Saudi¬†Prince Alwaleed bin Talal said in an interview yesterday that “oil is never going back to $100.” ¬†Let me translate: “We are sick of Americans and Russians taking our market share, and we’re taking it back forever.” ¬†These were strong words from one known to publicly disagree with his government, and whose personal wealth has been estimated at over $20 billion.

Continued weak oil prices are seriously damaging US energy companies with companies like Breitburn Energy, Goodrich Petroleum, and Continental Resources among it’s biggest losers in recent months. ¬†I remain very bearish for several reasons…the Saudis’ apparent serious resolve to reset the markets, downward trend in heavy hydrocarbon demand, and the high break-even costs for unconventional resources. ¬†I believe we are in for a long haul here.

End of the Shale Boom? Or Pause?

I’m sitting here watching Bloomberg report WTI at a hair over $46 a barrel, and reading Goldman’s gloomy prognostication that the six month price will be $39, rather than the previous $75, and the twelve month number will be $65 vs $80. ¬†OPEC is continuing to hold the line on their production putting gigantic pressure…

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Federal Court Won’t Rehear BP Appeal

Friday, the 5th Circuit voted 7 to 6 to not rehear an appeal by BP that they should not be liable under Clean Water Act fines, because oil didn’t actually leak from the Macondo well, but from the severely damaged riser connected to the sunken rig. ¬†The assertion was laughable, but still pushed by BP….

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Keystone Killer: TransCanada Files for New Pipeline Project

On October 30, TransCanada filed a plan to build a new pipeline from the oil sands projects in Alberta east to St. John, New Brunswick. ¬†Even though the company says otherwise, Transcanada’s Energy East’s pipeline, with a capacity of 1.1 million barrels of oil per day, provides a direct substitute for the XL extension to…

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Keystone Vote: Three Years Late, and for the Wrong Reason

The Keystone XL pipeline extension, proposed by TransCanada Pipeline to increase capacity of oil from Canada to refining centers on the Gulf Coast, has become a political football over the last several years, a victim of hyperbole and demagoguing, is coming up for a vote on Capitol Hill maybe as early as today. ¬†The reason?…

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50 Years Ago in Texas – Through the Eyes of a Ten Year Old

I was sitting in Miss Chambliss’ 5 grade classroom at Oakhurst Elementary School in Fort Worth. ¬†It was a beautiful, crisp late autumn day, one of those days we cherish, living in the oven that is often Texas. ¬†We had just come in from lunchtime recess and were getting back to studying when one of…

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UN Climate Report Confirms Human Role in Global Warming

A new report from the¬†Intergovernmental Panel on Climate Change, a group of scientists sponsored by the UN,¬†concludes that the rate of climate change is certainly caused by human activity. ¬†Talking about their findings, chairman of the panel, Thomas F. Stocker said, Climate change is the greatest challenge of our time.¬†In short, it threatens our planet,…

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