Posts Tagged → American Chemistry Council
Energy Intelligence
In the eyes of many people in the United States the subject of Energy Intelligence sounds a little too much like ENRON and the criminal manipulation of energy. Had there been an effective independent media voice in the industry back then millions would not have been scammed out of their life savings. Sadly the Washington reporters gave ENRON a wide berth in case they offended Cheney and Bush. But the ENRON Scam went back further than that, and thanks to political patronage ruined the lives of millions, especially in California. The guilty build libraries, the victims build hopes of justice someday.
Today there are warning signs that are being ignored too. Reading the many energy reports, white papers and journal articles that appear from all sides every month, it becomes obvious that someone is lying, and that the numbers do not add up. The problem is that Oil and Gas are finite resources and mismanagement can result in that resource disappearing before our eyes. To pander to political pressure oilfields are being run above maximum sustainable levels. The short term politicians, don’t care if they ruin the oil reservoirs. We have a dangerous mix of irresponsible political leadership, oilfield management and runaway consumption. It’s only time before the crisis will occur.
* Legislation to Boost Wind Power in South Dakota (May 3rd, 2007)
* Geothermal Energy on Federal Lands (May 1st, 2007)
* DOE Announces up to $200 million for Bio Refineries (May 1st, 2007)
* MMS Energy Plan – American Chemistry Council (April 30th, 2007)
* Legislation to Boost Wind (April 4th, 2007)
* NJ Senators Denounce Offshore Drilling Plan (April 30th, 2007)
* Oil/Gas on Outer Continental Shelf (April 30th, 2007)
* Dire Consequences of Global Warming (April 19th, 2007)
* Clean Air/Climate Change Act 2007 Introduced (April 19th, 2007)
* Sen Carper (D-Del) Clean Air Bill (April 19th, 2007)
* Hinchey, Shays “Energy for Our Future Act” (April 19th, 2007)
* National Energy Policy Too Weak (NRDC) (April 19th, 2007)
* Clean Air/Climate (April 20th, 2007)
* Ethanol Policy and Animal Agriculture (April 19th, 2007)
* CAISCO Approved (FERC) (April 19th, 2007)
* National Energy with (April 20th, 2007)
* Sweet and Sour (Jul 5th, 2005)
*Imperial America, The Downside (Aug 15th, 2005)
*An Oil Well Too Far! (Aug 10th, 2005)
*PetroEuros & Invading Iran (Aug 8th, 2005)
*The Iranian Nuclear Program (Aug 5th, 2005)
World Oil Reserves Are Being Depleted
NEW YORK–(BUSINESS WIRE)–April 16, 2007–The world is currently producing more oil annually than it is replacing with new reserves. That sobering conclusion emerges from a new survey of global liquids reserves published by Energy Intelligence Group, Inc.
In contrast to the gradual rise in global oil reserves that has been reported annually in most surveys based on public sources, the new assessment shows that the trend in worldwide liquids reserves is actually one of stagnation and modest decline. The PIW Reserves Survey shows global oil reserves declining by almost 13 billion barrels, or 0.9%, over the last two years to 1.459 trillion bbl at the end of 2006 on a “proved plus probably” basis. Global oil reserves are liquid hydrocarbons, natural gas liquids, tar sands and crude oil, that are economically recoverable at current prices.
The PIW survey uses a somewhat broader definition of reserves than the other surveys based on public sources and it applies that definition consistently and systematically across all countries, fully accounting for production declines and new additions.
The main reason for the poor performance in growing reserves is a lack of additions to reserves from new discoveries, which account for 20% or less of additions in the last few years. The high oil prices and sharply increased upstream spending budgets of most oil companies have not yet provided any significant improvement in global additions to reserves, but more time may be needed. For 2006, the big increases in reserves were led by Brazil and Kazakhstan. Among the top 20, only eight countries saw increases last year, while the rest were flat or in decline.
The PIW survey also confirms earlier suspicions about the overstatement of reserves by Kuwait and some other Opec producers. At the same time, the survey also indicates that reserves in Russia and some other non-Opec countries are much higher than is generally reported.
The Top 10 holders of oil reserves (in billion barrels) at the end of 2006 were: