US Responds to Oil Price Crash by Topping Off the Tank

By David Middleton – Re-Blogged From WUWT
Trump says U.S. to buy oil to fill up the Strategic Petroleum Reserve
By Myra P. Saefong

President Donald Trump announced Friday that the U.S. will buy large quantities of oil to fill the country’s Strategic Petroleum Reserve. “We’re gonna fill it up. It’s a good time to fill it up,” Trump said at a press conference, during which he declared a national emergency to access additional aid to cope with the spread of COVID-19. As of March 6, the SPR held a total of 635 million barrels of crude oil. Its current storage capacity is 713.5 million barrels.

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Market Watch

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Weekly Climate and Energy News Roundup #402

The Week That Was: March 7 / 14, 2020, Brought to You by www.SEPP.org

By Ken Haapala, President, Science and Environmental Policy Project

Quote of the Week: “Aqueous vapor is a blanket, more necessary to the vegetable life of England than clothing is to man. Remove for a single summer-night the aqueous vapor from the air which overspreads this country, and you would assuredly destroy every plant capable of being destroyed by a freezing temperature. The warmth of our fields and gardens would pour itself unrequited into space, and the sun would rise upon an island held fast in the iron grip of frost.” – John Tyndall (Heat: A Mode of Motion, 1861) [H/t William Happer]

Number of the Week: 15,000 parts per million (ppm) v. 400 ppm

Freeman Dyson: When mathematician, physicist, and philosopher Freeman Dyson died on February 28, the world lost an exceptionally brilliant humanist. Writing in the Quadrant, Australian Tony Thomas based his comments, in part, on an extensive interview by philosopher Arnis Rītups in the Latvian Journal Rigas Laiks. The interview gives an indication of the depth and extensive interests of Dyson. It is appropriately subtitled:

“Somehow the universe has a tendency to be as interesting as possible, more and more diverse, more and more interesting.”

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Weekly Climate and Energy News Roundup #391

The Week That Was: December 21, 2019, Brought to You by www.SEPP.org

By Ken Haapala, President, Science and Environmental Policy Project

Quote of the Week: “Collective fear stimulates herd instinct, and tends to produce ferocity toward those who are not regarded as members of the herd.” ― Bertrand Russell, Unpopular Essays

Number of the Week: 1/1,000,000,000,000 (One part per Trillion)

The Greenhouse Effect – With Clouds: The CO2 Coalition has published a paper by Richard Lindzen addressing climate sensitivity trying to explain why US climate models do so poorly when tested against observations from nature. Until climate models can describe what is occurring in the atmosphere today, there is no reason to accept projections / predictions from such models about the future. Lindzen’s approach to the problem is different from those by Wijngaarden & Happer, and Roy Spencer discussed in the previous two TWTWs.

Among other things, Lindzen includes the influence of high-level cirrus clouds, which form above the tropopause, where water vapor freezes out. As Lindzen states:

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US Becomes A Net Fossil Fuel Exporter

By Chris White , From The Daily Caller– Re-Blogged From WUWT

The United States notched the country’s first month of exporting more petroleum products than it imported, according to newly released federal data. The news comes as Democratic presidential candidates campaign on nixing fossil fuels.

The U.S. exported roughly 89,000 barrels of fossil fuels per day during September, according to data the Energy Information Administration (EIA) released Nov. 29. That’s the first full month the U.S. has exported more than it imported since the U.S. began tracking such data in 1949.

A decade-long increase in fracked gas production is fueling the numbers. Former presidents Jimmy Carter and Barack Obama, among others, spent years promising to make the U.S. energy independent. Presidential candidates from both parties made similar pitches throughout the years.

“This is a very big deal, not just rich in symbolism but marking a major and tangible benefit to the U.S. economy,” Daniel Yergin, vice chairman of IHS Markit, told reporters Tuesday. He authored a book “The Prize” in 2008 that fleshed out how big oil became a dominant form of energy.

He added: “It’s the end of an era that began with the oil crises of the 1970s.” Yergin was referring to the decade when Middle Eastern countries and giant oil cartels used their oil reserves as a weapon against Western nations.

The recent uptick in exports came as fracking of shale deposits stretching from Texas to New Mexico exploded over the last decade.

