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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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).

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U.S. Set To Pump More Oil Than Russia And Saudis Combined

In a major shift, the United States is set to produce more oil and liquids than Russia and Saudi Arabia combined by 2025.

In Rystad Energy’s base case oil price scenario, US liquids production is forecast to surpass 24 million barrels per day over the next six years, thereby outpacing the combined output from Russia and Saudi Arabia.

oil rigs

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Weekly Climate and Energy News Roundup #345

The Week That Was: 2019-01-26,Brought to You by www.SEPP.org

By Ken Haapala, President, Science and Environmental Policy Project

Quote of the Week: “Advances are made by answering questions. Discoveries are made by questioning answers.”— Bernhard Haisch, astrophysicist [H/t William Readdy]

Number of the Week: 250 Million MW short

Observations or Theory? Last week’s TWTW discussed the weather engine, a process illustrated in a graph in the Kiehl and Trenberth’s paper on the “Earth’s Annual Global Mean Energy Budget.” Energy from the sun causes water vapor and evapotranspiration to rise in the atmosphere, then condense into liquid water (or ice) in the upper troposphere giving off latent heat centered about 9 to 11 km (30,000 to 36,000 feet). This was the apparent source of the tropical “hot spot” used by climate modelers and the UN Intergovernmental Panel on Climate Change (IPCC) and its followers. It provided the argument in the 1979 Charney Report that an increase water vapor would dramatically increase the greenhouse gas effect of carbon dioxide (CO2).

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Weekly Climate and Energy News Roundup #336

Brought to You by www.SEPP.org, The Science and Environmental Policy Project

By Ken Haapala, President

Quote of the Week: “I have observed that not the man who hopes when others despair, but the man who despairs when others hope, is admired by a large class of persons as a sage.” ― John Stuart Mill [H/t Matt Ridley]

Number of the Week: $1,096/MWh – An increase of 22 times

USGCRP Prophecies: On November 23, the US Global Change Research Program (USGCRP) released the second volume of its two-part series on human caused global warming. The first volume. the “Climate Science Special Report (CSSR)” supposedly discussed the physical science but was largely confined to projections from poorly tested global climate models and physical events unrelated to increasing carbon dioxide. The current release came in time for the upcoming 24th Conference of Parties (COP-24) of the UN Framework Convention on Climate Change (UNFCCC) in Katowice Poland. According to official announcements, this conference will additionally include “the 14th session of the Conference of the Parties serving as the Meeting of the Parties to the Kyoto Protocol (CMP) and the third part of the first session of the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement (CMA 1-3)” – international bureaucratic science at its best.

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As Oil Plunges, Energy Junk Bonds Turn Dangerous — Again

By John Rubino – Re-Blogged From Dollar Collapse

Back in 2014 oil was falling and hundreds of billions of dollars of energy junk bonds and leveraged loans looked to be at risk. Wolf Street had this to say at the time:

Oil and Gas Bloodbath Spreads to Junk Bonds, Leveraged Loans. Defaults Next

The price of oil has plunged nearly 40% since June to $65.63, and junk bonds in the US energy sector are getting hammered, after a phenomenal boom that peaked this year. Energy companies sold $50 billion in junk bonds through October, 14% of all junk bonds issued! But junk-rated energy companies trying to raise new money to service old debt or to fund costly fracking or off-shore drilling operations are suddenly hitting resistance.

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