Could The World Run On Nitrogen? (30 November 2021): By Haley Zaremba - A team of scientists at the University of Wisconsin–Madison is trying to transform the world from a carbon economy to a nitrogen economy. In an extremely innovative approach supported by the United States Department of Energy, researchers have identified a way of converting ammonia to nitrogen gas in a reaction that creates energy while requiring no energy inputs itself. This discovery is part of a nascent technology that is a long way from commercial viability, but which holds great promise for a world that is furiously trying to decarbonize. (Source: Oil Price)
Mandate vs. Choice: The Debate Is Heating Up Over Electric Vehicle Policy (29 November 2021): By Felicity Bradstock - With this week’s announcement in the U.K. that all new homes in the country will be required to have an EV charging point as part of the country’s EV revolution, it begs the question - should new EV uptake be mandated by the government? As countries around the globe strive for net-zero carbon emissions, largely supported by the movement away from fossil fuel-powered vehicles, will governments opt for the strict policy approach, will they rely on incentives and tax breaks, or will they simply leave it up to individual choice? This week, U.K. Prime Minister Boris Johnson announced that from 2022 new homes and commercial buildings will be required to install EV charging points, according to new legislation. This is the first example of the EV building regulation mandate in the world. The new regulations mean that around 145,000 EV charging points will be constructed in the U.K. every year, preparing the country for the phasing out of petrol and diesel vehicles. (Source: Oil Price)
Oil Prices Collapse To $69 On New COVID Fears (26 November 2021): By Julianne Geiger - There was never really a good reason for Saudi Arabia to comply with the wishes of U.S. President Joe Biden to increase oil production to lower prices for oil-consuming nations. Still, the possibility that OPEC+ would raise production in response to pressure from the White House was portrayed as a legitimate possibility in the media. But OPEC+--largely influenced by its two largest producers, Saudi Arabia and Russia—is looking at a longer-term view. Aside from the long-term view of oil supply and demand—which Saudi Arabia in particular sees as swinging back into surplus early next year—Saudi Arabia seems to be enjoying the high life on the back of higher oil prices over the last few months. As demand has not balked at these high prices, Saudi Arabia et al have little motivation to heed the calls of the White House to alleviate its own political woes courtesy of high retail gasoline prices. (Source: Oil Price)
How Emerging Markets Will Benefit From New Carbon Trading Rules (25 November 2021): By Oxford Business Group - Amid pledges to phase out the use of coal and reduce methane emissions, world leaders at the recent UN Climate Change Conference (COP26) in Glasgow also agreed to reform global carbon markets and improve rules about carbon trading, seen as key tools in the transition towards decarbonisation. Carbon trading is a system whereby a government sets a limit on the amount of carbon that can be emitted, and then divides this amount into units. These units are allocated to different groups, industries and businesses, and can then be traded like any commodity. Proponents say that carbon trading will ultimately increase investment in environmentally friendly solutions, as the price placed on carbon makes fossil-fuel projects less competitive, while at the same time incentivising low-carbon energy sources such as wind and solar. (Source: Oil Price)
Why Did Nuclear Power Fail The First Time Around? (23 November 2021): By Leonard Hyman & William Tilles - Now that the Glasgow conference and some mighty public relations work have put nuclear energy back in the spotlight, maybe it is worth examining why nuclear dismally failed to meet expectations, which might tell us why the nuclear advocates (some of them, anyway) are moving in new directions at long last, after clinging for decades to a model that did not work. First, let’s understand that most nuclear power plants work in the sense that they produce electricity, and they have been working far better than in the past. The problems, largely, lie in how nuclear fits into the picture economically and societally. The historian Thomas Hughes chose to define a technology not just as the machinery and software (technical) but as an entire system composed of technical, economic, safety, and other components all working toward a common goal. In this case, the engineers who decided to enlarge a nuclear submarine engine into something bigger, and those who jumped on the opportunity, missed a lot of the picture. (Source: Oil Price)
