all things energy thread

[anti-sybarite]

Studies Show Wind Farms Raise Temperatures, And Impact Could Become Significant As More Are Built

https://cowboystatedaily.com/2023/05/05/studies-show-wind-farms-raise-temperatures-and-impact-could-become-significant-as-more-are-built/

A 2004 study in the Proceedings of the National Academy of Sciences found that “large-scale use of wind power can alter local and global climate by extracting kinetic energy and altering turbulent transport in the atmospheric boundary layer.”

In a 2010 study, University of Illinois researcher Somnath Roy found that wind farms affect temperatures and humidity near the surface.

Roy was also co-author on a 2015 study that found wind farms raise nighttime temperatures.
A 2011 Purdue study found increased temperatures at the surface as a result of wind farms, as did a 2016 study in Scotland.

A 2018 study in Joule estimated that generating the United States’ electricity demand with wind power would warm surface temperatures by 0.24 degrees celsius, which is nearly one-fourth of the amount of warming the globe has seen since 1800.

[Stinger_1066]

ONEOK merging with Magellan.

[OU48A]

Studies Show Wind Farms Raise Temperatures, And Impact Could Become Significant As More Are Built

https://cowboystatedaily.com/2023/05/05/studies-show-wind-farms-raise-temperatures-and-impact-could-become-significant-as-more-are-built/

A 2004 study in the Proceedings of the National Academy of Sciences found that “large-scale use of wind power can alter local and global climate by extracting kinetic energy and altering turbulent transport in the atmospheric boundary layer.”

In a 2010 study, University of Illinois researcher Somnath Roy found that wind farms affect temperatures and humidity near the surface.

Roy was also co-author on a 2015 study that found wind farms raise nighttime temperatures.
A 2011 Purdue study found increased temperatures at the surface as a result of wind farms, as did a 2016 study in Scotland.

A 2018 study in Joule estimated that generating the United States’ electricity demand with wind power would warm surface temperatures by 0.24 degrees celsius, which is nearly one-fourth of the amount of warming the globe has seen since 1800.

Thanks for posting this.

I remain open minded about this ^ but there are several posters on this board who have pretty much dismissed any possibility that wind turbines could be causing climate issues.

A shift to the new safe nuclear reactors are very likely the best way to generate electrical power.

[Stinger_1066]

Thanks for posting this.

I remain open minded about this ^ but there are several posters on this board who have pretty much dismissed any possibility that wind turbines could be causing climate issues.

A shift to the new safe nuclear reactors are very likely the best way to generate electrical power.

You are "open minded" to wind energy contributing to climate change, but you deny that carbon emissions contribute to climate change.

You can't have it both ways.

You are Saranwrap. Everyone sees through you. Your disdain for the wind energy industry is well documented here.

I think the impact from either is negligible relative to Mother Nature.

[anti-sybarite]

You are "open minded" to wind energy contributing to climate change, but you deny that carbon emissions contribute to climate change.

You can't have it both ways.

You are Saranwrap. Everyone sees through you. Your disdain for the wind energy industry is well documented here.

I think the impact from either is negligible relative to Mother Nature.

Might I suggest a little research before you make that determination?

[anti-sybarite]

Thanks for posting this.

I remain open minded about this ^ but there are several posters on this board who have pretty much dismissed any possibility that wind turbines could be causing climate issues.

A shift to the new safe nuclear reactors are very likely the best way to generate electrical power.

The biggest problem is the limited or ambiguous research related to wind complexes.

[1stTimeCaller]

The biggest problem is the limited or ambiguous research related to wind complexes.

What’s your issue(s) with the numerous studies that have been published so far?

[FoCoSooner]

You are "open minded" to wind energy contributing to climate change, but you deny that carbon emissions contribute to climate change.

You can't have it both ways.

You are Saranwrap. Everyone sees through you. Your disdain for the wind energy industry is well documented here.

I think the impact from either is negligible relative to Mother Nature.

It's funny watching how older folks deal with the reality of carbon and our atmosphere. We see a lot of this in Wyoming as some oppose wind even though this is one of the windiest places in the country.


