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Debunking ‘Lower Oil Supply Will Raise Prices’

Debunking ‘Lower Oil Supply Will Raise Prices’

We often hear the statement, “When oil supply is lower, oil prices will rise because of scarcity.” Now, we are getting to see firsthand whether oil prices really do rise, as oil supplies become more scarce.

Figure 1. Figure from the OPEC Monthly Oil Market Report for August 2019 showing world and OPEC oil production by month.

Figure 1 shows that world oil supply hit a peak in November 2018 and has declined since then, mostly because of a decline in OPEC’s production. So, total oil production seems to be down for about eight months, relative to the peak in November 2018.

Despite this big cutback by OPEC in its oil production, prices have not responded as OPEC had hoped:

Figure 2. Average monthly spot Brent Oil prices, based on EIA data.

In fact, as I write this, Brent oil price is currently quoted as $60.48, which is back in the range of December 2018 and January 2019 low prices. Also, reducing production doesn’t seem to be reducing inventories. Figure 3 suggests that they are now higher than they were before the reduction in oil supply took place.

Figure 3. Figure from the OPEC Monthly Oil Market Report for August 2019 showing OECD commercial oil stocks.

Why aren’t oil prices rising and oil inventories falling, if oil production has fallen?

The basic issue is that the economy is very much interconnected under the laws of physics, because energy is required for every activity that is considered part of GDP. Energy is required for any kind of heat or any kind of movement. Energy is even required for electricity. Without energy from the sun, food can’t grow; without supplemental energy of some kind (such as using electricity to heat an electric stove or burning animal dung or sticks), it becomes impossible to cook food or smelt metals.

 …click on the above link to read the rest of the article…

US Slams China’s Escalating Oil & Gas ‘Interference’ In Vietnam Recognized Waters

US Slams China’s Escalating Oil & Gas ‘Interference’ In Vietnam Recognized Waters

Late this week, the US State Department accused China of escalating its coercive actions against Vietnam in the South China Sea. 

A spokesman said the US is “deeply concerned” China is continuing its interference with Vietnam’s longstanding oil and gas activities in the Vietnamese Exclusive Economic Zone (EEZ) claim.

“This calls into serious question China’s commitment, including in the ASEAN-China Declaration on the Conduct of Parties in the South China Sea, to the peaceful resolution of maritime disputes,” the statement said

Military officers of the Vietnamese Navy’s Second Regional Command signalling territorial claims. Source: Viet Nam News

This week the National Interest described in detail the worsening situation in a piece aptly titled South China Sea Showdown: China vs. Vietnam (Round 2).

The report described a Chinese survey vessel dispatched inside the Vietnam claimed EEZ accompanied by Chinese Coast Guard military vessels:

The Haiyang Dizhi 8, a survey vessel belonging to a Chinese government-run corporation, began surveying a large swath of seabed on 3 July northeast of Vanguard Bank, which falls within Vietnam’s exclusive economic zone. The ship has been escorted by other vessels, including from the China Coast Guard and maritime militia. At the same time, China Coast Guard ships have been harassing Vietnamese drilling operations to the south.

Western analysts see Beijing’s expansion in regional waters as part of a broader campaign of natural resource exploitation, with the ultimate goal of forcing rival countries into ‘joint exploration’ partnerships, even in undisputed waters. 

According to the report, the current crisis is the most serious tensions have been between China and US ally Vietnam in years

Chinese incursions into Vietnam’s EEZ are by no means a new phenomenon. The most serious recent incident occurred in 2014, when China deployed an oil rig into Vietnam’s EEZ, sparking a diplomatic crisis between the two neighbors. The current situation near Vanguard Bank, however, represents a more serious challenge on several levels.

 …click on the above link to read the rest of the article…

The Green New Deal Battles Business as Usual. Both Will Doom Us

The Green New Deal Battles Business as Usual. Both Will Doom Us

We’re clinging to fantasies while the world crumbles. And we like it that way.

IndustrialFutureVignette.jpg
‘The real unfolding drama — the collapse of a global civilization founded on a highly material culture created by cheap energy — is not a narrative we want to tell ourselves or our children.’ Image via Pixabay.

The stories we tell ourselves become the reality of our experience.

Global elites are now offering ordinary people two salvation stories for our digital entertainment.

Both delusional stories are being served on the Internet with bags of virtual popcorn.

