DrumBeat: June 21, 2006
Posted by threadbot on June 21, 2006 - 9:10am
Topic: Miscellaneous
George Orwel, an oil analyst and writer for both the Oil Daily and Petroleum Intelligence Weekly, has written a book about peak oil called Black Gold. You can read an excerpt at Energy Bulletin.
I have often been reminded of a Chinese saying that basically translates into something like this: Long is not forever. In other words, everything comes to an end; it doesn't matter how long it takes. I've been covering the oil industry for a long time and I often talk with many economists about the status of the market. They are a very optimistic lot. That's good because they deal with issues of wealth creation, except that when they let unreasonable optimism color their thinking in such a sway that their only concern is the short-term financial benefit, they run the risk of losing their credibility.
"We may not like to admit it," Mr. Goodell writes, "but our shiny white iPod economy is propped up by dirty black rocks."The Times also notes that the Scent of Ballots Is in Air, and Energy Bills Are Blooming. Dick Durbin (D-IL), Dianne Feinstein (D-CA), Olympia Snowe (R-ME) and Lincoln Chafee (R-RI) are pushing the Ten-in-Ten Fuel Economy Act, which will raise the CAFE standards from 25 mpg to 35 mpg by 2017. And Congress wants the oil industry to pay royalties that error let it avoid.
Internationally:
China cuts Saudi oil imports. Their refineries are having trouble with the new high-sulfur crude. This may explain the second quarter drop in Saudi production.
In Zimbabwe, Fuel Prices Skyrocket As Supplies Dwindle. Despite the high prices, lines are long and many gas stations have run dry.
And the invisible hand, at work in the U.S.:
As gas costs rise, so does use of public transit. Ridership is surging, with low-income people most likely to give up their cars.
DuPont and BP partnering to produce biofuels. Their first product will be biobutanol, a gasoline component made out of sugar beets.
The world's largest factory for making solar power cells will be built in the Bay Area. Seed money was provided by the founders of Google.
And Bob will be happy to know that poop is a hot new trend. Yes, including "humanure."




k Nation (Jim Kunstler)






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