In a week that has seen a number of blows for the prospects of ecological stability - there's been an innovative backlash to...
Back in 2011, The New York Times first raised concerns about the reliability of America's proved shale gas reserves. Proved reserves are the estimates of supplies of oil and gas that drillers tell investors they will be able to tap. The Times suggested that a recent Securities and Exchange Commission (SEC) rule change allowed drillers to potentially overbook their “proved” reserves of natural gas from shale formations, which horizontal drilling and hydraulic fracturing (“fracking”) were rapidly opening up.
“Welcome back to Alice in Wonderland,” energy analyst John E. Olson told The Times, commenting on the reliability of these reserves after the rule change. Olson, a former Merrill Lynch analyst, is best known for seeing the coming Enron scandal 10 years before the infamous energy company imploded in 2000.
Today, those same rules have allowed shale drillers to boost their reserves of oil, as well as natural gas. As a result, these “proved” reserves, which investors and pipeline companies are banking on, could potentially be much less proven than they appear.
And the unprecented degree to which this is happening in the shale industry casts a shadow of doubt on the purportedly bright future of America's booming oil and gas industry.
The effects of climate change can be complex and unpredictable. For one species of Arctic duck, the result is a tense standoff between population growth and decline.
Eiders are a species best known for their light, fluffy down. Each spring the birds return to their coastal tundra colonies and build nests on the ground, protected only by a low profile.
EOG Resources is one of the top companies in the fracking industry, and thanks to the new tax bill passed by Republicans and President Donald Trump at the end of last year, EOG had an exceptionally strong year compared to 2016.
In 2017, the company reported a net income of $2.6 billion. The previous year? A loss of $1.1 billion. That financial turnaround seems very impressive until you realize that $2.2 billion, or about 85 percent, of its 2017 income was the result of the new tax law. Without that gift from the GOP and Trump, EOG would have lost approximately $700 million between those two years. Instead they are $1.5 billion ahead of the game.
By Andy Rowell, crossposted with permission from Oil Change International
Last week a newly formed organization, The Institute for Pension Fund Integrity (IPFI), published its first “white paper” on the topical issue of “getting politics out of pensions”.
Reviewing the report, the headline on the Institutional Investor website summed up the main finding: “New Pensions Group Says Forget About Climate Change”.
Note from the editor: On April 24, U.S. Environmental Protection Agency (EPA) Administrator Scott Pruitt released a proposed rule that would restrict which scientific studies EPA could use in creating new regulations. The move — already controversial when it was first revealed over a month ago — would prevent EPA from considering studies in which the data is not available to the public, including the private health information of individuals in medical studies, and which is based on one-time events, such as the 2010 BP oil spill in the Gulf of Mexico.
Shale oil, which the Energy Information Administration projects will represent a rising proportion of American oil supplies in the coming decades, has a surprising Achilles heel: its low octane levels, which make it a poor fit for the high-efficiency car engines of the future.
On the eighth anniversary of the BP oil spill, Retired Lt. Gen. Russel Honoré stood in front of the New Orleans Federal Court House and called “bullshit” on the court’s handling of claims made by those who participated in the cleanup efforts.
Thousands of workers BP hired to clean up the spill that polluted the Gulf of Mexico in 2010 have claimed exposure to oil and the dispersant has made them sick and still have not had their day in court. “It’s a crying damn shame we’ve allowed this in America,” Honoré said.
By Bill Ritter, Jr., Colorado State University
Transforming U.S. energy systems away from coal and toward clean renewable energy was once a vision touted mainly by environmentalists. Now it is shared by market purists.
Investors love a good comeback story and right now oil by rail seems to be a story they're pushing to justify investment in rail companies, especially Canadian ones.
But with little change in safety practices or regulations since the 2014 oil-by-rail boom, is the industry setting itself up to once again earn the nickname that rail workers gave oil trains — that is, will “bomb trains” make a comeback?
If you ask the CEO of Apache Corp., his company made in 2016 the kind of once-in-a-lifetime find that every oil driller dreams of: a massive oil and gas field that no other company noticed, where thousands of wells could be drilled and fracked to produce massive amounts of fossil fuels — and, in theory, profits.