Keyword: peakoil

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  • 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 ^ | 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 ^ | 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 ^ | 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...
  • As Fracking Rises, Peak Oil Theory Slowly Dies

    07/17/2013 5:21:08 AM PDT · by thackney · 43 replies
    Forbes ^ | 7/16/2013 | David Blackmon
    On July 3, the administrators of The Oil Drum, a blog/discussion forum site dedicated to and frequented by those who advocate for “Peak Oil” theory, announced the site would close at the end of July, marking an end to an eight-year existence. During that period of time, “Peak Oil” theory has basically gone the way of the California Condor, from widespread existence and acceptance in the oil and gas environment to near extinction as its environment has dramatically shifted thanks to the discovery of and ability to access massive oil shale reservoirs not just in the United States, but all...
  • Russia’s Rosneft At It Again, To Sink Billions More In New Oil Fields

    07/16/2013 8:56:06 AM PDT · by KMR · 2 replies
    FORBES ^ | July 16, 2013 | Kenneth Rapoza
    Guys...remember the Peak Oil debates? They seem to have, well, peaked. Check out all the money Russian oil giant Rosneft is throwing around at global oil supplies these days.
  • R.I.P. The Oil Drum 2005-2013 {Peak Oil proclaimers giving up}

    07/05/2013 11:05:18 AM PDT · by thackney · 23 replies
    Red State ^ | July 3rd, 2013 | Steve Maley
    It was with some dismay that I read this morning of the impending end of The Oil Drum, perhaps the leading “peak oil” blog … … due to scarcity of new content caused by a dwindling number of contributors. Despite our best efforts to fill this gap we have not been able to significantly improve the flow of high quality articles. Because of this and the high expense of running the site, the board has unanimously decided that the best course of action is to convert the site to a static archive of previously published material as of 31st July...
  • links COT and new energy breakthrough

    03/09/2013 5:35:57 AM PST · by Kevmo · 20 replies
    LENR Forum ^ | March 8, 2013 | Torkel Nyberg
    Översätt] links COT and new energy breakthrough -------------------------------------------------------------------------------- In Why Are the Big Financial Institutions Selling Oil BIG?, author Torkel Nyberg links oil and low-energy nuclear reactions (LENR) in his analysis of a recent Commitment of Traders (COT) reports. It is a provocative thesis of his that the largest of corporations and financial institutions have inside knowledge of a breakthrough in LENR .... From the article: At some point during the fall of 2010 there was a large policy shift in hedging crude oil on the NYMEX futures exchange by the big banks and the oil companies. Up...
  • Memories of Peak Oil

    02/28/2013 6:23:20 PM PST · by neverdem · 20 replies
    The American ^ | February 21, 2013 | Vaclav Smil
    Is it too much to hope that even some catastrophists and peak-oil cultists will find it impossible to ignore the latest numbers? When the final figures for the fourth quarter of 2012 are in, the world will have a new crude oil production record: the total for the first three quarters was about 1 percent ahead of the 2011 total. This is a remarkable achievement for a commodity with annual output that now surpasses, for the first time ever, 4 billion metric tons and which has been, for decades, the largest source of fossil energy and the most valuable item...
  • Deliverance Day: The New Middle East Of America By 2020?

    02/17/2013 12:59:11 PM PST · by 2ndDivisionVet · 8 replies
    Seeking Alpha ^ | February 17, 2013 | Stephan Dube
    North America has become the fastest growing oil and gas region in the world. Production of shale oil and gas and oil sands resources are increasing year after year as new infrastructures are developed, new extraction technologies are used and more resources are found. The surging supply growth could change North America into the new Middle East by 2020 according to a GPS report produced by Citigroup (NYSE: C). If accurate, the energy industry would generate benefits from exploitation of oil and ensure endless economic wealth for the country. As a matter of fact, crude oil is off its all-time...
  • Peak Oil Bites the Dust

    01/29/2013 5:05:25 AM PST · by Renfield · 19 replies
    The Daily Bell ^ | 1-25-2013
    $20 trillion shale oil find surrounding Coober Pedy 'can fuel Australia' ... Coober Pedy has between 3.5 billion and 233 billion barrels of oil Australia could change from oil importer to exporter ... South Australia is sitting on oil potentially worth more than $20 trillion, independent reports claim - enough to turn Australia into a self-sufficient fuel producer. Brisbane company Linc Energy yesterday released two reports, based on drilling and seismic exploration, estimating the amount of oil in the as yet untapped Arckaringa Basin surrounding Coober Pedy ranging from 3.5 billion to 233 billion barrels of oil. At the higher...
  • Oil Guru Destroys All Of The Hype About America's Energy Boom

