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By Dustin Monke on Jun 10, 2015 at 6:45 p.m. Satellite images that circulated the Internet more than two years ago purported to show natural gas flares lighting up the Bakken Oil Patch as bright as a major metropolitan city were highly processed, manipulated and inaccurate, researchers at the University of North Dakotas Energy Environmental Research Center said Wednesday. Chris Zygarlicke, the EERCs deputy associate director for research, said he took an interest in the images because the science involved aligns closely with his background. He said having driven through western North Dakota and the Oil Patch, he believed the images were inaccurately portraying the area. Theres no way that were lighting up the land like you see people talking about everywhere, he said. So, since late 2013, Zygarlicke and researchers from the EERC and UNDs aerospace department have used images gathered from the National Oceanic and Atmospheric Administration to determine what the Oil Patch truly looks
New EIA estimates on crude output are fueling predicitions that U.S. energy exports will exceed imports within 15 years. U.S. Seen Becoming Net Energy Exporter on Shale Output By: Mark Shenk (Bloomberg Business) The U.S. government said for the first time that the nation will become a net energy exporter within 15 years as the shale boom bolsters crude oil production. U.S. energy exports will exceed imports from 2029 through 2032, and from 2037 through 2040, the Energy Information Administration said Tuesday in its Annual Energy Outlook. The agency raised its oil output forecasts for 2025 and 2040, while cutting total energy demand estimates for the same years. The forecast doesnt anticipate any change in U.S. law that bans most exports of crude. Advanced technologies are reshaping the U.S. energy economy, EIA Administrator Adam Sieminski said in an e-mailed statement. With continued growth in oil and natural gas production, growth in the use of renewables and the application of
Paula Dittrick of OGJ reports on encouraging market signs from the past week including crude price spikes and a supply drawdown. MARKET WATCH: NYMEX, Brent crude oil prices surge By: Paula Dittrick (OGJ) Crude oil prices for May delivery spiked to close $3/bbl higher on the New York market Apr. 6, marking the biggest one-day gain since Feb. 3. Analysts said the $52.14/bbl Apr. 6 settlement for light, sweet crude was the highest since Feb. 17. Brent prices for May delivery were up $3.17/bbl on the London market. The rally followed the long Easter holiday weekend in which Saudi Arabia raised its crude price for delivery to Asian buyers while the dollar fell in value, making dollar-based crude oil less expensive to buyers using foreign currencies. US and European futures markets were closed Apr. 3 in observance of Good Friday. Genscape Inc. told the Wall Street Journal that supplies in Cushing, Okla., fell by nearly 300,000 bbl during Mar. 31 to Apr. 3, marking the first draw in supplies
The newly elected Republican Congress is moving quickly in their effort to pass energy legislation that has been stuck in recent years. Congress Gets Busy On Oil, Gas Issues By: Alex Mills (Texas Allaince of Energy Producers) For the first time since Barack Obama became President, Republicans took control of the U.S. House and Senate, and they wasted no time in taking on some of the energy issues that have been languishing in the Congress for years. Senate Republicans made good on a pledge to pass the long-pending Keystone XL oil pipeline on Jan. 29. Senators voted 62-36 on the bill to bypass the Obama administrations delaying tactics on the Keystone XL, only 5 short of the number needed to override a presidential veto, which is expected. All Republicans present voted for the bill, as did nine Democrats. Approving the Keystone XL has been the top priority of Republicans in the new Congress after they won control of the Senate in November. Majority Leader Mitch McConnell said the
Phil Flynn of Fox Business reports on a recent climate change agreement between the U.S. and China that is causing some controversy in Washington. The Real Climate Deniers By: Phil Flynn U.S. President Barack Obama announced Wednesday what he called an historic climate change agreement with Chinese President Xi Jinping that would cut both countries greenhouse gas emissions by close to a third over the next two decades. This was considered by some to be a face-saving deal at the APEC trade summit in China. Under the deal, the United States would agree to cut its carbon emissions between 26 to 28% from levels established in 2005 by 2025, which the White House says is achievable. China would get more leeway and agreed it would peak its carbon emissions no later than 2030, but would also increase the use of non-fossil fuels to 20% by 2030. Of course, instead of engaging potential critics about the merits of the deal, the White House decided to insult them instead. This is always a good
