Helping America Navigate a New Energy Reality

Archive for April, 2009

Let It Burn

By on 30 Apr 2009 in Other with 3 Comments
Let It Burn

The allure of easy wealth glitters very brightly if your wages have not kept up with inflation for over two decades while two principal wage earners struggle to support the household where once—a long time ago in a galaxy far, far away—one would do. The bubbly asset inflation created by the FIRE economy gave Americans the illusion of increased wealth, which spurred unsustainable levels of consumption in the period 1995-present.

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Week of April 27, 2009

By on 27 Apr 2009 in Peak Oil Review with 0 Comments

1. Last Week 2. Some Economic Implications of Peak Oil 3. Quote of the Week 4. Briefs April 27, 2009 Commentary: Top Stories from 2008 Read Online Library and PDF Subscribe

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Production and Prices

By on 27 Apr 2009 in Other with 0 Comments

Prices started last week above $52 a barrel, then fell sharply in sympathy with a major decline in the equity markets, at one point going below $47. Prices then climbed for the rest of the week, closing just below $52, as investor optimism about an economic recovery increased. Oil prices remained detached from the normal […]

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Natural Gas

By on 27 Apr 2009 in Other with 0 Comments
Natural Gas

US natural gas prices fell again last week to their lowest point in more than six years, closing at $3.23 per 1000 cu. ft.  US natural gas stocks are now 36 percent greater than this time last year as industrial demand in the US continues to shrink. Gas futures have fallen 74 percent from a […]

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Carbon

By on 27 Apr 2009 in Other with 0 Comments

The petroleum industry is saying that the new standards will cost consumers billions of dollars because of the complexity of blending the lower carbon fuels.  The Board and environmentalists say the standard will phase in so slowly that there will be plenty of time to start moving to electric cars and non-corn-based biofuels and in […]

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Briefs week of April 27, 2009

By on 27 Apr 2009 in Other with 0 Comments

Saudi Arabia will pump about the same amount of crude in May as in April, sources report. Supply has been steady since February at just under 8 million b/d, down from 9.7 million last summer. (4/24, #3) OPEC will trim crude oil shipments by 0.6 percent in the four weeks ending May 9, the smallest […]

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Planes, Trains and Automobiles

By on 23 Apr 2009 in Other with 7 Comments
Planes, Trains and Automobiles

Maybe I’ve been wrong all along—maybe just believing is enough. Maybe we don’t have to actually use less oil now or ever. Maybe all we have to do is imagine we’re using less oil.

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Week of April 20, 2009

By on 20 Apr 2009 in Peak Oil Review with 0 Comments

1. Last Week 2. Interview with Matt Simmons, Part 3 3. Quote of the Week 4. Briefs April 20, 2009 Commentary: Top Stories from 2008 Read Online Library and PDF Subscribe

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Production and Prices

By on 20 Apr 2009 in Other with 0 Comments
Production and Prices

Oil prices started last Monday at $52 a barrel, quickly fell to circa $50, and remained there for the rest of the week. Bad economic news and forecasts of lower demand for oil dominated the energy story, punctuated with occasional bursts of optimism from Wall Street which continues to maintain there are early signs of […]

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Off-Shore Drilling

By on 20 Apr 2009 in Other with 0 Comments
Off-Shore Drilling

US Interior Secretary Salazar has been traveling around the country conducting hearings on whether to permit off-shore drilling in areas that were off-limits until October 1, 2008. The Secretary visited Atlantic City, New Orleans, Alaska, and San Francisco. Public testimony was mixed as environmentalists and pro-drillers continue their decades-old argument. In Anchorage, Governor Sarah Palin […]

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EPA

By on 20 Apr 2009 in Other with 0 Comments

Last week the White House reversed long-standing policy and permitted the EPA to issue a proposed endangerment finding that greenhouse gases pose a danger to public health and safety. Under the Clean Air Act this finding would permit the EPA to set limits on how much coal, oil and natural gas could be burned in […]

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Briefs week of April 20, 2009

By on 20 Apr 2009 in Peak Oil Review Extra with 0 Comments

OPEC is aiming for prices above $60 and is frustrated with Russia for not reducing exports in line with the cartel’s record cuts this year. Russia’s oil exports increased 6.3 percent in February and 2.2 percent in March, including a 10-fold increase in exports to the US. At the same time US imports from OPEC […]

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Quote of the Week

By on 20 Apr 2009 in Other with 0 Comments

“We are witnessing a collapse in oilsands-related construction. As far as we can tell, as much as 75 per cent of the oilsands-related work slated for 2009 has been cancelled.” Gil McGowan, president of the Alberta Federation of Labour

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Interview with Matt Simmons, Part 3