    01/21/2013 7:21:50 PM PST · by blam · 42 replies
    TBI ^ | 1-21-2013 | Rob Wile
    Oil Guru Destroys All Of The Hype About America's Energy Boom Rob WileJan. 20, 2013, 10:20 AM Not everyone believes the U.S. is capable of becoming energy independent thanks to its shale oil and gas reserves, as the International Energy Association suggested recently. The math just doesn't work out, they say — America consumes too much. But some are even more skeptical than that. Arthur Berman, an oil analyst with Labyrinth Consulting Services, says the promise of America's shale reserves have been vastly overstated. His main argument: shale is too expensive to drill, and shale wells usually don't last longer...
  • Peak oil and other fallacies: John Kemp

    01/21/2013 6:09:34 AM PST · by thackney · 21 replies
    Reuters ^ | Jan 21, 2013 | John Kemp
    "The limit of production in this country (the United States) is being reached, and although new fields undoubtedly await discovery, the yearly (oil) output must inevitably decline, because the maintenance of output each year necessitates the drilling of an increasing number of wells. "Such an increase becomes impossible after a certain point is reached, not only because of a lack of acreage to be drilled, but because of the great number of wells that will ultimately have to be drilled." This assessment could have been written recently about the outlook for oil production from North Dakota's Bakken formation or by...
  • Coal to challenge oil’s dominance by 2017, says IEA

    12/19/2012 5:07:26 AM PST · by Olog-hai · 10 replies
    Manchester Guardian ^ | Tuesday 18 December 2012 06.01 EST | Fiona Harvey
    Coal is likely to rival oil as the world’s biggest source of energy in the next five years, with potentially disastrous consequences for the climate, according to the world's leading authority on energy economics. One of the biggest factors behind the rise in coal use has been the massive increase in the use of shale gas in the US. Coal consumption is increasing all over the world—even in countries and regions with carbon-cutting targets—except the US, where shale gas has displaced coal, shows new research from the International Energy Agency (IEA). The decline of the fuel in the US has...
  • Stop Worrying About “Peak Oil”

    07/28/2012 8:29:10 PM PDT · by Sark · 37 replies
    Principles & Policy ^ | July 28th, 2012
    For decades, the threat of “peak oil” has hung over policymakers of the developed world. The basic premise of peak oil is simple and difficult to argue with: At a certain point, we’ll extract as much petroleum as possible, and after that “peak,” our rate of extraction will inevitably decline. Since it takes so long for petroleum to develop naturally, there’s for all intents and purposes a finite amount of it on Earth. So, our rate of extraction can’t possibly continue rising forever. At some point, we will hit peak oil. Of course, that’s not the whole theory. Nearly all...
  • Pipeline Flip Turns U.S. Oil World 'Upside Down'

    05/19/2012 1:51:53 PM PDT · by Theoria · 41 replies
    NPR ^ | 18 May 2012 | Jeff Brady
    The U.S. oil boom has created a glut of crude in Cushing, Okla., a major oil storage hub. This sign dubs the city the "Pipeline Crossroads of the World." For years, Cushing, Okla., has been on the receiving end of a 500-mile pipeline funneling oil from the Gulf of Mexico to the American heartland.Starting this weekend, that pipeline will start moving crude in the other direction. That flow reversal could soon have implications at gas pumps around the country."For 40 years, crude oil flowed north," says Philip Verleger, a visiting fellow at the Peterson Institute for International Economics. "Today, oil...
  • GAO To Obama: More Oil Than Rest Of The World

    05/14/2012 7:09:16 PM PDT · by Colonel Kangaroo · 19 replies
    Investor's Business Daily ^ | May 14, 2012 | IBD Editorial
    Energy: The Government Accountability Office tells Congress the Green River Formation out West contains an "amount about equal to the entire world's proven oil reserves." So why are we keeping it locked up on federal lands? Exploding the Big Lie pushed by President Obama that we can't drill our way out of high gas prices because we have but 2% of the world's proven oil reserves, Anu Mittal, GAO director of natural resources and environment, testified before Congress last week that just one small part of the U.S. is capable of outproducing the rest of the planet. That small part...
  • “Peak Oil” hypothesis is following “Peak Gas” into oblivion

