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US drives rainforest destruction by importing Amazon oil, study finds

US imports of crude oil from the Amazon are driving the destruction of some of the rainforest ecosystem’s most pristine areas and releasing copious amounts of greenhouse gases, according to a new report. The study, conducted by environmental group Amazon Watch, found that American refineries processed 230,293 barrels of Amazon crude oil a day last year. And California, despite its green reputation, …

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Arthur Berman – The Biggest Red Herring In U.S. Shale

A red herring is something that takes attention away from a more important subject. Rig productivity and drilling efficiency distract from the truth that tight oil producers are losing money at low oil prices. Pad drilling allows many wells to be drilled from the same location by a single rig. Rig productivity reflects the increased volume of oil and gas …

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Tara Lohan – Fossil fuels have become an economic liability—for both consumers and energy companies.

Deborah Lawrence had been watching a once-empty parking lot near Midland-Odessa, Texas, fill up with idled drilling rigs usually at work plumbing for oil in the nearby Permian Basin. In January she noticed 10 rigs, then 17 a few weeks later. As winter turned to spring, the number climbed to 35. That trend has continued across the country. By the …

shale bubble

The Dark Side Of The Shale Bust By Nick Cunningham

The fallout of the collapse in oil prices has a lot of side effects apart from the decline of rig counts and oil flows. Oil production in North Dakota has exploded over the last five years, from negligible levels before 2010 to well over a million barrels per day, making North Dakota the second largest oil producing state in the country. But …

Shell

OIL AND GASOLINE PRICES COULD DOUBLE BY THE FALL, SAYS EX-SHELL CEO

Enjoying those prices at the pump? You might not want to get used to them. A former top oil executive says the price of gas at the pump could double by the end of the year. In an interview with CNBC, former Shell Oil President John Hofmeister predicts that U.S. oil could skyrocket from the current levels under $48 a …