Helping America Navigate a New Energy Reality

quotes

The State of Nuclear Power Plants

By on 14 Aug 2017 in quotes with 0 Comments

[After two nuclear plants in South Carolina were cancelled:] “We continue to believe that the problem with new nuclear (small modular units excepted) power plants is not that they generate electricity with nuclear fission. The difficulty is economic. The nuclear units are expensive, base load generating units in a world where production of electricity is becoming less expensive and increasingly decentralized. Base load power plants (and especially nuclear ones) are, in general, must-run, inflexible price takers. Going forward there will be less need for those facilities regardless of how they are fueled. Furthermore, the builder of a nuclear plant must bet an enormous sum on the need for electricity a decade hence, when the plant is completed. Given the uncertainty in power demand and prices, that is a gamble uncompensated in the regulatory process.

By Leonard Hyman and William Tilles for Oilprice.com

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CEO of Royal Dutch Shell on the future of electric vehicles in developed and developing nations

By on 31 Jul 2017 in quotes with 0 Comments

“Even if the UK, France and the Western world, in general, will all go to 100 percent electric vehicles, that would be great, but that wouldn’t be enough…We still have less advanced economic economies that cannot do that switch.”

Ben van Beurden, CEO of Royal Dutch Shell (7/28)

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Senior Vice President of Maritime Services at Maersk Line Ltd. on Price Break Point for Arctic Oil

By on 24 Jul 2017 in quotes with 0 Comments

“The fact is, oil at $50 a barrel makes Arctic oil uncompetitive. In terms of what’s going to happen down the road, I saw a World Bank report placed the oil in nominal dollars at $80 a barrel in 2030. That’s still way below break the price for Arctic oil.”

Stephen M. Carmel, senior vice president of Maritime Services at Maersk Line Ltd. (7/21)

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Divergent views on Plug-In Hybrid Vehicles

By on 17 Jul 2017 in quotes with 0 Comments

“What oil companies and car companies are saying [about future sales of plug-in vehicles] is diverging.  This is a trillion-dollar question, and someone is going to be wrong.”

Colin McKerracher, head of advanced transport analysis for Bloomberg New Energy Finance

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US Energy Secretary Rick Perry on the supply and demand dynamics of coal

By on 10 Jul 2017 in quotes with 0 Comments

“Here’s a little economics lesson, supply and demand: You put the supply [more coal] out there and the demand will follow that.”

US Energy Secretary Rick Perry, who was criticised by economists who point out that, typically, supply follows demand

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President Trump on US Energy Dominance and Exports

By on 3 Jul 2017 in quotes with 0 Comments

“We will be dominant.  We will export American energy all over the world, all around the globe. These energy exports will create countless jobs for our people, and provide true energy security to our friends, partners, and allies across the globe.”

U.S. President Donald Trump, in a speech [Ed. Note: possible hyperbole?]

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CEO of Paris-based Total explaining why he isn’t expanding assets in the hot US shale oil market

By on 26 Jun 2017 in quotes with 0 Comments

“Shale oil is too expensive. Let’s concentrate on low-cost oil. Don’t tell me I need to invest in the highest technology barrels because low-cost oil is the answer to volatility and peak oil.”

Patrick Pouyanne, CEO of Paris-based Total, explaining why he isn’t expanding assets in the hot US shale oil market.

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Bloomberg’s New Energy Finance lead author on the unstoppable expansion of renewable electricity

By on 19 Jun 2017 in quotes with 0 Comments

“This year’s [New Energy Outlook] report suggests that the greening of the world’s electricity system is unstoppable, thanks to rapidly falling costs for solar and wind power, and a growing role for batteries, including those in electric vehicles, in balancing supply and demand.”

Seb Henbest, Bloomberg’s New Energy Finance lead author

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Bloomberg Analyst on Electric Vehicle Battery Cost and Energy Density

By on 12 Jun 2017 in quotes with 0 Comments

“As battery costs fall and their energy density increases, we could see cheaper battery-electric cars than their fuel-burning equivalents by 2030.”

Nikolas Soulopoulos, a London-based analyst with Bloomberg LP.

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President of the League of Conservation Voters on litigation regarding Arctic and Atlantic permanent protections

By on 8 May 2017 in quotes with 0 Comments

“President Trump is trying to erase all the climate and environmental progress we’ve made. We aren’t about to go down without a fight, and by joining this litigation, we are signaling to Congress our resolute and growing commitment to defending the Arctic and Atlantic permanent protections and halting the expansion of risky offshore drilling.”

Gene Karpinski, President of the League of Conservation Voters

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IEA’s executive director on the future of oil markets

By on 1 May 2017 in quotes with 0 Comments

“The key question for the future of the oil market is for how long can a surge in US shale supplies make up for the slow pace of growth elsewhere in the oil sector.”

–Fatih Birol, the IEA’s executive director

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Arthur Berman (consulting geologist) on global oil inventories

By on 24 Apr 2017 in quotes with 0 Comments

“Global oil inventories are falling because of OPEC and non-OPEC production cuts, but the road to market balance will be long.”

–Arthur Berman, Consulting Geologist

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Head of analysis at Rystad Energy on new oil discoveries

By on 17 Apr 2017 in quotes with 0 Comments

“The shortcoming of oil replacement by the drill bit has been quite drastic … Discoveries are not keeping up with production.”

Per Magnus Nysveen, head of analysis, Rystad Energy. Last year, 10 billion barrels of oil were discovered, around one third of global consumption, including well-appraisal activity, said Nysveen. He added that supply could fall short by up to 2 million barrels per day within seven to eight years.