    05/03/2012 12:08:05 PM PDT · by Ernest_at_the_Beach · 11 replies
    The k2p blog ^ | February 20, 2012 at 7:52 am
    Oil production from oil shales in North Dakota is increasing rapidly and the much-heralded “peak” of oil production may have to be postponed. Alarmists will not be pleased.“Peak Oil” and “Peak Gas” are the points in time where the production of oil and gas respectively reach a peak and then decline to zero. The concept is based on the normal production cycle of an individual well extrapolated to all the oil and gas existing. The fundamental flaw in these hypotheses when trying to apply them to “finite” and exhaustible resources of any product is of course that: new sources of...
  • A World without Oil: Companies Prepare for a Fossil-Free Future

    04/02/2012 4:44:48 PM PDT · by Olog-hai · 25 replies
    Drivers may hate rising gas prices, but some companies are delighted as they watch the oil price soar. Firms like BMW and Airbus, which are leaders in fuel efficiency. actually benefit from expensive oil. They are just two of a growing number of companies that are already developing technologies for a post-fossil-fuel world. …A few cents more and a liter of super unleaded gasoline will cost German drivers €1.80 (around $9 a gallon). That means that someone driving a BMW 3 Series will have to pay over €110 ($150) to fill up the tank, with its 63 liter (17 gallon)...
  • Iran discovers gas field in Caspian Sea (estimated 50 TRILLION cubic feet of gas)

    12/12/2011 1:19:32 PM PST · by Libloather · 34 replies
    Yahoo ^ | 12/11/11
    Iran discovers gas field in Caspian SeaAP – Sun, Dec 11, 2011 TEHRAN, Iran (AP) — Iran's oil minister says the country has discovered a huge gas field containing an estimated 50 trillion cubic feet of gas in the Caspian Sea. **SNIP** Iran sits atop the world's second largest proven reserves of natural gas and is the second largest OPEC oil producer.
  • Daniel Yergin and Peak Oil - Prophet or Mere Historian?

    09/21/2011 7:16:14 AM PDT · by bananaman22 · 4 replies ^ | 21/09/2011 | John Daly
    On 17 September The Wall Street Journal published a fascinating article on “peak oil,” “There Will Be Oil,” written by Daniel Yergin, chairman of IHS Cambridge Energy Research Associates, an energy research and consulting firm and deserved recipient of Pulitzer Prize for his 1991 book, The Prize: The Epic Quest for Oil, Money and Power. According to The Wall Street Journal, “There Will Be Oil” “is adapted from his new book, The Quest: Energy, Security and the Remaking of the Modern World.” The essay will doubtless have widespread influence amongst prosperous The Wall Street Journal readers, but in his glib...
  • There Will Be Oil (advocates of 'peak oil' have wrongly been predicting a crisis in energy supplies)

    09/19/2011 2:25:22 PM PDT · by SeekAndFind · 46 replies
    Wall Street Journal ^ | 09/19/2011 | Daniel Yergin
    Since the beginning of the 21st century, a fear has come to pervade the prospects for oil, fueling anxieties about the stability of global energy supplies. It has been stoked by rising prices and growing demand, especially as the people of China and other emerging economies have taken to the road. This specter goes by the name of "peak oil." Its advocates argue that the world is fast approaching (or has already reached) a point of maximum oil output. They warn that "an unprecedented crisis is just over the horizon." The result, it is said, will be "chaos," to say...
  • First cargo of Pearl Gas-To-Liquids products ship from Qatar ("Peak Oil" is economic nonsense news)

    06/15/2011 7:01:26 AM PDT · by theBuckwheat · 15 replies
    Oil & Gas Journal ^ | Jun 14, 2011 | OGJ editors
    HOUSTON, June 14 -- Royal Dutch Shell PLC and Qatar Petroleum reported the Pearl gas-to-liquids plant in Qatar’s Ras Laffan Industrial City sold its first commercial shipment of GTL gas oil. The sale marked the start of production of GTL products from the plant. In coming months, production is to ramp up from the Pearl GTL project’s first train, and the second train is expected to start up before yearend. The plant is expected to reach full production capacity by mid-2012. It is the largest energy project ever launched in the Qatar, officials said. Qatar's Minister of Energy and Industry...
  • The Fossil-fuel bonanza makes peak oil theorists look ridiculous. Plenty of Oil right here.

