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See where Apache Corp. says it found billions of barrels of oil

See where Apache Corp. says it found billions of barrels of oil thumbnail

Apache Corp. stock is among the top gainers this week after the energy company revealed an “immense” oil and gas reserve in a relatively unknown corner of west Texas.

Apache APA, +0.90%  estimated that its more than 300,000 contiguous acres in the region holds about 3 billion barrels of oil and 75 trillion cubic feet of natural gas. It called the field Alpine High.

Alpine High is located in the Delaware Basin, which is a sub-basin in the southwest corner of the Permian Basin. The Permian itself is mostly located in west Texas, with a small area straddling southeastern New Mexico.

Texas estimates the Permian already has produced 29 billion barrels of oil, and says industry experts estimate it to contain “recoverable oil and natural gas resources exceeding what has been produced over the last 90 years.”

Oklahoma has experienced an influx of earthquake activity in the past decade that seismologists have tied to the underground disposal of wastewater from oil and gas drilling.

The Permian accounted for nearly 20% of total U.S. oil production a few years back. Formations like Spraberry and Wolfcamp had been way more prolific than the Delaware as seen in this map from the Energy Information Administration:

Until recently experts considered the area a poor candidate for hydraulic fracturing, a process that uses water mixed with sand and chemicals to unlock oil and gas trapped in rock. Analysts at UBS said the area has received “minimal focus from the industry to date.”

See also: Sunrun’s languishing stock price masks skills of CEO

When Apache announced the discovery on Wednesday, the stock rose more than 7%. Weekly gains reached more than 14% on Friday, the stock’s best weekly rise since mid March. In comparison, the S&P 500 index SPX, -1.87%  lost 1.3%. Crude oil, meanwhile, fell sharply Friday but was still on track to log about a 4% weekly gain.

Analysts at Citigroup estimated Apache’s new discovery to be worth about $3.7 billion. The analysts calculated Apache will have to invest about $1.5 billion over the next five years to start developing the field, which is rich in natural gas.

Apache said it was increasing its 2016 capital spending plan by $200 million to $2 billion. Developing Alpine High will eat more than 25% of Apache’s total spending program.

The play “won’t be ready for prime time until 2018,” but there’s further upside for the field over time, analysts at Credit Suisse said in a note. Credit Suisse was among several investment banks that increased their price targets for Apache’s stock, by $4 to $67 a share.

According to FactSet, Apache shares average a price target of $57.47, about 2% below Friday prices.

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85 Comments on "See where Apache Corp. says it found billions of barrels of oil"

  1. Cloggie on Sun, 11th Sep 2016 3:12 am 

    Yet another thread made unreadable on mobile devices by the mindless links poster apneaman at 1:56. Too stupid to pick up anything. Again: don’t post long links with no hyphens in it!

    Go to tinyurl.com and create a small link first, you wichserlein!

  2. Cloggie on Sun, 11th Sep 2016 3:48 am 

    Nothing on the boob tube so I researched.

    Ha, I am flattered that I can put the Great Rockman on a new trail, not totally unrelated to his professional line of work.lol

    Underground coal gasification has been tried by industry for decades without much success.

    This should probably read: “without much commercial success.”

    In my wikipedia link on UCG I quoted from Soviet successes in the field since the 1930s. Apparently that same Linq took over that Soviet operation in 2007:

    http://www.lincenergy.com/acquisitions_yerostigaz.php

    That page was last updated in 2012 and it confirms your summary:

    Yerostigaz, located in Angren, Uzbekistan, is the only commercial UCG operation in the world. Operational since 1961, Yerostigaz produces UCG synthesis gas to be used for power generation.

    1 million m3/day and will continue to do so for the next 50 years.

    I would say that apparently it is possible to make UCG work profitable, provided you pay your workers a Soviet/post Soviet salary of a few 1000$/year. And there is no mentioning of sequestration of CO2, which is known to be expensive.

    My point is that even after a global financial collapse and depleted conventional sources of fossil fuel (I mean abiotic fuel), there is enough fuel around (shale, UCG) to build a new renewable energy infrastructure, provided you pay your workers post-collapse (USSR-style) salaries and let civilization fight itself back again at somewhat comfortable level.

