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Author Topic: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!  (Read 12964 times)

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AGelbert

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Dec. 27, 2018 8:28 AM ET

For The Permian, It's Not 2016 - And That's Bad News For U.S. Shale   

► The recent sell-off in oil is hard to explain with logic.

For US shale producers , this sell-off is not like 2016 and the capital markets won't be so friendly this time around.


Parsley Energy 🦖, one of the worst abusers of outspending cash flow, is reducing capex and growth targets, a sign of the times to come.

Mark Papa's Centennial Resources 🦕 scrapped the idea of reaching 65k barrels of oil per day of production by 2020 and is now focusing on balance sheet.

Private equity has led the stupendous growth in shale this year and the pullback in oil is striking fears in all of the investors in private equity firms.  

https://seekingalpha.com/article/4230339-permian-2016-bad-news-u-s-shale

Agelbert NOTE: What "energy experts" like the guy above cannot seem to grasp, in their zeal to bean count barrels produced of polluting crap hydrocarbons versus profits to sell polluting crap hydrocarbons, is the FACT that HYDROCARBON DEMAND DESTRUCTION from the use of RENEWABLE ENERGY TECHNOLOGIES is a larger contributing factor to tanking hydrocarbon prices than the current global economic distress.

All these Hydrocarbon Hellspawn Subsidy (visible AND invisible=banker sweetheart deals and Chapter 11 bankruptcy "legal reorganization" stiffing of creditors to emerge as Dracula "going concerns" again  🤬) Welfare Queens would disappear in a bankruptcy heartbeat if the corrupted government giveaways would be eliminated.


 The Fossil Fuelers 🦖 DID THE Clean Energy  Inventions suppressing, Climate Trashing, human health depleting CRIME,   but since they have ALWAYS BEEN liars and conscience free crooks 🦀, they are trying to AVOID   DOING THE TIME or   PAYING THE FINE!     Don't let them get away with it! Pass it on!   
He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

AGelbert

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Battery & Offshore Wind Costs Plummet, Threaten Oil & Gas 

March 28th, 2019 by Joshua S Hill

The Levelized Cost of Electricity of lithium-ion batteries and offshore wind have plummeted in the last year, according to new figures from research company Bloomberg New Energy Finance.

The Levelized Cost of Electricity (LCoE) measures the all-in expensive of producing a megawatt-hour (MWh) of electricity from a new project, and accounts for the costs of development, construction and equipment, financing, feedstock, operation, and maintenance. It is a helpful, if not entirely comprehensive, measure of the energy wars being played out between old fossil fuel generation sources like coal and gas and new renewable technologies like wind and solar, supported by other energy technologies like batteries.

Bloomberg New Energy Finance’s (BNEF) regular LCoE reports are, thus, a handy guide for determining the pace of the war and the lay of the land, especially as we move more fully into a new year. And this latest report is big news for supporters of renewable energy technologies, as BNEF shows that the LCoE of lithium-ion batteries and offshore wind have fallen dramatically in the past year. Specifically, the benchmark LCoE for lithium-ion batteries dropped 35% to $187/MWh while offshore the benchmark LCoE for offshore wind fell by 24% to just below $100/MWh.


Onshore wind and solar PV have both also seen their prices fall, though at less dramatic yearly declines, with benchmarks of $50/MWh and $57/MWh respectively (for projects starting construction in early 2019), yearly drops of 10% and 18%.

“Looking back over this decade, there have been staggering improvements in the cost-competitiveness of these low-carbon options, thanks to technology innovation, economies of scale, stiff price competition and manufacturing experience,” said Elena Giannakopoulou, head of energy economics at BNEF. “Our analysis shows that the LCOE per megawatt-hour for onshore wind, solar PV and offshore wind have fallen by 49%, 84% and 56% respectively since 2010. That for lithium-ion battery storage has dropped by 76% since 2012, based on recent project costs and historical battery pack prices.”

So, while it was good news across the board for renewable energy technologies, the highlight was the dramatic price decline for lithium-ion batteries which, when co-located with solar or wind projects, are starting to compete — in many markets, and without subsidy — with coal- and gas-fired generation projects for the provision of “dispatchable power” (power which can be delivered whenever and as necessary).

