintxas · 25 replies
    nat review ^ | 6/14/15 | Robert J. Samuelson
    The recent OPEC meeting provides an opportunity to understand the mysteries of the global oil market. As expected, OPEC decided not to cut its oil production. Barring unanticipated developments, prices will drop, says oil analyst Larry Goldstein. Potential oil supply, including drawdowns from bloated inventories, exceeds demand. Goldstein rightly cautions, however, that no one knows where prices will settle. Oil’s dramatic price changes seem baffling. In mid-2014, crude prices averaged around $100 a barrel; now, they’re gyrating between $50 and $60. Over the same period, U.S. gasoline prices have dipped from more than $3.50 a gallon to around $2.50. With...
  • Is Elon Musk Just A Billionaire Welfare King?

    06/12/2015 9:27:31 PM PDT · by Rabin · 32 replies
    oilprice.com ^ | 11 June 2015 | Gaurav Agnihotri
    Elon Musk our billionaire, whose Stimulus funded Tesla Motors, Solarandra City and (only option to Russia, NASA is out) Space X has received $4.9 billion in FedSlush. Is Elon Musk a billionaire welfare queen of Federal grants, discounted loans, tax breaks, government RICO & Carbon credits? Tesla is set to receive an incentive worth $1.3 billion from the state of Nevada. Anyone who buys a Tesla gets a $7,500 federal income tax credit, Californians receive an additional rebate of $2,500 from the state. In all, Tesla Motors Inc. has received close to $2.391 billion in form of government subsidies. SolarCity,...
  • Oil Markets Can’t Ignore The Fundamentals Forever

    05/25/2015 11:59:22 AM PDT · by bananaman22 · 18 replies
    Oilprice.com ^ | 25-5-2015 | Arthur
    Storage withdrawals and falling rig count have been the main sources of hope that U.S. tight oil production will fall and that oil prices will rebound. That hope is fading as it is now clear that recent withdrawals from U.S. crude oil storage are because of price, not falling supply, and that the drop in rig count has stalled. Figure 1 below shows the relationship between U.S. crude oil storage inventory and WTI price. The thinking around recent withdrawals from storage is that this reflects depleting supply. The data, however, reflects that traders were storing crude oil during the price...
  • Kemp: US Oil Production Is Probably Peaking Right Now

    04/08/2015 9:17:19 AM PDT · by thackney · 22 replies
    Reuters via Rig Zone ^ | April 08, 2015 | John Kemp
    ...Output will average 9.37 million barrels per day (bpd) in April and the same in May before falling to 9.33 million bpd in June and 9.04 million bpd by September, the EIA predicted in the April edition of its Short-Term Energy Outlook (STEO).... Production is forecast not to exceed this month's level for another 18 months. The EIA has cut its forecast for the end of 2016 by 230,000 bpd compared with three months ago... It is unlikely a halving of the rig count can be completely offset by greater target selectivity and other efficiency improvements such as employing only...
  • Why Oil Prices Must Go Up

    02/18/2015 4:31:56 AM PST · by thackney · 57 replies
    Real Clear Energy ^ | February 18, 2015 | Nick Cunningham
    It may be difficult to look beyond the current pricing environment for oil, but the depletion of low-cost reserves and the increasing inability to find major new discoveries ensures a future of expensive oil. While analyzing the short-term trajectory of oil prices is certainly important, it obscures the fact that over the long-term, oil exploration companies may struggle to bring new sources of supply online. Ed Crooks over at the FT persuasively summarizes the predicament. Crooks says that 2014 is shaping up to be the worst year in the last six decades in terms of new oil discoveries (based on...
  • US-Saudi Arabia: Winter Is Coming

    12/23/2014 4:53:44 AM PST · by thackney · 26 replies
    Energy Intelligence ^ | December 2014 | Bill Murray
    Republican victories in the US midterm elections in early November and the Saudi Arabia-imposed decision by Opec on Nov. 27 to maintain production at 30 million barrels of oil a day may seem too disconnected and tangential to merit deep consideration of any linkage. But the two political events actually illustrate the slowly diverging paths between the US and Saudi Arabia that could become too entrenched to redirect, and may ultimately destroy or at least permanently alter one of the most important remaining strategic constants in the world since 1945 — America's security guarantee of Saudi Arabia and its energy...
  • Everything Liberals Have Told Us About Energy Is Wrong

    12/02/2014 12:13:19 PM PST · by george76 · 22 replies
    Federalist ^ | December 2, 2014 | David Harsanyi
    In a chilling 2010 column, Paul Krugman declared: “peak oil has arrived.” So it’s really not surprising that the national average for a gallon of gas has fallen to $2.77 this week – in 10 states it was under $2.60 – and analysts predict we’re going to dip below the two-dollar mark soon. U.S. oil is down to $75 a barrel, a drop of more than $30 from the 52-week high. Meanwhile, the Institute for Energy Research estimates that we have enough natural gas in the U.S. to meet electricity needs for around 575 years at current fuel demand and...
  • Kemp: Peak Petroleum Engineer? Or Still Time to Join the Boom?

    07/17/2014 4:58:32 AM PDT · by thackney · 6 replies
    Reuters via Rig Zone ^ | July 17, 2014 | John Kemp
    Petroleum engineers are among the best paid professionals in the United States. Only chief executives and some specialist doctors earned more last year, according to federal government pay data. Petroleum engineers were paid an average of $132,000 a year, with the top 10 percent on more than $187,000, according to the Bureau of Labor Statistics (BLS). These figures include everyone from the newest graduates to the most experienced engineers with decades of experience, and are based on median earnings in May 2013. Petroleum engineers earned almost four times as much as the average employee across the economy, who was on...
  • Peak Oil 3: Has Production Peaked?

    06/27/2014 9:14:34 AM PDT · by thackney · 23 replies
    Forbes ^ | 6/27/2014 | Michael Lynch
    The remnants of the peak oil community cling avidly to the belief that oil production has already peaked and that high prices prove this. “Look at the data” seems to have become a catechism amongst them, and it can be hard to dissuade them otherwise, especially by considering more than one variable as explaining oil supply and price. Most anyone can understand that high oil prices are no more an indicator of resource scarcity than the occasional spike in coffee, pork or orange juice prices. Things happen that can cause prices to rise for a period before supply and demand...
  • Big Oil Spending More, Getting Less in Production

    05/27/2014 11:15:13 AM PDT · by thackney · 25 replies
    Rig Zone ^ | 5/27/14 | Karen Boman
    Despite increased spending, oil majors are seeing flat or declining production as they struggle to replace reserves, according to a recent analyst report. Exxon Mobil Corp., Chevron Corp., Royalty Dutch Shell plc and BP plc recorded declines in their 2013 production. ExxonMobil reported an average production of 4,175 million barrels of oil equivalent per day (MMboepd), down 1.5 percent from 2012, and Chevron saw its production decline by .5 percent from 2012 to 2013 to 2,597 MMboepd. Shell’s average 3,199 MMboepd of production for 2013 was down 1.9 percent from 2012 levels, while BP saw its production volumes fall to...