Jillian Ward of Businessweek reports on an IEA concern that global energy systems will fall short of expectations. U.S. Shale Boom Masks Threats to World Oil Supply, IEA Says By: Jillian Ward The U.S. shale boom masks threats to global oil supply including Middle East turmoil, conflict in Ukraine and the difficulty of unconventional oil production beyond North America, the International Energy Agency said. The global energy system is in danger of falling short of the hopes and expectations placed upon it, the IEA said today in its annual World Energy Outlook. The short-term picture of a well-supplied oil market should not disguise the challenges that lie ahead as reliance grows on a relatively small number of producers. Global oil consumption will rise to 104 million barrels a day in 2040 from 90 million barrels a day in 2013, driven by demand for transport fuel and petrochemicals in developing countries, the report said. To meet that growth and replace exhausted fields will require
Optimism for progress on pipelines and trade agreements are growing after Republicans took control of the Senate in Tuesdays elections. Energy shares saw an immediate increase Wednesday as the energy and medical device sectors are expected to be especially impacted by new legislation possibilities. Energy Seen Getting Biggest Boost From Republican Senate By: Rodrigo Campos and Ryan Vlastelica (Reuters) NEW YORK, Nov 5 (Reuters) - While the Republican Party wont assume its Senate majority until January, U.S. stock investors are already betting the new congressional makeup could lead to faster action on pipelines and trade agreements, sending energy shares higher on Wednesday. Wall Street rose broadly in its first session after midterm elections, but energy and medical device companies - two sectors that could see a more direct impact from legislative measures - had outsized moves. Part of the broader markets move came on relief that the Senate majority party was not in doubt; investors
In this article from IndustryWeek, Steve Minter looks into how the recent energy boom in the U.S. could help make the country a low-cost manufacturing destination. With the U.S. on pace to become the worlds largest oil producer by 2020 and a net exporter of natural gas the same year , domestic manufacturers can take advantage of these improvements and become major competitors on the world stage. Manufacturing and Energy: Advantage USA By: Steve Minter It is 1979 and each day thousands of U.S. motorists are waiting in long lines for gasoline. The Iranian Revolution has resulted in lower oil exports and, combined with the Carter Administrations decision to ban Iranian oil imports, panic had ensued over the availability of gasoline. This was not a new situation for U.S. consumers. Just six years earlier, the Yom Kippur War had led OPEC to ban oil exports to countries that supported Israel in the war. By the time the oil embargo ended five months later, gasoline prices in the U.S. had
The U.S. oil and gas boom is not just a product of Big Oil, but rather a result of a team of companies and individuals spread across the country, all linked together. Jennifer A. Dlouhy explores just how wide this web of companies is and what impact they are having on the energy renaissance. Long supply chain keeps oil industry pumping By: Jennifer A. Dlouhy WASHINGTON Americas energy renaissance isnt brought to you by Big Oil. Thats the message the American Petroleum Institute sent Tuesday, as it released a report documenting the nearly 30,000 businesses across the nation that supply the oil and gas industry with equipment and services. Erik Milito, APIs upstream director, said the report illustrates the true breadth and scope of the industrys positive impact throughout the country. What were trying to show is more of the teamwork approach that goes to energy, where its not just an operator or a producer that is involved in safe and responsible development, Milito added. Its
The energy boom is spurring the economy in some of the places that were hit hardest by the recession. In Ohio, unemployment rates are falling as sectors from manufacturing to law are being reshaped, and residents are showing less opposition to controversial fracking techniques as it brings desperately needed jobs. Boom in Energy Spurs Industry in the Rust Belt By: Nelson D. Schwartz YOUNGSTOWN, Ohio Waist-high weeds and a crumbling old Chevy mark the entrance to a rust-colored factory complex on the edge of town here, seemingly another monument to the passing of the golden age of American industry. But deep inside the 14-acre site, the thwack-thwack-thwack sound of metal on metal tells a different story. Were holding our own, said Greg Hess, who is looking to hire draftsmen and machine operators at the company he runs, Youngstown Bending and Rolling. I feel good that we saved this place from the wrecking ball. The turnaround is part of a transformation spreading across the heartland
The act of fracking, the systematic cracking and stimulating rocks in order to increase crude oil output is highly contested. As opportunites to frack offshore become increasingly abundent, many environementally conscious individuals are concerned with the possible environmental impact of offshore fracking. David Wethe explains the growing trend and potential harm to the environment in his Bloomberg article. Deep Water Fracking Next Frontier for Offshore Drilling By:David Wethe Energy companies are taking their controversial fracking operations from the land to the sea -- to deep waters off the U.S., South American and African coasts. Cracking rocks underground to allow oil and gas to flow more freely into wells has grown into one of the most lucrative industry practices of the past century. The technique is also widely condemned as a source of groundwater contamination. The question now is how will that debate play out as the equipment moves out into the deep blue. For now, caution