“Solar PV and onshore wind have won the race to be the cheapest sources of new ‘bulk generation’ in most countries, but the encroachment of clean technologies is now going well beyond that, threatening the balancing role that gas-fired plant operators, in particular, have been hoping to play,” explained Tifenn Brandily, energy economics analyst at BNEF.

It’s also heartening to see the continual decline in offshore wind costs, and what was once seen as an expensive generation technology is benefiting from the same economies of scale which have supported the solar and onshore wind industries, with benchmark LCoE falling to below $100/MWh as compared to $220/MWh just five years ago.


“The low prices promised by offshore wind tenders throughout Europe are now materializing, with several high-profile projects reaching financial close in recent months,” said Giannakopoulou. “Its cost decline in the last six months is the sharpest we have seen for any technology.”

https://cleantechnica.com/2019/03/28/battery-offshore-wind-costs-plummet-threaten-oil-gas/
He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

AGelbert

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June 7, 2019 by Bloomberg



Agelbert NOTE: Expect more Trumpian saber rattling. The Hydrocarbon 🦕🦖 Hellspawn cannot make a profit at present oil prices. There is no way they can jack those prices up, considering the inventory is at a 30 YEAR HIGH (see: GLUT). A large increase in cheap Renewable Energy is partly responsible for the low oil price 👍😀. So, they need a war scare, or a war, to goose the price. If they keep this criminal insanity up, war will do us in before climate change does. 

Have a nice day.

 

He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

AGelbert

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June 13th, 2019

SNIPPET:

Contrary to what the anti-EV alligators would have you believe, plug-in vehicles produce lower emissions than dinosaur-burners over their full life cycles. That advantage is steadily growing as more and more electricity generation comes from renewable sources. A recent report from the International Renewable Energy Agency (IRENA) found that costs for renewable energy technologies fell to a record low last year, and that cost reductions are poised to continue into the next decade.

In many parts of the world, renewable power is already the cheapest source of electricity. IRENA says that over 75% of wind and solar PV projects due to be commissioned next year will produce power at lower prices than the cheapest fossil fuel options, without government subsidies.

Full article:




Agelbert COMMENT: YES! The death knell of the Hydrocarbon Hellspawn from lack of gasoline (and diesel) sales is music to my ears.

Don't forget that MANY homes are no longer heating with kerosene or heating oil because of Renewable Energy based electric heat. The 'electricity is less efficient for heat' crowd ALWAYS neglects to mention hydrocarbon pollution in their MORONIC energy math.

Ignore the planet killer IDIOTS who don't want you to use electric heat. OR, just tell them that destroying the biosphere by burning hydrocarbons is REALLY inefficient!
He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

AGelbert

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He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

AGelbert

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The author’s EV and one of his PV systems

Electric Vehicles, Renewables, & The Changing World Dynamic

June 22nd, 2019 by Robert Dee

Electric Vehicles — Thinking People’s Cars

What’s the ROI (return on investment) for filling a gas car? None, zero! You pay from the moment you sign on the dotted line — engine repairs, routine maintenance, gas, gas, and gas. Did I mention gas? Automakers love you, auto dealers love you, repair shops love you, and the fossil fuel industry loves you. Why not? You’re constantly at their doors with your wallet open.

Many studies showing the cost of owning an electric vehicle (EV) as opposed to a fossil fuel vehicle (FFV) are distorted and biased toward FFVs, as we’ve simply been programmed to think from a FFV perspective. This is by design, just like the skillful manipulation that has people pulling up to the pump without thinking about what’s going on and how devastating it is to them and the environment. The technological advantages and power of EVs when combined with renewables should not be underestimated or overlooked when we compare different propulsion systems.

You can never drive a gas car for the cost of driving an EV. You will always be tethered to the pump, but you will always have the option of paying very little to nothing for the energy to drive an EV. An unfair comparison? When we list the benefits of driving both cars, automakers are quick to point out how fast a gas car can be refilled, so if that’s a benefit of gas cars then surely being able to charge an EV from your own power is a benefit of electric cars. Combining EVs and renewables forms a bond that gas cars can not compete with and as technology improves, as it has done and will keep on doing, this will only get better. As charging rates continue to go up, the line between filling a gas car and charging an EV will vanish, and we are already starting to seeing this.

