Industrialized Cyclist Notepad

Northern European Socialism is not broke
May 19, 2012, 05:00
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Not compared to N. American ‘capitalism.’ Despite the onslaught of talking heads and columnists sent to convince you otherwise. Many of you will find the reality of the situation very disappointing, but it is what it is.

Via Beat the Press:


Total Liquid Fuel Consumption

Sam Foucher chart via Chris Nelder’s latest:

Lukoil in Iraq

As Norwegian Statoil bugs out.

Lukoil aims to invest around $2 billion in the West Qurna-2 oil field in Iraq this year, Bloomberg News reports. A company spokesman told Bloomberg that $200 million was invested there in 2011.

The oil company, the largest private energy company in Russia, also announced plans to start construction on a new oil pipeline and spell out details for its drilling program.

via Lukoil unveils investment plans for Iraq –

Sometimes you have to go to Canada to find people who understand the concept of depletion

Like this Eric Reguly character of the Globe and Mail:

Why hasn’t the high price triggered a production surge? The biggie, it seems, is that the non-OPEC countries are simply not up to the job. As Barclays points out, non-OPEC supply last year landed at a full one million barrels a day less than forecast by the International Energy Agency. The North Sea (whose production is shared by Britain and Norway) continued its terminal decline. Brazil and Azerbaijan were also the scenes of production disappointments.

Meanwhile, OPEC, dominated by Saudi Arabia, is sweating exceedingly hard. OPEC production volumes are at three-year highs, to the point that the cartel has only about 1.6 million barrels a day of spare capacity, and still prices are climbing.

via CTV News | All the signs point to a falling oil price – except supply.

Norway oil and gas production falls 5% in 2011
January 16, 2012, 16:00
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I guess they didn’t try to sell these discoveries as “game-changers” to their domestic population the way they do in the U.S.