    Now, is that an uplifting thought or what?

  3. makati1 on Sun, 11th Sep 2016 4:11 am 

    Cloggie, a new renewable energy infrastructure is not possible. It isn’t a matter of money. It is a matter of net energy. NET energy.

    We are fast approaching the point where it takes as much energy to get the oil out of the ground as it contains. ANY kind of oil from ANY source. All the money in the world cannot change that fact. A billion dollars a gallon means nothing if that oil is not going to produce something besides it’s own recovery.

  4. Cloggie on Sun, 11th Sep 2016 4:22 am 

    Here a Portuguese 2010 overview on p106 of all UCG projects worldwide:

    http://www.scielo.org.co/pdf/dyna/v77n161/a10v77n161.pdf

    The advantages  of this technique are related to its high efficiency, because it  makes possible to  triple or quadrupling  the exploitable coal reserves and so offsetting the decline in reserves  of other mineral fuels such as  oil and gas. This  is  particularly suitable for low quality coals, such as lignite and bituminous coal, which produce less heat in combustion due to its high ash content and are they  more polluting in conventional plants.

    The advantage of UCG is that potentially you can exploit Heinberg’s fossil “dregs” by NOT mining them, but instead leave them where they are and “sniff” the stuff up you need, increasing EROEI in the process.

    How UCG works:

    http://tinyurl.com/jnpy5s6

  5. Cloggie on Sun, 11th Sep 2016 4:30 am 

    “Cloggie, a new renewable energy infrastructure is not possible. It isn’t a matter of money. It is a matter of net energy. NET energy.”

    Absolute BS, wind and solar do generate enough net energy.

    Wind has an EROEI of 20 and solar in good locations like Arizona, Australia or Italy 30 and rising all the time due to improving production processes.

    I am a physics engineer and spend several years in the renewable energy field, I know what I am talking about.

    P.S. please spare me Pietro & Hall.lol

  6. Boat on Sun, 11th Sep 2016 4:58 am 

    clog,

    2 MW turbines like the ones going up in Iowa pay off in 5-8 months. 1,000 just got the ok for installment. This will push their renewables to 85 percent for the state.

    Several wind company’s have installed a few 7&8 MW windmills. This will open up millions of acers that have lighter winds.

  7. Cloggie on Sun, 11th Sep 2016 5:18 am 

    Fascinating pictures from Soviet times in Uzbekistan of the UCG project, still operational:

    http://www.lincenergy.com/photo_gallery.php?photoGalleryMenuId=5#&slider1=1

  8. makati1 on Sun, 11th Sep 2016 6:11 am 

    Cloggie, are you so desperate for a BAU future that you ignore facts? The current energy infrastructure was built over 100+ years when oil was producing 100 barrels for every one invested. It literally shot out of the ground under it’s own pressure. Now we go miles deep and pump it out or haul tons of tar sand to energy intensive production refineries to get something we used to pave roads with. We are down to less than 20 barrels per one invested.

    Your dream is NOT going to happen no matter how much you may want it to. Pockets of renewables seem to be working, but take away the hydrocarbon backups, and few, if any are NET increases in energy.

  9. Cloggie on Sun, 11th Sep 2016 6:54 am 

    “Cloggie, are you so desperate for a BAU future”

    I am not interested in BAU whatsoever, neither in energy realm, nor in geopolitics.

    We need to use the remaining fossil resources to set up a renewable energy infrastructure. And this is not unrealistic, even the bureaucrats in Brussels have embraced that goal:

    https://ec.europa.eu/energy/en/topics/renewable-energy

    2020: 20%
    2030: 27% or more

    Track record:
    2005: 8.7%
    2012: 14.1%
    2014: 15.3%

    https://ec.europa.eu/energy/en/topics/energy-strategy/2050-energy-strategy
    Reduction of greenhouse gas emission with 80-95% of 1990 levels by 2050

    These goals are realistic and will be achieved.

    “Your dream is NOT going to happen no matter how much you may want it to.”

    Yeah, yeah, a layman like you knows it all better than all these trained professionals in the laboratories and offices.