The Hidden Costs of Owning Fossil Fuel Vehicles

I’ve written at length about the crippling pollution and cost of the ICE (internal combustion engine):

Full article:

https://cleantechnica.com/2019/06/22/electric-vehicles-renewables-the-changing-world-dynamic/
He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

AGelbert

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By Kurt Cobb, originally published by Resource Insights

June 30, 2019


SNIPPET:

Contrary to the wildly optimistic projections of the U.S. 🦕🦖 Energy Information Administration of continuously growing natural gas supplies through 2040, natural gas production from shale gas wells then is likely to be only a fraction of what it is today.

That would imply a lot of worthless or at least devalued utility and petrochemical infrastructure and a lot of unhappy investors.

Understanding this outcome as likely does not require a paranormal ability to see the future. The evidence is right in front of us now in the balance sheets and income statements of the shale oil and gas companies of America. The industry’s financial condition is in shambles because it simply can’t make money with prices this low. It follows that we cannot reasonably expect investors to suffer continuous losses between now and mid-century in order to subsidize the utility and petrochemical industries with cheap natural gas.

Full article:



 The Hydrocarbon Hellspawn Fossil Fuelers 🦖 DID THE Clean Energy  Inventions suppressing, Climate Trashing, human health depleting CRIME, but since they have ALWAYS BEEN liars and conscience free crooks 🦀, they are trying to AVOID   DOING THE TIME or   PAYING THE FINE! Don't let them get away with it! Pass it on!   
He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

AGelbert

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July 12th, 2019 by Steve Hanley

SNIPPET:

70% of Africans do not have access to a conventional electrical grid, which is why distributed renewable energy from solar panels and wind turbines is the perfect way to connect them to the modern world. But that hasn’t stopped 🦕😈🦖 traditional energy companies from trying to drag Africa into the 21st century with 19th century technology if there’s a buck to be made.
Kenya coal fired plant endangers Lamu - Save Lamu logo

China is moving aggressively to slash carbon emissions at home, but it is only too happy to export them to other nations. It is offering to build coal-fired generating plants throughout southeast Asia, India, Pakistan, and Africa just as long as they are built by Chinese companies.

A court in Kenya has recently nixed a plan to build that country’s first coal facility — a 981 MW station backed by a Chinese-led consortium — after environmental activists sued Amu Power and the Kenyan National Environment Management Authority claiming they failed to carry out a rigorous environmental assessment and to inform local people of potential impacts, according to a report by The Guardian. They argued that the plant would have adverse effects on local fishermen and farmland. The court agreed.

Full article:
 
Quote
David Zarembka • 9 hours ago • edited
Another point is that the coal plant was supposed to sell its electricity for 7 cents per KWh, but an independent analysis indicated the cost would be closer to 70 cents per KWh. The government was also required to guarantee that the electricity would be bought by the power company and, if not, the company/government would be required to pay 85% of the cost of the undelivered power. This was a terrible deal no matter how you look at it. At the moment Kenya has an excess of electric power capacity and solar farms and more geothermal are coming on line. 👍👍👍

Steve Hanley > David Zarembka • 9 hours ago
Thank you for that local input, David. Sounds like the project developers were going to get a gold mine while Kenyans go the shaft.

David Zarembka > Steve Hanley • 8 hours ago
You are correct. But the Kenyan elite would have cashed in also.

Agelbert COMMENT: The Chinese seem to have a NIMBY problem. Someone should remind them that pollution cause and Catastrophic climate Change effect is unavoidable within a single planetary biosphere like ours.


It's real hard to grow crops on the 🌙 moon.





He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

AGelbert

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He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

AGelbert

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This screenshot is quite good. We have known everything we needed to know for some years, and have just not cared. Somewhere in my reading today I came across the assertion that in order to make a difference, people in the developed world will have to live on one sixth of their current income/standard of living.

If you listen carefully, you can hear the collective "fat chance" from the wealthy, and
"You first" from the rest of us.


True that about the sentient termites (i.e. the ethically bankrupt = wealthy).

