OilDrum: Drumbeat: January 13, 2010Source: The Oil Drum The End of Retirement The second factor was the creation of a financial system that enabled us to “bank” future personal resource exploitation in the form of money. Online retirement calculators tell us how much money we need to retire but that money is clearly a proxy for the world’s resources. It would be impractical for the calculator to advise us to stockpile “2000 board-feet of wood for a new house, 20 lb of uranium for electricity and 400 gallons of jet fuel for foreign vacations.” Instead, it tells us to store money that we will in the future convert to resources. Once we have a nice stockpile of dollars or euros, the idea is to draw it down by converting it to foreign vacations (which are energy hogs, using in one or two weeks the amount of energy used by someone traveling by car for an entire year — simply because the destinations are often thousands of miles away), nice dinners (which bring an astonishing array of foods from around the world to an area no bigger than a dinner plate) and the occasional financial bailout of one’s children when they run out of money on a round-the-world trip. Both of these factors are in the process of disappearing. We are not experiencing the popping of a short-term economic bubble like the tech boom or the tulip mania of several centuries ago. After this popping, there will be no significant recovery. A Q4 refining headache for the oil majors More disconcertingly still, large speculators had also piled into gasoline and heating oil futures in record proportions too. Russia comes to the rescue as Norwegian gas supplies to Britain falter As the National Grid warned of a "high" possibility of shortages in the north-east and south-west owing to another cold snap, the Major Energy Users' Council said Britain had been lucky to survive without shortages. Eddie Proffitt, chairman of the council's gas group, said: "The [British] gas industry has coped very well but we have been lucky. It would have been desperate if we had seen the kind of disputes between Russia and Ukraine that have reduced gas flows on the continent in the past two or three Januaries." UK's energy regulator foresees threat to gas supplies Nigerian Anger at the U.S. Grows Nigerian Foreign Minister Ojo Maduekwe said the country doesn't want to alienate its "traditional partners," but when the U.S. Transportation Security Administration recently included Nigeria among 14 countries of interest -- an effective security watch list -- officials and politicians in the West African nation were incensed. Apache Fire at East Cameron 2 Platform, 1 Person Dead East Timor ‘Required’ to Develop Sunrise LNG Project “Under the International Unitisation Agreement, the governments of Australia and Timor Leste and the Sunrise joint venture participants are required to develop the reservoir to the best commercial advantage,” Woodside’s spokeswoman Yvonne Ball said in an e-mail today. Producing ‘Green’ Natural Gas in Canada? But in Fort Nelson in northern British Columbia, the natural gas giant Spectra Energy has been quietly investigating an alternative approach to carbon-capture, one that can produce clean electricity and won’t involve pumping more fossil fuel to the surface. “The idea is to produce green natural gas,” says Gary Weilinger, vice-president of strategic development and external affairs for Spectra’s transmission unit in Calgary. Green energy agency set to gain members IRENA was established last year to promote the development of the renewable energy industry worldwide. To date, 139 nations have joined the global organization which is headquartered in Abu Dhabi, capital of the United Arab Emirates. Pickens reduces order for wind turbines, puts Panhandle wind farm on hold The energy investor, who made wind power a key part of his plan to wean Americans off foreign oil, said Tuesday he will now take delivery of 300 turbines, which he will use for wind farms in Canada and Minnesota. None of the turbines will come to Texas, as originally planned. A Picture of Our Post Peak Oil Food Supply Nine meals from anarchy Protect Yourself from Food Supply Shortage with Survival Seed Kit Packed with Heirloom and Open Pollinated Seeds from Survival Seed Bank Recognizing the impact of such an event has led Survival Seed Bank to offer a “survival seed kit” which is packed with heirloom seeds, non-hybrid seeds and open-pollinated seeds that not only produce healthy fruits and vegetables but the seeds from those plants will continue to produce future crops, enabling you to grow a self-sustaining survival garden without fear of food shortages. Iran suggests national currencies in joint energy projects: report "We want our national currencies to be used in our projects," said Iranian Deputy Petroleum Minister Hossein Noghrehkar Shirazi, as cited by the RIA Novosti news agency. Venezuela's Devaluation a Boon for PDVSA in Short Term Oil in Mexico & United States Energy Security: A Tale of Symbiosis The Deer Park refinery dates back to 1929, but in 1993 Pemex acquired