Rising oil prices and the global oil equation
The U.S. already imports over 2 million barrels a day from Canada. It did not protect us from rising prices in 2008, it hasn’t this time, and it never will.
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Reserves Replacement Ratio: past its sell-by date?
Is a key valuation metric used by analysts to assess oil companies pushing big oil towards riskier and riskier projects? Those of us outside the financial sector may not be too familiar with acronyms such as RoACE, NAV or RRR. But the last one in particular has been intriguing me lately because of its implications … Read More
Oil Industry Targets New Congress
It may be a new year, but its an old message. Anyone travelling to the Capital South station on the Washington Metro could hardly fail to notice the latest advertising blitz by the oil industry’s attack dogs the American Petroleum Institute (API). The ad campaign is called “I’m One” and includes images of “real people” … Read More
Reserves Replacement Ratio in a Marginal Oil World
Our research found that at least four of the top six IOCs have significantly relied on tar sands reserves additions to support RRR rates in the past five years. As a percentage of total liquids additions, tar sands represents between 26% and 71% of reserves additions for these four companies.
The IEA acknowledges peak demand is needed
This year’s IEA World Energy Outlook (WEO) contains a startling peak oil prediction. In order to prevent climate change getting out of control, global demand for oil should peak by 2018 at only 1 million barrels per day (Mbpd) more than today’s demand level. While the IEA has been much criticized for denying peak oil … Read More
Cancun: A Groundhog Summit
So 2010 will almost certainly rank as one of the three warmest years since temperature records began in 1850, according to the World Meteorological Organisation (WMO). The final ranking for 2010 will not become clear until November and December data are available in early 2011, but November global temperatures are similar to those observed in … Read More
World is Still Warming
According to a new report by one of the world’s leading authorities on climate change, the UK Met Office, the world has warmed more rapidly than previously thought over the past decade. The report also finds evidence that man-made climate change has grown even stronger over the last year. This means that this year is … Read More
Greenwashing Mordor
So Mordor is getting a makeover. Big-time. There is a concerted, multi-faceted public relations campaign going on to greenwash the tar sands. Dirty black is trying to become virgin white, or so that’s what they want. According to three Albertan cabinet ministers, the tar sands are a “Canadian jewel” that should be celebrated and exploited. … Read More
Scientists told to “Shut Up” Over Spill
Yesterday the environmental campaign group Greenpeace announced it was launching a three-month expedition to analyse the impact of BP’s oil spill on the Gulf of Mexico. The Greenpeace ship, the Arctic Sunrise will “host independent scientists who will be researching the impacts of oil and chemical dispersants on Gulf ecosystems and marine life,” said John … Read More
“Into the abyss of death”
Out of sight and out of mind. That is what dispersants do to oil. Repeatedly on this blog for the last month, we have warned about the dangers of using dispersants, especially at depths where the technique was essentially untested. Finally we are finding out what the use of disperants has done beneath the surface.