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China May Have Deployed More Solar in 2013 Alone Than America Has Installed Altogether

China has the fastest train in the world, the most megacities in the world, and the biggest population . Now China can boast a new record: It has installed the most solar PV in one year. Preliminary figures released by Bloomberg New Energy Finance (BNEF)  show that China installed 12,000 megawatts of solar in 2013 — beating Germany’s record of 8,000 megawatts in 2010. These figures merit a major caveat, however. China is a very tough country to track and estimates differ significantly. China’s Renewable Energy Industries Association puts its preliminary estimate between 9,500 megawatts and 10,660 megawatts. GTM Research has not released its figures yet; it’s waiting for a final number on actual grid connections. The range of projections varies, but they all tell the same story: China’s domestic solar market is now a major force. In comparison, the booming U.S. market […]

Posted On : Published By : Tom Whipple
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Royal Dutch Shell suspends Arctic drilling plans

Royal Dutch Shell is to suspend its controversial drilling in Arctic waters off Alaska as part of a multibillion-dollar scaling back of spending on new projects under Ben van Beurden, chief executive. The Anglo-Dutch oil major said on Thursday that a US court appeals decision this month that challenged the granting of licences in the Chukchi Sea off northwest Alaska had prompted it to suspend plans for further exploration in the area. “This is a disappointing outcome, but the lack of a clear path forward means that I am not prepared to commit further resources for drilling in Alaska in 2014,” said Mr van Beurden. Shell’s retreat on plans to resume Arctic drilling this summer came as Mr van Beurden , who took over as chief executive of Shell this month, set out plans for sharp cuts in the company’s investment spending […]

Posted On : Published By : Tom Whipple
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Shell Suspends U.S. Arctic Project

Royal Dutch Shell PLC on Thursday said it would suspend drilling in the U.S. Arctic, as it reported a 71% decline in fourth-quarter profit largely because of rising costs and lower oil and gas volumes. The oil major’s decision to halt a project in offshore Alaska comes after a federal appeals court ruled last week that the U.S. government improperly relied on "inadequate information" in the process of awarding licenses for exploration there , which the company said Thursday "raises substantial obstacles to Shell’s plans." "This is a disappointing outcome, but the lack of a clear path forward means that I am not prepared to commit further resources for drilling in Alaska in 2014," Shell Chief Executive Ben van Beurden said. "We will look to relevant agencies and the court to resolve their open legal issues as quickly as possible." Mr. van Beurden’s comments came in a statement accompanying […]

Posted On : Published By : Tom Whipple
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Texas Vies With Saudi Arabian Oil in California Supply: Freight

Texas is poised to join Saudi Arabia as a supplier of oil to California as the mounting glut of crude on the U.S. Gulf Coast makes the trade profitable. Kinder Morgan Energy Partners LP , the pipeline operator that’s buying U.S. oil tankers, said it’s in talks to ship Texas crude to California through the Panama Canal. The 4,500-mile voyage would cost about $10 a barrel, broker Poten & Partners Inc. estimates, making Texas crude competitive with imports traveling 11,400 miles from Saudi Arabia, the West Coast’s largest supplier, data compiled by Bloomberg show. Until now, a U.S. law that makes domestic shipping more expensive left Californians buying oil from the Middle East instead. If a shortage of qualifying ships can be overcome, Texas crude will become affordable on the West Coast as the highest domestic output in a quarter century creates a surplus of light […]

Posted On : Published By : Tom Whipple
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Shell Profit Drops 48% as Oil and Gas Production Declines

Royal Dutch Shell Plc (RDSA) , Europe’s largest oil company, said profit plunged 48 percent on exploration expenses and lower production. Profit excluding one-time items and inventory changes was $2.9 billion in the fourth quarter, down from $5.6 billion a year earlier. That matches the drop Shell forecast on Jan. 17 because of losses in the Americas, lower refining margins and production disruptions in Nigeria and elsewhere. “Its Americas growth strategy –- the home for 50 percent of past investment –- woefully underdelivering under the weight of dead capital,” Lucas Herrmann, a London-based analyst at Deutsche Bank AG, said before the earnings report. “Corporate change could release huge value.” Chief Executive Officer Ben van Beurden, who took over from Peter Voser this year, has accelerated asset sales with two deals announced this month. He must cut record spending to reduce costs and win investor confidence after […]

