Tuesday, January 15, 2019

Why America is the new Middle East in terms of oil production: World’s largest reserves just discovered under Texas

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by Ethan Huff, Natural News:

For the first time since 1973, the United States now leads the world in terms of oil production. And according to reports, we have the ground underneath Western Texas and Eastern New Mexico to thank.

A new assessment by the U.S. Geological Survey (USGS) estimates that untapped regions of what’s known as the Delaware Basin, a component of the greater Permian Basin, contain 46.3 billion barrels of oil, 281 trillion cubic feet of natural gas, and 20 billion barrels of natural gas liquids – an amount two times larger than what was estimated in a 2016 assessment of just the Wolfcamp shale play in Permian’s Midland Basin.

HAS PEAK DIESEL ARRIVED?? The Data Doesn’t Look Good

by Steve St. Angelo, SRSRocco Report:

Has Peaked Diesel arrived?  Well, if so, it is terrible news for the automobile and trucking industry as well as the overall economy.  I came across this information from an article written by Antonio Turiel on his The Oil Crash website.  The article provides some sobering data suggesting that the global production of diesel fuel may have peaked.

Furthermore, due to the peak of conventional oil in 2005 and the considerable increase of U.S. shale light tight oil, the production of heavy fuel oil (not diesel, rather bunker fuel for ships, etc.) has also declined.  Turiel explains in the article The Peak of the Diesel: 2018 Edition, that the refineries cannot make as much diesel from the U.S. light tight shale oil, so they are forced to crack the heavier fuel oil to make diesel.  If true, what we have here is the cannibalization of the refinery system to continue to produce diesel at the expense of the heavier fuel oils.

OPEC Cuts Deep to Save Cartel

by Tom Luongo, Tom Luongo:

With oil prices in free fall and the dawning realization that Great Reflation trade of 2017 is over, OPEC needed to do something drastic to remind everyone how important they are.

Moreover, with Qatar quitting the cartel last week it was then doubly necessary for OPEC to make the markets stand up and remember them.

So, after a few days of wrangling, a 1.2 million barrel per day cut was announced by OPEC, far larger than the market was expecting.

The Trump administration is fuming today over this result.

EU initiates proposal to dump the dollar and to create a PetroEuro system

by Kenneth Schortgen, Shotgun Economics:

When the U.S. and President Trump decided to renege on the JCPOA Iran nuclear agreement, it set in motion the will within Europe to reject this action and to seek alternatives to dollar hegemony.  And besides a plan to create their own continental SWIFT alternative, the European Commission on Dec. 3 initiated plans to not only drop the dollar as a trade settlement currency, but also to create their own ‘PetroEuro’ for use in energy deals.

IT BEGINS… Rapidly Falling Oil Prices First Guts Tar Sands, Then Shale Oil

by Steve St. Angelo, SRSRocco Report:

The rapidly falling oil prices have finally claimed the first victim, but it won’t be the last.  The Alberta Canadian government announced late yesterday for a substantial cut in tar sands oil production to stem the hemorrhaging low oil price.  The price paid for tar sands oil has fallen a stunning 77% from its peak just two months ago.

While the Canadian tar sands oil price has fallen the most, various U.S. benchmarks are also experiencing substantial discounts to the standard West Texas Crude Oil price.  For example, the price paid for Bakken oil has dropped by 42% from its peak in October.  This is terrible news for the shale oil producers in North Dakota.

Petro Yuan Ends America As We Know It!

from TruthNeverTold:

https://www.youtube.com/watch?v=bBHnOQZKT20

Revolutionary Company Reviving Nikola Tesla’s Work to Wirelessly Transport Energy

from The Free Thought Project:

A company out of Texas is reviving some of the work of Tesla in an attempt to transport energy over long distances without using wires or cables and it works.

A century after Nikola Tesla’s famous Wardenclyffe tower was dismantled, the legacy of the world’s greatest inventor lives on in the form of a new project which aims to develop wireless power transmission and a host of other communications and energy functions.