    We have been listening to amateurs like Richard Heinberg for far too long who love to present their ideals as rooted in fact and inevitability.

    For Christ sake, Heinberg was a right-hand man of **Immanuel Velikovsky** the Venus man.lol

    Heinberg loves grand visions, so much is clear.

    Heinberg published his first book in 1989, Memories and Visions of Paradise: Exploring the Universal Myth of a Lost Golden Age, which was the result of ten years of study of world mythology. His next book was published in 1993: Celebrate the Solstice: Honoring the Earth’s Seasonal Rhythms through Festival and Ceremony.

    In June 1995, speaking to the International Society for the Comparative Study of Civilizations in Dayton, Ohio, Heinberg provided “A Primitivist Critique of Civilization” and discussed the ways in which “We are, it would seem, killing the planet.”

    https://en.wikipedia.org/wiki/Richard_Heinberg

    Heinberg is pipe smoker of adventurous substances and a hippie.

    Mind you, there is nothing wrong with that, he can go back to nature all he wants. But Heinberg loved the work of ASPO-2000, that was just the data he needed to push through his worldview of post-industrialism and “back to nature” hippiedom and present it as an inevitability.

    And that is precisely what Heinberg and you and Davy and others are doing: embracing an industrial collapse narrative and fighting tooth and nail against any notion that might threaten that worldview.

    Now, I don’t mind going back to nature, a little bit. I have a veggetable garden, solar panels and in the coming few years will invest money in reducing my natural gas consumption and replace it with more panels or collectors or heat pump or whatever. If that counts as “going back to nature” I am all for it. But I am too factual, too rational, too scientifically trained, too much of an engineer to ignore that there are gaping holes in the stories as promoted by Heinberg et al. Heinberg can’t be bothered too much by facts and technology, although he pretends he is. What he really does is pushing an ecological worldview that rejects industrialism, technology altogether.

  10. marmico on Sun, 11th Sep 2016 6:59 am 

    It’s the end. Not. makati1 is the desperate one.

    We went from 99 to 95 barrels/100 of net energy at the extraction phase. If an average car travelled 600 miles per barrel of fuel in those days, it now travels 1100 miles per barrel today.

    A 4% decline in net energy and 80% more work with the net energy. No big deal.

  11. Davy on Sun, 11th Sep 2016 7:16 am 

    Clog, you are still only a glass half full. Renewable are not at the quality level likely needed to buildout and then go that critical step of self-replicating. There range of applications are limited by delivery systems. Nothing can match the energy density and versatility of high quality oil. Renewables will need a large increase in complexity with an enhanced grid and large scale storage. You discount the soundness of the economy. You talk about short pay off periods that sound ludicrous (5-8months) but even realistic ones have the benefit of 0% interest which is an unnatural rate. You have easing that is benefiting large projects that may not be financed in a recession. You forget that all nations have debt issues and huge unfunded liabilities. Nations can no longer afford to subsidize a build out and at the same time battle the entropy of a complex civilization in decline. Real demand is being destroyed and this is damaging supply nodes. Peak oil dynamics are now fully exposed to those who can see through the deception of the status quo of progress. Renewables most of all need an attitude change from a populous being dumbed down and fatten for slaughter of a false affluence.

    There is the scale of time and the quantity of need. There is so much needed in such a short time to overcome depletion of traditional sources and combat climate change and a long list of other problems. Renewables if transitioned to at the level you are fantasizing about means frying the planet. You are deluding yourself that renewables are not status quo dirty to build and maintain. You know this and that is the reason for your cognitive dissonance of being on a doom board on a doom blog.

    There is then your favorite racist issues of population. Population is exploding. When one sees we have exceeded the threshold of sustainability in the full face of limits along with diminishing returns of technology and efficiency then you see a building bifurcation event. Your renewable fantasy cannot decouple from the reality of a global industry firmly supported by a global economy. Your wonderful Europe is not going to decouple from this population issue and an interconnected global economy. You have the brown hordes at your doorstep of an already overpopulated Europe. Your Holland is far into overshoot and facing the cross hairs of climate change.