Please do not include me in the rest of us. I have publicly advocated for living with the power cut off from my house for 12 hours a day (not "you first", but all of us, including businesses, at once) in summer (AND winter) for well over a decade, for the purpose of reducing polluting energy use. Yeah, I have not actually hit the main power panel switch 12 hours a day (see: ALL of us together). I haven't turned it off at all. Still, my use is WAY BELOW what the average American wastrel considers "necessary". On top of that. Green Mountain Power is moving fast to 100% renewable energy. 

I have been frugal to a fault for at least 20 years. Though my "life style" may be considered too far above that of a slave in Africa to be "sustainable" by the hairsplitters (and hydrocarbon hellspawn out there, of course), I am 100% certain that if everyone on this planet had not bought any clothing, including shoes, for the last 12 years, gone without a water heater for the last four years (4 gallon "showers" - once a week or less frequent, period ;D), gone without a microwave oven for the last two years, driven less than 2000 miles a year for the last 13 years, despite saving 30% of my small pension a year, stayed OUT of the stock market in general (and hydrocarbon corporation stocks in particular), the biosphere would have a fighting chance AND the mammon worshippers would be a lot less popular and planet killing "prosperous" than they are now. I am not part of the Age of Stupid.

I learned of a bit of good news today. We take what we can. Reality is slowly (perhaps too slowly, but it's better than nothing), overcoming 🐵 Wall Street Hydrocarbon Hellspawn worship.



The article has some "supply and demand" BULLSHIT happy talk about "the abundance of fossil fuels out there now," as if this was a temporary thing. It's NOT. For proof of that, just look at a hydrocarbon stock I warned the fossil fueler MKing to drop about four years ago. I told him it was going to tank and WHY it was going to tank.

He laughed it off. I hope he kept lots of SLB (Schlumberger) stock in his portfolio.

SLB was around $86 a share when I issued the warning. It's been all downhill since then. This year the hill turned into a cliff.

 

He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

AGelbert

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EcoWatch

Sep. 06, 2019

Quote
MP Pension's decision comes as asset managers across the world review their investments in oil and gas and coal companies at a time the world is struggling to limit the global average temperature rise to below 2 degrees Celsius above preindustrial times as agreed in Paris in 2015.

He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

AGelbert

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Biggest Coal Miner Goes Bust As 🦀 Trump Rescue Fails

Robert E. Murray, the U.S. coal baron who pressed the Trump administration to help save America’s struggling miners, placed his company into bankruptcy as demand for the fossil fuel continues to weaken

https://www.bloomberg.com/news/articles/2019-10-29/biggest-private-coal-miner-goes-bust-after-trump-rescue-fails
He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

AGelbert

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Navajo Coal Plant Powers Down
« Reply #237 on: November 27, 2019, 03:35:42 pm »
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November 27th, 2019 by Johnna Crider

Navajo Generating Station

Navajo Coal Plant Powers Down 👍

The Navajo Generating Station, a coal-burning power plant, has closed its doors for good. It was run for 45 years in Arizona and was the largest coal plant in the West. USA Today reports that the mine that supplied the plant with coal has also closed — it closed back in August.

The decision to close this giant coal plant was made after years of fighting to keep the plant running and financially profitable. It seems that this was an impossible fight to win and the vote to close came even after a deal had been made with the Environmental Protection Agency to close down ⅓ of the plant and keep the other ⅔ of capacity running.

The plant was jointly owned by utility companies, the U.S. Bureau of Reclamation, and the Navajo and Hopi tribes. All parties tried to keep the plant and Kayenta Mine open. $100 million in maintenance was required to keep the plant running, though, and AZ Central reports that there were no buyers to come and save them.

The closure of the mine and the coal plant will hurt the Navajo and Hopi tribes and they will have to figure out a heavily revised budget since they will no longer be receiving royalties from the mine.


An Opportunity for Renewable Energy

It is a law of nature that when something dies, something else is born. The same could be said with the death of this plant. Sometimes it takes closing an old door before a new one opens, and this coal plant closing could be an opportunity to use renewable energy.

GreentechMedia may have shed a bit of light on this in an article on the news. A spokesperson for the Salt River Project, which is one of the utility companies involved, mentioned that the public power entity is replacing its share of the Navajo Generation Station’s generating capacity with natural gas from the Mesquite and Gila River power plants and will also be utilizing additional solar resources.

