Insight and inspiration in turbulent times.
Exxon Mobil today issued an impressive second-quarter earnings report, with much of the good news again involving a surge in liquid natural gas production from Qatar. It’s further proof that Exxon — along with the rest of Big Oil — has made a big bet that natural gas will be a growth engine for the company in the absence of opportunities in oil. Fast-growing Asia is the big market, with China leading the way.
Another week on and there has been no further leak from the BP Macondo well. Officials are now “optimistic” about preparations for a new attempt at a, with the initial step of pumping mud into the top of the well likely to begin as soon as Sunday. With the leak apparently under control, BP chose this week to announce the inevitable departure of its CEO Tony Hayward, whose replacement by the American Bob Dudley was vital for the company’s damage limitation efforts in the US…
-2050 Pathways Analysis
-UK energy scenarios: working with a flawed model
-DECC publishes plans for achieving 2050 targets
-DECC lays out six possible futures for low-carbon energy
In 1972, the now-classic book Limits to Growth explored the consequences for Earth’s ecosystems of exponential growth in population, industrialization, pollution, food production, and resource depletion. That book, which still stands as the best-selling environmental title ever published, reported on the first attempts to use computers to model the likely interactions between trends in resources, consumption, and population. It summarized the first major scientific study to question the assumption that economic growth can and will continue more or less uninterrupted into the foreseeable future.
Matt Simmons, author of Twilight in the Desert, has long been one of the most famous and influential voices on the subject of peak oil. After the release of his book, Simmons rose to fame as Saudi Arabian oil production declined and global oil prices skyrocketed. However, Simmons has lately been making hyperbolic claims related to the deepwater spill in the Gulf of Mexico. Based on the scenarios Simmons has outlined, he argues for responses such as using a nuclear explosion to seal the well and evacuating 20 million people from the Gulf Coast. Extraordinary responses such as these would impact a great many people, so The Oil Drum staff felt that a critical look at some of Simmons’ claims was in order.
A strategically timed item in the New York Times presents an overview of the geology that makes the Gulf of Mexico so rich in oil, how new technology has enabled us to track these deposits – and the risks we run to extract them. It was published Wednesday [July 28], one day before a special judicial panel in Boise, Idaho began to consider “how to bring order to the hundreds of civil lawsuits” stemming from BP’s Gulf of Mexico oil disaster. The seven judges will “consider which U.S. court, or courts, should oversee hundreds of spill-related suits by injured rig workers, fishermen, investors and property owners,”
Back in December in blisteringly cold Copenhagen, tens of thousands of activists, government workers, lobbyists, and world leaders came together for what many hoped would be a diplomatic breakthrough. Though the weather was cold, conditions seemed ripe: Environmental groups across the globe had worked hard to generate a strong display of public will, culminating in 350.org’s Day of Action earlier in October, which CNN called "the most widespread day of political action in the planet’s history." Bolstered by the announcement that President Obama would attend the talks personally, hopes were high for meaningful engagement on the part of the United States after more than a decade of inaction.
To no-one’s great surprise, BP has fired chief executive officer Tony Hayward – while reporting record losses. Pausing just long enough to negotiate a hefty financial package, said to include a $1.6 million payout in lieu of notice, a $1-million-per-year-pension and shares, he leaves a company fighting for its survival. According to the Guardian newspaper, BP is reporting “the largest losses in British corporate history”…
Dave Pollard’s latest at Salon is an interesting cry in the dark about how hard it is to connect with others when you see collapse coming. My guess is that some of my readers will respond with a great deal of identification, while others will be annoyed by Pollard – but I think it bears some considering.
A weekly roundup of peak oil news, including:
-Oil and the global economy
-the Deepwater Horizon saga
-Energy bill on hold
-Quote of the week
-Briefs
“I don’t know where it’s going. It seems inevitable to me that it is sort of a bubble phenomenon; but bubbles can go on for 25 years or so, even though everyone knows that’s what’s happening. As long a capital markets continue to fund these things it’s going to keep on going. I’m not saying that’s even a bad thing, though I wouldn’t put any money in it, that’s for darned sure.”
-Tony Hayward’s departure follows that of his mentor
-Researchers Confirm Subsea Gulf Oil Plumes Are From BP Well
-Proceed with caution on shale gas
-Siemens warns growth could fall 7.5pc if energy prices rise
-Is Matt Simmons Credible?
