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Fossil Fuel Companies Need to Become Renewable Energy Companies
It seems clear that Exxon Mobil and other parts of the fossil fuel industry have tried to suppress the science of climate change. I am not surprised that these companies acted in their short-term self-interest, and I expect them to continue to advance those interests. Their deception is disappointing and may even be illegal, but blaming the fossil fuel companies for our addiction to fossil fuels is foolish. It’s a distraction from the daunting challenge of making the transition to renewable energy as quickly as possible. For some reason, a great deal of effort is being devoted to uncovering the role of Exxon Mobil in the history of climate science. As John Schwartz reported recently in the New York Times : It remains unfortunate that many fossil fuel companies have not redefined themselves as energy companies that lead the effort to replace fossil fuels with renewable energy. If I […]
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More than a dozen tremors hit Oklahoma
Oklahoma hit by more than a dozen small earthquakes in the last week as the state works to control wastewater disposal tied to the oil and gas industry. Map courtesy of the U.S. Geological Survey. OKLAHOMA CITY, April 18 (UPI) — Even with action taken to control human-induced seismic events tied to oil and gas, the USGS reported more than a dozen minor quakes in Oklahoma in a week. The U.S. Geological Survey reported there were 13 quakes in Oklahoma and one just over the northern state border in Kansas since last week. The largest were two magnitude-3.5 quakes recorded Tuesday in the north-central part of the state. Magnitude-3.0 and magnitude-2.5 quakes were recorded by the USGS on Sunday. A March report from the USGS found central U.S. states have experienced a dramatic increase in seismic activity over the past six years. Between 2009 and 2015, there have been […]
North Dakota rig count at historic low
At 29, the rig count in North Dakota, the No. 2 oil producer in the United States, is at its lowest level in more than a decade, state data show. Rig counts serve as a loose gauge for the health of the oil and gas industry. Crude oil prices are far below peak levels in 2014 above $100 per barrel, leaving most companies without the capital necessary to invest in exploration and production. The price for West Texas Intermediate crude oil was around $39 per barrel early Monday. State data show 29 rigs in active service in North Dakota as of Monday, down 2 from this time last week. There were 93 […]
If oil stays cheap, household spending could rise: Fed paper
Fuel prices are displayed on a pump at a Mobil gas station in the Brooklyn borough of New York February 3, 2016. The dramatic drop in the price of oil since 2014 has delivered only a muted boost to the U.S. economy, but that could change if households start figuring cheap oil is here to stay. That conclusion, in research published Monday by the San Francisco Federal Reserve Bank, suggests that the longer the price of oil stays low, the better the news is for a recovery that has been moderate at best. That’s significant for a central bank that is seeking evidence that the economy is strong enough for it to continue to raise interest rates from their current level of 0.25 percent to 0.5 percent. Oil currently sells near $40 a barrel, down from around $100 a barrel two years ago, but households have generally assumed the […]
British shale oil may be ready to boom
Report finds “Gatwick Gusher” inland shale oil basin could add billions of dollars to the British economy and potentially offset natural declines from the North Sea. Photo courtesy of U.K. Oil & Gas Investments LONDON, April 18 (UPI) — The so-called Gatwick Gusher, a shale basin in the United Kingdom, could add as much as $74 billion to the nation’s economy, a study finds. U.K. Oil & Gas Investments commissioned Ernst & Young to examine the future potential of oil production from the Weald shale basin. “Assuming it can be extracted from a development site at the volumes projected by U.K. Oil & Gas, has the potential to generate significant economic value to the U.K. economy,” the report read. Oil & Gas U.K., the industry’s lobbying group, said the North Sea oil sector is in for a long period of decline, with less than $1.4 billion in new spending […]
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