Insight and inspiration in turbulent times.
“Everybody gets peak oil in some sense because, you know, what’s BP doing drilling in a mile of water at the Macondo well, or planning to develop the Tiber field which is much deeper below the ocean floor? Or for that matter, what’s Suncor doing in the tar sands? We’re there because that’s all that’s left. They may not want to articulate it as peak oil, but their actions speak louder than their words.”
Many energy experts contend natural gas is the ideal fuel as the world makes the transition to renewable energy. But since much of that gas will come from underground shale, potentially at high environmental cost, it would be far better to skip the natural gas phase and move straight to massive deployment of solar and wind power.
The IEA’s latest medium term report on oil and gas presents a rosier outlook than before. The supply-demand balance will be easier than previously forecast, the Agency now says, as continuing economic weakness dampens demand growth, and stronger oil prices encourage more investment in production capacity. But the report hedges its optimism, warning that potential geopolitical eruptions, and ripple effects from the Deepwater Horizon disaster on offshore drilling remain as risks…
Natural gas is regarded as a relatively environmentally friendly way of generating electricity. Gas burns cleanly without many of the problems associated with coal.
A U.S. federal judge has blocked the six-month moratorium on offshore oil drilling, just as more credence is being given to the notion that the Deepwater Horizon disaster has resulted in multiple leaks on the seafloor – due to well casing damage – making containment a munch lengthier process.
A midweek roundup of peak oil news, including:
-Prices and production
-Deepwater Horizon
On June 15th, in their testimony before the House Energy and Commerce Committee, the chief executives of America’s leading oil companies argued that BP’s Deepwater Horizon disaster in the Gulf of Mexico was an aberration — something that would not have occurred with proper corporate oversight and will not happen again once proper safeguards are put in place. This is fallacious, if not an outright lie.
What would make the difference between the worst and best cases? That difference would flow not just from a single factor, but from a confluence of many through three main tributaries: luck, competence, and courage.
The Barton incident is instructive for it raises questions about the role of government and the force of political ideology in what soon will be an era of oil depletion and increasing economic hardship. … Take away steadily increasing oil supplies and the bedrock of conservative economic theory becomes a fantasy.
When Big Oil breaks ranks, and one partner in a world-class deal accuses the other of gross negligence, you know that fear has overcome the industry. But fear of what? One presumes it’s the permanent loss of future — or even currently permitted — drilling rights in the Gulf of Mexico because of the disastrous oil spill, in addition to offshore deals around the world. After all, as I’ve written here before, the primacy of Big Oil rests on its claim to technological superiority.
The U.S. political economy is failing across a broad front—environmentally, socially, economically, and politically. Deep, systemic change is needed to transition to a new economy, one where the acknowledged priority is to sustain human and natural communities. Policies are available to effect this transformation and to temper economic growth and consumerism while simultaneously improving social well-being and quality of life, but a new politics involving a coalescing of progressive communities is needed to realize these policies.
A weekly roundup of peak oil news, including:
-Oil and the global economy
-Deepwater Horizon
-Peak oil and the President’s speech
-Quote of the week
-Briefs
