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Peak US Oil Production Looms as the Domestic Shale Boom Ends
Peak US Oil Production Looms as the Domestic Shale Boom Ends After a decade of losing hundreds of billions of dollars, the shale oil industry is finally making money — and running out of oil. A lone pumpjack in Loving County, Texas, in the Permian Basin. Credit: Justin Hamel It appears that the U.S. fracking […]
The U.S. Shale Revolution Has Surrendered to Reality
The U.S. Shale Revolution Has Surrendered to Reality Fracking companies aren’t drilling as investment continues to dry up. Image: Fossil fuel oil well. Credit: CL Baker. CC BY 2.0 “Drill, baby, drill is gone forever.” That was the recent assessment of Saudi Prince Abdulaziz bin Salman of the American oil industry’s future potential. As Saudi Arabia’s energy minister, […]
Struggling to Make a Profit, Fracking Investors are Searching for the Exit
Struggling to Make a Profit, Fracking Investors are Searching for the Exit Banks and investors have given up on the U.S. fracking industry, which is bad news for current investors who waited too long to get out. Derricks Credit: Pay No Mind (CC BY-SA 2.0) and Going out of business sign Credit: Michael Steeber (CC BY-SA 2.0) Photos adapted by: Justin Mikulka […]
Analysis: How Exxon Is Being Forced To Accept The Reality Of Bad Fossil Fuel Investments
Analysis: How Exxon Is Being Forced To Accept The Reality Of Bad Fossil Fuel Investments Last August, ExxonMobil warned that it may need to remove 20 percent of its oil and gas proved reserves from its books. While that was a shocking number from the oil major, reality proved to be even more of a shock […]
The US Oil and Gas Industry’s Methane Problem Is Catching up With It
The US Oil and Gas Industry’s Methane Problem Is Catching up With It For years, the oil and gas industry has been able to downplay, or outright ignore, the problem of methane. Methane is an invisible gas, and lax state and federal regulations in the U.S. have allowed oil and gas producers to self-report how much of this potent […]
Trump’s Golden Era of Energy Is Turning to Lead
Trump’s Golden Era of Energy Is Turning to Lead It was just over a year ago that President Trump announced, “The golden era of American energy is now underway,” saying that his policies focused on exploiting oil, gas, and coal were “unleashing energy dominance.” What a difference a year makes. On July 10, the Financial Times ran an […]
Bankers and Investors Finding Fracking Industry’s Underlying Models Prove Overly Optimistic
Bankers and Investors Finding Fracking Industry’s Underlying Models Prove Overly Optimistic Warren Buffet has a famous quote about investing: “Only when the tide goes out do you discover who’s been swimming naked.” When it comes to his $10 billion investment in Occidental Petroleum, Buffett will need to take that one to heart now that other investors have sued Occidental for the merger financed […]
New Satellite Data Reveals Dangerous Methane Emissions in Permian Region
New Satellite Data Reveals Dangerous Methane Emissions in Permian Region New research based on satellite data confirms that the oil and gas industry in the Permian region of Texas and New Mexico is leaking record amounts of methane. The new research published in the journal Science Advances found that methane emissions in the Permian Basin were equivalent […]
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 […]
Peak Permian Oil Production May Arrive Much Sooner Than Expected
Peak Permian Oil Production May Arrive Much Sooner Than Expected In mid-January, Adam Waterous, who operates the private equity firm Waterous Energy Fund, made a prediction about the crown jewel of the U.S. shale oil industry, the Permian shale play that straddles Texas and New Mexico. “We think we are at or near peak Permian,” Waterous told Bloomberg. “The […]
To Many’s Dismay, Permian Produces More Gas and Condensate Instead of Oil and Profits
To Many’s Dismay, Permian Produces More Gas and Condensate Instead of Oil and Profits As oil prices plummet, oil bankruptcies mount, and investors shun the shale industry, America’s top oil field — the Permian shale that straddles Texas and New Mexico — faces many new challenges that make profits appear more elusive than ever for the financially failing shale oil industry. […]
Will the Fracking Revolution Peak Before Ever Making Money?
Will the Fracking Revolution Peak Before Ever Making Money? This week, the Wall Street Journal highlighted that the U.S. oil and gas shale industry, already struggling financially, is now facing “core operational issues.” That should be a truly frightening prospect for investors in American fracking operations, but one which DeSmog has long been warning of. This one line from the Journal sums up […]
Bernie Sanders’ Plan to Phase out Nuclear Power Draws Attacks — Here’s Why They’re Wrong
Bernie Sanders’ Plan to Phase out Nuclear Power Draws Attacks — Here’s Why They’re Wrong Senator and Democratic presidential hopeful Bernie Sanders has released an ambitious climate proposal, one which champions of the status quo were quick to criticize. One line of attack, coming from many different sources, focuses on Sanders’ plan to phase out nuclear power, but the arguments, and who is […]
First, Climate Change, Now the Global Extinction Crisis: Industry-Paid Hacks Deny Science to Congress
First, Climate Change, Now the Global Extinction Crisis: Industry-Paid Hacks Deny Science to Congress In this week’s Congressional hearing on the recent (and dire) UN Global Assessment of Biodiversity, conservation scientist Dr. Jacob Malcom did not mince words as he explained the report’s startling findings that one million species are at risk of extinction. “We are, as you have heard, […]
Oil Industry Ponders Getting ‘Dragged into Low-Carbon Future’ While Claiming it ‘Stepped up’ on Climate
Oil Industry Ponders Getting ‘Dragged into Low-Carbon Future’ While Claiming it ‘Stepped up’ on Climate The fossil fuel industry’s faith that the modern world economy will be powered by its products for the indefinite future is usually unwavering. But cracks in that faith recently appeared in Houston at the top annual oil industry conference, known as CERAweek. The […]
