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7 things everyone knows about energy that just ain't so (2013 Edition)

Mark Twain once said, "It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so." And, there are many, many things that the public and policymakers know for sure about energy that just ain’t so. That list is very long indeed and getting longer as the fossil fuel industry (which has little interest in intellectual honesty) continues its skillful manipulation of a gullible and sometimes careless media. Below I’ve listed seven whoppers that it would be charitable to call misleading. Longtime readers will recognize that I’ve addressed them before in various pieces. But I thought that it would be useful to review the worst of the worst of 2013 as the year ends. Here are seven things everyone knows about energy that just ain’t so: 1. Worldwide oil production has been growing by leaps and bounds in […]

Posted On : Published By : Tom Whipple
Category:

7 things everyone knows about energy that just ain’t so (2013 Edition)

Mark Twain once said, "It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so." And, there are many, many things that the public and policymakers know for sure about energy that just ain’t so. That list is very long indeed and getting longer as the fossil fuel industry (which has little interest in intellectual honesty) continues its skillful manipulation of a gullible and sometimes careless media. Below I’ve listed seven whoppers that it would be charitable to call misleading. Longtime readers will recognize that I’ve addressed them before in various pieces. But I thought that it would be useful to review the worst of the worst of 2013 as the year ends. Here are seven things everyone knows about energy that just ain’t so: 1. Worldwide oil production has been growing by leaps and bounds in […]

Posted On : Published By : Tom Whipple
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Global Cereal Crop Production May be Maxed Out on 30 Percent of Farms

Global Cereal Crop Production May be Maxed Out on 30 Percent of Farms Recent research conducted by the University of Nebraska suggests that nearly one-third of global rice, wheat and corn crops have reached their maximum yields in farmers’ fields. A field of unharvested wheat is seen in Labastide d’Armagnac village in Landes, southwestern France, Recent research conducted by the University of Nebraska suggests that nearly one-third of global rice, wheat and corn crops have reached their maximum yields in farmers’ fields. The revelation raises concerns about the ability to meet food production needs amid a rising global population. Production of cereal crops has decreased or plateaued recently, the researchers report, noting that the projections typically used to ensure food security amid a growing population are based […]

Posted On : Published By : Tom Whipple
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US Oil Settles At 2-month High On Inventory Decline

U.S. crude oil futures settled on Friday with their highest gain in more than two months driven by the fourth straight weekly decline in oil inventories while Brent drew support from civil unrest in Africa that has cut off supplies. Brent crude’s gains were capped as traders sold contracts to unwind the spread between the European benchmark and its American counterpart. Brent’s rise was also checked after government forces said they had defeated South Sudanese rebels in the capital of the country’s major oil producing state, after four days of intense fighting. By Friday afternoon, the government said it was ready for a ceasefire. Escalating violence in South Sudan had threatened to reduce its crude output further, adding to supply outages in Libya, where production is running at a mere 250,000 barrels per day (bpd). Prices were supported by U.S. government data that showed crude oil stocks […]

Posted On : Published By : Tom Whipple
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Oil Futures Finish Above $100 On Strong Demand Indications

Oil futures closed above $100 a barrel for the first time in two months after a government report showed significant demand for both crude oil and petroleum products, exceeding expectations. Light, sweet crude for February delivery settled up 77 cents, or 0.8%, at $100.32 a barrel on the New York Mercantile Exchange, the highest price since Oct. 18. Prices rose 1% this week. Brent crude on the ICE futures exchange gained 20 cents, or 0.2%, to settle at $112.18 a barrel. Domestic crude-oil stockpiles dropped 4.7 million barrels to 367.6 million barrels last week, the U.S. Energy Information Administration said Friday. Traders and analysts surveyed by The Wall Street Journal had expected […]

Posted On : Published By : Tom Whipple
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Oil closes above $100 on upbeat economic outlook

