By Daniel Graeber – Re-Blogged From https://www.upi.com
Cuadrilla Resources says its drilling rig is on site and ready to tap into a natural gas basin in Lancashire.
By Matt Ridley – Re-Blogged From Global Warming Policy Forum
The liberalised energy markets introduced by Nigel Lawson in 1982, embraced by the Blair government and emulated across Europe, delivered both affordability and reliability. But they were abandoned. All three parties share the blame for Britain’s policy fiasco.
Shortly before parliament broke up this month, there was a debate on a Lords select committee report on electricity policy that was remarkable for its hard-hitting conclusions. The speakers, and signatories of the report, included a former Labour chancellor, Tory energy secretary, Tory Scottish secretary, cabinet secretary, ambassador to the European Union and Treasury permanent secretary, as well as a bishop, an economics professor, a Labour media tycoon and a Lib Dem who was shortlisted for governor of the Bank of England.
By Irina Slav – Re-Blogged From Wolf Street
Something that’s been whispered about in the last few months is now being talked about loudly: U.S. oil drillers’ debts. There have been a few notable warnings that shale boomers might want to slow down their production boost lest they bring on another price crash, but the truth seems to be that they can’t do it: they have debts to service.
Now that international oil prices are once again on a downward spiral, drillers are facing a new challenge, according to Bloomberg: their bondholders are no longer optimistic.
Shareholders were the first to start doubting the recovery as it became increasingly evident that OPEC’s production cut agreement is failing to have the effect that everyone—or almost everyone—expected. Energy stocks have generally been on a slide since the start of the year.
By Matt Egan – Re-Blogged From http://money.cnn.com
For decades, OPEC’s sway on oil prices was unparalleled.
But the cartel’s immense influence has been dealt a huge blow by the dramatic boom in US shale.
“Saudi Arabia and OPEC are no longer in control,” Douglas Rachlin, managing director at Neuberger Berman’s Rachlin Group, said on Wednesday at the SALT Conference in Las Vegas.
The emergence of US shale as a key global player that can pump even during low oil prices means OPEC can no longer “manipulate prices,” Rachlin said. “The shale revolution has changed a lot of things.”
By Andy May – Re-Blogged From http://www.WattsUpWithThat.com
“Prediction is very difficult, especially about the future” (old Danish proverb, sometimes attributed to Niels Bohr or Yogi Berra)
In November, 2016 the USGS (United States Geological Survey) reported their assessment of the recent discovery of 20 billion barrels of oil equivalent (technically recoverable) in the Midland Basin of West Texas. About the same time IHS researcher Peter Blomquist published an estimate of 35 billion barrels. Compare these estimates with Ghawar Field in Saudi Arabia, the largest conventional oil field in the world, which contained 80 billion barrels when discovered. There is an old saying in the oil and gas exploration business “big discoveries get bigger and small discoveries get smaller.” As a retired petrophysicist who has been involved with many discoveries of all sizes, I can say this is what I’ve always seen, although I have no statistics to back the statement up. Twenty or thirty years from now when the field is mostly developed, it is very likely the estimated ultimate hydrocarbon recovery from the field will be larger than either of those estimates.
The Week That Was – Dec 16, 2016 – Brought to You by www.SEPP.org
By Ken Haapala, President Science and Environmental Policy Project
Data Manipulation: As twice-elected president of a science society formed in 1871, with early members important to the beginning of climate measurements covering the US, this author has been very concerned with the manipulation of historic data that seems to have taken place over the past few decades. In effect, a warming trend seems to have been established in the data where one did not exist before. As we saw during Climategate, the Climatic Research Unit at the University of East Anglia “lost” historic data when data was mathematically adjusted.
Similarly, as researchers Joe D’Aleo and Tony Heller have demonstrated, the data entrusted to NOAA; and its subordinate organizations the US Historical Climatology Network (USHCN), the Global Historical Climatology Network (GHCN), and the National Climatic Data Center (NCDC); seem to have been manipulated to give the illusion of a warming trend by lowering the earlier data. Now, Paul Homewood, of the UK, points out that NASA’s Goddard Institute of Space Studies (NASA-GISS) has changed its own data since 2011 without notification as to why. The adjustments to its December 2016 version give the illusion of a stronger warming trend than existed in their 2011 data.
Environmentalists these days tend to fight against any energy source except solar and wind. The US went from being a major exporter of oil many decades ago to having to import over 60% of our needs in 2005.
However, even with regulations attempting to strangle our energy supplies, the private, productive sector – you know, those awful oil companies – have developed new technologies creating a new oil