Insight and inspiration in turbulent times.
Faced with increasing political obstacles to oil and natural gas exploration in many countries around the world, the oil industry is focusing again on the United States. The industry is using the deceitful promise of energy independence to cajole Americans and their policymakers into relaxing environmental regulations and opening protected public lands and restricted offshore areas to drilling.
The shale gas ‘revolution’ suffered another blow this week as the US Securities and Exchange Commission announced an investigation into dealings between industry leader Chesapeake Energy and its chief executive Aubrey McClendon. It emerged recently that McClendon had been taking a private stake in each well the company drills and, unbeknownst to shareholders, borrowed over $1 billion against them…
Peak oil is a fact, not a theory. From US conventional oil production peaking in 1970 to global conventional oil production peaking in 2006 the figures are indisputable. Even institutions such as the International Energy Agency (IEA) and publications like The Economist that are not known for alarmism have admitted that oil production from conventional sources has peaked.
So why are there still commentators who refuse to believe peak oil?
-Fracked: Why Chesapeake Energy’s Aubrey McClendon is in Hot Water
-What Chesapeake’s Woes Mean for Natural Gas: A Q&A With Arthur Berman
-Special Report: Chesapeake CEO took $1.1 billion in shrouded personal loans
-Special Report: Inside Chesapeake, CEO ran $200 million hedge fund
-Fuel to Byrne
-Marginal oil production costs are heading towards $100/barrel
-Book review: Steve Coll’s “Private Empire”
A mid-weekly roundup of peak oil news, including:
-Developments this week
In its quest to find new sources of energy, China is increasingly looking to its western provinces. But the nation’s push to develop fossil fuel and alternative sources has so far ignored a basic fact — western China simply lacks the water resources needed to support major new energy development.
I’ve been giving lectures on Peak Oil for over a decade now, and always look forward to the question period after the main show. It’s an opportunity to interact with the audience and take questions…Here are the top 11, along with brief sample replies and some resources for further reading.
A new study has raised fresh concerns about the safety of gas drilling in the Marcellus Shale, concluding that fracking chemicals injected into the ground could migrate toward drinking water supplies far more quickly than experts have previously predicted.
-Fracking ‘Health Challenges’ to Be Examined by U.S. Advisers
-Restrict shale gas fracking to 600m from water supplies, says study
-Reporting of fracking and drilling violations weak
-Lancashire schoolgirl wins chance to address MEPs with anti-fracking video
-Chesapeake plugs blown Wyoming well
-Drillers May Frack First, Disclose Later Under Draft Plan
In a week in which the Leveson inquiry shone a light on the overlap between big business and politics, news that Shell made £2m an hour in Q1 demonstrated only too well why creating the political will to move away from oil appears to be such an uphill battle.
A midweekly roundup of peak oil news, including:
-Developments this week