The future is wind, solar, biomass, and nuclear. But only biomass can actually remove carbon from the atmosphere.



What do you all know about carbon credits?

[Stinger_1066]

What do you all know about carbon credits?

The only thing I know is that they can be sold, which seems weird.

I think Tesla used them to generate revenue before they finally got their production lines ramped up.

[dallasstars10]

ONEOK merging with Magellan.

Starting to see a lot of Midstream companies getting picked up. DCP merging with P66, now OneOk and Magellen. Whose next?

[traxx]

The only thing I know is that they can be sold, which seems weird.

I think Tesla used them to generate revenue before they finally got their production lines ramped up.

Exactly

It's a form of currency. People are looking to get rich off of it in the coming years. Has nothing to do with saving the earth.

[FoCoSooner]

I would highly recommend you all educate yourselves on the carbon credit markets. That's where the $ will be made in the future.


In simple terms some companies are purchasing verified carbon offsets by the ton to compensate for the tons of co2 they emit. This way they can claim to be carbon neutral or negative. Some short terms carbon credits are worth in the 25-50 $ per ton range, where some of the longer term offsets that last thousands of years are in the 100-300 per ton range.

[FoCoSooner]

https://verra.org/programs/verified-carbon-standard/

https://www.carbonfuture.earth/how-it-works

https://puro.earth/faq/

[Stinger_1066]

CUSHING, Okla. (KFOR) – A next-generation, full conversion crude refinery is coming to the Pipeline Crossroads of the World.

“Oh, it’s big,” said Bruce Johnson, the director of the Cushing Economic Development Foundation. “It’s big for the state of Oklahoma. It’s big for the United States. Locally, it’s big.”

On Wednesday morning a Texas-based company, Southern Rock Energy Partners (SREP), revealed it’s picked Cushing for the refinery’s site. It’ll process 250,000 barrels of light crude per day.

“Our novel approach is we use hydrogen and oxygen as a fuel source which eliminates a significant amount of emissions, up to 95%,” said Steven Ward, the Managing Member for SREP.

“The refinery complex will reduce and eliminate 95% of greenhouse gas emissions while producing approximately 91.25 million barrels or 3.8325 billion gallons annually of cleaner transportation fuels including gasoline, diesel, and jet fuel from crudes sourced domestically from the Anadarko, Permian, Denver and Julesburg, and Bakken Basins,” according to a Cushing Economic Development Foundation press release.

Negotiations for where exactly in Cushing the refinery will be located are still underway.

[Stinger_1066]

[SoonerKA1999]

CUSHING, Okla. (KFOR) – A next-generation, full conversion crude refinery is coming to the Pipeline Crossroads of the World.

“Oh, it’s big,” said Bruce Johnson, the director of the Cushing Economic Development Foundation. “It’s big for the state of Oklahoma. It’s big for the United States. Locally, it’s big.”

On Wednesday morning a Texas-based company, Southern Rock Energy Partners (SREP), revealed it’s picked Cushing for the refinery’s site. It’ll process 250,000 barrels of light crude per day.

“Our novel approach is we use hydrogen and oxygen as a fuel source which eliminates a significant amount of emissions, up to 95%,” said Steven Ward, the Managing Member for SREP.

“The refinery complex will reduce and eliminate 95% of greenhouse gas emissions while producing approximately 91.25 million barrels or 3.8325 billion gallons annually of cleaner transportation fuels including gasoline, diesel, and jet fuel from crudes sourced domestically from the Anadarko, Permian, Denver and Julesburg, and Bakken Basins,” according to a Cushing Economic Development Foundation press release.

Negotiations for where exactly in Cushing the refinery will be located are still underway.

Heard about this on the radio this morning. First new refinery built in the US in over 40 years. cool! More jobs and more economic growth for Oklahoma.

[Middle Aged Man]

Heard about this on the radio this morning. First new refinery built in the US in over 40 years. cool! More jobs and more economic growth for Oklahoma.