a 50% stake from Shell and the two firms have run it as a joint venture since. The facility -- which receives roughly 240,000 barrels per day from Pemex oil fields in Mexico -- has continuously served the United States market for many years This has greatly contributed to US energy security of supply. While a significant amount of the refinery’s product is for US consumption, a portion of the output returns to Mexico. Deer Park is a remarkable two-way street of oil connections between the United States and Mexico - and a microcosm of a larger symbiotic relationship. The refinery offers superb insight into a key international piece of the broader energy security discussion in the United States. Industry warns of looming gas crisis as big freeze sends demand soaring Emergency gas rationing has been necessary in the past two weeks to divert supplies away from manufacturers to homes, hospitals and schools. Approaching 100 companies have had their gas taps turned off as demand from ordinary families has soared to keep out the worst of the big freeze. Now industry leaders fear this pattern of disruption could intensify in future years against a background of serious mismanagement of Britain's gas supply system. At the same time, regulators believe Britain is at risk of shortages over the long term because it will become increasingly reliant on supplies from volatile regions such as Russia. Kuwait: oil price fantastic, no need for OPEC supply change Oil prices are "fantastic ... because of what is happening with the weather in Europe and as demand is picking up," the minister told reporters outside parliament. Natural Gas Find May Spur Interest in Shallow Gulf Waters Qatar sees bright prospects for GTL BP to invest $10 billion in Egypt in next few years Egyptian state news agency MENA said Tony Hayward made the announcement after meeting the country's prime minister, Ahmed Nazif, and Oil Minister Sameh Fahmy. ExxonMobil to Tap Millions from Mature Field in Texas "These advanced technologies breathe life into mature fields, thereby producing more resources for energy consumers." Design work on Saudi's biggest gas plant done by 2011 State giant Aramco has switched focus to meeting domestic gas demand after completing last year a massive crude expansion project to boost output capacity to 12.5 million barrels per day. Saudi Aramco: Gas plant at Khursaniyah is ready The second unit is scheduled to start production in two to three months, said the company's Vice President for Project Management, Majid Al-Mugla. Reports: Chinese power plants running out of coal China Puts Transport Of Coal On Priority To Ease Shortage Many provinces and municipalities in central and eastern China are currently facing an energy crisis, where stockpile of coal had fallen to critical level as a result of increasing energy demand. The transportation of coal has been also delayed by the acute cold weather. Swallow bitter pill now - Eskom "Let's absorb the shock of the increase now. We know this is a bitter pill we are asking the nation to swallow, but we will all ultimately benefit," Mpho Makwana told the hearing in Polokwane, Limpopo, organised by the National Energy Regulator of South Africa (Nersa). Police raid hideout for suspected stolen fuel Detectives and officers from the Rapid Response Unit stormed the hideout on Ggaba Road in an afternoon operation that spanned over two hours. A total of 60 jerrycans and six drums, several containing diesel, were recovered from the grave-like structures. They were covered mattresses. Russian, Polish gas firms continue talks PGNiG and Gazprom sat down in Moscow on Tuesday to a further round of gas talks launched several months ago. Poland wants to negotiate extra gas supplies from Russia after last year's stoppage of a 2.3 billion cubic meter contingent from the Russian-Ukrainian corporation RosUkr Energo. Thailand: Power-bill cap prolonged The Green Con Job California Assembly Committee Approves Oil Tax Bill And score the first battle Democrats yes, Republicans no -- just like last year. Legislation to impose a new severance tax on oil and natural gas extraction to help bolster higher education funding passed the Assembly's Revenue and Taxation Committee by a party-line vote Monday. KBR wins $350 mln in arbitration of Pemex dispute It is the third recent arbitration award against Pemex Exploration and Production (PEP) for KBR's Mexican subsidiaries, all related to work done in the Bay of Campeche, Houston-based KBR said in a statement on Tuesday. Judge Rules Against Alaska on Exxon Lease Rights Judge Sharon Gleason said the Department of Natural Resources commissioner did not follow proper procedures in hearings on the ExxonMobil case, resulting in a "denial of due process" to the company, according to court documents. The decision was released Monday. Thomas L. Friedman: Is China the Next Enron? And here is the other thing to keep in mind. Think about all the hype, all the words, that have been written about China’s economic development since 1979. It’s a lot, right? What if I told