Despite uncertainties about the future of pipeline projects like Keystone XL and Northern Gateway, the oil and gas sector will find a way to get its products to market, says the president and CEO of the Petroleum Services Association of Canada.
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Colorado is preparing to set a new US precedent by becoming the first state to implement strict fracking rules with leak detection requirements to cut down on greenhouse gas methane emissions from the oil and gas industry.
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Even as its plans to keep 2014 capital spending flat at roughly $24-$25 billion, BP (BP) plans to significantly increase its capital investment in Alaska this year. Why is the British oil giant suddenly so bullish on a state whose oil production has been on a steady downward trend for nearly three decades?
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TransCanada is approaching the shovel-in-the-ground moment for its newest pipeline.
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There’s new opposition to a Calgary company’s plans to drill for oil in Lethbridge. The Lethbridge Chamber of Commerce has taken a stand against Goldenkey Oil’s bid to drill exploratory wells near new housing developments on the city’s westside.
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“Peak Oil” has been the theory that the US, in particular and the World, in general would run out of oil reserves. Such theories depend upon supply/demand analysis that for centuries market forces have demonstrated as inadequate. The dynamics of financial history move faster than fundamental research can deal with.
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Oil limits seem to be pushing us toward a permanent downturn, including a crash in credit availability, loss of jobs, and even possible government collapse. In this process, we are likely to lose access to both fossil fuels and grid electricity. Supply chains will likely need to be very short, because of the lack of credit. This will lead to a need for the use of local materials.
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The numbers tell the story. In Lethbridge, more than three-quarters of the population is against oil or gas drilling inside city limits.
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Unless the Chinese government takes steps to cut oil consumption, China’s oil consumption may increase by 60% by 2030. Even worse, over 75% of its oil consumption will have to come from imports. That comes from a new study out by China’s Development Research Center, which highlights China’s alarming trajectory – oil demand will continue to rise and meeting that demand will have to come increasingly from foreign sources. Li Wei, the Director of the Development Research Center, said that China must transform itself to avoid the security and environmental challenges this would bring.
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The benefits of shale oil are bigger than many Americans realise. Policy has yet to catch up
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