I am shocked that the epa would give approval. I won't be surprised to see eco groups try to stop it in court. I will believe it's happening when they start pumping fuel out for sale.

[Stinger_1066]

I am shocked that the epa would give approval. I won't be surprised to see eco groups try to stop it in court. I will believe it's happening when they start pumping fuel out for sale.

It will be state of the art. The most environmentally friendly refinery ever. Eco groups would be stupid to oppose it.

[traxx]

It will be state of the art. The most environmentally friendly refinery ever. Eco groups would be stupid to oppose it.

But they will.

[bushmaster06]

Heard about this on the radio this morning. First new refinery built in the US in over 40 years. cool! More jobs and more economic growth for Oklahoma.

And it will be refining American oil.

[Slobber]

I am shocked that the epa would give approval. I won't be surprised to see eco groups try to stop it in court. I will believe it's happening when they start pumping fuel out for sale.

The USEPA will not evaluate, nor permit the proposed refinery. Oklahoma DEQ has been approved (delegated) to implement the RCRA, Clean Air, and NPDES programs.The DEQ will require the facility submit permit applications for RCRA, Clean Air, and NPDES programs. The DEQ must approve those permit applications, before the facility can fully operate. The USEPA overruling the DEQ is not likely - but, the current Administration in D.C.could try to throw wrenches in the process. However, permitting process will take years to complete and the current Administration will be long gone, hopefully replaced with an energy friendly Administration.

[OU48A]

There have been a few new from scratch smaller scale refineries built in the USA and several refineries have undergone major capacity expansion projects in the USA since the 1970's...but if constructed the Cushing refinery would be the first major from scratch built in the USA since the 1970.

This new refinery project still faces some obstacles, and in spite of the greenness of this proposed refinery it will include opposition from the environmental movement who hate this nation and receive dark money from nations who also hate this nation.

It would be interesting to see if the input cost of green energy and green processing keeps the crack spreads of this refinery cost competitive particularly in lean times that always come.

Due to the massive crude pipeline capacity in Cushing area, I have long thought that this was an excellent location for a new refinery. If constructed it should help keep Oklahoma as one of the lower cost locations for crude oil products...Some of those products should be used in other value-added manufactured products in our state...adding spinoff jobs.

[OU48A]

A Big U.S. Oil Refinery Could Go Up After a 50-Year Wait (msn.com)
A Big U.S. Oil Refinery Could Go Up After a 50-Year Wait

An Oklahoma oil hub could soon be home to the first large-scale oil refinery constructed in the U.S. in nearly 50 years.

If the project actually does get built, it could potentially help reduce U.S. gasoline and diesel prices. But building a U.S. refinery is so complicated that at least one analyst is skeptical it will actually happen.

Privately held Southern Rock Energy Partners says it will build a refinery capable of producing 250,000 barrels per day of oil products in Cushing, Okla., a city that’s already a major oil hub. It’s where the U.S. benchmark for oil prices, West Texas Intermediate, is measured. The company says its refinery will cost $5.6 billion and open in 2027, with construction starting up next year.

“There still is a demand for fossil fuels for transportation,” said Steven Ward, managing member of Southern Rock, of El Campo, Texas, in an interview. Ward has been in the oil and gas business for about 30 years, but has never built or operated a refinery. He says the company and its partners can succeed where others have failed because “we’re a smaller, more nimble company.” The refinery will only process U.S.-produced oil; most large U.S. refineries were built to process heavier imported crudes that can be more complex to handle.

The company still needs state and federal permits to start construction, and has only part of the financing necessary, Ward said. Oklahoma state representatives have praised the project publicly, saying it will deliver a much-needed jolt to the local economy and job market. State and local financial incentives are expected to help finance the project.

If it does succeed, Southern Rock’s refinery would be a game-changer for domestic oil. The last major U.S. oil refinery was built in 1977 in Louisiana.

Refineries constructed since then had capacities of less than 50,000 barrels when they started up.