    I agree with you on some issues but that agreement ends beyond just a few years. We will manage to progress and develop some more. Technology will improve and new assets built out especially renewable ones. The economy may hold for a time. WWIII may be avoided. IOW momentum can continue and Black Swans held to circling the pond. Momentum of this system is very strong for multiple reasons but the inertia of decay, deflation and dysfunction are greater. This is both human and natural and the pace is both fast and slow. The challenges are multiple and in ascending levels of abstraction. The ascending levels of abstraction are the systematic side that encompass those abstract parts of civilization like confidence. There is the fear and hate factor. There is the whole issue of what happens when there is not enough food and the cascading contagion of food insecurity, hunger, and famine. You can’t contain a messed up world by a fortress Europe. You are a dreamer and your dreams of happiness are wonderful. Your history revisions entertaining. You are not convincing me. Maybe some of the younger idealistic and optimistic readers will follow your Greek Sirens. I am not fooled. You often say let’s “do it” and not lay down and die but you miss the point of malinvestment in a living arrangement with no future. I am saying what we have left to produce in a highly productive global system needs to be directed differently with different motives. We need lifeboats not spacecraft.

  12. Davy on Sun, 11th Sep 2016 7:20 am 

    Clog quit it, I about choked on my morning coffee with this absurdity!

    “Reduction of greenhouse gas emission with 80-95% of 1990 levels by 2050…These goals are realistic and will be achieved.”

  13. Cloggie on Sun, 11th Sep 2016 7:28 am 

    For the EU that is.

  14. Cloggie on Sun, 11th Sep 2016 7:29 am 

    And come to think of it, if you think that the EU won’t be able to substantially reduce CO2 emission by 2050, you implicitly admit that no peak oil worth mentioning will be happening by that time.lol

  15. Davy on Sun, 11th Sep 2016 7:39 am 

    Sorry Clog, LMFAO, now that you mention it collapse will lower emissions greatly once the fires of a burning Rome extinguish. Funny Clog, that’s why I like you.

  16. Cloggie on Sun, 11th Sep 2016 8:00 am 

    “Renewable are not at the quality level likely needed to buildout and then go that critical step of self-replicating.”

    Modern wind turbines and solar panels are top quality with economic lifetimes of 30 years or longer.

    https://www.youtube.com/watch?v=gfrN-vzT0dQ

    Self-replicating, no not yet on its own, but there is enough fossil left to keep building new renewables.

    “Nothing can match the energy density and versatility of high quality oil.”

    What does that sentence even mean?

    https://www.youtube.com/watch?v=lmvgDQ6EjgY

    The Gemini offshore wind park of 150 turbines is nearing completion and will provide enough electricity for 785k households as of next year.

    The Netherlands has 7 million households, so do the simple math. 10 more of those wind park and Holland is covered as far as private electricity consumption in concerned. Can and will be achieved before 2025.

    We have the maritime equipment to ram a new tower foundation into the sea bed every few days or so. No need to build roads (the sea IS the road) and no need for expropriation land or fight unwashed and unkempt hippies who whine that a wind turbine will kill some frog never heard of before:

    https://www.youtube.com/watch?v=Q65mgPeygC8

    “You forget that all nations have debt issues and huge unfunded liabilities”

    You forget that currently we enjoy far higher income levels than ever before, where the basic needs are the same. Here for instance timeline Dutch national debt:

    https://upload.wikimedia.org/wikipedia/commons/3/3f/Staatsschuld_pct_bbp.PNG

    That’s 240% GDP in 1945. Was brought down in 10 years to acceptable levels. In 1945 basic needs were barely fulfilled. In 2016 many Dutch kids go on a world trip for 6 months or so before they start their careers. There is enough for everything and more.

    In fact I would love a little economic collapse to happen to decrease the numbers flowing in from Africa and Arabia who will cause nothing but trouble down the road (example USA). Oops racist remark, sorry about that.

    ” There is so much needed in such a short time to overcome depletion of traditional sources and combat climate change and a long list of other problems.”

    You should reread this thread and absorb indicators pointing at enormous new sources of semi-traditional fossil fuel. There is enough to fry us all (not that we should do that of course).