One is the so-called Green New Deal, and the other is Business As Usual, which comes in both liberal and autocratic formats.

Both are actively competing for our attention.

Let’s begin with BAU, which now boasts a variety of populist variations.

At one level or another, we can all understand BAU’s alluring and simple call to restore greatness and order.

Think of it as Vladimir Putin, Doug Ford, Jair Bolsonaro, Andrew Scheer and Donald Trump doing a rain dance to bring back lost worlds and spent energies.

Or China’s Hong Kong establishment wondering what’s wrong with those young people in the streets.

Or Emmanuel Macron asking what the hell got into those yellow vest people marginalized by globalization and carbon taxes. 

The BAU refrain is simple: trust the status quo and its armies of technocrats, because they’ll make things great again.

The BAU crowd maintains that nothing is really wrong with our failing global economic Ponzi schemes or the broken air conditioning unit that controls the climate.

 …click on the above link to read the rest of the article…

Another Tanker With Iranian Oil Now Headed For Syria, Intel Sources Say

Another Tanker With Iranian Oil Now Headed For Syria, Intel Sources Say

A new report suggests we could be headed toward yet another Grace 1-type incident and showdown involving an Iranian tanker intercept by US or UK forces.

A tanker full of Iranian oil is said to be currently on its way to Dubai, with an ultimate offload destination of its 600,000 barrels of oil in Syria. According to the breaking Fox report, citing unnamed Western intelligence sources:

The Bonita Queen loaded 600,000 barrels of crude oil on August 2 near the Iranian coast at Kharg Island. Shortly after, the tanker was de-flagged by the country of St. Kitts and Nevis, fearing retaliatory U.S. sanctions.

The vessel is now headed to Dubai, where it will refuel before beginning a months-long journey around the horn of Africa, through the Mediterranean and to the shores of Syria.

Bonita Queen tanker, via Baltic Shipping

The Bonita Queen, according to its reported route, intends to link up with two Syrian-owned tankers in the Mediterranean in the coming months, where it will conduct a ship-to-ship transfer of the Iran-sourced crude. 

Analysts have claimed to identify the Syrian tankers as the “Kader” and “Jasmine” — described as owned by a businessman said to be close to Assad, Muhammad al-Qatirji. Qatirji and his firm, the Qatirji Company, are under sanction by the US Treasury.

We can’t say for sure where Bonita Queen is going because she’s still anchored off of Larak Island in the Strait of Hormuz. There are three other vessels currently en route to Syria. Also, BQ still doesn’t officially have an Iranian flag, and without it she’ll risk arrest at Suez https://twitter.com/HezbollahWatch/status/1163891213830959105 …

https://www.ranian-oil-syria-sanctions 

 …click on the above link to read the rest of the article… 

Bankruptcy Filings Rise Among US Energy Producers, Report

Bankruptcy Filings Rise Among US Energy Producers, Report

According to a new report from law firm Haynes and Boone LLPbankruptcies in the upstream sector are increasing this year as energy spot prices remain subdued amid a cyclical downshift in the economy.

So far, 26 exploration and production (E&P) firms have filed for bankruptcy through mid-August, with debts totaling $10.96 billion. The firm noticed a surge in bankruptcies began in May, following a -23% correction in WTI prices from mid-April to mid-June.

In 2018, 28 E&P firms filed for bankruptcy, posting $13.2 billion in debt, while 24 firms asked for protection in 2017 with $8.5 billion in debt. The firm points out that insolvencies in the energy patch are gaining momentum.

“So far this year there has been an uptick in the number of filings,” Haynes & Boone said.

Oil and gas prices have remained depressed for 2019.

The law firm said it’s hard to tell if a new bankruptcy wave is imminent, but said, “some stakeholders may have given up hope that resurgent commodity prices will bail everyone out,” especially operators who have been on the verge of bankruptcy.

“For these producers, the game clock has run out of time to keep playing ‘kick the can’ with their creditors and other stakeholders,” the firm warned.

Buddy Clark, a Haynes & Boone partner, told Reuters that many of 2019’s bankruptcies are pre-planned, Chapter 11 restructurings, where creditors agree in advance on restructuring plans.

“I don’t think you will see a lot of Chapter 7 (liquidations),” he said. “When you see Chapter 7s is when there are no assets left. Typically, there are always assets left.”