It’s difficult to get permits and financing to build a refinery, and they can take several years to build—a tough proposition in an industry where the prices of key products can fluctuate wildly in a matter of a few months. In fact, six U.S. refineries with the cumulative capacity to refine 750,000 barrels of oil closed during 2020 and 2021—a significant hit in a country with about 18 million barrels of capacity. Last year, Chevron (CVX) CEO Mike Wirth predicted that no large-scale refinery would ever be built again in the U.S.

A lack of refining capacity in the U.S. and elsewhere was one reason that gasoline prices spiked even more than the price of oil in 2022. With Russian oil products being sanctioned, refineries elsewhere raced to produce more diesel and gasoline for the European market, causing margins to rise sharply. Some U.S. companies announced expansions, with Exxon Mobil (XOM) recently adding 250,000 barrels of capacity at one existing refinery. And a small privately owned refinery opened last year in Galveston, Texas, pumping out 45,000 barrels a day. But companies haven’t announced large new refining projects.

The dearth of refineries has been getting more attention since last year’s spike in gasoline prices. Investor Kevin O’Leary, a host on the “Shark Tank” television show, said last month that he wants to build a $14 billion refinery somewhere in the U.S. but did not detail his full plans. “I’m going to get a permit and we’re going to do the right thing for America,” he said on Fox Business. “We have to have more refineries.”

Southern Rock’s refinery will have some special characteristics appropriate for the cleaner-energy age, Ward says. That includes operations powered by solar panels and geothermal energy, and the use of recycled water. The facility will also be able to produce hydrogen, an element that’s expected to become a key fuel for low-carbon power, and use that hydrogen to replace natural gas in parts of the process.

Given the recent history of these kinds of proposals, however, there is some doubt among observers. Matthew Blair, an analyst at Tudor, Pickering, Holt, wrote in an email to Barron’s that the odds are low that Southern Rock’s plans come to fruition. “It seems like every year someone announces a new refinery for the U.S.,” he wrote. “But they almost never get built, given the challenges on economics and permitting.”

In a note, Blair wrote that the high cost of opening a new refinery shows how inexpensive refinery stocks trade in terms of replacement value. For example, refiner PBF Energy (PBF) has a market value of only about $5 billion, despite operating refineries with total capacity of more than one million barrels per day, along with a new renewable diesel plant, and several other assets. If a new 250,000-barrel-per-day refinery costs $5.6 billion to build, PBF should arguably be worth more.

[Stinger_1066]

A bipartisan debt limit bill struck by President Joe Biden and House Republicans over the weekend would expedite approval of all permits for a West Virginia natural gas pipeline and curtail environmental reviews under one of the country’s landmark environmental laws.

The Mountain Valley Pipeline, which has been promoted by Sen. Joe Manchin, D-W.Va., would transport natural gas 303 miles from West Virginia to the Southeast, and part of it would cross through the Jefferson National Forest. The construction of the $6.6 billion pipeline is nearly done, though plans have been delayed for several years amid legal setbacks.

Climate and civil rights activists and some state Democrats have strongly opposed the pipeline. Scientists have repeatedly warned that the country must halt approvals for new fossil fuel projects and quicken the clean energy transition to avoid the worst effects of climate change.

While the Biden administration has imposed an aggressive climate agenda, the president has also taken steps to boost fossil fuel production and work with Manchin and Republicans, who’ve argued the president’s climate agenda is endangering U.S. energy security.

Critics of the Mountain Valley Pipeline say it will run through predominantly rural, low-income Indigenous communities and will undermine the country’s efforts to curb fossil fuel emissions and pollution that disproportionally harms environmental justice communities.

“The dirty debt ceiling deal is essentially an assault on our climate and working families. It is a climate bomb ... and health threat to every community in its pathway,” Jean Su, energy justice program director at the Center for Biological Diversity, said during a call on Tuesday. “It’s incredibly vital that Congress vote on a clean debt ceiling deal.”

Proponents say the pipeline is vital to bolstering U.S. domestic energy security, and that the plan was already near completion and set to move forward.

The debt limit bill expedites the pipeline’s federal permits and limits judicial review. Still, the project could still be held up or blocked by lawsuits.