    Britain alone has possibly enough to fuel Europe for 2000 years (50 years is enough really).

    “You have the brown hordes at your doorstep of an already overpopulated Europe.”

    These hordes will cause the overthrow of US satrap leftist NWO regimes soon and replace it with Moscow oriented right-wing governments, a process currently underway as we speak. Next week elections in Berlin. The Bavarian CSU is in a state of war with sister party CDU over this “refugee” issue. And then there is Trump, also right-wing, also “Moscow-oriented”, also anti-colonizers. And then there is France. Soon Washington, Paris and Berlin will follow the good example of Russia, that turned into a first class European nation since 2000 and is leading the battle of European survival, with the west following rather than leading.

    “We need lifeboats not spacecraft.”

    White man can afford both.

  17. shortonoil on Sun, 11th Sep 2016 8:01 am 

    “Cloggie, a new renewable energy infrastructure is not possible. It isn’t a matter of money. It is a matter of net energy. NET energy.”

    The last thing Cloggie is interested in is the truth! Since the evidence is now so over whelming, that there is no longer an argument against it, the Cloggies of the world intend to cover up anything that supports it. They are trying to do that by posting reams of garbage about coal gasification, and 20 other completely irrelevant topics. Their intend is to take away your right to have an intelligent conversion on a subject of your own choosing.

    Yes, the net energy that oil supplies is no longer adequate to provide growth for our modern economy. It is so low at this point that it is inadequate to maintain the system that already exists. Beside some erudite models like the Etp Model that demonstrates it, we merely have to look at world debt formation to verify it. The US national debt is now $19.5 trillion, China is accumulating debt at a rate of 40% of its GDP per year, and the EU is printing $200 billion per month to provide the facade that all is well. The world is now consuming its capital stock at an alarming rate just to keep the lights on. World debt has now exceeded 300% of world GDP.

    Soon, even these egregious attempts to camouflage the situation will cease to work. The petroleum industry can no longer replace the reserves that it is now extracting, and profit has turned into losses for most of them. We believe that petroleum is the canary in the coal mine, being an irreplaceable and necessary commodity to run modern civilization. When it goes so also will most of the other sources of energy that are needed to power our world.

    Unfortunately, the Cloggies of the world demonstrate that there will be no solutions coming forth from the TPTB, and their likes. Any solution that is possible would destroy their positions of privilege, power and wealth. That is the last thing that they are going to allow. There are people working on projects right now, that if implemented, could alleviate some of the abysmal pain, and suffering that the world is now experiencing and will soon be experiencing in much greater debt. The Cloggies of the world, among other means, are there to make sure that they don’t succeed.

    Have no fantasies about anything that may be coming to fruition. They will not bring back the days of grandiose wealth that was created from oil. That was a one shot event that will soon be over forever. What may be possible is a much simpler, smaller world without great centrally controlled institutions of power and wealth. As a species we will again be forced to learn how to live in our own back yard.

    But, if careful, and we do not allow the rape of the world to continue just to provide trinkets and beads to a select few, some facsimile of a livable world may be possible. New born babies may have a pretty good chance of living to the age of five, and tooth extractions without analgesics won’t have to kill half of its patients from shock. Those will be the great accomplishments of the future, not a probe to study Pluto. Not some new multimillion dollar drilling platform in the already dying arctic.

    The world that we have always known is coming to its end. Let’s not let a few who believe that they can control the Laws of Nature, for their own enrichment, kill the next one before it even has a chance to come into existence! At this point there are very few alternatives. We can’t afford to screw up the few that are there!

    http://www.thehillsgroup.org/

  18. Cloggie on Sun, 11th Sep 2016 9:05 am 

    “The last thing Cloggie is interested in is the truth! Since the evidence is now so over whelming, that there is no longer an argument against it, the Cloggies of the world intend to cover up anything that supports it.”

    BS. Until 2-3 years ago I believed the Heinberg story, just like you still do. But fracking and folks like Michael Klare…

    https://en.wikipedia.org/wiki/Michael_Klare

    … the discovery of new reserves under Britain (and probably on many other locations around the world), the demise of the theoildrum bean counters, etc., etc. have made me change my mind.

