The Rapid Migration from Fossil Fuels: Check Out Ireland
Just another day on an absurd planet. Ireland is in the process of removing fossil fuels from its country, joining several European/Scandinavian countries that are moving swiftly in the same direction. Meanwhile, back in the good ol’ U.S., we’re moving hell-bent for leather to build pipelines, rubber-stamp leases of federal land to the oil companies, and remove environmental regulations associated with energy and transportation.
The winners? Big Oil. The losers? The other 7.4 billion of us.
There is already a glut of oil depressing profits
Growth in the global market for oil is at most slowing and could possibly go into reverse fairly soon.
My guess is that growing stockpiles of oil that noone wants to buy could make most oil production un profitable, and destabilise oil producing countries in the developing world such as Nigeria.
Potentially, this destabilising effect could result in increased requirement for military and humanitarian expenditure whilst doing nothing for the US economy.
Recently I have read some material that goes so far to suggest that the present US emphasis on fossil fuels could be creating a bubble that will inevitably burst when exposed to changing world economic/environmental conditions. This would follow the classic scenario of short term profits for one industry followed by a general collapse of the economy.
There seem to be too many factors to accurate predict this outcome, but it does seem to be one possible result of present policies. And then what? Will the president who said, “Who knew health care was so complicated…” then be saying, “Who knew that fossil fuels could be harming our environment?” or “How could anyone have predicted that the world no longer wants to be dependent upon fossil fuels?” or “None of my very intelligent advisors told me this…”
Gary you are on to some things – the rapid growth of soalr anergy in the less developed World is displacing much diesel fule that was used for part time generation etc.
So the Green Movement is beginning to have a impact on the marginal uses of fossil fuel.
There also seems to be a growing glut of nat Gas especially coming out of MENA region. Russia is supposedly building a new pipeline under the Baltic ocean to supply Germany and by pass Ukraine . Perhaps for Geopolitical reasons ( like expansion ??)
Need a clear safe pathway to market.
Exxon and others have shared the secrets of Fracking to russia and the expansion in production is resulting.
Several LNG projects in the US are now slowing down their development as over seas markets are becoming a price sensitive market and may not cover the margin spread needed for export from US>
Breath your Sardonic and Sarcastic points about the big picture situation are close to the Truth and telling about the over all instability that really does exist in the Global market place.
I see some of this instability as all part of the real intertwinnings of peak Oil and Peak Economics and the supply bubbles followed by economic contraction as too much money has been loaned in anticipation on ever rising prices and demand…the same ol gold “black gold rush ” Then the producers can’t make the loan payments.
This has already happened in the US over the past 3 years in GAs and some shale Oil. What people fail to recognize especially the mindless boosters of ever incessant drilling etc., is that the EROEI is in decline . so the profit margin is in decline.
Hard Truths that are over looked in the Hubris – love those trumper sarcastic parodies Breath good stuff!