Industrialized Cyclist Notepad


Oil Companies Spending More, Producing Less

via James Hamilton via WSJ: http://econbrowser.com/archives/2014/01/big-oil-companies-spending-more-and-producing-less

costlyquestwsj
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That’s some tricky math

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.

via U.S. oil output tops imports for first time since 1995 – Andrew Restuccia – POLITICO.com.

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).



Exploding Oil sparks concerns about what sparked exploding oil

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.

via Exploding Oil Sparks Concerns From Railway and Pipeline Companies | Mother Jones.



Texas Oilfield Town Runs Out of Water
June 7, 2013, 09:23
Filed under: Uncategorized | Tags: , , , , ,

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.

via West Texas Oilfield Town Runs Out of Water | The Texas Tribune.



Track Record

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. …

via When oil forecasts get it wrong – CSMonitor.com.



NPR repeats false fracking narratives

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.”

via Huge Boost In U.S. Oil Output Set To Transform Global Market : The Two-Way : NPR.

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?



Oil Jobs

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. 

via U-Haul: About: U-Haul Names Houston as Top 2012 U.S. Destination City.




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