Photo by Zach Shahan | CleanTechnica

GreentechMedia also reports that the Salt River Project purchased two new solar and battery storage plants. This made it one of the largest investors in energy storage in the country. The two plants, The Sonoran Energy Center and The Storey Energy Center, will help the utility to meet the summer peak demands while also reducing carbon emissions and providing clean energy to its customers.

One of the major goals of the Salt River Project is to reduce carbon by 90% by 2050 and 60% by 2035. Arizona Public Service Co. is also planning more batteries and they actually split services in the Phoenix area with the Salt River Project. Officials from the Arizona Public Service Co. said back in February that solar and batteries are the cheapest way to meet the power demands in Arizona.

https://cleantechnica.com/2019/11/27/navajo-coal-plant-powers-down/


He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

AGelbert

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📢 YouTuber 👍 Explains How Elon Musk & Tesla Will Disrupt 10 🦕🦖☠️🦀💵😈 Industries

December 24th, 2019 by Paul Fosse

A few days ago I ran across a video from a criminal defense lawyer in Florida that brings up some points I hadn’t heard before. I’d suggest you watch the whole 30 minute video if you have the time. If not, you can read my summary and comments and just use this guide Warren provided to skip to the parts that most interest you. I also find it interesting that Warren has been active in the Libertarian Party and is obviously concerned about the environment. That conflicts with the the story some people promote that only Democrats in the US care about the environment.

00:24 The Auto Industry
07:16 Oil Industry
09:32 Insurance
11:57 Lawyers
17:14 Medical
19:23 Parking
21:51 Rental Cars
23:00 Railroads
25:48 Airlines
27:17 Conclusion

I discussed Tesla’s impact on the used car industry (#10) in a previous video (Agelbert NOTE: His video on the used car industry is posted below the end of this article.  8)).


1. Auto Industry: He discusses that Tesla is making cars and trucks that can replace 5 vehicles. Since the robotaxi can be used many more hours a day than gas cars today, and since they will be designed to last a million miles instead of about 150,000 miles for a gas car, they won’t have to be replaced as often even though they are heavily used.

2. Oil Industry: Cars and trucks are the main users of oil, which Tesla vehicles don’t use. Natural gas and coal are used for both heating homes and producing electricity. Tesla’s expansion of vehicles, solar panels and roofs, and energy storage at competitive prices will greatly reduce the need for oil, natural gas, and coal.

3. Car Insurance: Millions of people won’t need car insurance if they just use robotaxis. Even for people who keep a personal car, the greatly reduced number of accidents and the injuries associated with those accidents will take most of the money out of this industry.

4. Lawyers: Fewer accidents (because of Full Self Driving) mean less work for both plaintiff and defense attorneys for both car accidents and drunk driving for civil and criminal cases. Nobody will be driving without insurance or with a suspended license since it is just much cheaper to take a robotaxi. Since the cars have so many cameras, criminals won’t be able to stage fake accidents — since you will be able to tell it’s faked from the video evidence. He further wonders if we even need police doing traffic enforcement, which is a major source of other cases (many victim-less crimes).

5. Medical: Much of the work of emergency rooms, chiropractors, and MRI machines is traffic accident related, and if we reduce traffic accidents by 99%, we won’t need as many of these things. Since we have an aging population, we will likely still have work for the medical professionals, but it will shift demand and could help us avoid a crisis we would otherwise face as the baby boomers age and require more medical care.

6. Parking: You don’t need huge parking lots if many people will take a robotaxi. Workplaces and shopping centers won’t need nearly as many parking spaces. Even homes will have have smaller garages or no garages.

7. Rental Cars: Travelers will find it more convenient to just get a robotaxi than rent a car from Hertz or Avis.

8. Railroads: Tesla self-driving semi trucks will reduce the need for freight trains. The Boring Company will reduce the need for traditional commuter railroads.

9. Airlines: Hyperloop and SpaceX will be very appealing (faster and cheaper) than taking an airline.

10. Used car industry: As people realize the low cost of ownership, Tesla vehicles become much more appealing that BMW and Mercedes vehicles, so the resale values of the traditional luxury values are being crushed. *

Warren presents a very optimistic view of the future overall, but warns that if you are in one of the above industries, there will be some adjustments that could be painful to individuals caught up in the massive transition driven by Elon Musk and Tesla.