“Shale completely turned it around,” Yergin said. “The world has never seen growth at this scale this fast. It’s almost as though, in number of barrels, that the United States added a second Saudi Arabia within its own borders.” Obama can also claim some responsibility for the export uptick as well.

The former president signed legislation in late 2015 ending the decades-old ban on crude oil exports. U.S. oil production doubled between 2009, when Obama took office, to 2016, while natural gas production shot up 50 percent in that time. The boom took place on state and private lands.

Imports from OPEC fell to 1.5 million barrels per day in March, which is the lowest level since March 1986, the EIA reported in June. EIA said at the time that OPEC imports fell “as domestic crude oil production has increased.”

The U.S. became the world’s largest producer of fracked natural gas in 2012, surpassing Russia. Natural gas also passed coal as the country’s leading source of electricity in July 2017.

Meanwhile, many of the 2020 Democratic presidential candidates are campaigning on bludgeoning the oil industry.

Sen. Elizabeth Warren, for instance, introduced a bill in October that would, if passed, block construction on ports that export natural gas.

The Massachusetts Democrat pegged her 2020 presidential campaign on holding oil companies responsible for supposedly contributing to global warming. Warren has not responded to the Daily Caller News Foundation’s request for comment on her campaign’s anti-oil positions.

Sen. Bernie Sanders of Vermont is also campaigning against the oil industry.  “What we have to do is tell the fossil fuel industry that their short-term profits are not more important than the future of this planet,” he said during the fifth Democratic debate.

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Weekly Climate and Energy News Roundup #379

The Week That Was: October 5, 2019, Brought to You by www.SEPP.org

By Ken Haapala, President, Science and Environmental Policy Project

Quote of the Week – “Man, once surrendering his reason, has no remaining guard against absurdities the most monstrous, and like a ship without rudder, is the sport of every wind. With such persons, gullibility, which they call faith, takes the helm from the hand of reason and the mind becomes a wreck.” —Thomas Jefferson (1822)

Number of the Week: Almost 64%


 

Contradiction in Studies: The latest report of the UN Intergovernmental Panel on Climate Changes, The Ocean and Cryosphere in a Changing Climate, contains many dire warnings of alarming sea level rise from oceans warming much faster than “previously thought” and Polar Ice melting much faster than “previously thought.” Of course, who “previously thought” what is not clear, though the word previously surely refers to a time when the “science was settled.”

In the approved Summary for Policymakers of the IPCC study are numerous graphs showing dire sea level rise of almost 5.5 meters (18 feet) by 2300 – 280 years from now.

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The Coming Middle East Oil Crisis: The Collapse Of Net Oil Exports

By SRSrocco – Re-Blogged From Silver Phoenix

The Middle East is heading for a crisis in its oil industry.  Unfortunately, the market doesn’t realize there is any danger on the horizon because it mainly focuses on how much oil the Middle East is producing rather than its exports.  You see, it doesn’t really matter how much oil a country produces but rather the amount of its net oil exports.

A perfect example of this is Mexico.  As I mentioned in a recent article, NEXT OIL DOMINO TO FALL? Mexico Becomes A Net Oil Importer, Mexico is now a net importer of oil for the first time in more than 50 years.  Furthermore, the IEA – International Energy Agency, published in their newest OMR Report that Mexico is forecasted to lose another 170,000 barrels per day of oil production in 2019.  Thus, this is terrible news for the United States southern neighbor as it will have to import even more oil to satisfy its domestic consumption.

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America is Set to Surpass Saudi Arabia in a ‘Remarkable’ Oil Milestone

By Matt Egan – Re-Blogged From CNN Business

Move over, Saudi Arabia. America is about to steal the kingdom’s energy exporting crown.

The United States will surpass Saudi Arabia later this year in exports of oil, natural gas liquids and petroleum products, like gasoline, according to energy research firm Rystad Energy.
That milestone, driven by the transformative shale boom, would make the United States the world’s leading exporter of oil and liquids. That has never happened since Saudi Arabia began selling oil overseas in the 1950s, Rystad said in a report Thursday.
“It’s nothing short of remarkable,” said Ryan Fitzmaurice, energy strategist at Rabobank. “Ten years ago, no one thought it could happen.”