International Energy Agency Says: Brace for Impact

What America will look like of the frackers have their way -- and what Huntington Beach, California looked like in 1926. But according to the IEA’s World Energy Outlook, we shouldn’t be too concerned about what the frackers are going to be able to do.  (Photo courtesy Orange County Archives)

What America will look like of the frackers have their way — and what Huntington Beach, California looked like in 1926. But according to the IEA’s World Energy Outlook, we shouldn’t be too concerned about what the frackers are going to be able to do. (Photo courtesy Orange County Archives)

The customarily cheery International Energy Agency (IEA), created to advise the member nations of the Organization for Economic Co-operation and Development (OECD), has taken a more somber tone in its latest annual World Energy Outlook released today. The agency dismisses the wildly hyped shale-oil and -gas “boom” in the United States as a band-aid on a malignant tumor, a temporary mask distracting the world from the pervasive illness afflicting its oil supply. Continue reading

2014: The Last Good Year

For what we are about to lose, Dear Lord, we thank You. (Photo by Terren in Virginia/Flickr)

For what we are about to lose, Dear Lord, we thank You. (Photo by Terren in Virginia/Flickr)

Thanksgiving is coming, and Christmas and Kwanzaa and Hanukkah and New Year’s, and we should make the best of them. These are the good old days, and we should celebrate them well, because we are probably not going to see their like again. Gas is cheaper than it was, and we should go to see the relatives this year, because next year will be different. Food is a little more expensive than it was, yet we should eat hearty nevertheless, because next year will be different. We still have plenty of water (if we don’t live in California, or Brazil, or North Africa, or any of a multitude of other places being seared by implacable drought) but, because of changing climate and advancing pollution, next year could be different. The lights are still on, but the aging grid is creaking and groaning with the effort of meeting our burgeoning demand, and next year could well be different. Eat, drink, and be merry, for tomorrow we diet. Continue reading

Epidemic: Countries Falling Ill from Oil Anemia

Oil: we can afford to buy it now, but they really can't afford to sell it to us.

Oil: we can afford to buy it now, but they really can’t afford to sell it to us.

An epidemic of oil anemia is spreading around the world with the speed of an airborne virus, leaving scores of countries gasping for breath as their financial arteries shrivel for lack of cash. The price of oil has dropped to about $80 a barrel from $100 just a few weeks ago. And just as oil burning countries begin to shrivel when they have to pay more than $100, oil producing countries start to suffocate on anything less. The sickest examples: Continue reading

Bulls Running: Frackers Getting Trampled

It's bulls v. bears on Wall Street, and the collateral damage is substantial.

It’s bulls v. bears on Wall Street, and the collateral damage is substantial.

Overtaken by arithmetic and logic, the Wall Street bulls are trying to find a place to hide their money, and while they don’t agree on where to put it, they are beginning to agree that it definitely should not be in the fracking patch. The stock of fracking operators has been in bear country for weeks now as the strain of trying to pretend everything is all right gets worse by the hour.

A Ponzi scheme requires the operator to get new suckers in the door fast enough to use their money to pay off the old suckers, so they don’t blow the whistle on the  con. Continue reading

Math Unmasks Oil and Gas Boom as Bubble

a natural gas well using hydraulic fracturing

In the midst of a natural gas “boom,” fracking rigs like this are fast becoming an endangered species. The reason? Mathematics.

There are three kinds of people in this world: the kind who understand mathematics, and the kind who don’t (Irony alert). You can find the latter buying lottery tickets, leaning over casino tables and conducting news conferences about the new American oil boom.  It has become conventional wisdom (oxymoron alert), an assertion not even worthy of discussion by Serious People, that the United States is, as an NPR program host said offhandedly the other day,  “on its way to energy independence.” Here’s what mathematics has to say about this titanic (metaphor alert) scam. Continue reading

Expert: Shale Gas Boom a Bubble About to Pop

oil jacks

In the old days, when you poked holes in the ground and pumped out oil with jacks like these, it was a boom. Now, it’s just a fracking bubble.

One of the top geologists in the oil exploration and production business says: 1) shale gas production by hydraulic fracturing (“fracking”) is a commercial failure. Is. Present tense. 2) shale gas will be the next financial “bubble” to collapse. 3) holding out the possibility of energy independence for the United States is “absurd.” To suggest it could be done in five years is “garbage.”

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Fossil Fools Ignore Arithmetic

These oil wells were thick as fleas along the Texas coast in 1978, when America was awash in oil. But production has been declining since 1970, and simple-minded hype will not change that. (Photo by Roger Wollstad (Roger4336)/Flickr)

If you don’t believe in arithmetic — if your political or religious tenets require you to deny that 2 + 2 always equals 4 — then by all means stop right here and go read something by Glenn Beck. For the remaining minority, then, of people clinging to outmoded faiths in things like gravity and mathematical truth, here’s the headline: we are running short of oil. There is no renaissance, no triumph of technology, no sudden reversal of the rules of the universe. And it is still true that running short is almost as bad as running out. Continue reading

NPR: The Lost Best Hope

(Photo by timsamoff/flickr)

The last bastion of intelligent and balanced journalism in this country is apparently now the lost bastion: on Morning Edition last Wednesday, NPR ran a piece on the oil bidness that was a travesty of journalism. The piece by John Ydstie “reported” on the “huge boom” in US oil and natural gas production and claimed — not by quoting an idiot, but by making the idiotic statement with no attribution or qualification — that it “could help the nation reach the elusive goal of energy independence.” That was the lede sentence, and things went downhill from there.
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US Oil Boom Busted

These oil wells were thick as fleas along the Texas coast in 1978, when America was awash in oil. But production has been declining since 1970, and simple-minded hype will not change that. (Photo by Roger Wollstad (Roger4336)/Flickr)

The latest version of “Don’t Worry, Be Happy” being sung by the Big-Oil Tabernacle Choir is a variant of the old favorite,  “Drill, Baby, drill.” The new lyric is that we have drilled, baby, drilled (or more accurately, fracked) and that now there is plenty of oil and gas in America, and there will continue to be plenty as long as you don’t dare tax or regulate Big Oil. You can even hear the backup singers muttering, “Energy independence! Energy independence!” Alas, the song is wrong.

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Damn Right, NIMBY!

“Not in my back yard” campaigns directed against industrial projects are thought to be fundamentally different (progressive) from those against renewable-energy projects (regressive). It’s not so. (Photo by blakophoto/Flickr)

The NIMBY (“Not in my back yard!”) movement bears the contemptuous brand assigned by the industrial media to people who oppose things such as power plants, refineries, power lines and urban sprawl. NIMBYans contradict the relentless logic of industry — “You gotta have electricity, right? Gotta have a place to live.” — with demonstrations and signs that complain about aesthetics, pollution, the danger of increased cancer rates, the ruination of quality of life or, to use the industry’s term, trivia. Now, to the bemusement of the uninformed who see a conflict here, NIMBYans are turning their wrath on so-called renewable-energy projects. [See The New Look of NIMBYism” — The Daily Climate] And so they should. Continue reading