    You on the other hand are advertising what is probably your consulting operation (“hillsgroup”). Now let me guess… since 2005 or so you made your money with a consulting road show, with Powerpoint slides borrowed from the ASPO-2000 folks, claiming that the end is nigh and industrial civilization is about to collapse.

    If that guess is true than for you there is no way back.

    All dressed up and nowhere to go.

    “Yes, the net energy that oil supplies is no longer adequate to provide growth for our modern economy.”

    http://www.nu.nl/economie/4180834/cpb-verwacht-grotere-economische-groei-in-2016.html

    Netherlands: 2% growth in 2016, 2.1% in 2017. We’re fine. No wonder with an oil price down from $140 in 2008 to less than $50 now.

    So your story of growth being over because of diminished net energy is BS. You must be pretty desperate by claiming that oil price $50 supports your “peak oil = now” theory and that “when oil is $20 it is all over” baloney.

    ASPO-2000 was largely right in their prediction of conventional oil. And at the same time it was irrelevant.

    What really happened was that the rockman’s of this world concluded that the low-hanging fruit was picked and was slowly running out, but they remembered they had a ladder in the shed, which could be used to harvest the higher hanging fruit.

    And oh boy, what a lot of higher hanging fruit is there still around, an entire tree full! Yes the prices will increase, since the rockman’s of this world have to work a little harder, but the world can afford that, since a barrel of oil still represents 1700 kwh or 5 man year of very hard labor. Who cares if 5 Uncle Tom’s for a year cost $50 or $80. Irrelevant. Too cheap to meter.

    “The world that we have always known is coming to its end.”

    Absolutely. The sun will be burned up in 2 billion years making us look rather silly with of all these solar panels.

    “Unfortunately, the Cloggies of the world demonstrate that there will be no solutions coming forth from the TPTB, and their likes. Any solution that is possible would destroy their positions of privilege, power and wealth. ”

    I am just an average cloggie with an internet connection and pretty remote from any power whatsoever other than the 220V wall outlet, but don’t let that spoil your spectacular intuitions.

    My diagnosis concerning you: you have dug yourself into a gigantic hole with your embracing of the “end is nigh” story.

    This could be a suitable moment to retire shorty and pick up fishing or gardening.

  19. Cloggie on Sun, 11th Sep 2016 9:20 am 

    Spectacular European growth rates (select last tab in graph) in 2015, 2016 and 2017:

    http://www.economist.com/blogs/graphicdetail/2016/02/taking-europe-s-pulse

    “Yes, the net energy that oil supplies is no longer adequate to provide growth for our modern economy.”

    My foot.

  20. Cloggie on Sun, 11th Sep 2016 9:47 am 

    “We have the maritime equipment to ram a new tower foundation into the sea bed every few days or so.”

    I was too pessimistic:

    http://www.twd.nl/installation-of-the-first-100-monopile-foundations-gemini-offshore-wind-farm-completed/

    Van Oord rammed 100 monopiles into the sea bed in merely 2.5 months, that’s more than the foundation of one offshore wind turbine per day. The “Aeolus” does the ramming while the supply ship “Pacific Osprey” commutes between the shore and the Aeolus to pickup and deliver supplies like the monopiles.

    In other words: 2 wind parks of 300 turbines in total per year can be produced. And with a single ship like the Aeolus you can set up a renewable energy supply for electricity for a country like the Netherlands in a decade “with two fingers in your nose”.

  21. Davy on Sun, 11th Sep 2016 10:07 am 

    European spectacular growth rates? What planet you on Clog? Are you unaware of the huge European debt crisis with nations and banks? What about the Greek Tragedy or the Italian bank drama. Europe is one great big extend and pretend that Europe can continue to live the highest standard of living in the world that is only given to them on the backs of the brown world you hate.

  22. Apneaman on Sun, 11th Sep 2016 10:33 am 

    clogged

    “Nothing can match the energy density and versatility of high quality oil.”

    “What does that sentence even mean?”

