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What Norway’s Big Divestment Decision Means for Fracking, Tar Sands and Global Oil Exploration
What Norway’s Big Divestment Decision Means for Fracking, Tar Sands and Global Oil Exploration Norway’s sovereign wealth fund — a state-owned investment fund worth approximately a trillion dollars — recently announced it was divesting from oil and gas exploration companies around the world. Not surprisingly, many oil and gas stocks declined following the announcement. While this is […]
Despite Risks, Canada’s Tar Sands Industry Is Betting Big on Oil Trains
Despite Risks, Canada’s Tar Sands Industry Is Betting Big on Oil Trains Last year, Canada exported a record amount of tar sands oil to the U.S., despite low oil prices leading to major losses once again for the struggling tar sands industry. That achievement required a big bump in hauling oil by rail, with those daily volumes in late 2018 more than […]
Fracking 2.0 Was a Financial Disaster, Will Fracking 3.0 Be Different?
Fracking 2.0 Was a Financial Disaster, Will Fracking 3.0 Be Different? Two years ago, the U.S. fracking industry was trying to recover from the crash in the price of oil. Shale companies were promoting the idea that fracking was viable even at low oil prices (despite losing money when oil prices were high). At the time, no one was […]
Fracking the World: Despite Climate Risks, Fracking Is Going Global
Fracking the World: Despite Climate Risks, Fracking Is Going Global The U.S. exported a record 3.6 million barrels per day of oil in February. This oil is the result of the American fracking boom — and as a report from Oil Change International recently noted — its continued growth is undermining global efforts to limit climate change. The Energy Information Administration predicts U.S. oil production will […]
Another Oil Train Crashes as Alberta Government Gets Into Oil-by-Rail Business
Another Oil Train Crashes as Alberta Government Gets Into Oil-by-Rail Business The government of Alberta, Canada, the heart of tar sands country, recently announced plans to get into the oil-by-rail business. Attempting to work around a lack of pipelines, the provincial government intends to spend $3.7 billion to lease 4,400 oil tank cars and locomotives to export more Canadian tar […]
Are Investors Finally Waking up to North America’s Fracked Gas Crisis?
Are Investors Finally Waking up to North America’s Fracked Gas Crisis? The fracked gas industry’s long borrowing binge may finally be hitting a hard reality: paying back investors. Enabled by rising debt, shale companies have been achieving record fracked oil and gas production, while promising investors a big future payoff. But over a decade into the “fracking miracle,” investors […]
Peak Shale: Is the US Fracking Industry Already in Decline?
Peak Shale: Is the US Fracking Industry Already in Decline? In 2016, lower oil prices led to an overall drop in production for shale companies, which use horizontal drilling and fracking to extract oil and gas from shale formations such as the Marcellus and Permian. This was one of the few relatively positive financial periods for […]
Why Canadian Tar Sands Oil May Be Doomed
Why Canadian Tar Sands Oil May Be Doomed At current prices, Canadian tar sands oil producers are losing money on every barrel of oil they dig out. Despite signs earlier this year the industry would “turn profitable in 2018,” a much more likely scenario at this point is a fourth straight year of losses. Producers are forced […]
US Oil Exports Are Exceeding Almost All Predictions—Thanks to Fracking
US Oil Exports Are Exceeding Almost All Predictions—Thanks to Fracking The U.S. Energy Information Administration (EIA) reported in September that crude oil exports are continuing to set records, mostly due to the fracking boom in the Permian Basin, in Texas and New Mexico. June exports hit a record 2.2 million barrels per day, while the monthly average was up […]
The Fracking Industry’s Water Nightmare
The Fracking Industry’s Water Nightmare The U.S. Environmental Protection Agency (EPA) has clearly documented the multiple risks — despite repeated dismissals from the oil and gas industry — that hydraulic fracturing (fracking) poses to drinking water supplies. However, the tables may be turning: Water itself now poses a risk to the already failing financial model of the American fracking industry, and […]
The Fracking Industry Is Cannibalizing Its Own Production, Increasing Spill Risks
The Fracking Industry Is Cannibalizing Its Own Production, Increasing Spill Risks In the climactic final scene in There Will Be Blood — arguably the greatest movie about the oil industry — the main character played by Daniel Day Lewis explains how he sucked the oil from a neighbor’s land by using horizontal drilling. To help his neighbor […]
Portland, Oregon Wins Court Battle to Ban New Oil Infrastructure
Portland, Oregon Wins Court Battle to Ban New Oil Infrastructure In a big win for the City of Portland, Oregon, the Oregon Court of Appeals issued a ruling that the city had not violated the U.S.Constitution’s Commerce Clause by voting to ban any new fossil fuel terminals within its borders. “This is a major victory for […]
Derailed Oil Train Spills 230,000 Gallons of Tar Sands in Flooded Iowa River
Derailed Oil Train Spills 230,000 Gallons of Tar Sands in Flooded Iowa River On June 22, a train carrying Canadian crude oil derailed in northwestern Iowa, releasing an estimated 230,000 gallons of oil into a flooded river. As a result of the derailment, over 30 rail tank cars ended up in the water, with 14 cars confirmed to […]
Flip This Well: How Fracking Company CEOs Get Rich While Losing Billions
Flip This Well: How Fracking Company CEOs Get Rich While Losing Billions Last year the fracking company Halcón Resources announced a new strategy that was sold as the path to profits for the previously troubled shale oil and gas firm. The company had sold its stake in the Bakken oil fields in order to double down […]