If you decide to order a Tesla, use a friend’s referral code to get 1,000 miles (1,609 km) of free Supercharging on a Tesla Model S, Model X, or Model 3 (you can’t use it on the Model Y or CyberTruck yet). Now good for $100 off on solar, too!  If you don’t have any friends with a Tesla, use mine.  https://ts.la/paul9223

https://cleantechnica.com/2019/12/24/youtuber-explains-how-elon-musk-tesla-will-disrupt-10-industries/

* Used car industry:
He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

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Agelbert NOTE: Expect a 🦀 Trump push to (i.e. SOCIALIZE THE COSTS) welfare queen bailout these hydrocarbon 🦕 hellspawn profit over people and planet bastards using the old "It's for National Security" BULLSHIT excuse. This Grand Larceny "effort" will, unfortunately, be backed by too many Democrats. 😠 Remember that Biden, the establishment DINO Candidate for Preseident, was a Senator from BIG OIL FRIENDLY Delaware when you read the article below. Only the Progressives like Senator Bernie Sanders will oppose Fracker bailouts on principle. The article below fails to point out how increased renewable energy use has contributed to this well deserved tsunami of highly polluting shale oil and gas bankruptcies, but rest assured that it is the giant green elephant in the doomed hydrocarbon industry room.

Unfortunately for we-the-people, even as these polluters go bankrupt, they are polluting even more than ever by the massively increased 🔥 flaring involved in their desperate, but environmentally destructive, efforts to remain economically solvent. >:( Prison is too good for those planet eaters. 😠   


U.S. 🦕 Shale Patch Sees Huge Jump In Bankruptcies 

Fri, 01/24/2020 - 11:51

Authored by Wolf Richter via WolfStreet.com,

SNIPPETS:

The Great American Fracking Bust started in mid-2014, when the price of WTI dropped from over $100 a barrel to below $30 a barrel by early 2016. Then the price began to recover, going over $70 a barrel in September and October 2018. But then it began to re-plunge. By the end of 2018, WTI had dropped to $47 a barrel.

Two major geopolitical events in the Middle East – the attack on Saudi Aramco’s oil facilities last September and the US assassination of Iranian Major General Qasem Soleimani – that would have shaken up oil markets before, only caused brief ripples, quickly squashed by the onslaught of surging US production. At the moment, WTI trades at $56.08 per barrel, which is still below where the shale oil industry can survive long-term:

And 2020 is starting out terrible for natural gas producers. The price of natural gas has plunged to $1.90 per million Btu at the moment, a dreadfully low price where no one can make any money. Producers in shale fields that produce mostly gas, such as the Marcellus, are in deeper trouble still, because oil, even at these prices, would be a lot better than just natural gas. 🤔

Producing areas with constrained takeaway capacity (it takes a lot longer to build pipelines than to ramp up production) are subject to local prices, which can be lower still. In some areas, such as the Permian in Texas and New Mexico, the most prolific oil field in the US, where 🦕 natural gas is a byproduct of 🦖 oil production, limited takeaway capacity has caused local prices to collapse, and 🔥 flaring to surge>:( ... ...

Texas at the epicenter.

The most affected state, in terms of the number of bankruptcy filings, is Texas, the largest oil producer in the US. Since 2015, the state had 207 oil-and-gas bankruptcy filings, of the 402 total US filings. In 2019, Texas had 30 of the 65 US filings.

Delaware, obviously, is not into oil and gas production, but into coddling corporations, and many companies are incorporated in Delaware, including some oil-and-gas companies in Texas. When they file for bankruptcy, they do so in Delaware.

These are the eight states with the most oil-and-gas bankruptcy filings since 2015:


Full article:

Reality based Comment:

Quote
To Hell in a Handbasket 👍

Shale is merely the woke economics of the political right. It's clearly ********, and designed to shame you into accepting post truth non-realities, with economic gobbledygook.

The maths never made sense, but that didn't stop people from pushing post truth madness regarding the viability of shale. This forum has its fair share of pro-shale lunatics.

He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

 

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