Natural Gas Intelligence believes a bankruptcy wave for the upstream sector could be nearing. This is because operators across the country have been scaling back since oil crashed -44% in 4Q18. Producers have been faced with margin compression, high debt loads, and oversupplied markets so far this year.

 …click on the above link to read the rest of the article…

America’s Chernobyl, Three Mile Island, Set To Finally Close Its Doors

America’s Chernobyl, Three Mile Island, Set To Finally Close Its Doors

Few people know that sitting across from the reactor that suffered a partial meltdown on Three Mile Island in 1979 – is another unit that still remains one of the region’s largest power sources. In fact, the second unit has provided power for 45 years without incident. Now, according to Bloomberg, that unit is finally slated to shut down. 

Plant owner Exelon says that it will shutter the entire Three Mile Island facility 15 years before its license expires. While the first reactor was brought down by human error, the second is being brought down by the economics of the utility industry.

The original meltdown that occurred in 1979 was a result of steam generators that were unable to draw heat out of a reactor and a stuck valve that let coolant escape from the reactor core. 

The unit that melted down originally has stood dormant and quiet since the incident. 

Compared to Chernobyl, which resulted in 4,000 deaths, Three Mile Island is considered minor. It was determined that about 2 million people in the surrounding area “were exposed to less radiation than they would have received from a chest X-ray.”

But naturally, the immediate reaction to the event was fear and confusion. Schools closed, people stayed indoors and officials told children and pregnant women to evacuate the area. Public support for nuclear power predictably waned after the incident. 

The U.S. is now the world’s largest producer of natural gas, thanks to the “shale revolution”. This has caused a glut of the fossil fuel, dragging down its price and making it the largest source of the country’s electricity. Wind and solar have also been contributing to the nation’s energy glut. As a result, seven U.S. nuclear plants have shut down since 2013, with additional plants slated to close, despite states like New York and Pennsylvania offering subsidies for nuclear power. 

 …click on the above link to read the rest of the article…

Power Grid Chaos Jolts Texas On Friday, Energy Costs Triple Amid Heat Wave

Power Grid Chaos Jolts Texas On Friday, Energy Costs Triple Amid Heat Wave

The Electric Reliability Council of Texas (ERCOT) has been asking customers to conserve energy this week as spot power prices in Texas triple to a record on Friday.

The state’s power grid operator that serves most of Texas declared an energy conservation emergency for the second time this week, the first on Tuesday when temperatures exceeded 100 degrees, and customers cranked up their air conditioners to escape the heat.

ERCOT asked customers this week to reduce energy use between 3 and 7 p.m. Here is what they asked Texans to do:

  • Increase thermostats 2 to 3 degrees
  • Program thermostats at a higher temp when not at home
  • Use a fan, it can lower temperatures by 4 to 6 degrees
  • Use appliances less (dishwashers, washers, and dryers) or only in the morning hours.
  • Run pool pumps in the early morning or overnight hours and shut them off between 4 to 6 p.m.
  • Keep blinds and drapes closed during the hottest part of the day.

ERCOT reported no rotating power outages.

“High temperatures have resulted in record electricity demand over the last few days and may result in a new record today,” said ERCOT President and CEO Bill Magness. “Consumers can help lower energy consumption by taking some simple actions between the hours of 3 and 7 p.m.”

 …click on the above link to read the rest of the article…

Fracking and Shale Drilling Caused Spike in Climate-Warming Methane Pollution, Says New Study

Fracking and Shale Drilling Caused Spike in Climate-Warming Methane Pollution, Says New Study

Flaring in Permian Basin Shale with sunflowers

Climate-changing pollution reached unprecedented levels in 2018. That’s both judged against the last 60 years of modern measurements and against 800,000 years of data culled from ice cores, according to the U.S. government’s State of the Climate report, which was published this week with the American Meteorological Society.

That pollution creates a greenhouse effect that is over 42 percent stronger than it was in 1990, the report added.

And while carbon dioxide hit a new level last year, it isn’t the only climate-changing gas that’s on the rise globally. Pollution of the powerful but short-lived greenhouse gas methane also climbed in 2018, showing an increase “higher than the average growth rate over the past decade,” the report adds.

A new Cornell University study published today in the scientific journal Biogeosciences helps to explain what sparked the surge in those methane concentrations, both here in the U.S. and around the world.

One big culprit: shale drilling and fracking.

