From the log: TOP TEN most recent signposts to the coming energy crisis
IEA: US shale boom masks threat to world oil supply.
12 Nov 2014
Fuels rush in as energy blackout threat prompts action from National Grid.
7 Sep 2014
“Saudi Aramco to invest $400bn to keep oil production steady.”
26 Aug 2014
“UK oil output threatened by platforms running out of juice.”
22 Aug 2014
Shale shock as biggest US putative tight-oil play revised down by 96%.
21 May 2014
IEA: Opec oil supply could fall short of meeting global demand this year.
15 May 2014
Cost of new oil projects >$100, revenue per boe $72: Morgan Stanley.
11 May 2014
“Shale drillers feast on junk debt to stay on treadmill”: Bloomberg.
30 Apr 2014
Giant Kashagan oilfield could be out of production for two years.
7 Apr 2014
“Conventional peak oil is quite probably here”: ex BP geologist.
17 Feb 2014
- IEA: US shale boom masks threat to world oil supply.
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Basle bank liquidity rules watered down after intense lobbying by banks.
FT: The first ever global liquidity standards will be less onerous than expected and not be fully enforced until 2019, four years later than expected. ““Aimed at preventing a repeat of the 2008 bank collapses, the “liquidity coverage ratio” (LCR) announced on Sunday marks the first time that global regulators have sought to require individual banks to hold enough cash and easy-to-sell assets to allow them to survive a short-term market crisis. The measure is the second plank of the Basel III reform package. …The final rule approved by the supervisors of the Basel Committee on Banking Supervision is significantly more flexible than the draft version put forward more than two years ago. …When the Basel group, which includes representatives from 27 major financial centres, first agreed in 2010 to put in place liquidity rules, the draft said that only government bonds and top-quality corporate bonds would count toward the buffers. But the industry lobbied hard to get the rules watered down, arguing that the draft version would tie banks too closely to sovereign debt and constrain their ability to lend to the wider economy.”
World’s top environmentalists call foundations and philanthropists to action
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Week 4, 2015: US & EU push on climate. $170 bn of oil and gas capex being cut. Fastest-ever rig count fall in US shale. All-party setback for UK shale. Oil price sure to bounce back, bosses say.
25 Jan 2015
Energy groups prepare cuts in capex as earnings fall. Morgan Stanley estimates 20% down in O&G field development, Wood Mac 37% across industry ($170bn).
Tight oil production to drop faster than most expect. Increase in pad drilling plus decreasing well productivity means “sharper” fade as count falls, analyst says.
Week 49, 2014: DECC lines up with the Bank of England on the carbon bubble as the oil industry tries to rubbish it. The Pope becomes a climate campaigner. Lima pulls progress from the jaws of defeat.
14 Dec 2014
Lima talks reach eleventh-hour global agreement by deferring key issues. But the Lima Call For Climate Action commits all nations to emissions cuts for the first time.
US DoE writes to Nature protesting the 4 Dec. “fracking fallacy” article. EIA’s forecasts complementary with UT forecasts, not competitive: paper is “deeply… Read-more
“Fracking’s mythology is single biggest threat to the solar revolution.”
5 Nov 2014
Jeremy Leggett in Recharge magazine: “There are days of late when the solar revolution seems to be an inevitability, and an imminent one.
When one reads that by 2020 an “energy trio” purchase of solar roof plus electric vehicle plus domestic battery will be able to pay for itself… Read-more
IPCC 1990 – 2014: a quarter century of The Carbon War.
31 Oct 2014
Jeremy Leggett on the Greenpeace Energy Desk: “When the Intergovernmental Panel on Climate Change completed its First Assessment Report in 1990, almost a quarter of a century ago, I worked for Greenpeace as a climate campaigner.”
“For the previous decade I had been a university scientist, on the
“Welcome to the energy transition”: Times special report.
15 Oct 2014
The Times: “It is tempting to be selective and take sustainability success stories, such as the positive climate stance of President Obama, Rockefeller Foundation divestment, and record-breaking solar power generation in China and Germany, as evidence of a global tipping-point moment for the clean and green agenda.”
UK renewables companies consider Hinkley EC legal challenge.
12 Oct 2014
Guardian: “Independent energy supplier Ecotricity is among companies and organisations considering a legal challenge against the European commission decision to give the approval for the Hinkley Point C nuclear plant.”
“Austria has already promised to fight the decision in the courts but Dale Vince, the founder of Ecotricity,… Read-more
Environmentalists’ appeal to foundations on climate: the full case.
2 Oct 2014Jeremy Leggett in Recharge magazine: “Imagine two armies lining up for a make-or-break battle in a civil war. Envisage a group of financiers, worth hundreds of billions, most of whom want a certain side to win.”
“They mostly watch from the sidelines. Yet if their favoured side loses,
“Political will is only barrier to 100% renewables.”
22 Sep 2014
TheEcologist: “A report published ahead of tomorrow’s UN Climate Summit shows that we can meet all our energy needs from renewables, writes Paul Brown – poor nations and prosperous, tiny islands and great cities, in any part of the globe. And some are doing it already.”
“The benefits… Read-more
Leading philanthropic foundations can play vital role in UN climate talks.
15 Sep 2014
On RTCC: “In the largest and most international declaration ever published by environmentalists, 160 winners of environmental prizes from 46 countries, have today called on the world’s foundations to use their financial power to fight global warming.”
“In an appeal published in the International New York Times they call on… Read-more
- Week 4, 2015: US & EU push on climate. $170 bn of oil and gas capex being cut. Fastest-ever rig count fall in US shale. All-party setback for UK shale. Oil price sure to bounce back, bosses say.
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