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Tag Archives: Energy markets

The U.S. Shale Revolution Has Surrendered to Reality

Yves here. We picked up on the observation of the Financial Times’ John Dizard many years ago: that the shale industry would continue to engage in fundamentally unprofitable drilling as long as operators could borrow money, and that would continue for quite a while. The day of reckoning has finally arrived. By Justin Mikulka, a freelance investigative journalist with a degree in Civil and Environmental Engineering from Cornell University. Originally published at DeSmog Blog Image: Fossil...

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The Conflict Within OPEC Is Far From Over

Yves here. Now that inflation prospects are a big concern among investors and economic commentators, oil prices and therefore OPEC squabbles are in focus too. Recall that in 2008, many experts contend that the runup in commodity prices, and in particular gas rising to over $4 at the pump, helped push overleveraged consumers over the edge. While oil prices are no where near as elevated, they are still up a great deal from their Covid-suppressed levels. That’s enough to stress consumers and...

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Industry Calls the Climate Shots in the Biden Administration

Yves here. So what Biden promise did you choose to believe? “Nothing fundamental will change” which means among other things continuing Obama Administration headfakes like promoting environmentally destructive fracking and engaging in hand waves like joining the toothless Paris climate accords in the waning days of his second term? Or feel good campaign blather? It’s not hard to guess which pledge was the one that mattered. By Thomas Neuburger. Originally published at God’s Spies Don’t miss...

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America’s Afghan War Is Over, So What About Iraq – and Iran?

By Medea Benjamin, cofounder of CODEPINK for Peace, and author of several books, including Inside Iran: The Real History and Politics of the Islamic Republic of Iran and Nicolas J. S. Davies is an independent journalist, a researcher with CODEPINK and the author of Blood On Our Hands: the American Invasion and Destruction of Iraq At Bagram air-base, Afghan scrap merchants are already picking through the graveyard of U.S. military equipment that was until recently the headquarters of...

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Blackout Risk And Electricity Prices Are Spiking In California

Yves here. This post may seem almost mundane, unless you live in California. Yup, PG&E is a mess and the state has been unwilling to take measures up to the scale of the problem, no doubt because the cost would have to be built into the rate base and the price hikes would be so massive as to choke household and business budgets. But even without a full bore cleanup, costs are still spiking. Yup, drought and high temps mean blackouts, both rolling blackouts due to air-conditioning induced...

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How Energy Transition Models Go Wrong

Yves here. I’m a big fan of Gail Tverberg, who is always carefully reasoned in her analysis. She’s long thrown red flags for happy talk about green energy and the migration off our nasty carbon emitting power sources. This piece recaps and extends her considerable body of work. Even if you don’t agree, she forces you to examine your priors. By Gail Tverberg, an actuary interested in finite world issues – oil depletion, natural gas depletion, water shortages, and climate change. Originally...

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Shale Oil Fraud Case Reveals Executives Ignore Their Own Engineers and Mislead Investors

By Justin Mikulka, a freelance investigative journalist. Justin has a degree in Civil and Environmental Engineering from Cornell University. Originally published at DeSmog Blog In April, a judge ruled that a lawsuit filed by former investors in the shale oil company Alta Mesa could proceed. Their case alleges multiple instances of fraud and reveals that not only did engineers in the company warn executives that they were lying to investors about oil production estimates but that executives...

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Keystone XL Developer Abandons Pipeline Project

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. In a week that’s seen me post on three depressing environmental topics – U.S. non-adherence to the Basel Convention, a UN report on soil pollution, and cyclone damage to the Sundarbans, I’m pleased to report some good news: the Canadian developer of the Keystone XL oil pipeline, TC Energy and the government of the province of Alberta, has abandoned...

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How Third-Party Auditors Make Oil Industry Fraud Possible

Yves here. As the financial press has been dazzled by Three Card Montes like crypto and NFTs and SPACs, garden variety frauds like asset overstatements chug along. As this post explains, they can be quite significant for oil company reserves. The interesting wrinkle is that accountants like KPMG who are all too willing to sign off on too obviously pumped up numbers are being hit with charges and fines. By Justin Mikulka, a freelance investigative journalist. Justin has a degree in Civil and...

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Lawmakers Are Firing Back At Fossil Fuel Divestors

Yves here. Never understand the feral impulses of the red team. The fact that West Virginia is one of the leaders of the fossil fuel state retaliation strategy guarantees what was already pretty likely: that Senator Manchin will be demanding energy carveouts that at a minimum favor his state as a condition for his support of any climate change legislation. How effective are these punitive efforts likely to be? Are these states willing to yank the authority to provide banking services in their...

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