Filed under: Uncategorized | Tags: crude oil, demand, EIA, energy, energy use, gasoline, jet fuel, oil consumption, Peak Demand, peak oil, products supplied, US oil consumption
Via EIA Week in Review.
Total products supplied over the last four-week period averaged about 19.7 million barrels per day, up by 3.7 percent from the same period last year. Over the last four weeks, motor gasoline product supplied averaged over 9.0 million barrels per day, up by 3.3 percent from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels per day over the last four weeks, up by 11.1 percent from the same period last year. Jet fuel product supplied is 1.6 percent higher over the last four weeks compared to the same four-week period last year.
Filed under: Uncategorized | Tags: energy, light vehicle sales, Peak Demand, peak oil, SAAR, transportation
via Calculated Risk:
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: auto sales, cash for clunkers, FRED, light vehicle sales, Peak Demand, peak oil, vehicle sales
In the US that is. Includes large trucks.
Filed under: Uncategorized | Tags: energy, gasoline production, Peak Demand, peak oil, transportation, US oil consumption, vehicle miles traveled, VMT< DOT
No coherent explanation for the way the years are labeled across the bottom however.
Data through February.
Filed under: Uncategorized | Tags: carbon dioxide emissions, China, Chindia, climate, CO2, Econbrowser, James Hamilton, natural gas liquids, NGLs, oil consumption, Peak Demand, peak oil, total liquids, transportation
And it’s worth remembering why that happened– we didn’t have a choice. Global field production of crude oil (excluding natural gas liquids, which are not used as transportation fuel) stagnated at about 74 million barrels/day between 2005 and 2008. It is up a couple of million barrels since then, but more than 100% of this increase has been consumed by China alone, forcing the U.S. and other countries to reduce our oil consumption.
via James Hamilton: Econbrowser: Declining U.S. carbon dioxide emissions.