Filed under: Uncategorized | Tags: Chevron, crude oil, energy, Exxon, fracking, James Hamilton, oil, oil production, peak oil, Royal Dutch Shell, Shell, WSJ
via James Hamilton via WSJ: http://econbrowser.com/archives/2014/01/big-oil-companies-spending-more-and-producing-less
Filed under: Uncategorized | Tags: Andrew Restuccia, energy, fracking, oil imports, peak oil, Politico, transportation, US oil imports, US oil production
Attention news reporters, editors, producers and quacking heads: The US burns about 18.5 million barrels per day, and produces 7.7.
18.5 – 7.7 is 10.8.
These numbers are from the freakin EIA itself: http://www.eia.gov/petroleum/supply/weekly/pdf/table1.pdf
No wonder the Koreans are kicking our tails in math. We get reports like this, all over the internet and on NPR:
In October, for the first time since February 1995, the U.S. produced more crude oil than it imported, the Energy Information Administration said this week.
EIA, the Energy Department’s nonpartisan statistical arm, said U.S. crude oil production averaged 7.7 million barrels per day in October while 7.6 million barrels per day were imported.
Even if that were true, all it would mean is that we still have to import half the oil we burn. But we’re not there yet, and may never be (again).
Filed under: Uncategorized | Tags: Bakken, energy consumption, exploding oil, FERC Enbridge, fracking, oil, peak oil, shale oil, Tesoro, True
Kind of makes the unsourced story about LPG cars seem like a fake-out.
According to Bloomberg, Enbridge Inc., Tesoro Corp., and True companies all won the approval of the Federal Energy Regulatory Commission to refuse oil that had high levels of hydrogen sulfide, a highly flammable gas that can be a byproduct of oil production, after they started seeing oil with concentrations tens and even hundreds of times higher than what regulators have deemed safe for exposure. The danger of these elevated levels of gas in the oil was thrown into stark relief on July 6, when an unmanned, runaway train crashed carrying 72 cars of oil. Five of them exploded, killing 47.
Filed under: Uncategorized | Tags: Barnhart, fracking, hydraulic fracturing, peak oil, Texas, water
Yeah, that’s what happens.
Barnhart, a small community in West Texas, has run out of water.
About 30 communities statewide could run out of water by the end of the year, according to a list compiled by the Texas Commission on Environmental Quality.
Filed under: Uncategorized | Tags: deepwater drilling, EIA, fracking, IEA, liquid fuel production, oil price, oil price predictions, oil production, Peak Demand, peak oil, refinery gain, shale oil, tight gas, tight oil
Via Kurt Cobb in the CS Monitor:
Back in the year 2000, the IEA divined that by 2010, liquid fuel production worldwide would reach 95.8 million barrels per day (mbpd). The actual 2010 number was 87.1 mbpd. The agency further forecast an average daily oil price of $28.25 per barrel (adjusted for inflation). The actual average daily price of oil traded on the New York Mercantile Exchange in 2010 was $79.61
So, what made the IEA so sanguine about oil supply growth in the year 2000? It cited the revolution taking place in deepwater drilling technology which was expected to allow the extraction of oil supplies ample for the world’s needs for decades to come. But, deepwater drilling has turned out to be more challenging than anticipated and has not produced the bounty the IEA imagined it would. …
Filed under: Uncategorized | Tags: Bakken, enegy, frack, fracking, IEA, oil journalism, oil production, oil shale, oil supply, Peak Demand, peak oil, shale oil, tight oil, Tom Gjelten
As NPR’s Tom Gjelten reports:
“Petroleum engineers have always known about the untapped underground oil in the United States, but it was unreachable, trapped in tight shale rock. Then the engineers figured out how to crack the rock. Hydraulic fracturing — fracking — got that ‘tight oil’ finally flowing in places like North Dakota.”
Wrong, Tom. The tight oil has been ‘reachable’ for several decades, it was just such an expensive process that it made no sense to do it when oil was cheap — a money-losing proposition. Now, all the cheap oil is gone, and out comes the ‘unconventional’ oil.
Gjelten also said that the decline in oil consumption in the US was due to efficiency (check the VMT chart Tom). There was no mention of depletion of existing fields, or the striking decline rate of fracked shale wells. And he reported that cheaper oil is just over the horizon.
Would it hurt Mr. Gjelten to do just a tiny bit of research on the topic of his reports so he doesn’t sound like a complete idiot?
Filed under: Uncategorized | Tags: Destination Cities, employment, fracking, Houston, National Migration Trend Report, peak oil, Texas, U-Haul, unemployment
PHOENIX (April 12, 2013) — U-Haul International, Inc., today released the results of the annual 2012 U-Haul National Migration Trend Report, titled “The U-Haul 2012 Top 50 U.S. Destination Cities.” According to moving data reflective of nationwide statistics for calendar year 2012, families moving to Houston took the No. 1 spot again, for the fourth year in a row.
Filed under: Uncategorized | Tags: Bakken, fracking, health care costs, shale gas, shale oil, tight gas, tight oil, Watford City
A less obvious form of corporate welfare.
The furious pace of oil exploration that has made North Dakota one of the healthiest economies in the country has had the opposite effect on the region’s health care providers. Swamped by uninsured laborers flocking to dangerous jobs, medical facilities in the area are sinking under skyrocketing debt, a flood of gruesome injuries and bloated business costs from the inflated economy.
This post is an interesting companion to the one below.
Filed under: Uncategorized | Tags: Bakken, CH4, fracking, horizontal drilling, Natural gas, natural gas flaring, North Dakota, oil production, shale oil, taxes, tight gas, tight oil
Rampant waste and environmental degradation have been part of the Bakken boom. The state doesn’t care about that, but it wants its taxes.
Helms estimates that about 30% of the gas produced in the state is flared, since development of takeaway infrastructure has not matched the pace of drilling.
Producers are currently allowed to flare gas for a year without paying royalties. The new bill would extend that tax-exempt period for two more years if an operator can collect at least 75% of the produced gas.
Filed under: Uncategorized | Tags: Chris Martenson, frac, fracking, narrative, oil production, technology
Chris Martenson: Well, this is really important. The current story is something along these lines: “Hey, look at how clever we’ve been. Because of the magic of technology, we have discovered how to unlock these incredible oil and gas resources that we just didn’t even know about before.”
When I talk to people who are in the oil business, they say, “Oh, no, no, we’ve known about those shale deposits, we’ve been drilling into and through them for decades. We’ve had horizontal drilling for decades; we’ve had fracking for decades. What we haven’t had is $80-a-barrel oil reliably enough to support us going into those with those technologies.”
So what really unlocked those reserves was price. Not technology, not cleverness, not ingenuity. Don’t get me wrong, there’s a lot of very clever, ingenious stuff going on in those drilling actions, but price was the primary driver here.