Insight and inspiration in turbulent times.
Oil prices fell below $70/barrel this week before recovering slightly. The drop reflected market nervousness about the gravity of the Euro crisis and its potential impact on the global economy, coupled with continued high US crude oil stocks. In the meantime all eyes continue to be focused on the Gulf of Mexico where challenges to BP’s estimate of the size of the oil spill is further damaging the credibility of the company…
While lying awake late at night worrying about what kind of world my children will inherit, I find it helpful to come up with schemas for the most obvious and inevitable of the large societal problems. It makes them seem slightly more manageable to place them in order of importance, or time. Further, being clear on what are the biggest and most important problems is an essential prerequisite to thinking about solutions: these problems all interact, and solutions to the smaller of them may not be radical enough to address the larger of them.
A midweek roundup of peak oil news, including
-Prices and production
-Deepwater Horizon
-Iranian nuclear fuel
-BP bows to demands from Congress and scientists for live feed of oil leak
-Gulf spill reminds America: The era of ‘easy oil’ is over
-How the global oil watchdog failed its mission (1/3)
-China, not U.S., will be tar sands’ market
-Tar Sands in Your Tank – report by Greenpeace UK
-Financial Hazards Seen in Oil Sands
-Investors reject Royal Dutch Shell oil sands review
Recommendations stemming from the recently announced independent Presidential Commission on the tragedy will likely have much influence on the course of deepwater drilling and thus the availability of oil in the future. Should the Commission conclude that much tougher regulation is necessary, it is difficult to see how the oil industry, even with its considerable clout in the Congress, can resist the calls for reform. Oil might just become far scarcer and more expensive five years from now than most of us think.
We were recently reminded yet again that regarding the Earth’s biodiversity crisis, we need to get used to failure.
Hayward is apparently completely unaware of the growing realization by everybody else that his monomaniacal quest for cost-cutting, corner-cutting, and profits was the proximate cause of this disaster, which, it must be pointed out, killed 11 people.
Yes, the oil spewing up from the floor of the Gulf of Mexico in staggering quantities could prove one of the great ecological disasters of human history. Think of it, though, as just the prelude to the Age of Tough Oil, a time of ever increasing reliance on problematic, hard-to-reach energy sources. Make no mistake: we’re entering the danger zone. And brace yourself, the fate of the planet could be at stake.
One of the most stunning outcomes of the now month-long oil spill in the Gulf of Mexico is the utter reversal of corporate images it has generated. At once, Exxon — for two decades tarred as the callous, greedy and dirty culprit in the Valdez oil spill in Alaska — is regarded in expert circles as the squeaky clean, state-of-the-art, cutting-edge model of safe, environmentally friendly oil drilling. And BP — which spent tens of millions of dollars under former CEO John Brown successfully branding itself as the green, publicly interested conscience of the industry — is now the poster child of the devil-may-care, dollar-grubbing, environmentally and labor unfriendly oil company.
It’s been almost a month since the sirens of the Deep Water Horizon oil rig in the Gulf of Mexico lacerated the night with tortured warnings of impending doom. Chief electronic technician Mike Williams, who nearly perished in the catastrophe, recounted in excruciating detail on CBS’s 60 Minutes on May 16 the horror of that night and the appalling negligence that contributed to the worst human-made disaster in recorded history.
Sometime within the next two weeks the free-flowing Deepwater Horizon well could surpass the second largest oil spill in history. Indeed, if we assume the highest independently measured estimates of the leak’s flow rate, Deepwater Horizon may have already released 84% of the total petroleum that was dumped into the Gulf of Mexico by the Ixtoc I, a similar rig blow-out that occurred in 1979.