The third wave of biomaterials: When innovation meets demand (18 November 2021): Biomaterials have long been a part of our daily lives, from wooden houses to woolen clothes. More recently, biotech advances have brought us sugar-derived first-generation biofuels and high-performance enzymes to power our laundry detergents. Now, we see the emergence of nylon made using genetically engineered microbes instead of petrochemicals, alternative leather from mushroom roots, and cement from bacteria. These advances in biological science are bolstered by accelerating innovations in computing, automation, and artificial intelligence (AI), resulting in a new wave of innovation known as the Bio Revolution. McKinsey Global Institute research has found that as much as 60 percent of the physical inputs to the global economy today are either biological (wood or animals bred for food) or nonbiological (cement or plastics) but could in principle be produced or substituted using biological means. Over the next ten to 20 years, advances in the use of biology in the production of materials, chemicals, and energy could amount to $200 billion to $300 billion in global market growth. (Source: Mckinsey Article)
The Real Reason Big Oil Is Refusing To Boost Production (18 November 2021): By Haley Zaremba - Over the last couple of weeks, a stand-off has been developing between President Joe Biden and shale oil and gas producers in West Texas. As soaring gas prices add pressure to cash-strapped United States residents already feeling the pressure of inflation, the economic strain is reflecting poorly on the Biden administration, which is scrambling to get someone, anyone -- be it OPEC or producers in the Permian Basin -- to open the taps and ease supply shortages. So far, however, Big Oil isn’t budging. There is a lot of speculation about the many reasons this may be the case. Pundits have pontificated about the political dimensions of the standoff, noting that the right-leaning fossil fuels industry has little incentive to help out an administration that they see as antithetical and threatening to their livelihoods. For his part, President Biden has accused the oil and gas industry of potentially "illegal conduct" as oil execs get rich(er) off of soaring oil prices and has called for a federal investigation into the matter. (Source: Oil Price)
The Real Winner In The War Between Fossil Fuels And Renewables (17 November 2021): By Felicity Bradstock - The pressure from international organizations and governments to transition quickly away from fossil fuels is driving up demand for other natural resources dramatically. While the world focuses on leaving coal, oil, and gas in the past, as we invest heavily in renewables, one issue has been largely overlooked – the hefty use of metals in renewable energy projects. As governments, international organizations, and environmental activists around the world ramp up the pressure for energy companies and consumers to switch from traditional energy sources to renewable alternatives, the reliance on metals is increasing year on year to support the budding renewables industry. Copper is one of the high-demand metals in question, used in many components needed for the generation of solar, hydro, thermal, and wind energy, as well as in electric vehicle (EV) batteries. In fact, around 25 percent of copper use was associated with green energy in 2021, a figure that is expected to increase to 40 percent in 2022. For this reason, the estimated demand for copper is expected to increase by 350 percent by 2050. This has also driven up the price of the metal, with copper doubling in price in the U.S. between 2019 and 2020. (Source: Oil Price)
Can India Transition To A Clean Energy Economy? (16 November 2021): By Felicity Bradstock - India is optimistic about its new green economy, striving for net-zero by 2070, later than many developed countries but still a huge commitment for a country with such a heavy reliance on oil and gas. The government has already made several changes to the country’s energy industry, by introducing electronic vehicle (EV) infrastructure in major cities and encouraging consumers to adopt EVs, as well as leading a new international solar project. But will this be enough to allow India to make the shift away from fossil fuels? At present, India is the world’s third-largest greenhouse gas emitter, with its emissions increasing by approximately 335 percent since 1990, producing around 2,597.4 million tonnes of CO2 waste every year. So, it came as a shock when Prime Minister Modi announced a the COP26 summit this month that India would be aiming for net-zero carbon emissions by 2070. (Source: Oil Price)