    That you don’t know what that sentence means is indicative of your ignorance to simple facts. Oil is so energy intense and versatile that no one in the fossil fuel VS alt energy blogOsphere even argues that point. Interesting how a fantasist like you does not know that oil is the one substance on earth that is about as close to magic as there is since it’s energy density is matched by its utility. Again clogO go back to the very beginning. Start learning yourself up with the basics before trying to shit with the big dogs.

  23. Cloggie on Sun, 11th Sep 2016 11:02 am 

    “That you don’t know what that sentence means is indicative of your ignorance to simple facts. ”

    Listen car parts salesman… Davy’s statement only makes sense if you compare 1 kg of oil with 1 kg of wood or 1 kg of coal or 1 kg of lignite. Than he would be right.

    But it is meaningless if you compare 1 kg of oil with… yeah with what? 1 kg of wind turbine?

    I have clearly indicated that a process is underway in Holland, or rather on the North Sea, that a few thousand wind turbines will replace the power stations that generate electricity now using fossil fuel like gas, coal and indeed oil.

    Once that process is completed, likely by 2025, nobody cares what the alt energy blogosphere opines about the versatility of anything and by that time you are well advised to stick that superfluous oil in a place where the sun doesn’t shine, so you can get rid of a whole lot BS in a fraction of a second.

  24. Cloggie on Sun, 11th Sep 2016 11:22 am 

    “European spectacular growth rates? What planet you on Clog? Are you unaware of the huge European debt crisis with nations and banks? What about the Greek Tragedy or the Italian bank drama.”

    From the beginning: shortonoil claimed that economic growth in 2016 is no longer possible for advanced economies. Reason: something to do with declining net energy of fossil fuel.

    The figures as presented by the Economist prove otherwise. Period.

    Now, you begin a new topic: Greece, Italian banks.

    Greece admittedly is a basket case, no discussion about that. But… Greece is less than 2% of the EU economy.

    Italy may have shaky banks, but they are not yet in the Lehman mode. Perhaps it will happen tomorrow, perhaps next year, perhaps never. Meanwhile the ECB is anticipating a possible meltdown and has already organized precautions: bail-ins. Joe Sixpack will be left unscathed but assets above 100k or something won’t be guaranteed by the ECB. From now on it is your responsibility.

    Furthermore, the ECB can repeat the trick the Fed did: buying up “subprime loans” to the tune of a few trillion euro’s. Out of the top of my head: US state debt is slightly more than 100%, EU something like 80%. That’s 20% difference on 18T gdp or more than 3 trillion euro helicopter money before we are even with the US.

    Btw Italy is financially the strongest country in the EU, although nobody recognizes that fact. Reason: Italians don’t have mortgages, they live in paid-off real estate. Call Italians crooks, libertarians or both, but these folks make it a sport not to pay taxes and prefer to pay of private debt rather than state debt. In the past, the Italian government hit back by simply printing liras, but with the euro it is the ECB who does the printing. If I were a non-Italian EU official I would refuse to send trillions to Italy. Instead the Italian government should be forced to impose, say 10% mortgage increase on every home in Italy when push comes to shove.

  25. Davy on Sun, 11th Sep 2016 11:29 am 

    Geeze Clog, poor answer. We here know what energy means and we don’t need your google conversion riddle. I stand by what I said because that renders down the issue completely. Oil cannot be matched period by any available energy source including the combination of vectors and lessor energy sources like we see with renewables. Oil is foundational and the scale of transition away from a built out oil civilization in the vicinity of overshoot to a refurbished or renovated modern civilization is not realistic. Renewables are a bridge and a means of an organized retreat from an approaching collapse. They are not a solution to that collapse.

  26. Davy on Sun, 11th Sep 2016 11:33 am 

    Clog stick to energy because economics is not one of your better points. You can play the status quo game of hide and goal seek but we don’t here. Europe is a basket case economically no different than the US or China just in a different relationship to the global system.

  27. Cloggie on Sun, 11th Sep 2016 11:40 am 

    “Oil cannot be matched period by any available energy source including the combination of vectors and lessor energy sources like we see with renewables.”

    Do you say that the Dutch government plans of installing wind capacity on the North Sea to the tune that it replaces the conventional electricity generation, are fake? Based on hot air? Wind baggery?