Strikingly similar to the Wardenclyffe tower, a new facility has gone up along a major transit route in the town of Milford, Texas. Built and operated by a company called Visiv Technologies, the tower is designed for precisely the same functions as the original Tesla tower, that is, for wireless communications and the transmission of electricity through air via low-frequency radio waves known as ‘surface waves.’

European Gas Stations Out of Diesel: French Refinery Strike Deepens Crisis

by Mish Shedlock, The Maven:

Diesel is in short supply in Europe. The situation is about to worsen as the biggest French refinery is shutting down.

Bloomberg reports Europe’s Diesel Woes Deepen as Strike Halts French Oil Refinery.

Total SA, France’s biggest refiner, is in the process of shutting its largest plant in the country, the 247,000-barrel-a-day Gonfreville facility in Normandy, due to a labor dispute, a spokeswoman for the company said on Tuesday. A few hundred miles away, in the Netherlands, retail fuel stations are running out of supplies because of shipping constraints on the Rhine, according to Royal Dutch Shell Plc.

The Media Won’t Tell You Why The Price Of Oil Is REALLY Low

from WeAreChange:

https://www.youtube.com/watch?v=W8rcT0R4YTM

Yemen Genocide About Oil Control

by F. William Engdahl, New Eastern Outlook:

The ongoing de facto genocide in the Republic of Yemen in a war whose most intense phase began in 2015, has until very recently been all but ignored in the Western mainstream media. What has also been ignored is the fundamental casus belli for the US-backed Saudi war, ostensibly against the Shi’ite Houthi by the Sunni Wahhabite Saudis. As with virtually every war and destabilization since the British first discovered abundant oil in the Persian Gulf over a century ago, the Yemen war is about oil, more precisely about control of oil, lots of oil.

MICKEY FULP | Translating the Mindset of Peak Oil to Peak Gold

from Proven And Probable:

https://www.youtube.com/watch?v=hVF1TZLSZOY

TAR SANDS OPERATIONS GO FROM BAD TO WORSE: Now Losing Billions A Month

by Steve St. Angelo, SRSRocco Report:

The situation at Canada’s Alberta Tar Sands Operations has gone from bad to worse as the super-low oil price is now costing the industry billions of dollars each month.  Unbelievably, the price for the Western Canadian Select heavy oil fell to a gut-wrenching $14.65 yesterday down from a high of $58 in May.  Tar sands oil is now selling at an amazing $40 discount to U.S. West Texas Oil which is trading at $56.

The main reasons for the falling price of Alberta tar sands are due to Canadian pipelines full to capacity as well as midwest U.S. refineries shut down for seasonal maintenance.  Furthermore, the announcement by a U.S. Federal Judge to block the construction of the Keystone XL Pipeline on November 9th, didn’t help.

At the Pump, Yemeni Blood Flows Red Into Your SUV

by Phil Butler, New Eastern Outlook:

Concerning the Yemen massacre, U.S. Defense Secretary Jim Mattis and Secretary of State Mike Pompeo have pleaded woefully for a ceasefire. Then, waving their arms wildly behind their backs, they gesture to Saudi pilots to take off to deliver more American ordinance on civilians Houthis rebels.

In Geneva, the United Nations talkers wave their arms wildly in warning of an unparalleled humanitarian crisis. At the White House, a bellowing idiot billionaire waves a mighty hand at a meeting and says, “Sure, call them terrorists of communists, as long as the gas keeps flowing.” Yes, The Trump administration is considering designating Yemen’s Houthi rebels a terrorist organization. After all, this will smooth things over with the 40 Americans paying attention these days.

Russia Is Pressuring Western Commodity Traders to Pay for Russian Oil in Euros

from Russia Insider:

Russian oil exporters are pressuring Western commodity traders to pay for Russian crude in euros and not dollars as Washington prepares more sanctions for the 2014 annexation of Crimea by Moscow, Reuters reported last week, citing as many as seven industry sources.

While it may have come as a surprise to the traders, who, Reuters said, were not too happy about it, the Russian companies’ move was to be expected as the Trump administration pursues a foreign policy where sanctions feature prominently. This approach, however, could undermine the dominance of the U.S. dollar as the global oil trade currency.