U.S. energy company Equitrans Midstream Corporation earlier this month said it anticipated to finish the pipeline by the end of the year, but added “there remains significant risk and uncertainty, including regarding current and likely litigation.”

“President Biden protected his historic climate legislation, stopped House Republicans from clawing back record funding for environmental justice projects and secured a deal to get hundreds of clean energy projects online faster all while protecting the full scope of environmental reviews,” Abdullah Hasan, a White House spokesman, said.

“We believe this is a bipartisan compromise that Congressional Democrats can be proud of and that will accelerate our clean energy goals and climate agenda,” Hasan said.

The deal would also streamline the National Environmental Policy Act (NEPA), a landmark environmental regulation, to limit its requirements on some projects.

The agreement would designate “a single lead agency” to develop environmental reviews in order to speed the process, and shorten the time the federal government takes to analyze a proposed plan’s environmental impact.

Environmental groups argued the NEPA provision would further curtail the public’s ability to provide input on fossil fuel projects that would harm overburdened communities. A letter from 175 groups on Tuesday urged Senate Majority Leader Chuck Schumer, House Minority Leader Hakeem Jeffries and members of Congress to vote on a clean debt ceiling bill.

Kathleen Sgamma, president of the Western Energy Alliance, which represents oil and gas companies, said in a statement that the reform to NEPA analysis is “extremely important for getting the country back on the path of energy dominance.”

“This is a strong first step to getting American energy infrastructure more expeditiously permitted, thereby reducing costs to taxpayers, and easing high energy prices for consumers,” Sgamma said of the debt ceiling agreement.

Congress is set to vote on the legislation as early as Wednesday. Both Republican and Democratic support is required for the bill to pass. The deal must pass the Senate before the June 5 deadline set by the Treasury Department.

[SoonerKA1999]

I would highly recommend you all educate yourselves on the carbon credit markets. That's where the $ will be made in the future.


In simple terms some companies are purchasing verified carbon offsets by the ton to compensate for the tons of co2 they emit. This way they can claim to be carbon neutral or negative. Some short terms carbon credits are worth in the 25-50 $ per ton range, where some of the longer term offsets that last thousands of years are in the 100-300 per ton range.

Thanks Al Gore.

[SoonerKA1999]

You are "open minded" to wind energy contributing to climate change, but you deny that carbon emissions contribute to climate change.

You can't have it both ways.

You are Saranwrap. Everyone sees through you. Your disdain for the wind energy industry is well documented here.

I think the impact from either is negligible relative to Mother Nature.

When a wind turbine burns up and falls over in field and starts a wildfire in the Western Oklahoma, does anybody hear it?

[FoCoSooner]

Thanks Al Gore.

Has nothing to do with Al Gore or American politics. I love it when people say things like that, what they don't realize is they are exposing their lack of knowledge in the process. Nice work.


Carbon credits are going to be a big deal moving forward. If you like making $ I recommend educating yourself on how they work as carbon is going to be the new currency, and those who know how to profit from it will be successful.


The big oil companies are moving this direction right now.

[SoonerKA1999]

Has nothing to do with Al Gore or American politics. I love it when people say things like that, what they don't realize is they are exposing their lack of knowledge in the process. Nice work.


Carbon credits are going to be a big deal moving forward. If you like making $ I recommend educating yourself on how they work as carbon is going to be the new currency, and those who know how to profit from it will be successful.


The big oil companies are moving this direction right now.

Yeah... I'll get right on that....

[FoCoSooner]

Yeah... I'll get right on that....

Thanks for proving you don't' understand once again.

Sitting around claiming people who talk about carbon credits are Al Gore and then acting cocky about not educating yourself only makes you look like a fool.

Our world is getting ready to revolve around carbon, the more you understand about carbon credits the better off you will be.


The Global Carbon Credit market was valued at USD 760.28 Billion in 2021 and is expected to grow at a CAGR of 21.14% during the forecast period of 2023-2028. Demand for carbon credits is expected to increase drastically in the near future due to the growing number of corporate net-zero commitments.Feb 24, 2023

[SoonerKA1999]

Thanks for proving you don't' understand once again.

