Business Insider: Not A Myth: The Skyrocketing Cost Of New Oil Supply ilc.v, tnr.v, czx.v, rm.v, lmr.v, abn.v, asm.v, btt.v, bva.v, bvg.v, epz.v, fst.v, gbn.v, hao.v, jnn.v, ks.v, ktn.v, kxm.v, mgn, mxr.v, rvm.to, svb, ura.v, nup.ax, srz.ax, usa.ax

 
  Gregor Macdonald runs a very short and sweet up to the point article on the Oil reserves dynamics in a Business Insider. We will remind to our readers that: Peak Oil is not about the end of Oil tomorrow, but it is about The End of the Cheap Oil.

EIA: Annual Energy Review.

Lithium Jolt: You have the Right to hate your future: Fisker says federal loan money used only in U.S.

"Something very important is happening these days in the Electric Car space. Electric Cars are moving from the Stage One - "Nobody notice and knows about it" to the Stage Two - "It is the Real Threat and we are better to deal with it right now". Everybody has the right to hate, but it looks like some has this right more than others and this right is well greased. Why somebody is so worried? Is it because Plug In Day was organised in more than 28 cities all across US with thousands of people taking part and it is with ONLY two models of electric cars on the market with still very limited supply? Is it because charging stations are mushrooming all across the country and Wall Street Journal complains about it? Is it because Chevy Volt and Nissan Leaf will be finally available in all markets in US by the end of the year? Or the matter to be worried now is that the next QEn+1 is coming and the price of Oil to be going up again? Maybe it is the coming twenty models of Plug In carsto be released next year? Or - we will throw the last one and you can continue - maybe it is the technological progress: with Tesla Model S coming next year with 300 miles range and Toyota announcing the lithium battery with 1,000 km miles range per charge by 2015 with Nissan working on 10 minute charger for the electric cars?

  An unprecedented campaign in mass media against Electric Cars is ongoing these days. Reasons are all the same: "Electric Cars are dirty, they are very expensive, they are ugly, they are not selling well and there are no places to charge them". Last week the new claims were added to the hating mix - "dirty money and dealings in the electric space": SolyndraGate is taking over the Fisker. Why this old no news was made the news by FOX all over the media we are not sure...maybe it is related to the election "silly season" somehow. 

  The real reasons are much deeper and crucial for us and our ability to go forward: without the clear plan for the Energy Transition not only Wall Street will be occupied very soon. Next round of Inflation and Oil shock will place all society on the edge of the social break down. We still have the time and can vote one electric car and one charging station at a time, make our opinion known or support the companies involved in the Next Big Thing, but we need to have our Manhattan project for the Electric Cars on the state level and we need it now."

Business Insider:

Not A Myth: The Skyrocketing Cost Of New Oil Supply

Gregor MacDonald

The next time you hear someone asserting that oil extraction “was always difficult and expensive” as a way to refute the very high cost now of the marginal barrel, you’ll know they’re spinning a folk tale.

A helpful chart from the just released EIA Annual Energy Review shows that the capital required to add an additional barrel of oil to reserves experienced a step change starting last decade. The chart uses the COE unit (crude oil equivalent) which is a way to measure the cost of adding 5.8 million btu regardless of whether the resource is oil, natural gas, or natural gas liquids.

Two points are relevant here. First, the spike is concurrent with the six year peak in global oil production, which began in 2005. This should be rather obvious, if not expected.

Second, however, there is another “cost” associated with our attempt to obtain the next barrel of liquid fossil fuels in our new, resource-constrained era. These resources are difficult to access and extract precisely because a more aggressive disturbance of the earth must be undertaken to secure them.

Ultra-deepwater, tar sands, shale-rock fracturing (fracking) are touted as technological miracles. But, as so often is the case, they produce wide-boundary environmental damage (negative externalities) whose “price” must be paid by society.

–Gregor"

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