Another Failed Energy Prediction: Peak Oil Demand

By David Middleton – Re-Blogged From WUWT

BP’s ‘Peak Oil’ Demand Prediction Falls Flat

By Jude Clemente, February 22, 2019

Always mandatory reading, BP just released its Energy Outlook 2019
It has caused quite a stir again this year.

But, this time the commotion that I see surrounds BP’s forecast that the global war on plastics will be the main factor in cutting global oil demand faster than previously expected. As such, for the first time BP’s outlook predicted a “peak” in oil use. At 13 million b/d, global petrochemical feedstock is 13% of total oil demand.

This is part of a growing trend in recent years where BP continues to see “much slower” growth in new oil demand going forward (see Figure).

Continue reading

Advertisements

Florida Appeals Court: “Everglades Open for Oil Drilling”

By David Middleton – Re-Blogged From WUWT

Everglades open for oil drilling after court ruling

A Tallahassee appeals court reversed a decision by the state’s Department of Environmental Protection Tuesday, ultimately granting Kanter Real Estate the authority to drill.

By Samantha J. Gross Feb. 5

TALLAHASSEE — After nearly four years of legal battles, a Miami family that made its fortune in real estate will now be able to drill an exploratory oil well in the Everglades, just west of the Broward County suburbs.

A Tallahassee appeals court reversed a decision by the state’s Department of Environmental Protection Tuesday, ultimately granting Kanter Real Estate the authority to drill.

The land Kanter Real Estate President John Kanter is interested in drilling is on a 20 mile-wide, 150-mile-long stretch of shale between Miami and Fort Myers dubbed the Sunniland Trend. The western part of that stretch has been tapped into by a Texas oil company, but the Kanter family argues that they have found the potential for oil on the eastern part.

Continue reading

Texas Oil Surge Threatens OPEC

By Bloomberg – Re-Blogged From Newsmax

The map lays out OPEC’s nightmare in graphic form.

An infestation of dots, thousands of them, represent oil wells in the Permian basin of West Texas and a slice of New Mexico. In less than a decade, U.S. companies have drilled 114,000. Many of them would turn a profit even with crude prices as low as $30 a barrel.

OPEC’s bad dream only deepens next year, when Permian producers expect to iron out distribution snags that will add three pipelines and as much as 2 million barrels of oil a day.

Continue reading

Oil Prices

cropped-bob-shapiro.jpg   By Bob Shapiro

I wrote recently about the big drop in the price of oil since last summer. Back in June, crude oil sold for $105 – today, the price is below $59 – per 55 Gallon barrel. That’s a drop of about 44% during the last 6 months.

On the supply side, that drop likely will cause some slowdown in the new US oil fields in North Dakota and Texas, which are dependent on

Continue reading