Sitting around claiming people who talk about carbon credits are Al Gore and then acting cocky about not educating yourself only makes you look like a fool.

Our world is getting ready to revolve around carbon, the more you understand about carbon credits the better off you will be.


The Global Carbon Credit market was valued at USD 760.28 Billion in 2021 and is expected to grow at a CAGR of 21.14% during the forecast period of 2023-2028. Demand for carbon credits is expected to increase drastically in the near future due to the growing number of corporate net-zero commitments.Feb 24, 2023

He owns a majority interest in one of the largest exchanges on that planet. It's about money. Nothing more. Pay to play.

[OU48A]

This sounds like a very major development not only for XOM but also for much of the rest of the industry around the world who would also use improved methods to produce more crude oil and NG.

Questions: Will XOM be able to issue / sale licenses to others allowing them to these new methods thus providing XOM with a nice new revenue stream?

The service industry will benefit to the point where some might become takeover targets...but who?

Exxon Bets New Ways to Frack Can Double Oil Pumped From Shale Wells - BNN Bloomberg
Exxon Bets New Ways to Frack Can Double Oil Pumped From Shale Wells


David Wethe, Bloomberg News
(Bloomberg) -- Exxon Mobil Corp. is betting that a better way to frack will double the amount of oil it can pump from shale fields.

“There’s just a lot of oil being left in the ground,” Chief Executive Officer Darren Woods said Thursday at the Bernstein Strategic Decisions conference. “Fracking’s been around for a really long time, but the science of fracking is not well understood.”

Hydraulic fracturing, or fracking, is the process of blasting water, sand and chemicals underground to break apart rock and keep it propped open for oil to flow out. Though the technology gave rise to the US shale boom, only about 10% of the oil in a reservoir is recovered using current techniques. Better drilling and fracking methods may prove critical as output growth from shale fields slows.


Exxon is working on two specific areas to improve fracking, Woods said. It wants to be able to frack more precisely along the well so that more oil-soaked rock is getting drained. It also wants to keep the cracks open longer to boost the flow of oil. Sand is the primary method today to prevent fractures from closing up.

“That in my mind is where the first wave of technology will come into that field,” Woods said. “We think we’ve got some promising technologies to employ there that will significantly improve our recovery.”

[Stinger_1066]

The influential Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, on Sunday made no changes to its planned oil production cuts for this year, as coalition chair Saudi Arabia announced further voluntary declines.

OPEC+ also announced in a statement that it will limit combined oil production to 40.463 million barrels per day over January-December 2024.

Previously, the alliance agreed to a 2 million barrels-per-day decline in October. Some OPEC+ members also announced some voluntary drops of just over 1.6 million barrels per day in April. Russia’s Deputy Prime Minister Alexander Novak said Sunday that all voluntary cuts, which were initially set to expire after 2023, will now be extended until the end of 2024, in comments reported by Reuters.

Asked whether Russia, hit by Western sanctions, will carry out its pledge to cut output, UAE oil minister Suhail al-Mazrouei on Sunday acknowledged there were discrepancies between figures supplied by Moscow and the independent Russian production estimates of analysts and trade publications.

“Some of the things that we have seen from Russia on a technical basis just ... [don’t] add up from some of the independent sources, and we will be reaching out to those independent sources,” he said during a press briefing after the OPEC+ meeting.

Saudi Arabia’s energy ministry said Riyadh will implement an additional voluntary one-month 1 million-barrel-per-day cut starting this July, which can be extended. This will bring the kingdom’s total voluntary declines to 1.5 million barrels per day over the period, reining in its production to 9 million barrels.

The Saudi energy minister described the kingdom’s additional 1 million barrel-per-day voluntary reduction as a “Saudi lollipop” and stressed it will implemented.

“We have always honored our commitments,” he said during the Sunday press briefing. He left unanswered whether the kingdom will extend its voluntary reduction beyond July.

