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US May Pay Shale Drillers Billions To Leave Oil In The Ground
US May Pay Shale Drillers Billions To Leave Oil In The Ground If one listened to the US president, or any other member of OPEC+ in the past few days, this weekend’s history production cut deal (which we said was not nearly enough to offset the plunge in global demand), would have been sufficient to push the […]
Daily on Energy: Texas debates mandating oil production cuts
Daily on Energy: Texas debates mandating oil production cuts TEXAS DEBATES PRODUCTION CUTS: Texas can lead in producing a “real” U.S. oil production cut to save the shale industry, Scott Sheffield, CEO of Pioneer Natural Resources, argued Tuesday in calling for the state to take action to force companies to hold back their production for the first […]
Fossil-fueled industrial heat hard to impossible to replace with renewables
Fossil-fueled industrial heat hard to impossible to replace with renewables Preface. Cement, steel, glass, bricks, ceramics, chemicals, and much more depend on fossil-fueled high heat (up to 3200 F) to make. Except for the electric-arc furnace to recycle existing steel, there aren’t any renewable ways to make cement, other metals, and other high-heat products, and […]
WTI Extends Losses Below $20 After Record Surge In Crude Inventories
WTI Extends Losses Below $20 After Record Surge In Crude Inventories WTI crashed below $20 (tagging $19.20) overnight after API reported huge inventory builds and was not helped by comments from the International Energy Agency that a historic production cut deal won’t be enough to counter a record demand slump this year. This appears to confirm a key […]
FIRST STAGE OF OIL DEMAND DESTRUCTION: U.S. Supply Of Petroleum Products Down 7 Million Barrels Per day
FIRST STAGE OF OIL DEMAND DESTRUCTION: U.S. Supply Of Petroleum Products Down 7 Million Barrels Per day The U.S. is only in the FIRST STAGE of the country’s oil demand destruction. Since the nationwide shutdown announced by the U.S. Government in mid-March, domestic oil demand has fallen more than 7 million barrels per day. In […]
Oil Tumbles After IMF Slashes Global Growth Forecast
Oil Tumbles After IMF Slashes Global Growth Forecast As if oil prices needed any more help on their downward spiral towards the teens, The IMF just slashed global growth to the worst since the ’30s. “This crisis is like no other,” Gita Gopinath, the IMF’s chief economist, wrote in a foreword to its semi-annual report. “Like […]
Transition Towns, Re-localisation, COVID-19 and the Fracking Industry.
Transition Towns, Re-localisation, COVID-19 and the Fracking Industry. The vulnerabilities of the global village and its economy have been laid bare by the assault of the coronavirus (Sars-CoV-2), which has led to a pandemic of the infectious disease, COVID-19. The mobility chains that enable the flow of civilization are now substantially truncated, with collapsing demand for transportation […]
The Saudi-Russian oil price war tag team: Are things what they seem?
The Saudi-Russian oil price war tag team: Are things what they seem? To the casual observer Saudi Arabia and Russia, two of the top three producers of oil in the world, have been having a spat about what to do about low oil prices. (See here and here.) Each has accused the other of bad faith and counterproductive […]
Oil Price War Claims Another Victim
Oil Price War Claims Another Victim The oil price war has already claimed its first victim. Whiting Petroleum Corp. (NYSE: WLL), once the largest oil and gas producer in North Dakota’s Bakken Shale, has filed for Chapter 11 bankruptcy becoming the first major shale producer to do so in the current year. Whiting has cited the “severe […]
A nationwide blackout lasting 1 year could kill up to 90% Americans
A nationwide blackout lasting 1 year could kill up to 90% Americans Preface. What follows is the testimony of Dr. Pry at a 2015 U.S. House of Representatives session. I have cut, shortened, and rearranged the order of the 30 page original document. And hey, the truth is, the electric grid is coming down one […]
Pandemic Response Requires Post-Growth Economic Thinking
Pandemic Response Requires Post-Growth Economic Thinking The end of growth is painful. We had a foretaste of it in 2008, but the current crisis promises to be much worse. Amid a horrific human tragedy of sickness and death, much of it taking place in hospitals staffed by brave but overworked and under-equipped doctors and nurses, […]
Is the U.S. Fracking Boom Based on Fraud?
Is the U.S. Fracking Boom Based on Fraud? In a 2016 interview with Fraud Magazine, former Enron CFO Andrew Fastow explained what he thought made him so successful while at the former energy corporation that’s now infamous for financial scandal. “I think my ability to do structured financing, to finance things off-balance sheet and to find ways to manipulate […]
Singapore Oil Trading Giant On Verge Of Collapse After Banks Freeze Credit Lines
Singapore Oil Trading Giant On Verge Of Collapse After Banks Freeze Credit Lines Back in the second half of 2015, shortly after Saudi Arabia unleashed the (first) OPEC disintegration by flooding the market with oil in hopes of killing US shale (so deja vu… only back then it took it about two years for it […]
Energy Slaves: every American has somewhere between 200 and 8,000 energy slaves
Energy Slaves: every American has somewhere between 200 and 8,000 energy slaves Source: https://www.homesthatfit.com/how-precious-is-energy-ask-your-slaves/ Preface. To give you an idea of what energy slaves are, consider what it would take to use human power to provide these: How much energy does it take to toast a single slice of Bread? Olympic Cyclist Vs. Toaster: Can […]
