The era of cheap oil is rapidly coming to an end, ushering in ‘economic peak oil’ – the point at which the cost of incremental supply exceeds the price economies can pay without significantly disrupting economic activity at a given point in time.
•Big Coal in big trouble as coal production costs rise •Obama, Romney avoid hard truths about energy •Japan kicks off winter energy-saving campaign •Full Text: China’s Energy Policy 2012
Somewhere in the midst of watching the Weather Channel’s reporting on the approach of Superstorm Sandy, I was struck by the lack of meteorologists saying anything about what was behind the highly unusual phenomenon that was unfolding.
*The murky future of U.S. shale gas
*After the Boom in Natural Gas
*US natural gas boom claims first nuclear plant
*Report sees economic boost from unconventional oil and gas
*US fracking sites impact health – report
*UK public favours wind turbines over shale gas wells, poll finds
No, shale gas won’t entirely go away anytime soon. But expectations of continuing low prices are about to be dashed. And notions that the U.S. will become a major gas exporter, or that we will convert millions of cars and trucks to run on gas, now ring hollow.
A midweek roundup of peak oil news, including:
-Developments this week
-How To Destroy Rivers Communities Softly, Softly
-Nigeria oil spills: Shell rejects liability claim
-Top Kill [Afternoon Drama]
-Invasion of Iraq causes epidemic of birth defects
-Ecuador Oil Pollution Case Only Grows Murkier
-Richmond Refinery Fire Unites Communities Divided
An analysis of Leonardo Maugeri’s optimistic forecasts on oil production, which have been trumpeted in the media.
Jean Laherrère, a retired petroleum engineer, worked 37 years for TOTAL on exploration and production of oil and gas.
Post Carbon Senior Fellow Richard Heinberg took his challenging and compelling messages on resilience, sustainability and a healthy future to Auckland, New Zealand. He asked and answered some of the most challenging questions we face today.
A weekly review including:
-Oil and the Global Economy
-The Middle East
-Quote of the Week
-U.S. Plunge in Gas Drilling Means $1 Billion Lost Profit
-Germany Balks on Natural Gas Bonanza
-Shale Gas Industry Brings PSYOPs and Spy Ops to Poland
-Shale gas report rules out moratorium
-Collectively Photographing Fracking
But there is a curious sensation around. You know, it is like one of those disaster movies; those where you know that the tsunami will arrive, or the dam will burst, or the volcano will erupt right under Los Angeles. Before the catastrophe, you see people worried about their everyday things; oblivious of the impending disaster. And yet, there are ominous signs all over that “something” is going to happen.