Exxon has an agreement with Kurds of northern Iraq to develop 6 oil fields. The problem is the Iraqi government has failed to pass an oil law, since 2007. Oil revenue is key to funding the rebuilding of Iraq. Also with the problems in Iran, having stable oil production Iraq is even more critical. But, Kurdistan has suspended exports due to lack of payment from Baghdad
Source: Washington Post
Japan is leaving many of its Nuclear reactors offline for a variety of reasons. The result is Japanese imports of oil and gas have gone up considerably. As I have said before there is no perfect solution for energy, and for Japan I can see how, in a post fukushima world, is wary of the risks. However, this is going to have a real increase in CO2 emissions and make Japan more dependent on a less stable middle east. Particularly as Iran tries to join the nuclear club, and as Iran’s oil exports on constricted by sanctions. This could serve as a portent of what the future holds for Germany, as it plans to shutter its nuclear reactors by 2022. Germany has no need to do this as they are not at a high risk from a large earthquake or tsunami.
Source: Washington Post
From 1981 in a paper called “Climate Impact of Increasing Atmospheric Carbon Dioxide” published in the journal Science. This very early paper on global warming was strongly predictive and projects delta+4C by 2100 ce (also in line with current projections). It also provides a very detailed explanation of how global temperature change was discovered and analyzed. Several gasses are examined not just CO2. As interesting from a math models perspective as from a climate science one. The who paper explains the part of the “global cooling” errors.
At STP 126.67 cu ft has as much energy as a gallon of gasoline. As you can see from the above graph natural gas is cheaper and less prone to price swings gasoline. Price for natural gas is also trending down, due to the large discoveries in North America as the Wall Street Journal explains. Most homes have already have natural gas service. The up and down pattern is because most people to use this to heat their homes (higher demand makes higher price in the winter). From the perspective of building stations, professionally installed home refueling systems seem like the way to go. As the distribution system is already in place in most of the US, this seems like an obvious choice. Conversion kits for existing vehicles are sold today. An interview on TV several years ago with Billionaire Industrialist T. Boone Pickens originally got me thinking about CNG.
Algae For Profit.Nice Tidbits in this video incude Exxon investing in algae bio fuels, continental airlines flying a test flight with bio fuels and ENN, a large energy company in China investing in Bio Fuels. Proof of concept work has already shown oil can be made and used from Algae. Now, all that remains is showing that it can be scaled in a cost effective manner. Chevron has stated it does not see Algae replacing fossil fuels completely, but Bill Gates and Exxon have bet a combined $700 Million that it will make a profitable business in the years to come. If the estimate of $60-$80 per barrel is correct, then the current market price of $107 a barrel would make a tidy profit.
The Heritage Foundation and Newt Gingrich believe the nation debt can be paid by oil and gas royalties. Natural gas prices have been on a downward trend the last several years for a variety of reasons. To put it simply the is supply and demand. Offshore production, on Indian and government land declined during the Bush administration. I will be making subsequent posts on crude oil and coal. I am trying to take the best possible case, based on available data and historic trends. Based on these very optimistic numbers Natural Gas royalties can pay for less than 1/10th of 1% of current federal spending.
The “new” shale oil at Bakken North Dakota was discovered in the 1950’s by the US geological survey. Although the median estimate of 413 Billion barrels sounds impressive, that is less than and 1/3 the size of Tengiz in Kazahkstan. Using current technology, current industry estimates are only 18-25 billion barrels of Bakken are recoverable. This is because the shale is unusual hard and the shale has less permeability than most oil shale. Its good news for the US, to get more domestic petroleum. If your hoping for lower gas prices from it, don’t expect much.