Brad Plumer in the Washington Post: “Tally it up, and analysts at Citi think the world’s thirst for oil could peak in a few years at around 92 million barrels per day — as long as vehicle efficiency for cars and trucks keeps improving by about 2.5 percent per year. This is an unusual prediction, to say the least.” Read more
FT: “This year was meant to mark a turning point for the oil market. An energy revolution that has been gathering pace in North America was expected to reduce the world’s dependence on crude oil from the Opec cartel of producers.” Read more
REW: The article summarises schemes in Bristol, Brixham, Brighton and Westmill Farm. JL: Progress to date, however, pales into insignificance when compared to Germany’s.
FT: “Until now, the idea that unsubsidised solar power could make enough financial sense to be competitive with conventional electricity has been largely confined to the realms of environmental campaigners and renewable energy advocates.” Read more
FT: The Department of Justice opens a criminal probe into JP Morgan Chase’s as unprecedented scrutiny from regulators continues after the loss of $6bn in a trading debacle last year. The issue: its sale of mortgage-backed securities between 2005 and 2007.
Lex in the FT: “Second-quarter results were a breathless mix of missed expectations, rising costs, lower upstream production, and deteriorating downstream operations. Analysts say investor interest in the big energy companies has rarely been lower.” Read more
Art Berman on PetroleumTruthReport: “Wood Mackenzie reported on July 30, 2013 that U.S. shale plays will produce 5 million barrels of oil per day by 2019, at least half coming from the Eagle Ford and Bakken shale plays.” Read more
Bloomberg: “The world’s richest nations, moving to combat global warming, are cutting government support for new coal-burning power plants in developing countries, dealing a blow to the world’s dominant source of electricity.” Read more
Guardian: “Highly radioactive water seeping into the ocean from Japan’s crippled Fukushima nuclear plant is creating an “emergency” that the operator is struggling to contain, according to the country’s nuclear watchdog.” Read more
FT: The crisis in the coal industry is the subject of fierce debate in Australia. Evidence of decline is everywhere.
FT: Nerves are frayed as natural gas prices in the Marcellus Shale region are in freefall. The decline is ominous for producers such as gas companies like Cabot.
Guardian: “George Osborne has sent a strong message to the Conservative rural heartlands, warning that he will fight any Tory backlash against fracking and saying that it would be a real tragedy if Britain allowed the shale gas energy revolution to bypass the UK.” Read more
A greater number of both institutional asset owners and asset managers are either avoiding or divesting from investments over climate concerns, according to a new study from investor climate change groups. Read more
Guardian: “Two young in Pennsylvania were banned from talking about fracking for the rest of their lives under a gag order imposed under a settlement reached by their parents with a leading oil and gas company.” Read more