Insight and inspiration in turbulent times.
With global warming driving down the demand for natural gas as a home heating fuel and natural gas drillers producing record amounts, an oversupply situation has developed quickly. Stocks of natural gas are rising. As a result natural gas prices have fallen way below profitability and drillers are scrambling to cut back production.
-France discussing strategic oil release with UK, U.S.
-Oil Futures Spark Debate on $100 Level
-South Sudan oil field “bombed”, Sudan says hopes to avert war
-Tanker drivers’ dispute: Acas invites oil firms and union to talks
-Report: Gulf Oil Spill Killed Life Deep Beneath Sea Level
-Shell Sued in U.K. Over ’Massive’ 2008 Nigerian Oil Spills
-World oil import bill heading for record $2 trillion
-Flare still burning on North Sea gas leak platform
-“May be months” to stop North Sea gas cloud – Total
-Total’s UK outage cuts Forties oil supply -traders
A crisis situation has developed at a gas and condensate production platform in the Elgin field in the North Sea. Gas is leaking out of a well near a offshore platform at a rate of approximately 2 kilograms per second (12 MMCF/day if gas), and a large sheen (assumed to be condensate) has been observed on the water. All workers on Total’s Elgin PUQ (production-utilities-quarters) Platform plus those on the Rowan Viking drilling rig, which had been working next to it, have been evacuated. On Monday, workers on a platform and drilling rig at the Shell-operated Shearwater field (4 miles / 6.4 km away) were also evacuated. There is currently a two-mile vessel exclusion zone around the site and a no-fly zone.
A number of economists and commentators have mocked the idea that the "housing crash" was started by an oil price shock. Profs. Stock and Watson analyze the data and conclude that 1) it was actually a fairly typical recession, though unusually deep because of one or more very large shocks, and 2) the most likely initial cause was a significant oil price shock.
Abstract: The Deepwater Horizon incident demonstrated that most of the oil left is deep offshore or in other locations difficult to reach…In this regard, the physical limitations on producing ever-increasing quantities of oil are highlighted, as well as the possibility of the peak of production occurring this decade. The economics of oil supply and demand are also briefly discussed, showing why the available supply is basically fixed in the short to medium term. Also, an alarm bell for economic recessions is raised when energy takes a disproportionate amount of total consumer expenditures. In this context, risk mitigation practices in government and business are called for.
-Link builds between weather extremes and warming
-Met Office: World warmed even more in last ten years than previously thought when Arctic data added
-EPA Said to Be Close to Limiting U.S. Greenhouse-Gas Emissions
-James Hansen: Why I must speak out about climate change- Ted talk
-Post Carbon Pathways? Necessary. Possible. Urgent – Report
I wrote the following letter to my granddaughter, Madeline, who is almost four years old. Although she cannot read it today, I hope she will read it in a future that proves so much better than the one that is probable, and so terribly unfair. I’m sharing this letter with other parents and grandparents in the hope that it may move them to embrace their roles as citizens and commit to the hard work of making the planet viable, the economy equitable, and our culture democratic for the many Madelines to come.
While it’s understandable to focus on a single problem, what succeeds in providing domestic energy may, for example, worsen global warming. Thus, we find triumphant articles that celebrate energy independence, as if extracting more domestic fossil fuel were an overall solution rather than, as it is, a continuation of a problem of a different kind.
Let’s scrap the misleading language of “creating more resources.” When was the last time you made a fish or some oil? Instead, let’s try and get a real sense of what high oil prices are driving us to do – digging around in our couch cushions for loose change.
A weekly roundup of peak oil news, including:
-Oil and the global economy
-The Iranian confrontation
-Gasoline and the US economy
-Quote of the week
-Briefs
You may say you want a revolution, but generally you don’t. Predictably, fracking—the high-pressure injection of massive amounts of water, sand, and toxic chemicals a mile underground, a technology first developed to unlock Rockies tight gas—has sparked controversy.