The move by the 23-country alliance follows contentious talks that dragged well into the night on Saturday, as well as a more-than four-hour Sunday meeting of the alliance’s Joint Ministerial Monitoring Committee, which recommends, but does not implement, policy.

At stake for OPEC+ is a battle to reconcile an outlook of tighter supply in the second half of the year, current macro-economic and inflationary concerns, and intergroup diplomacy.

Ahead of the meeting, Saudi oil minister Prince Abdulaziz bin Salman in late May warned oil market speculators to “watch out,” in a comment widely read as heralding another supply cut.

It remains to be seen if the 2024 reduction in output will offer long-term support to current oil futures prices when markets open on Monday, following months of pressure from global financial turmoil since the start of the year.

Brent futures most recently settled at $76.13 per barrel on Friday, with several OPEC+ delegates noting the deepening divide between prices and supply-demand fundamentals.

Back to bases


The producers’ alliance also agreed to review baselines — the starting level from which producers cut their output during OPEC+ agreements, usually by a similar percentage — for 2025, following a study of countries’ output capacities by oil analysts IHS, Wood Mackenzie and Rystad Energy.

A higher baseline translates into a higher output ceiling. Critically, baselines are often reused in new iterations of OPEC+ agreements and their review and later adjustment are often contentious, meaning they could bind producers longer term.

OPEC heavyweight UAE has been long vying for an upward revision to its baseline, receiving part of such a concession in July 2021.

Other producers of the alliance, such as Angola and Nigeria, have meanwhile long fallen short of lifting their output to their assigned OPEC+ quotas amid sabotage, depleting capacity and underinvestment — but potential changes to their baselines to reflect these realities were not formally broached before because of the sensitivity of these discussions, delegates told CNBC.

[FoCoSooner]

If you plan to be successful in the future understanding this is really important.

[Stinger_1066]

Bill Smead, chief investment officer at Smead Capital Management, has a bold market call: that oil prices could soar more than 100% in the next few years. Smead told CNBC's "Street Signs Asia" on Tuesday that he expects crude prices to rise to between $150 to $200 a barrel over the next three to five years. That's an increase of between 100% and $170% from Tuesday's Brent crude price of around $74 per barrel. It comes as inflation is set to be a stickier problem than anticipated, according to Smead. "Too many people with too much money [are] chasing too few goods," he said. "Right now, if you're a business and you want to hire unskilled labor in the United States, the price seems to go up about 10% every six months," he said. "Inflation is going to be a problem that is going to be a game changer." In fact, the picture painted by oil producer group OPEC earlier this week suggests strong demand well into the future. The group expects global oil demand to hit 110 million barrels a day in about 20 years , pushing the world's energy demand up by 23%. Others have also taken a bullish stance on oil prices over recent weeks. Eric Nuttall, senior portfolio manager at Ninepoint Partners, said earlier this month that oil prices are through the lows of the year, after OPEC kingpin Saudi Arabia announced voluntary production cuts. Research firm Rystad Energy noted last week that much will depend on China's economic performance in the second half of this year, and the ability of the U.S. and Europe to avoid an economic slowdown amid rate hikes. Nevertheless, it said: "We believe that, at some point in the coming weeks, market fundamentals will drive the oil market. Upside price pressure will materialize soon." Stock picks Energy stocks have underperformed the broader market this year, with the Energy Select Sector SPDR Fund losing around 8% year to date. But fund managers Smead and Nuttall see this as an opportunity. Smead likes Warren Buffett-favorite Occidental Petroleum in particular because of its plan to capture and store carbon dioxide — a bet that the world will continue to be dependent on oil and climate goals will only be met if emissions are removed from the environment. "This carbon capture thing could easily be to OXY what the cloud business AWS has been to Amazon. In fact, in the case of Amazon, their cloud business basically has been the only profitable part of that company," said Smead. "It would only make sense that the people that [are best at] taking carbon out of the ground would be the best at putting it back in the ground." He also named Devon Energy as another stock he likes. Nuttall likes Cenovus Energy and MEG Energy . Both companies have a high free cash flow yield of 12-18% and 19-24% respectively, and Nuttall expects them to hit their last debt target by the year-end, pivoting toward 100% of free cash flow returned to shareholders.

