Posted by Michael Shellenberger, President of Environmental Progress
Tuesday, 22 October 2019 12:51
Why Renewables Can’t Save the Planet
You can make solar panels cheaper and wind turbines bigger, but you can’t make the sun shine more regularly or the wind blow more reliably. I came to understand the environmental implications of the physics of energy. In order to produce significant amounts of electricity from weak energy flows, you just have to spread them over enormous areas. In other words, the trouble with renewables isn’t fundamentally technical—it’s natural… CLICK to read
Investigative documentary filmmaker Mathew Embry takes on the energy industry and the apocalyptic claims of climate activists as the debate grows around the world, including putting the future of Canada at risk. BROADCAST PREMIERE: October 20, 2019 only on Super Channel.
Despite evidence of a slowing economy, shipments of raw materials are gliding across Chinese docks at a torrid pace, especially metals, which form the backbone of China’s industrial supply chain.
In fact a recent report shows that, while Chinese imports are down 5% compared to last year, and the trade war is hitting China’s manufacturing sector, imports of raw materials and ores “continue their seemingly perpetual upward trend.”
A blistering trade
MINING.com quotes BMO Global Commodities Research, the report’s author, saying that “In our opinion, while the trade war has caused many problems for China, it has not shaken the overall commodity business model of importing raw materials, having enough process capacity and ideally exporting a small amount of finished product as an inflation hedge.”
Of course, a blistering trade in commodities is expected for China, which has ranked as the world’s biggest goods exporter since 2009; in 2013 the Asian country sped past the US as the largest trading nation on earth. It imports the most crude oil, and is the biggest buyer of iron ore by far, representing two-thirds of global iron ore imports. Its closes rival, Japan, only accounts for 8.5%….CLICK for complete article
The oil industry came under fire from climate activists, investors and global leaders at the UN General Assembly in New York in recent days.
Oil executives went to lengths to describe what they are doing on climate change, which is arguably an indication that they are beginning to feel the heat as the world calls for an energy transition.
“We are doing all we can” to fight climate change, Equinor’s CEO Eldar Saetre said aboard a boat touring the Norwegian oil company’s offshore wind project in New York, according to the New York Times.
Some of the world’s largest oil companies have made commitments as part of the Oil and Gas Climate Initiative (OGCI). The group consists of companies representing 30 percent of global oil production.
Coinciding with the UN meeting, the group announced new initiatives in several areas. First, OGCI members aim to develop carbon capture and storage, with the goal of doubling the amount of CO2 is that is stored by 2030.
Second, the industry also wants to cut methane emissions, an issue that has been highly controversial in the United States. Methane leaks occur along the entire process of natural gas – at the drilling site, in pipelines, in processing and throughout transmission and distribution – and there has been a years-long debate over whether or not methane leaks to such a degree that gas loses its climate benefit over coal in electricity generation. Because methane is vastly more powerful than CO2 in its warming potential, slashing methane emissions is vitally important…CLICK for complete article
Drone strikes on crucial Saudi Arabian oil facilities have disrupted about half of the kingdom’s oil capacity, or 5% of the daily global oil supply, people with knowledge of Saudi’s oil operations told CNN Business.
Yemen’s Houthi rebels on Saturday took responsibility for the attacks, saying 10 drones targeted state-owned Saudi Aramco oil facilities in Abqaiq and Khurais, according to the Houthi-run Al-Masirah news agency.
Five million barrels per day of crude production have been impacted after fires raged at the sites, one of them the world’s largest oil production facility, people with knowledge of the kingdom’s operations said. The latest OPEC figures from August 2019 put the total Saudi production at 9.8 million barrels per day.A source told CNN Business that Aramco “hopes to have that capacity restored within days.”
The Saudi interior ministry confirmed the drone attacks caused fires at the two facilities. In a statement posted on Twitter, the ministry said the fires were under control and that authorities were investigating. “Abqaiq is perhaps the most critical facility in the world for oil supply. Oil prices will jump on this attack,” Jason Bordoff, founding director of the Center on Global Energy Policy at Columbia University, said in a statement.
The development comes as Saudi Aramco takes steps to go public in what could be the world’s biggest IPO. Aramco attracted huge interest with its debut international bond sale in April. It commissioned an independent audit of the kingdom’s oil reserves and has started publishing earnings. Over the past two weeks, the kingdom has replaced its energy minister and the chairman of Aramco.
Saudi Arabia, the world’s largest oil exporter, has cut back on production of crude and other energy products as part of an OPEC effort to boost prices. Saudi Arabia produces approximately 10% of the total global supply of 100 million barrels per day.
The International Energy Agency said on Saturday it was monitoring the situation in Saudi Arabia. “We are in contact with Saudi authorities as well as major producer and consumer nations. For now, markets are well supplied with ample commercial stocks,” it said on Twitter.
If the disruption in Saudi Arabia is prolonged, “sanctioned Iran supplies are another source of potential additional oil,” Bordoff said. “But [US President Donald]Trump has already shown he is willing to pursue a maximum pressure campaign even when oil prices spike. If anything, the risk of tit-for-tat regional escalation that pushes oil prices even higher has gone up significantly.”
This conference is a must-see for anyone with oil and gas in their portfolio or thinking about it for the first time. General admission tickets are sold out but VIP tickets are still available and are offered to MoneyTalks listeners at early bird prices. Click here to learn more or click here to buy tickets.