“This recent increase in methane is massive,” said Cornell professor Robert Howarth, who authored that study. “It’s globally significant. It’s contributed to some of the increase in global warming we’ve seen and shale gas is a major player.”

The new Cornell paper relies on “chemical fingerprints” of the methane pollution in the Earth’s atmosphere. It describes how methane molecules from shale gas and oil production carry different kinds of carbon than methane from either conventional natural gas drilling or coal beds. The methane molecules from shale drilling contain less of the carbon-13 isotope versus carbon-12, the study suggests, using this ratio as one way to hone in on the source of the natural gas.

That chemical fingerprint led the Cornell researchers to point to the shale industry as the major source of the leaks.

 …click on the above link to read the rest of the article…

Climate change risks could cause an American “Fukushima”

Climate change risks could cause an American “Fukushima”

Preface. Nuclear power plants need a constant supply of electric power to pump cool water into a reactor’s core.

Ninety percent of them, 54 plants, have at least one flood risk exceeding their design.

If flooding stops the power supply long enough, as happened in Fukushima, the core can overheat, melting through its container, as well as the nearby spent nuclear fuel pools which unlike the core, are in the open air, releasing deadly levels of radiation.

*** Some excerpts from:

Flavelle, C., et al. 2019. U.S. Nuclear Power Plants Weren’t Built for Climate Change. Bloomberg.

The NRC directed the operators of the 60 or so working U.S. nuclear power plants to evaluate their current flood risk, using the latest weather modeling technology and accounting for the effects of climate change. Companies were told to compare those risks with what their plants, many almost 50 years old, were built to withstand, and, where there was a gap, to explain how they would close it.

That process has revealed a lot of gaps. But Gregory Jaczko, former chairman of the U.S. Nuclear Regulatory Commission (NRC) and others say that the commission’s new leadership, appointed by President Donald Trump, hasn’t done enough to require owners of nuclear power plants to take preventative measures—and that the risks are increasing as climate change worsens.

Ninety percent of plants, 54 of them, have at least one flood risk exceeding their design. Fifty-three weren’t built to withstand their current risk from intense precipitation; 25 didn’t account for current flood projections from streams and rivers; 19 weren’t designed for their expected maximum storm surge; 19 face three or more threats that they weren’t designed to handle.

 …click on the above link to read the rest of the article…

ExxonMobil Looks To Exit UK North Sea Oil & Gas

ExxonMobil Looks To Exit UK North Sea Oil & Gas

ExxonMobil

ExxonMobil has recently discussed with operators selling part or all of its assets in the UK North Sea in a move that could raise up to US$2 billion for Exxon and mark another major U.S. exit from the area, Reuters reported on Tuesday, quoting three industry sources familiar with the matter.

Exxon has been a major investor in the UK North Sea since 1964, when the first exploration drilling in the area began. The U.S. major holds interests in 40 producing oil and gas fields and produces around five percent of UK oil and gas production, with an average 80,000 barrels of oil and 441 million cubic feet of gas a day. Exxon’s investment in the North Sea is managed through a 50/50 joint operation with Shell.

If Exxon sells some or part of its assets in the UK North Sea, it will be yet another major U.S. oil and gas firm to divest interests in this mature area to focus on their current key growth areas, which for Exxon right now are the Permian in Texas and conventional oil production offshore Guyana.

While European supermajors Shell, BP, and Total continue to view the North Sea as one of their core assets, U.S. majors have been selling North Sea stakes as many of them are now focused on U.S. shale.

Marathon Oil said in February that it would be exiting the UK North Sea as it continues to focus on high-return U.S. shale oil operations.

In April, ConocoPhillips sold its UK oil and gas business to Chrysaor Holdings for US$2.675 billion in a deal which Wood Mackenzie described as “another story of the changing corporate landscape in the North Sea – for the first time, a non major is the number one producer in the UK.”

 …click on the above link to read the rest of the article…

“This Is Blowing Up:” Texas Energy Costs Hit Record High Monday As Heatwave Strikes

“This Is Blowing Up:” Texas Energy Costs Hit Record High Monday As Heatwave Strikes

Power demand in Texas hit a record high on Monday as consumers turned up their air conditioners to escape a heatwave that is boiling much of the southern Plains over the next 7-10 days.