By on 20 Apr 2009 in commentary, Peak Oil Review Extra with 1 Comment

ASPO-USA’s Steve Andrews recently hooked up with Matthew R. Simmons, chairman of Simmons & Company, Int’l, for a lengthy interview.  Below is the final portion of the interview. Mr. Simmons does not shy away from the unconventional view. Question:  Can you compare the early stages of the Obama energy policies to the Bush energy policies. […]

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Real GDP and the Oil Shock of 2007-08

By on 16 Apr 2009 in Other with 2 Comments
Real GDP and the Oil Shock of 2007-08

If it looks like a duck, and quacks like a duck, we have at least to consider the possibility that we have a small aquatic bird of the family anatidae on our hands —Douglas Adams Dr. James Hamilton (JDH) recently released his study Causes and Consequences of the Oil Shock of 2007-08. The paper concludes […]

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Week of April 13, 2009

By on 13 Apr 2009 in Peak Oil Review with 0 Comments

1. Last Week 2. Interview with Matt Simmons, Part 2 3. Quote of the Week 4. Briefs April 13, 2009 Commentary: Top Stories from 2008 Read Online Library and PDF Subscribe

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Production and Prices

By on 13 Apr 2009 in Peak Oil Review Extra with 0 Comments

The oil markets continue to move with the equity markets. When there is bad economic news, oil and stocks go down. When there is even a flicker of good news, both go up. Last week oil climbed above $53 a barrel, fell to $47 on general pessimism about the global economy, and then rebounded to […]

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IEA’s Forecast for 2009

By on 13 Apr 2009 in Peak Oil Review Extra with 0 Comments

Following the lead of the IMF, which recently forecast a significant drop in global economic activity this year, the International Energy Agency reduced its forecast for world oil demand by 1 million b/d. Global demand for 2009 is now forecast to be 83.4 million b/d, 2.4 million b/d below 2008. The IEA says that OPEC […]

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IEA’s Forecast for 2009

By on 13 Apr 2009 in Peak Oil Review Extra with 0 Comments

Following the lead of the IMF, which recently forecast a significant drop in global economic activity this year, the International Energy Agency reduced its forecast for world oil demand by 1 million b/d. Global demand for 2009 is now forecast to be 83.4 million b/d, 2.4 million b/d below 2008. The IEA says that OPEC […]

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Investment during the recession

By on 13 Apr 2009 in Peak Oil Review Extra with 0 Comments

Investment in oil and gas production continues to slip everywhere, unless ExxonMobil or China is involved. The CEO of ConocoPhillips discussed nearly $2 billion in investment cuts that his company plans to make. Drilling in the US slipped further, with Baker-Hughes reporting that the US rig count was down by another 38 to 1,005 last […]

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Quote of the Week

By on 13 Apr 2009 in Peak Oil Review Extra, quotes with 0 Comments

“The evidence to me is persuasive that, had there been no oil shock, we would have described the US economy in fourth-quarter 2007 to third-quarter 2008 as growing slowly, but not in a recession.” — James Hamilton, professor of economics, UC San Diego

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Briefs week of April 13, 2009

By on 13 Apr 2009 in Peak Oil Review Extra with 0 Comments

Russia and Iraq have agreed to work on restoring oil contracts that they signed before the U.S.-led invasion of Iraq in 2003.  Previously, Baghdad had renegotiated and signed another Saddam-era deal, with the Chinese National Petroleum Company. (4/11, #4) Alaska‘s North Slope oil output is expected to drop 5 percent in the coming fiscal year […]

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Interview with Matt Simmons, Part 2

By on 13 Apr 2009 in commentary with 0 Comments

ASPO-USA’s Steve Andrews recently hooked up with Matthew R. Simmons, chairman of Simmons & Company, Int’l, for a lengthy interview.  In Part 2, Matt challenges current conventional wisdom about the degree of on-going demand destruction and other issues.  Question:  What are the big differences between the demand drops post-1978 and today? Simmons:  They’re as comparable […]

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Obama's Energy Experts

By on 9 Apr 2009 in Other with 7 Comments
Obama's Energy Experts

Genius may have its limitations, but stupidity is not thus handicapped — Elbert Hubbard With Americans focused on a prolonged economic downturn, problems with the oil supply don’t appear as urgent as they did in the summer of 2008. We are prone to forget, however, how little Americans and their elected representatives know about energy […]

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Production and Prices

By on 6 Apr 2009 in Peak Oil Review Extra with 0 Comments

After falling into the high $40s, oil prices closed out the week about where they started, at $52 a barrel. The struggle continues between bad economic news combined with pessimistic economic forecasts vs. investor optimism that the end of the economic downturn is in sight. Comments to the effect that OPEC production cuts can no […]

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