    04/10/2011 6:10:10 PM PDT · by SeekAndFind · 36 replies
    Financial Post ^ | 04/10/2011 | Peter Foster
    In his devastating 2008 book, An Appeal to Reason: A Cool Look at Global Warming, former British Chancellor of the Exchequer Nigel Lawson noted the perhaps unprecedented hypocrisy surrounding the climate issue. “Fortunately,” he concluded, “the gap between rhetoric and reality when it comes to global warming, between the apocalyptic nature of the alleged threat and the relative modesty of the measures so far implemented (not to mention the sublime disregard of international obligations solemnly undertaken), is far greater than I can recall with any other issue in a lifetime of either observing or practising politics.” Even more fortunately, as...
  • The Resurrection of Peak Oil

    02/21/2011 1:51:35 PM PST · by bananaman22 · 7 replies ^ | 21.02.2010 | John Thomas
    It has been a long wait for “peak oilers,” whose passionate belief is that the world will run out of oil in coming years, sending prices through the roof. This splinter religion came into being in 1956 when M. King Hubbert produced some simple supply/demand charts showing that US reserves of Texas tea would dry up by 1965-70, forcing a heavy reliance on imports with which we have become all too familiar. This was later expanded globally, implying that Western civilization would come to a grinding halt. It all seemed very prescient, when in 1973 OPEC raised prices from $3/barrel...
  • Oooops! Saudi oil reserves 'overstated by 40%' (Long suspected, now apparently confirmed)

    02/09/2011 7:52:06 AM PST · by SeekAndFind · 38 replies
    American Thinker ^ | 02/09/2011 | Rick Moran
    As far back as 2004, there was worry that the Saudis were fudging on how much oil they still had in the ground. Thanks to Wikileaks, we now have a little better idea. The Guardian: The US fears that Saudi Arabia, the world's largest crude oil exporter, may not have enough reserves to prevent oil prices escalating, confidential cables from its embassy in Riyadh show.The cables, released by WikiLeaks, urge Washington to take seriously a warning from a senior Saudi government oil executive that the kingdom's crude oil reserves may have been overstated by as much as 300bn barrels -...
  • WikiLeaks cables: Saudi Arabia cannot pump enough oil to keep a lid on prices

    02/08/2011 6:07:47 PM PST · by ErnstStavroBlofeld · 52 replies
    The Guardian ^ | 2/8/2011 | John Vidal
    The US fears that Saudi Arabia, the world's largest crude oil exporter, may not have enough reserves to prevent oil prices escalating, confidential cables from its embassy in Riyadh show. The cables, released by WikiLeaks, urge Washington to take seriously a warning from a senior Saudi government oil executive that the kingdom's crude oil reserves may have been overstated by as much as 300bn barrels – nearly 40%. The revelation comes as the oil price has soared in recent weeks to more than $100 a barrel on global demand and tensions in the Middle East. Many analysts expect that the...
  • Bill Gates Jumps Into Oil Exploration; Brazil's Reserves to Double?

    01/21/2011 8:00:14 AM PST · by Duke C. · 6 replies
    GWPF ^ | Jan 19, 2010 | Al Fin energy
    "...The world is floating in hydrocarbon energy resources. Humans in developed societies must choose between the lefty-Luddite dieoff.orgiast philosophy -- as promoted by Obama's merry band of energy starvationists -- or a cleaner and more abundant future of limitless resources released by the unbound human mind."
  • Part 2 of 2: Surviving martial law

    12/09/2010 3:22:30 PM PST · by harygarfield · 16 replies · 1+ views
    In my last thoughts, Michael Ruppert said in his interview for “Collapse” that the earth's population stayed around a billion people until 1900 when oil was introduced into society, then our population skyrocketed to almost 8 billion people. Once oil is gone, the earth will balance out because oil will be taken out of the equation. Those who have the survival skills will outlast everyone, those who don't may turn into cannibals. It's estimated at current levels that we'll run out of oil between 2035-2055. I think the most important thing to do from here on out is to pass...
  • It Will Take 131 Years To Replace Oil, And We've Only Got 10