you this: “It may be that we haven’t seen anything yet.” You Say Offset, I Say Tax? Study Suggests Labels and Political Affiliation May Influence Preferences What I Learned By Not Getting into a Car for a Year What was the point? For one thing, to prove that he could do it—and that others might be able to follow his lead, in ways big and small. Portland ratchets up volunteer-led 'tool libraries' that lend tools for free The volunteer-run tool libraries offer low-cost home and garden lessons as well as tools. They help people save money and connect to their community. And they promote recycling and reuse. City wants new urbanism, but developer says it won't sell Joe Penhall: Humanity after apocalypse McCarthy told me it was some kind of environmental meltdown. He has an office at the Santa Fe Institute in New Mexico, he loves hanging out there and a lot of his friends are environmental scientists, molecular biologists and physicists, so he's coming at it from a very scientific point of view. It's about what would happen if environmental meltdown continued to its logical conclusion: crops and animals would die, the weather would go out of control, there would be spontaneous wildfires and blizzards, you wouldn't be able to grow anything and the only thing left to eat would be tinned food and each other. But I was anxious not to quiz him too much about what happened because we wanted to preserve the mystique of it. Brazil cuts ethanol blend to 20% as stocks hit lows 1,000m underground central heating system planned For the first time in the UK, a team of scientists and engineers, led by Newcastle University, plan to complete a twin borehole system that will allow warm groundwater to be continually cycled through rocks as deep as 1,000m. World's communications network due an energy diet EGG-energy brings power to Africa with battery subscription service Saudi Aramco Joins MIT Energy Initiative According to Saudi Aramco, the five-year alliance will support MITEI’s research and development of new energy technologies and improve processing techniques for cleaner fuels. Australian city's hottest night in 108 years Millions tossed and turned in the overnight heat in Australia's second city, with power cuts exacerbating the problem in some areas and some people even resorted to nocturnal trips to the beach to cool off. Northern forests do not benefit from lengthening growing season California Ties Cash to Energy On Monday, a state panel proposed that the lion's share of new fees California plans to impose on greenhouse-gas emissions should be returned to consumers in the form of tax cuts or annual dividend checks that eventually could exceed $1,000 for a family of four. The proposal is part of an effort to find the best uses for proceeds from a carbon allowance auction. The panel argues that higher prices will drive consumers to use less of the fossil fuels that produce greenhouse gases. At the same time, state officials hope to compensate for the pain inflicted on households by higher energy prices. They are considering using most of the money collected from the new fees to reduce taxes or pay annual dividends to consumers -- regardless of their energy spending. Consumers would benefit the most financially if they dramatically reduced their fuel bills. Jeff Rubin: A massive public investment in obsolescence Politicians, local car dealers, parts suppliers and the auto workers’ unions told them it was to protect strategically vital jobs in their economies. But far from being essential to our economic future, those jobs are rapidly becoming obsolete—at least in this part of the world, where they are being funded by taxpayers’ money. Asian automakers face battle to keep US dominance Today's inscrutable car buyer Those three "crossovers" (small SUVs) are actually the exact same vehicle. The frame, chassis and most of the technical parts are identical. The bodies are a little different, a curve here, an indentation there. The interiors also vary a little. All four vehicles do, however, share one characteristic: 1990s fuel economy. GM: We'll sell more in China than the U.S. soon Peak oil is a chimera Kunstler: Six Months to Live Oil falls below $80 as US inventories jump Oil May Rebound From $78, End Losing Streak: Technical Analysis Oil is pulling back because its relative strength index shows prices have advanced too rapidly, said Stephanie Aymes, a commodity technical analyst at France’s second-largest bank by market value. Futures ended a 10-day climb on Jan. 7, the longest rally since February 1996. Venezuelans Brace for Rolling Blackouts as Power Output Falters The government will cut electricity for four hours every other day across the country after previous measures failed to slow the drop in water levels behind the Guri hydroelectric plant, which supplies 73 percent of Venezuela’s power, Electricity Minister Angel Rodriguez said yesterday on state television. Ecuador minister resigns over Amazon oil project Fander Falconi was the third government official to resign over a plan to seek international