After two and a half years of opening up the taps (or rather: not closing them) OPEC has changed course in what is looking to be a gamechanger for the oil market. Market sentiment has shifted and the oil price has gone up. But that doesnât mean we can go back to the status quo ante, writes geophysicist (ex-Shell) Jilles van den Beukel. Some things have changed permanently. Saudi Arabiaâs position within OPEC has weakened, Iranâs has strengthened. … [Read more...]
10 energy surprises in 2017
Peter Tertzakian of Oilprice.com zooms in on 10 not-so-obvious issues that may turn out to be key influencers in energy markets in 2017. … [Read more...]
Donald Trumpâs carbon-obsessed energy policy and the planetary nightmare to comeÂ
Despite apparent contradictions, the main thrust of Donald Trumpâs energy policy approach is very clear, writes author and energy expert Michael Klare: he aims to abolish all regulations that stand in the way of unrestrained fossil fuel extraction. Even if this spells doom for segments of the fossil fuel industry that will get hurt by low prices â not to mention the planet. Courtesy Tomdispatch.com. … [Read more...]
Time to give the chop to fracking: Fraxit now!
On Tuesday the US Environmental Protection Agency released a definitive study concluding that hydraulic fracturing can impact drinking water at each stage in the shale gas production process. Do we really want to see 16,000 or more shale gas wells drilled in the British countryside carrying the same and other risks, ask professors Peter Strachan and Alex Russell? Â They assess the case for fracking in the UK against six "stress tests" and conclude … [Read more...]
The OPEC deal: a recipe for volatility
Last weekâs OPEC deal takes place in a very different context than earlier deals from the 1990s, writes Geoffrey Styles, Managing Director of independent US-based consultancy GSW Strategy Group. US shale producers are looking to fill supply gaps, inventories are higher than ever, and alternatives to oil in transport are emerging. If thatâs not a recipe for volatility, Styles wonders, then what is? Original post. … [Read more...]
Fracking: âGang plank to climate chaosâ or ânecessary part of decarbonisationâ?
Fracking is a threat to the climate and the environment in the UK, says Professor Peter Strachan of Robert Gordon University. No, the climate benefits of domestically produced shale gas outweigh the risks, argues Stephen Tindale, co-founder of consultancy Climate Answers. The two men held a fascinating debate at the Houses of Parliament in London on 29 November hosted by the All-Parliamentary Group on Unconventional Oil and Gas. Ruth Hayhurst of … [Read more...]
US energy Independence Day dawns
The most significant US energy policy update in a decade, the Energy Policy Modernization Act 2016, will be introduced into the new Congress in January 2017. With provisions for accelerated permitting for oil and gas drilling, construction of export LNG terminals, as well as energy efficiency standards and grid-integration of renewables, the outlook for US energy security is bright, according to Barry Worthington, Executive Director of the US … [Read more...]
The future of OPEC: it wonât die, but it will become a different animal
Regardless of the outcome of the meeting on 30 November, the future of OPEC looks uncertain. The organisation is facing a perfect storm, squeezed as it is between the revolution in shale oil, which has increased global supply and brought down prices, and the prospect of a global peak demand stemming from climate policies and falling costs of alternatives. Some have even declared the death of OPEC, but according to Thijs Van de Graaf, professor at … [Read more...]
The delusion of cheap, safe shale gas extraction
The UKâs Communities Secretary Sajid Javid recently approved plans for fracking at Cuadrilla's Preston New Road site at Little Plumpton in Lancashire in what the BBC has called a âlandmark decisionâ. For the first time, after many years of regulatory struggle and public debate, fracking may really start in the UK. Professors Alex Russell and Peter Strachan argue that the plans if they go ahead will result in environmental and economic disaster. … [Read more...]
Interview Spencer Dale, BP Group Chief Economist: âThe energy transition could come faster than we thinkâ
The energy industry faces uncertainties of daunting magnitude on many levels, says Spencer Dale, BPâs Group Chief Economist, in this exclusive interview: the pace of climate change policy, the growth of renewables, the apparent demise of coal, falling energy prices, the role of natural gas in the energy mix, and the likely impact of energy efficiency on demand growth. According to Dale, âitâs possible that we will see forces leading to a faster … [Read more...]
The economic and moral bankruptcy of UK energy policy
With its choice for Hinkley Point C - a ÂŁ100 billion boondoggle â its enthusiastic support for expensive and environmentally harmful fracking, and its relentless attack on renewable energy, the UK governmentâs energy policy is both morally and economically bankrupt, write Peter Strachan, Professor of Energy Policy at the Robert Gordon University, and Alex Russell, Professor and Chair of the Oil Industry Finance Committee. Westminster must … [Read more...]
Energy policies of the U.S. presidential candidates
âThere is still much that needs to be investigated in the field of âclimate changeââ, says one. âWhen it comes to climate change, the science is crystal clearâ, says the other. âSave the coal industryâ, says one. âQuickly move to make a bridge from coal to natural gas to clean energy,â states the other. Allan Hoffman, author of the blog Thougts of a Lapsed Physicist, investigates the positions of Donald Trump and Hillary Clinton on climate and … [Read more...]
IEA sees âmajor shiftâ â but not major enough
âA major shift in investment towards low-carbon sources of power generation is underwayâ, according to a first-ever detailed analysis of investment across the global energy system from the International Energy Agency (IEA). Yet, in non-OECD countries, âinvestment in conventional generation remains strongâ, with over 75 GW of coal-fired power plants starting operation in 2015 in âdeveloping Asiaâ â âas much as all renewable capacity additions in … [Read more...]
France, how can you square your ban on fracking with the import of shale oil?
The latest data from the US Energy Information Administration (EIA) show that exports of shale oil from the US are destined for France and other European countries that have banned fracking, points out shale gas expert Nick Grealy. This is hypocritical, notes Grealy. If fracking is really that bad, why donât the Europeans care when itâs done in Texas or North Dakota? … [Read more...]
Interview Sir John Scarlett, advisor Statoil, ex-head MI6:Â âThe role of old-fashioned geopolitics will become less important in energyâ
Thanks to new energy policies, technologies and market trends the potential to use energy for political purposes has decreased in recent years, says Sir John Scarlett, former Chief of the Secret Intelligence Service MI6 and now Chairman of the Strategy Advisory Council at Statoil, in an interview with Energy Post. At the same time he notes that instability in North Africa, the Middle East and Eastern Europe has grown and energy security should … [Read more...]
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