    11/14/2010 4:20:08 PM PST · by WebFocus · 107 replies
    Business Insider ^ | 11/14/2010 | Dian L. Chu, Economic Forecast and Opinion
    It seems the panic time for both green enthusiasts and peak oil pundits. According to a new paper by two researchers at the University of California – Davis, it would take 131 years for replacement of gasoline and diesel given the current pace of research and development; however, world's oil could run dry almost a century before that. The research was published on Nov. 8 at Environmental Science & Technology, which is based on the theory that market expectations are good predictors reflected in prices of publicly traded securities. By incorporating market expectations into the model, the authors, Nataliya Malyshkina...
  • 'Peak Oil' and the German Government--Military Study Warns of a Potentially Drastic Oil Crisis

    09/02/2010 5:03:40 AM PDT · by DeaconBenjamin · 15 replies
    Spiegel ^ | 09/01/2010 | By Stefan Schultz
    A study by a German military think tank has analyzed how "peak oil" might change the global economy. The internal draft document -- leaked on the Internet -- shows for the first time how carefully the German government has considered a potential energy crisis. * * * The study is a product of ... a think tank tasked with fixing a direction for the German military. The team of authors ... uses sometimes-dramatic language to depict the consequences of an irreversible depletion of raw materials. It warns of shifts in the global balance of power, of the formation of new...
  • They Died Before the Oil Ran Out

    08/17/2010 9:18:08 AM PDT · by Faketan · 32 replies ^ | 08/16/2010 | Llewellyn King
    There is an open secret in the oil industry that dare not speak its name: peak oil. Well, two did speak its name and gained no acclaim for it. One, M. King Hubbert, died years ago. The other and the most controversial, Matthew Simmons, died at his Maine summer home Aug. 8. The peak oil idea is simple: Oil is a finite commodity, and one day we are going to use up all of it. Hubbert, a geologist, began speculating on the effects of the gradual decline in worldwide production in the 1950s. He expressed this in a simple graph,...
  • U.S. Dollar Crash Is Not Going To Happen

    10/22/2009 10:47:47 AM PDT · by blam · 22 replies · 2,022+ views
    The Market Oracle ^ | 10-22-2009 | Mike Whitney
    U.S. Dollar Crash Is Not Going To Happen Currencies / US Dollar Oct 22, 2009 - 01:26 AM By: Mike_Whitney The dollar is not going to crash. In fact, many economists believe that the dollar will rally when the Fed ends its quantitative easing program (QE) sometime in early 2010. The Fed is on track to buy nearly $2 trillion dollars of mortgage-backed securities, US Treasuries and agency debt. In other words, the Fed is printing money and pumping it into the housing market to keep the market from collapsing. This keeps interest rates low, but it also weakens the...
  • The Myth of US High Speed Rail

    07/25/2010 6:38:48 PM PDT · by PugetSoundSoldier · 108 replies · 3+ views
    My Blog - Simply Shrug ^ | July 26, 2010 | PugetSoundSoldier
    There's a big push in some corners of the US transportation industry to "bring high speed rail to America". Visions of relaxed, latte-sipping trips over the nation, no lines for security, low cost trips are certainly heady ideas, but do they bear out? Let's take a critical, cold, calculating look at the reality of the situation. As many know, I split my time between the US (Seattle, WA area) and Asia (predominantly Shanghai, China). China's been on a high speed rail building frenzy recently, and there are thousands of kilometers of line laid, with thousands more to come. Soon most...
  • OPEC Going Sideways: Not a Good Time for Oil Importers

    07/17/2010 9:54:12 AM PDT · by profgoose · 2 replies
    The Oil Drum ^ | 17 JUL 2010 | Matt Mushalik
    OPEC tells us it has lots of spare capacity, but how much should we believe them? Even when prices were much higher than they are now, back in 2008, they did not make use of all of the spare capacity that they supposedly had. Figure 1 When one looks at a history of estimates of future productive capacity, we find too, that they have tended to decrease over time (up until the new 2010 report)--also raising questions about current estimates. The International Energy Agency (IEA) recently put out its Mid Term Oil and Gas Market Report 2010 (MTOMR 2010). Although...