donations of $3 billion over the next 10 years to keep an estimated 850 million barrels of heavy crude oil under the ground in the remote Yasuni National Park. Texas town welcomed drilling, now fears pollution The mayor likened it to the Gold Rush, and many of the 200 residents of a town that once sold its name to a satellite television company were hoping to be next in a long line of landowners to strike it rich by drilling into the Texas earth. Many in the town on the rural plains of Fort Worth didn't even bother to ask whether the drilling might sour the air above the gas-rich rock formation called the Barnett Shale. "Nobody even thought about that kind of stuff," Mayor Calvin Tillman said. Gas driller accused of zoning violation BP, ConocoPhillips Pipeline to Invite Bids to Ship Alaskan Gas The “open season” will last until at least October, Denali -- The Alaska Gas Pipeline LLC said in a statement. It will allow the project to understand potential needs and to “consider our next steps,” Bud Fackrell, Denali’s president, said in the statement on the project Web site yesterday. Bomb blast cuts gas supplies to 214,000 in Russia Around 214,000 people living in five rural districts of Dagestan and the city of Derbent have been left without gas supplies. Local temperatures stood around 10 degrees Celsius. Total Says Refinery Strike Has No Significant Impact “There is no significant impact on activities at the sites concerned,” Michael Crochet-Vourey, a Total spokesman, said in a telephone interview from Paris, where the company is based. Russian gas flows in question Dubai Sees First Private Power Plant Contract in 2011 The utility plans to issue a tender for a 1,500-megawatt power and desalination plant in the second half this year and to award a contract in 15 to 18 months, Waleed Ali Ahmed Salman, vice president of business development at Dubai Electricity & Water Authority, said by telephone today. Gas Natural Raises 2.2 Billion Euros as Debt Costs Fall US nonprofits sue over patent to feed hungry But Breedlove Foods Inc. and the Mama Cares Foundation believe one thing stands in their way: U.S. patent No. 6,346,284, held by a French company and a French government research institute that are pioneers in so-called ready-to-use foods — food intended for the severely malnourished. The American nonprofits filed a lawsuit in federal court in Washington, D.C., last month challenging the patent. Green films strive to raise awareness According to the film, the earth’s resources have been valued at $33 trillion. The prices charged for consumer goods are not on par with the full cost of resource destruction. The solution: Think before spending money. Cocagne joins international network of green communities "Feeding ourselves in the future is a major issue," said D'astous, noting that peak oil will make the shipping of food more difficult and expensive. "It's something we want to do, which is to push the local food agenda and see how we can learn to support our family farms." Moving the metropolis With this in mind, recognizing the rural context when considering the issues of urban development is particularly important. Under the current economic model, food production, packaging and distribution contribute to more than 20 per cent of our energy use. Most of this is consumed by packaging and distribution, so localizing and intensifying food production could easily alleviate rising food prices. This is the Transition Town notion of decoupling food from oil. Pioneering Towns Are Rushing to Kick the Carbon Addiction -- Has Yours? For-profit Education Oil sands victimized over climate The report, by the Conference Board of Canada, said that governments must focus on a balanced approach that targets both consumers and producers to adequately address rising greenhouse gas emissions. Engineering a Better Climate Gore Urges Senate to Defend EPA’s Power to Limit Greenhouse Gas The Republicans may soon try to “strip” the EPA of “its ability to regulate most carbon pollution, letting the worst polluters off the hook,” Gore, who won an Oscar and a Nobel Peace Prize for his efforts to publicize global warming, said yesterday in an e-mail to supporters. Carbon tax wrong way to tackle climate: EU trade chief-to-be "In terms of border adjustments, I'm against it," De Gucht told lawmakers in response to a question during a European parliamentary confirmation hearing in Brussels. "I don't see that as the right approach -- it's one that will lead to lots of practical problems." James Hansen rails against cap-and-trade plan in open letter Insurance Group Says Stolen E-Mails Show Risk in Accepting Climate Science Latin America's water needs could foster collaboration to curb global warming The reason goes to the heart of the disagreements that split the industrialized and developing countries and prevented a long-term, binding agreement to curb global warming. But it also offers a path toward a more productive approach to north-south collaboration on climate change. |
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