[theresonly187]

https://www.foxnews.com/politics/nebraska-solar-farm-crippled-hail-underscoring-power-sources-fragility

[1stTimeCaller]

Bill Smead, chief investment officer at Smead Capital Management, has a bold market call: that oil prices could soar more than 100% in the next few years. Smead told CNBC's "Street Signs Asia" on Tuesday that he expects crude prices to rise to between $150 to $200 a barrel over the next three to five years. That's an increase of between 100% and $170% from Tuesday's Brent crude price of around $74 per barrel. It comes as inflation is set to be a stickier problem than anticipated, according to Smead. "Too many people with too much money [are] chasing too few goods," he said. "Right now, if you're a business and you want to hire unskilled labor in the United States, the price seems to go up about 10% every six months," he said. "Inflation is going to be a problem that is going to be a game changer." In fact, the picture painted by oil producer group OPEC earlier this week suggests strong demand well into the future. The group expects global oil demand to hit 110 million barrels a day in about 20 years , pushing the world's energy demand up by 23%. Others have also taken a bullish stance on oil prices over recent weeks. Eric Nuttall, senior portfolio manager at Ninepoint Partners, said earlier this month that oil prices are through the lows of the year, after OPEC kingpin Saudi Arabia announced voluntary production cuts. Research firm Rystad Energy noted last week that much will depend on China's economic performance in the second half of this year, and the ability of the U.S. and Europe to avoid an economic slowdown amid rate hikes. Nevertheless, it said: "We believe that, at some point in the coming weeks, market fundamentals will drive the oil market. Upside price pressure will materialize soon." Stock picks Energy stocks have underperformed the broader market this year, with the Energy Select Sector SPDR Fund losing around 8% year to date. But fund managers Smead and Nuttall see this as an opportunity. Smead likes Warren Buffett-favorite Occidental Petroleum in particular because of its plan to capture and store carbon dioxide — a bet that the world will continue to be dependent on oil and climate goals will only be met if emissions are removed from the environment. "This carbon capture thing could easily be to OXY what the cloud business AWS has been to Amazon. In fact, in the case of Amazon, their cloud business basically has been the only profitable part of that company," said Smead. "It would only make sense that the people that [are best at] taking carbon out of the ground would be the best at putting it back in the ground." He also named Devon Energy as another stock he likes. Nuttall likes Cenovus Energy and MEG Energy . Both companies have a high free cash flow yield of 12-18% and 19-24% respectively, and Nuttall expects them to hit their last debt target by the year-end, pivoting toward 100% of free cash flow returned to shareholders.

I’ve been getting inundated with folks mailing me offers to buy the minerals I have. It’s never been this busy with offers.

[SoonerKA1999]

That's not good for Wind Energy.

if you don't Sprechen zie Duetsch, hit translate to English in your browser.

Siemens took a massive hit this past quarter because of Wind.

[theresonly187]

Oil prices rose to their highest level of the year last week as concerns mounted about tight crude supplies after Saudi Arabia and Russia announced the extension of production cuts.

Prices for the two leading oil benchmarks – Brent crude and U.S. West Texas Intermediate (WTI) – reached their highest levels since November 2022 last week. Brent futures rose 0.8% to settle at $90.65 on Friday, while WTI rose 0.7% to settle at $87.51 after closing higher on Wednesday.

Both benchmarks were up about 2% last week after significant gains the week before of about 5% for Brent and roughly 7% for WTI. In 2023, the two benchmarks are up over 13%.

.

[Stinger_1066]

.

Bought gas at the local Murphy (Walmart) station on Sunday. First time over $4 / gallon in a while.

[traxx]

Bought gas at the local Murphy (Walmart) station on Sunday. First time over $4 / gallon in a while.

I don't wanna get banned for being political but the last time we had gas prices like this we had a guy called Bronco Bama as leader.

[OU48A]

WTI Crude

88.89