Insight and inspiration in turbulent times.
Fears that Spain may be heading for a bailout, weaker than anticipated US growth, and signs that China is not about to embark on any major fiscal stimulus saw oil prices drop again sharply on Wednesday. May has now seen the biggest monthly oil price drop since December 2008. Should the decline continue we will soon be in territory which makes the marginal, more costly to produce barrel uneconomic.
In the late 1800s northwestern Ohio was at the center of an oil boom as the state became the nation’s largest crude producer. Today Ohio is at the center of another fossil fuel boom, where a new drilling method — hydraulic fracturing (fracking) combined with modern horizontal drilling — is releasing natural gas from deep underground shale, leading to a rush of new leases. Is drilling safe or are contamination concerns unfounded?
A weekly roundup of peak oil news, including:
-Oil and the global economy
-The EU crisis
-Iran
-Retail gasoline prices
-Quote of the week
-Briefs
It was the enlightenment, certainly, through which a whole host of new political views about public voice and the independent integrity of the individual emerged into the mainstream, even if took another 150 years, or even 200, to work themselves out. And at the same time it was the beginning of the age of extraction, when humankind started to use the stored resources of the planet at scale for their profit and endeavour. Both of these ideas are still the dominant frames of our public discourse, certainly in the richer world, and shape (almost completely) competing arguments about sustainability.
If the world can be seen in a grain of sand, watch out. As Wisconsinites are learning, there’s money (and misery) in sand — and if you’ve got the right kind, an oil company may soon be at your doorstep.
One fact ought to tell you all you need to know about the risks faced by homeowners signing leases for natural gas drilling on their property: Wells Fargo & Company, both the largest home mortgage lender in the United States and a major lender to the country’s second largest producer of natural gas, Chesapeake Energy Corp., refuses to make home loans for properties encumbered with natural gas drilling leases.
Apollo is a small town in western Pennsylvania, part of the old coal and steel belt that surrounds Pittsburgh. The people who grew up there have learned what harm the corporations who employed them and their relatives and friends have done and continue to do. Men, women, and children were poisoned by that uranium fuel plant and that glass plant. Yet, for the most part, they ignore this, content to contemplate instead their “warm and fuzzy” memories, as one person put it.
The prospect of weaker oil demand in the face of the Euro crisis was balanced this week by warnings from the IEA and Saudi Arabia. Sadad al-Husseini, the former head of Exploration and Production at Saudi Aramco, wrote that “$100 for Brent is quite a correction and it will be a challenge to sustain such a low price beyond the short term”…
Dangerously low levels of sustainability in the food industry may skyrocket to the top of the to-do and worry-about lists of business executives, government officials, and perhaps even environmentalists and shoppers.
A midweekly roundup of peak oil news, including:
-Developments this week
– Peak oil debate is over, says Total chief
– Oil Falls to 2012 Low on Greek Debt, Saudi Call for Drop
– Reuters global energy and envrionment summit
– WWF Report: Consumption of Earth’s resources unsustainable
– Monthly Review: Marx’s ecology and the understanding of land cover change
– New report from Club of Rome warns about humanity’s ability to survive without a major change in direction
– The Big Fix: documentary exposes BP, U.S. Gov’t on Gulf disaster/Interview: the Tickells, filmmakers
– James Hansen: Game Over for the Climate