Posted On : Published By : Tom Whipple
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Shell Pledges Spending Cuts, Asset Sales to Restore Profit

Royal Dutch Shell Plc (RDSA) Chief Executive Officer Ben van Beurden promised to slash capital spending and accelerate asset sales to revive earnings at Europe’s largest oil producer. Shell, which made its first profit warning in a decade this month, dropped targets for cash flow , postponed plans to drill in Alaska and pledged to restructure its shale operations in North America, it said today in a statement. The Hague-based company also raised its dividend. “We have lost some momentum in operational delivery, and we can sharpen up in a number of areas,” van Beurden said in the statement. “2014 will be a year where we are changing emphasis, to improve our returns and cash flow performance.” Van Beurden, who took over from Peter Voser at the start of the year, is trying to win investor confidence after the company’s fourth-quarter profit […]

Posted On : Published By : Tom Whipple
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The Coming Economic Collapse Will Be Far Worse Than Most Realize

Citizens of the U.S. and world are heading into a future that few have prepared.  It will also turn out to be much worse than most realize as it will be unlike anything we have witnessed in the past. Part of the reason we are in such a bad fix has to do with the compartmentalization and specialization of our modern educational and economic system.  There are many intelligent people in the market doing smart things, however they have no clue on what the hell is going on in other industries or professions. For example, there are many precious metal analysts that I have much respect for, but who fail to understand the energy industry.  Now, I would imagine there are a few analysts in the precious metal Biz that do understand the ramifications of Peak Oil, but it’s more rewarding for them […]

Posted On : Published By : ASPO-USA
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U.S. Oil Futures Rise on Hopes of Cushing Supply Declines

-U.S. oil futures climbed to near a one-month high Tuesday as traders bet that government data will soon show that supplies at a key storage hub declined for the first time since late December. Investors are also awaiting an announcement Wednesday from the Federal Reserve on whether the U.S. central bank will further reduce its signature bond-buying program, a measure that has helped lift crude prices. Light, sweet crude for March delivery rose $1.69, or 1.8%, to $97.41 a barrel on the New York Mercantile Exchange. Nymex crude rebounded after losing $1.60, or 1.6%, over the past two sessions and posted its highest settlement so far this […]

Posted On : Published By : Tom Whipple
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Oil Flat Ahead of Fed, EIA Data

Crude-oil futures traded in a narrow range in Asian hours Wednesday as markets wait for the outcome of the U.S. Federal Reserve meeting and weekly oil-inventory data. On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at $97.29 a barrel at 0608 GMT, down $0.12 in the Globex electronic session. March Brent crude on London’s ICE Futures exchange rose $0.07 to $107.48 a barrel. U.S. crude-oil stockpiles for the week ended Jan. 24 rose by roughly 4.7 million barrels last week, data from the American Petroleum Institute, a trade group, showed late Tuesday. The API data also showed that distillate or diesel inventories declined by 1.8 million barrels, indicating strong demand levels due to the ongoing winter storm. Meanwhile, the closely-watched survey from the Energy Information Administration is scheduled to be released at 10:30 a.m. EST Wednesday. Estimates from 11 analysts surveyed showed […]

Posted On : Published By : Tom Whipple
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WTI Slips From Four-Week High Before Supply Data, Fed

West Texas Intermediate retreated from the highest price in four weeks before U.S. government data forecast to show crude inventories rose and the Federal Reserve ’s decision on the pace of monetary stimulus. Futures slipped as much as 0.5 percent in New York . Crude stockpiles probably increased by 2.25 million barrels last week, according to a Bloomberg News survey before an Energy Information Administration report today. Inventories advanced by 4.75 million barrels, the industry-funded American Petroleum Institute said yesterday. The Fed, concluding a two-day meeting today, will probably agree to keep scaling back bond purchases, a Bloomberg survey showed. “Market participants are all awaiting the two important events of the day, U.S. oil inventories and the Fed statement,” said Michael Poulsen, an analyst at Global Risk Management Ltd. in Middelfart, Denmark . “Given the continuously cold temperatures, a build on crude and gasoline and a draw on distillate […]

Posted On : Published By : Tom Whipple