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Canadian Natural Resources Minister on the future of wind energy

By on 10 Apr 2017 in quotes with 0 Comments

“It’s clear that wind energy’s time has come. My message is a very simple one: our government is committed to addressing climate change, and we know that wind power will play a critical role in those efforts.”

Canadian Natural Resources Minister Jim Carr.

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President Trump & the founder and CEO of US’s largest coal company on the future of mining jobs in America

By on 3 Apr 2017 in quotes with 0 Comments

“My administration is putting an end to the war on coal…The miners are coming back.”

US President Donald Trump, as he signed the “energy independence” executive order

“I suggested that (Trump) temper his expectations. He can’t bring them back.”

Robert Murray, founder and CEO of Murray Energy, the biggest US coal company

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Commodity Equity Business Unit Leader in EMEA at Goldman Sachs on Arctic Oil Exploration

By on 27 Mar 2017 in quotes with 0 Comments

“Overall the idea that we have to go into the Arctic to find new resources I think has been dispelled by the enormous cheap, easier to produce and quicker time-to-market resources in the Permian onshore US. We think there is almost no rationale for Arctic exploration. Immensely complex, expensive projects like the Arctic we think can move too high on the cost curve to be economically doable.”

Michele Della Vigna, commodity equity business unit leader in EMEA at Goldman Sachs

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Senior Research Geologist at the U.S. Geological Survey on the Smith Bay, Alaska oilfield

By on 20 Mar 2017 in quotes with 0 Comments

–David Houseknecht, a senior research geologist at the U.S. Geological Survey, says the Smith Bay discovery in Alaska seems to have incredible potential. Then he adds: “But it’s the last one you’d want to bet your retirement money on.” (3/15)

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Quotes from CERAWeek

By on 13 Mar 2017 in quotes with 0 Comments

“I want the states to see the EPA as a friend, as a partner, and not an adversary. Regulators ought not to use their authority to pick winners and losers.”

EPA Administrator Scott Pruitt

U.S. crude oil output “could go pretty high. But it’s going to have to be done in a measured way, or else we kill the market.”

Harold Hamm, CEO Continental Resources

“As an industry, we’re not investing enough for supply growth to keep up with demand growth.” Decreased spending, particularly in the resource-rich (but expensive) offshore, may cause supply to plateau or decline as global demand is rising, Hess said. A supply deficit is possible as soon as three years, and within five, when the reductions in capital investments should begin to show up in falling offshore supply, Hess said. “We’re not investing enough to keep the offshore investment pipeline full.”

John Hess, CEO Hess oil

“People might have drilled [the Eagle Ford} up very fast in the last two to three years, and they had to because they were measured on multiples of growth and had to grow very quickly. They probably regret it because they learned so much more about how to complete these wells more efficiently today than even what we knew two or three years ago.”

Ryan Lance, CEO ConocoPhillips

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Nick Cunningham of Oilprice.com on why low oil prices will keep oil in the ground

By on 6 Mar 2017 in quotes with 0 Comments

“Keep it in the ground’ has been the mantra of environmental groups worried about climate change. But it could be low oil prices and the lack of competitiveness of Canada’s oil sands that keep those reserves in the ground.”

Nick Cunningham of Oilprice.com

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Lead researcher in a Harvard battery project and a professor of materials and energy technologies on energy storage cost targets

By on 27 Feb 2017 in quotes with 0 Comments

“If you can get anywhere near the cost target [$100 per kilowatt-hour of energy storage] then you can change the world. It becomes cost effective to put storage batteries in so many places – this research puts us one step closer to reaching that target.”

Michael Aziz, lead researcher in a Harvard battery project and a professor of materials and energy technologies

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CEO of Graves & Co. on the impact of current prices on the state of the oil & gas sector

By on 20 Feb 2017 in quotes with 0 Comments

“There has been no recovery in offshore and international oil and gas activity with the price of crude in the $50 range … for companies with significant exposure, offshore and internationally, the downturn in the oil and gas industry is not over, and job cuts may continue.”

John Graves, CEO of Graves & Co.

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Carbon Tracker Initiative on solar energy vs. fossil fuel energy market share dynamics

By on 13 Feb 2017 in quotes with 0 Comments

“Fossil fuels may lose 10 percent of market share to PV and EVs within a single decade. This may not sound much but it can be the beginning of the end once demand starts to decline.”

Carbon Tracker Initiative

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Senior managing mirector at Evercore ISI on labor shortage of oilfield service companies

By on 6 Feb 2017 in quotes with 0 Comments

“Oilfield service companies have pressed fresh (green) blood into service amidst a vigorous ramp up in activity, and failure/HSE rates have already felt the negative impact. Not only is labor a bottleneck, it is shaping up to be the primary bottleneck in the early stages of the [North American] recovery…E&P’s will throw enough money at the North American labor problem to bring the sector back to equilibrium, sacrificing capital efficiency to hit production targets.”

James West, a senior managing director at Evercore ISI

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John Kemp, Reuters energy columnist, on Trump administration’s pipeline approval policies

By on 30 Jan 2017 in quotes with 0 Comments

“The blunt reality for the Trump administration is that there is no way to make pipeline approvals conditional on the use of U.S. steel without undermining the goal of fair market access for U.S. exporters.”

John Kemp, Reuters energy columnist

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Paul Frankel, economist, on the nature of the petroleum industry

By on 23 Jan 2017 in quotes with 0 Comments

“The basic feature of the petroleum industry … that matters most is that it is not self-adjusting.” The industry has “an inherent tendency to extreme crises” and “hectic prosperity is followed all too swiftly by complete collapse.”

Paul Frankel, economist, “Essentials of Petroleum,” 1946 (from energy columnist John Kemp)

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