Industry

The great carbon bubble: Why the fossil fuel industry fights so hard

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If we could see the world with a particularly illuminating set of spectacles, one of its most prominent features at the moment would be a giant carbon bubble, whose bursting someday will make the housing bubble of 2007 look like a lark. As yet — as we shall see — it’s unfortunately largely invisible to us.

Energy and presidential politics

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Va. Governor Bob. McDonnell is on a GOP VP short list and recently threw his endorsement to candidate Mitt “corporations are people, my friend” Romney. But in an era of energy decline it’s worth learning how heavily Big Coal funds McDonnell, who calls himself a “friend of coal,” and how uncommitted he is to clean energy.

Arthur E. Berman, Petroleum Geologist: Magical Thinking and Fracking

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James Howard Kunstler speaks by phone with Arthur E. Berman, who is a petroleum geologist and consultant to the energy sector; editorial board member of The Oil Drum; associate editor of the AAPG Bulletin; director of The Association for the Study of Peak Oil. Berman has published more than 100 articles on petroleum geology and technology and has made more than 50 presentations in the last year to professional societies, investment conferences and companies. He speaks to Jim tonight about the history of shale gas “fracking” and a lot of the “magical thinking” surrounding the prospects of America becoming “energy independent” through fracking.

Gas boom goes bust

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The current boom in drilling for ‘unconventional’ gas has helped raise US production to levels not seen since the early 1970′s. This has been an incredible boon to consumers and has kept spot prices contained below $5 per million BTU for the past year, recently dropping below $3/mmbtu. Unfortunately, this price is below the cost of production for many of these new wells. When the flood of investment currently pouring into natural gas drilling operations dries up, the inevitable bust will be as scary as the boom was exciting.

ODAC Newsletter Feb 3

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High oil prices ensured that profits at the major oil companies rose again in 2011 – Shell’s full year profits leapt 54% to $28.6 billion while Exxon’s increased 35% to $41.1 billion. With this kind of money at stake it is no surprise it is almost impossible to get a sensible debate about our energy future…

Enemies of the State

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As long as we allow proponents of unconventional oil and gas to claim a false choice between energy and economic security and the environment, and as long as we allow them to vilify opponents as being somehow unpatriotic or radical, we run the very real risk of losing a battle where the future of our planet and species is at stake. Ok, so maybe I am being a little bombastic. But am I wrong?

 

Article in Nature: “Oil’s tipping point has passed”

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The prominent scientific journal Nature has just published an article that supports what we in the peak oil world have been saying for years.

James Murray of the University of Washington and David King of the University of Oxford say that global oil production peaked in 2005 at about 75 million barrels a day.

The “supply of cheap oil has plateaued,” said King. “The geologists know where the source rocks are and where the trap structures are,” according to Murray. “If there was a prospect for a new giant oil field, I think it would have been found.”

(Excerpts from news articles about the article.)

After the nuclear disaster, Japan considers a green future

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Last March, a 9.0 magnitude earthquake and subsequent tsunami left nearly 20,000 dead or missing and destroyed 125,000 buildings in the Tohoku region of Japan. The two disasters also caused three reactors at the Fukushima Daiichi nuclear power plant to melt down, which released dangerous levels of radiation into surrounding areas and led to national power shortages. Tokyo’s iconic neon signs were switched off as rolling blackouts spread across the country. Faced with the greatest reconstruction task since World War II, Japan is asking difficult questions about the future of its energy supply and just what sort of society should emerge from the ruins.