Oil

The week of the game changer in oil, or was it?

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This past week was supposedly the week of the game changer in the world of oil. Leaked U.S. diplomatic cables from Saudi Arabia called into question the ability of the globe’s largest oil exporter to raise production to satisfy a world increasingly thirsty for petroleum. In the United States a technique called hydraulic fracturing–which has seemingly unlocked vast natural gas resources–will now be applied to oil trapped in shale deposits. Are these two developments really the so-called game changers they are claimed to be?

Paul Erhlich interview- Humanity on a tightrope

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There is no question our food system is incredibly dependent on fossil fuels, and we are not showing any sign of transitioning off of them. Which means that the fossil fuels get more expensive, scarcer, and more importantly, as the climate system changes ever more rapidly, it’s going to clobber agriculture. You clobber agriculture where people get hungry and have nuclear weapons – and you can paint your own scenarios. They are not going to be painted in sky-blue happy colors.

Preface to a Prelude to Peak Oil

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Prelude may be the first thriller novel explicitly about peak oil (numberless thrillers concern the nefarious machinations of international oil conglomerates — ultimately those are stories about peak oil too). It follows a short period in the life and career of Cassie Young, an oil industry analyst based in Washington, DC.

ODAC Newsletter – Feb 11

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Saudi Arabia’s recoverable oil reserves may have been overstated by 40%. That was the warning sent to Washington from its embassy in Riyadh in 2007, according to a cable released by Wikileaks this week. The source was Sadad al-Husseini, former head of E&P at Saudi Aramco, who allegedly told US diplomats in Riyadh that Saudi’s claimed reserves of some 700bn bbls were overinflated by 300 billion barrels of ‘speculative resources’, and that output would peak once the kingdom had produced half of its original proven reserves of 360bn barrels. With 116bn produced so far, the diplomats concluded that on this basis Saudi’s peak could come in the early 2020s.

Digging out the truth about Saudi oil

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A senior Saudi Arabian oil official said in 2007 that the kingdom has 388 billion barrels of recoverable crude oil reserves, about 45 percent more than official public estimates. But about the same time, a retired Saudi Aramco executive met with U.S. diplomats in Dhahran, and asserted that Saudi figures in general are wildly overblown, and that his country is headed for a production peak around 2020, followed by a slow decline, according to new Wikileaks cables. The issue is pivotal.

Energy funds, energy flows

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The recent report from World Wildlife Fund insisting that the world can transition to renewable energy while maintaining current developed world lifestyles and abolishing Third World poverty is simply one more in a long series of loudly heralded cornucopian fantasies well detached from the hard realities of the industrial world’s predicament. The sheer amounts of cheap energy that modern civilization has to hand has blinded too many people to the fact that “vast” and “infinite” are not synonyms — and that blindness has significant implications for the near future.

To ‘Frack’ or not to ‘Frack’?

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Ohio, the home of John D. Rockefeller’s Standard Oil, and site of the world’s largest oil-producing provinces in the late 19th century, is again at the center of the action in domestic fossil fuel production as a controversial drilling technique, known as fracking, is draining Ohio’s remaining oil and gas reserves. With global oil production peaking and the number of new large oil finds dwindling, is increased domestic production in Ohio and other states through fracking a vital contribution to our energy security, or a fate to be fought?