“A large ridge of high pressure has anchored itself across the southern Plains over the last 7-10 days, promoting significant heat across Texas. As of Tuesday morning, Dallas has reached 100°F each of the last 4 days, while Houston’s Intercontinental Airport has hit 101°F each of the past 5 days. Generally speaking, warmer than normal temperatures will continue for the foreseeable future across Texas,” said Meteorologist and owner of Empire Weather LLC., Ed Vallee.

According to the Electric Reliability Council of Texas (ERCOT), who operates the electric grid and supplies energy to more than 25 million customers, representing 90% of the state’s electrical load, reported that demand surged to 74,531 megawatts (MW) at 5 p.m. CDT on Monday and could reach 75,000 MW on Tuesday. Reuters notes that the all-time high was 73,473 MW on July 19, 2018.

How the Drop in Oil Prices Impacts the Junk Bond Market

ERCOT has 78,000 MW of generating capacity. As demand continues to reach critical levels, the grid operator could issue warnings to customers advising them to reduce energy.

ERCOT Houston MW-hour jumped from $25 to $603 on August 12, a +2,237% move in 1,440 minutes.

“This is blowing up, David Hoy, a trader at Dynasty Power, told Bloomberg, “That should be the highest price of the year so far.”

Meteorologist Vallee said air temperature and humidity across the region could make temperatures feel closer to 110 through the week.

In comparison to other grid operators across the country, ERCOT Houston is experiencing the most significant spikes in energy costs this week. 

 …click on the above link to read the rest of the article…

Oil Prices Plunge After Surprise Crude, Gasoline Build

Oil Prices Plunge After Surprise Crude, Gasoline Build

Oil prices have plunged overnight (back near 7-month lows) as global growth fears accelerate (despite a bigger than expected crude draw from API) as traders wait to see if official DOE data confirms the API print.

“The bearish and deteriorating global macro situation seems to have the upper hand, pushing oil lower and lower,” said Bjarne Schieldrop, Oslo-based chief commodities analyst at SEB AB.

API

  • Crude -3.43mm (-2.8mm exp)
  • Cushing -1.6mm
  • Gasoline -1.1mm (-1.2mm exp)
  • Distillates +1.2mm (+200k exp)

DOE

  • Crude +2.39mm (-2.8mm exp) – biggest build since May
  • Cushing -1.504mm
  • Gasoline +4.44mm  (-1.2mm exp) – biggest build since Jan
  • Distillates +1.529mm (+200k exp)

After 7 straight weeks of draws, DOE reports crude inventory built by 2.39mm barrels last week (and Gasoline stocks also jumped)

Source: Bloomberg

US Crude production continued to rebound last week from storm-driven shut-ins

Source: Bloomberg

WTI tumbled to a $51 handle this morning (back near 7-month lows) ahead of the DOE data, but was rebounding at the print before its plunged on the surprise builds…

Brent Crude futures entered a bear market, but WTI is underperforming most recently..

“Brent-WTI differentials have decreased quite a bit for quite a while,” says Bart Melek, head of global commodity strategy at TD Securities.

Narrowers spreads “lead to less incentive to push product out”

Source: Bloomberg

Finally, Bloomberg Intelligence Senior Energy Analyst Vince Piazza notes:

Trade tensions have escalated and a deal will be delayed, as we anticipated, while China likely attempts to wait out the Trump administration. We see darker clouds pressuring sentiment for the oil-and-gas complex as well, discounting near-term data on balances.

We were never worried about capacity, but demand remains our biggest concern, even if central banks come to the economic rescue with monetary accommodation. We need hydrocarbon exports to balance out local market, but slower global growth will inflate inventories here given resilient domestic production.

Explosions in Three States Highlight Dangers of Aging Fossil Fuel Infrastructure

Explosions in Three States Highlight Dangers of Aging Fossil Fuel Infrastructure

Site of gas pipeline explosion in Kentucky

On August 1, for the third time in as many years, Enbridge’s Texas Eastern Transmission gas pipeline exploded. This tragic incident in central Kentucky killed a 58-year-old woman, Lisa Denise Derringer, and injured at least five others. Flames towered 300 feet high when the 30-inch diameter pipe ruptured at 1 a.m. and forced at least 75 people to evacuate.

“We opened the backdoor and it was like a tornado of fire going around and around and he said we were trapped,” survivor Jodie Coulter, 53, told CBS News, describing her efforts to flee on foot. Coulter, whose house was within 600 feet of the pipeline, suffered third-degree burns on her arms. “It felt like we were standing next to a blow torch.”