Oil prices closed above $100 a barrel Friday, the first time it crossed that threshold since October. Benchmark U.S. oil for February delivery rose 77 cents to close at $100.32 in trading on the New York Mercantile Exchange. The price of oil got a boost from a drop in applications for unemployment benefits, the latest sign of recovery in the U.S. job market, and expectations of a decline in U.S. crude stockpiles. Optimism about the U.S. economic recovery lifted expectations for the country’s energy demand. The last time oil traded above $100 a barrel was Oct. 21. The last day it closed above $100 a barrel was Oct. 18. During the abridged holiday trading week, oil gained $1. A report from the Energy Department’s Energy Information Administration released Friday showed that U.S. crude stockpiles fell 4.7 million barrels last week to 367.6 million barrels. The supply fell in the […]

Posted On : Published By : Tom Whipple
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Crude Rises Above $100 as U.S. Supplies Fall

West Texas Intermediate crude rose above $100 a barrel for the first time in two months after a government report showed U.S. supplies fell to the lowest level since September. Prices capped a second weekly gain. Stockpiles decreased to 367.6 million barrels in the week ended Dec. 20, the Energy Information Administration said. Supplies of gasoline and distillate fuel, including diesel and heating oil, also dropped amid rising demand. Refineries operated at the highest rate in five months. “We are seeing lower crude and product inventories and good demand, and $100 should be a pretty firm number for a while,” said Michael Lynch , president of Strategic Energy & Economic Research in Winchester, Massachusetts . “It supports expectations that the economy is getting stronger and demand should be higher.” WTI for February delivery rose 77 cents, or 0.8 percent, to $100.32 a barrel on the New […]

Posted On : Published By : Tom Whipple
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For Big Oil, Asset-Sale Options Shrink

Big Oil looks set to go on a diet. Europe’s largest oil and gas companies plan on shedding assets next year, hoping proceeds will bridge the gap between operating cash flows and ambitious capital-spending budgets and shareholder payouts. Finding buyers may require some creative thinking. Over the past four quarters, Europe’s five major oil companies— BP , 12/18/13 HEARD ON THE STREET: Busy BP S… More quote details and news » BP.LN in Your Value Your Change Short position Royal Dutch Shell , RDSB.LN -0.04% Royal Dutch Shell PLC B U.K.: London GBp 2264.50 -1.00 -0.04% Dec. 27, 2013 3:49 pm Volume : 1.82M […]

Posted On : Published By : Tom Whipple
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Natural Gas Declines Ahead of Storage Report

Natural gas prices slipped Friday as more-moderate weather forecasts suggested demand for gas-powered indoor heating could fall next week. The price decline came ahead of a weekly government storage report, set to be released at 10:30 a.m. EST, and the expiration of the January contract at 2:30 p.m. EST. Natural gas for January delivery fell 5 cents, or 1.1%, to $4.383 a million British thermal units on the New York Mercantile Exchange. The more-actively traded February contract recently traded down 5.5 cents, or 1.2%, at $4.421/mmBtu. While cold air from Canada is expected to bring a "threat of significant cold" to the Midwest in the next six to 10 days, the western, eastern and southern U.S. […]

Posted On : Published By : Tom Whipple
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Officials: Iran talks hit bump over enrichment

Iran is taking steps to improve its ability to speed up uranium enrichment that could delay implementation of a nuclear deal with six world powers because Tehran’s moves are opposed by the United States and its allies. Iran’s nuclear chief, Ali Akbar Salehi, said late Thursday that his country is building a new generation of centrifuges for uranium enrichment but they need further tests before they can be mass produced. His comments appeared aimed at countering criticism from Iranian hardliners by showing their country’s nuclear program is moving ahead and has not been halted by the accord. But two officials familiar with Iran’s nuclear activities said Tehran has gone even further by interpreting a provision of the interim Geneva nuclear deal in a way rejected by many, if not all, of the six powers that sealed the Geneva deal with Iran. They told The Associated Press […]

Posted On : Published By : Tom Whipple