2014: “That’s why, say some analysts, rather than spend billions of dollars developing domestic infrastructure, the US gas industry is urging the authorities to build terminals to export shale gas in the form of liquefied natural gas (LNG) to Europe and Asia, where it will fetch prices up to five times higher. Already two bills have been introduced into Congress aimed at fast-tracking LNG exports.”
“Most of the projects in Eastern Siberia and the shelf become profitable when oil prices are between 60 and 80 dollars per barrel, but to develop the Arctic shelf it’s also necessary to attract modern technology from Western countries,” said Tkachuk. “That’s why the future of oil development may also depend on the issue of lifting sanctions.”
Rockefellers: “Standard Oil—a legacy that includes the modern energy behemoths Chevron, Marathon Petroleum, ExxonMobil, and others”
“no serious investment portfolio will be able to avoid profiting from the consumption of those resources.”
checkout the current oil price
Oil – the “Gini” is out of the (oil)bottle – it will be very hard (renewables) to put it back in, but to put it back in, we must.
if the math checks out and oil would be cheap like $60 then Americans spend AT LEAST $431.15 Billion on oil (not counting coal, not counting gas) per year.
“U.S. Thirst for Russian Oil Hits Record High Despite Tough Talk”
“Even as Washington champions energy independence and warns European allies against becoming too dependent on Moscow, American refineries are buying more of the country’s oil than ever before.”
“The sprawling complex, which belongs to Exxon Mobil Corp., isn’t the only U.S. refinery that’s been receiving shipments of Russian oil. Chevron Corp.’s plant in Mobile, Ala., and Valero Energy Corp.’s facility in St. Charles, La., are also customers.”
July 2020 to July 2021 total oil US imports from Russia 228.825.000 barrels
if the math is right according to https://www.statista.com/statistics/1094286/us-imports-of-russian-oil-and-petroleum-products/
assume an average $60 per barrel that would amount to $13.73 BILLION per year from Russia alone.
“Deprived of access to Venezuelan crude by U.S. sanctions on the regime of Nicolás Maduro, and facing reduced shipments from OPEC nations since the cartel cut output, U.S. refiners turned to Russian oil in 2020 to fill the gap. The buying spree, combined with sharply lower Saudi shipments, catapulted Russia into the position of third-largest oil supplier to the U.S. last year.”
“America’s increasing reliance on Russian oil is at odds with U.S. energy diplomacy. For the last two years, lawmakers in Washington have been lobbying European countries to abandon Nord Stream 2, a multibillion-dollar pipeline to transport Siberian gas to Germany, fearing it will give the Kremlin further leverage over U.S. allies. (Russian gas accounted for about 45% of Europe’s natural gas imports in 2019.) Congress went as far last year as to authorize the use of sanctions against companies involved in the project.”
“the mantra of energy independence championed by former U.S. President Trump is hollow”
US imports Oil from Russia as much as from Saudi Arabia but Canada still #1
“U.S. imports from Russia averaged 538,000 barrels a day in 2020—more than the 522,000-barrel-a-day average from Saudi Arabia.
The country’s gains came in large part at the expense of Venezuela.”
“The top U.S. importer of Russian petroleum last year was Valero, with almost 55 million barrels, followed by Exxon, with almost 50 million barrels. The companies together accounted for almost 50% of total U.S. imports of Russian oil, according to customs data.”
“If Saudi Arabia increases its production in the next few months, as many expect, its barrels could potentially displace the Russian ones. So could oil from Kuwait and Iraq. Otherwise, American refiners would still need to find some dense crude to feed their cokers. Crude from Canada’s oil sands is an option; but U.S. refiners are probably already buying as much as is available.”
also 16% of the uranium imports of the US come from Russia
Frack Off! “a shale well has a very limited lifespan”
Putin does not have to worry. the US shale bonanza is short lived.
“Its output plummets drastically after the first three years and then deteriorates steadily thereafter”
“The US shale revolution has surrendered to reality”
“In July 2020, accounting firm DeLoitte released a report stating that, “The U.S. shale industry registered net negative free cash flows of $300 billion, impaired more than $450 billion of invested capital, and saw more than 190 bankruptcies since 2010″ — supporting the claim that the industry has peaked without ever making money.”
“Fracking, says the oil and gas industry, will bring an end to the country’s dependence on fuel imports: self-sufficiency is the stated goal.”
“the idea is that these fuels – particularly supposedly cleaner fracked gas – will act as transition energies till renewables like solar and wind power are properly developed.
When that happens, the theory goes, we can all embrace a fossil fuel-free future.”
this is the same “it will be transitory” LIE that has brought you the Dollar and Euro “inflation” by massive money printing FED and ECB central banks: Whoever believes such big oil lobby produced LIES and NONSENSE also believes the moon is made of cheese and soon we will all live on the moon and eat cheese only.
because: the oil & gas industry has VERY VERY LITTLE interest spending billions and billions on setting up solar panels and wind parks. (it is sad, but that’s how it is, they are ONLY INTERESTED IN THE AS FAST AS POSSIBLE AS MUCH AS POSSIBLE PROFIT, they are living the essence of RECKLESS SHORT TERM CAPITALISM)
unless forced by law Shell will NEVER be a company producing 100% renewable energy. NEVER.
“the shale revolution is that it makes this (saving energy & renewables) seem less of a priority” https://www.newsweek.com/2014/07/18/how-long-will-americas-shale-gas-boom-last-260823.html
“The U.S. Energy Information Administration (EIA) estimates that in 2020, U.S. dry shale gas production was about 26.3 trillion cubic feet (Tcf), and equal to about 79% of total U.S. dry natural gas production in 2020.”
NOT ONLY PUTIN IS AGAINST FRACKING!
A LOT OF PEOPLE IN EUROPE ARE AGAINST FRACKING (simply because it is probably THE dirtiest way to extract oil & gas from the ground, while polluting valuable groundwater resources, that will get scarcer by the day)
But: Putin’s war on Ukraine send the oil price to new above $100 highs and thus: he/Russia indirectly now supports the fracking effort of the industry, that is (probably now) fracking away at even higher speeds.
“There is mounting evidence that the current level of water use for oil and gas production simply cannot be sustained and that projected increases in use may lead to a crisis”, says the WORC. “Something has to give.”
“While many former Soviet bloc countries in Eastern Europe have joined NATO and the European Union in an attempt to distance themselves from their Moscow, their overwhelming dependence on Russian energy imports has prevented them from achieving complete independence.
Gazprom supplies 30 percent of the European Union’s natural gas, and during a 2009 dispute with Ukraine showed the world that it can make Europe shiver if it turns the spigots off.”
while this all sounds like US fracking companies would have found the “holy grail” to energy independence, it is actually again hardcore reckless capitalism “selling the future for short term profits”
because you only frack once , then the groundwater will be polluted with metallic tasting chemicals for a long time.
In Rome the Romans became crazy, because their water pipes were made of lead, a now known neuro toxin (it poisons the brain), it seems a similar trend could happen in the US with fracking polluted drinking water?
Also fracking is rather expensive way to produce oil, it does not pay off at an oil price below $60.
“Even at the $100 figure some producers are reported to be struggling financially.”
Also: after a few years (less than 10) all of the US is “fracked” and if the US does not develop renewables at a very fast pace, it will plunge into a dire energy shortage or rely even heavier on imports.