This explosion joins a string of others in the past several weeks involving America’s aging fossil fuel infrastructure — including a network of 2.6 million miles of pipelines, roughly half of which are over 50 years old, and over 130 oil refineries, many of which are 50 to 120 years old.

The Kentucky incident came less than 24 hours after ExxonMobil’s Baytown, Texas, petrochemical plant saw its second major fire this year.

Last week’s Baytown explosion injured 66 workers and has already spurred at least three lawsuits against the company, including one by a worker alleging his burns were far more serious than ExxonMobil had indicated.

Just over a month earlier, a massive fireball and series of explosions ripped through the largest refinery on the East Coast, the Philadelphia Energy Solutions complex.

Flare at Exxon's Baytown, Texas, refinery following Hurricane Harvey.
Flare at ExxonMobil’s Baytown, Texas, refinery following Hurricane Harvey. Credit: Julie Dermansky for DeSmog

Aging Pipelines, Aging Refineries

It may be months before federal investigators reach conclusions about the cause of each accident, but all three incidents took place at sites with a long history of operations — and accidents.

 …click on the above link to read the rest of the article…

USA and World Oil Production

USA and World Oil Production

The USA data below was taken primarily from the EIA’s Petroleum Supply Monthly while some were taken from the EIA’s Monthly Energy Review.

I have some bad news to report. The EIA no longer published World production data or Non-OPEC production data. This data had previously been published in the Monthly Energy Review.

The Monthly Energy Review’s data was one month behind the Petroleum Supply Monthly but now they jumped two months and are now one month ahead of the Petroleum Supply Monthly. They now publish the previous month’s numbers, June in this case, but now publish only US data. The Petroleum Supply Monthly is unchanged.

EDIT: The Petroleum Supply Monthly does publish some, incomplete, world data… through April or one month behind their USA data. I will use that with an explanation and comments next month.

The closest I can come to World oil production, through June, is the combined production of OPEC, Russia, the USA, and Canada. This is 70% of total World Production.

Here is the other 30% of World oil production. However, this data is only through March. Unfortunately, I can never update this chart because the EIA no longer publishes the data

This 30% of World oil production peaked in late 2015 and has declined an average of 450,000 barrels per day per year every year since.

Actually, in 2015 these countries averaged about 32% of World oil production but now averages about 29%.

I have no other source for World oil production. The IEA publishes quarterly projected data for the World and Non-OPEC. But this data is total liquids and only quarterly projections that bears little resemblance to actual C+C production.

 …click on the above link to read the rest of the article…

Rethinking Renewable Mandates

Rethinking Renewable Mandates

Powering the world’s economy with wind, water and solar, and perhaps a little wood sounds like a good idea until a person looks at the details. The economy can use small amounts of wind, water and solar, but adding these types of energy in large quantities is not necessarily beneficial to the system.

While a change to renewables may, in theory, help save world ecosystems, it will also tend to make the electric grid increasingly unstable. To prevent grid failure, electrical systems will need to pay substantial subsidies to fossil fuel and nuclear electricity providers that can offer backup generation when intermittent generation is not available. Modelers have tended to overlook these difficulties. As a result, the models they provide offer an unrealistically favorable view of the benefit (energy payback) of wind and solar.

If the approach of mandating wind, water, and solar were carried far enough, it might have the unfortunate effect of saving the world’s ecosystem by wiping out most of the people living within the ecosystem. It is almost certain that this was not the intended impact when legislators initially passed the mandates.

[1] History suggests that in the past, wind and water never provided a very large percentage of total energy supply.

Figure 1. Annual energy consumption per person (megajoules) in England and Wales 1561-70 to 1850-9 and in Italy 1861-70. Figure by Tony Wrigley, Cambridge University.

Figure 1 shows that before and during the Industrial Revolution, wind and water energy provided 1% to 3% of total energy consumption.

For an energy source to work well, it needs to be able to produce an adequate “return” for the effort that is put into gathering it and putting it to use. Wind and water seemed to produce an adequate return for a few specialized tasks that could be done intermittently and that didn’t require heat energy.

 …click on the above link to read the rest of the article…

Olduvai IV: Courage
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Olduvai II: Exodus
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Olduvai II: Exodus
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Olduvai III: Cataclysm
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