    “Oil cannot be matched period” is not an argument, it is an article of faith. You can generate kwh with oil and you can do that with wind. If you install sufficient wind turbines (in the order of thousands) you can replace fully the oil you used to generate electricity before.

    That’s not rocket science.

  28. Cloggie on Sun, 11th Sep 2016 11:46 am 

    “Europe is a basket case economically”

    Europe is economically richer than ever. Travel through Germany, Holland, Denmark, Scandinavia, Switzerland, northern Italy and it is prosperity wherever you look. Not a single sign of degradation other than an aging population.

    Eastern European countries are in better shape than ever before.

  29. Apneaman on Sun, 11th Sep 2016 11:46 am 

    clogged big fucking whoop! call me when the keeling curve has dropped to a safe 280-300 ppm. That should be in many thousands of years from now.

    Your inability to grasp scale is at the root of your ignorance as to the enormity of the predicaments the humans are in.

    Your inability to understand what humans are is at the root of your hopium.

    No fact can pierce the shield of human hopium.

    “OPTIMIST, n. A proponent of the doctrine that black is white.”

    Ambrose Bierce – The Devil’s Dictionary.

    An oldie, but a goodie.

    How unrealistic optimism is maintained in the face of reality

    “Unrealistic optimism is a pervasive human trait influencing domains ranging from personal relationships to politics and finance. How people maintain unrealistic optimism, despite frequently encountering information that challenges those biased beliefs, is unknown. Here, we provide an explanation. Specifically, we show a striking asymmetry, whereby people updated their beliefs more in response to information that was better than expected compared to information that was worse. ”

    http://www.ncbi.nlm.nih.gov/pmc/articles/PMC3204264/

  30. Davy on Sun, 11th Sep 2016 12:32 pm 

    Clog, where did I say they were fake? Right, because I didn’t. You itty bitty Holland ain’t but a pimple on the ass of globalism per population or consumption. When you can scale that up to a global world then you have an argument. Now you have a lame PowerPoint.

  31. Davy on Sun, 11th Sep 2016 12:36 pm 

    “Europe is economically richer than ever.” Oh really, than why negative rates and sovereign debt crisis. Maybe Europe’s wealth is barrowed and not exactly current and real. Why the high unemployment and low productivity of many members? You have many bight points but none that can outshine the darkness of a union of nations losing control economically and politically.

  32. Apneaman on Sun, 11th Sep 2016 1:17 pm 

    “Europe is economically richer than ever.”

    That is not true, but they do have an abundance.

    Sat Sep 10, 2016 3:22pm EDT

    Rescuers bring 2,300 boat migrants to safety from Mediterranean

    http://www.reuters.com/article/us-europe-migrants-italy-idUSKCN11G0SZ?il=0

    Crisis in Calais

    “Europe’s ability to accept more refugees is “close to the limits,” warned the European Council president, Donald Tusk, at the G20 meeting on Sunday. For the truck drivers and local citizens who staged a protest on Monday in Calais, France, where the population of a migrant tent camp has swelled to more than 10,000, that limit has been reached.”

    http://www.nytimes.com/2016/09/10/opinion/crisis-in-calais.html

  33. peakyeast on Sun, 11th Sep 2016 2:28 pm 

    I dont know much about Hollands rap music, but I liked their movie: New Kids Turbo. The sequel Nitro not so much.

    But man… do they have an ugly language – I thought Danish and German were ugly languages – until I heard dutch.. OMFG.

  34. observerbrb on Sun, 11th Sep 2016 4:47 pm 

    “From the beginning: shortonoil claimed that economic growth in 2016 is no longer possible for advanced economies. Reason: something to do with declining net energy of fossil fuel.”

    Poor shortonoil. I guess he is tired of seeing how different people like to put words that he never said in his mouth – (or out of context btw).

    Oil prices need to rise ASAP if we don’t want to see an enormous economic crisis. That’s the only thing that is sure right now.

    http://www.wsj.com/articles/oil-companies-need-prices-to-keep-rising-past-50-a-barrel-1471543357

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