Yergin: Underinvestment May Lead To Series of Energy Crunches (15 November 2021): By Tsvetana Paraskova - The oil industry is not investing enough to meet growing energy demand, including for crude, which could lead to a series of energy crunches down the road, oil expert Daniel Yergin, vice chairman of IHS Markit, told CNBC on Monday. “I think we should be conscious that one of the things we may see is a series of crunches,” Yergin told CNBC, referring to what he dubbed a “pre-emptive underinvestment” in oil supply while global demand continues to rise. “World demand is going to be back where it was in 2019 in the next few months,” the expert said, adding that there is a “disconnect between the realities of the dynamics of the market” and the calls from investors for the oil industry to stick to capital discipline. Yergin is the latest industry expert warning of future energy crunches as the world is not investing enough in meeting the still growing demand for oil and gas. (Source: Oil Price)
Will Oil Ever Become Truly Worthless? (13 November 2021): By Felicity Bradstock - Could fossil fuels and Big Oil actually become ‘worthless’ within the next few decades, and what would this mean for the global economy? New research suggests as many as half of the world’s fossil fuel assets could become worthless by 2036 if the green energy transition goes ahead at the pace projected coming out of COP26. If these assets lose all value, we could be facing a crash the likes of which we have not seen since the 2008 financial crisis. However, earlier adopters of renewable infrastructure and technology could profit from the new economy, supporting the creation of new job opportunities and building a new energy industry. (Source: Oil price)
The Race For Nuclear Fusion Is Going Private (11 November 2021): By Haley Zaremba - For the past 100 years, commercial nuclear fusion has existed in a realm far closer to science fiction than to scientific practice. In fact, when English mathematician and astronomer Arthur Eddington hypothesized that our sun and stars generate their own power through a process of merging atoms to create massive amounts of energy, heat, and light just a century ago, he was very nearly dismissed as a quack. But since that time, nuclear fusion has advanced by leaps and bounds, from thought experiments to lab-tested experiments, and in the last few years, to major breakthroughs that hint that commercial fusion could really finally be just around the corner. (Source: Oil Price)
Rolls Royce To Develop Mini Nuclear Reactors In The UK (10 November 2021): By ZeroHedge - In a world where ESG is all the rage, and the transition from coal to cleaner energy sources is paramount, the UK has become the latest country to embrace nuclear power. According to a company press release, Rolls-Royce Holdings Plc raised $617 million to fund "the next generation of low cost, low carbon nuclear power technology." Rolls-Royce Group, BNF Resources UK Limited, and Exelon Generation Limited will develop small modular nuclear reactors (SMRs) that will allow the country to meet net-zero commitments. SMRs will be built in the UK and open for export to customers worldwide. (Source: Oil Price)
The Biggest Threat To U.S. Energy Infrastructure (9 November 2021): By Haley Zaremba - In July of 2020, a drone outfitted with 4-foot nylon ropes suspending a thick copper wire tried to short-circuit the grid at a Pennsylvania power substation. The machine, which was stripped of all its markings and memory card in order to obfuscate its origin, missed its target, crashing on the roof of an adjacent building. According to WIRED, the attack “constitutes the first known instance of a modified, unmanned aircraft system being used to ‘specifically target’ US energy infrastructure,” but it almost certainly won’t be the last. The United States is extremely vulnerable to attacks, particularly on our old and fraying power grids. In the last two years alone, we have seen two crippling cyberattacks that showed the extreme fragility of the country’s power grids -- first the SolarWinds cyber-espionage attack, which went unnoticed for six months and spread to organizations including NATO, the U.K. government, the European Parliament, Microsoft and others, and then the Colonial Pipeline attack, which caused major disruptions to the fuel supply chain in massive swaths of the southeastern United States all from the theft of a single password. (Source: Oil Price)
Is Nuclear Waste More Dangerous Than Climate Change? (8 November 2021): By Haley Zaremba - What’s worse: climate change or radioactive nuclear waste with a half-life of tens of thousands of years? This is the question at the heart of a debate over nuclear energy that is currently ramping up against the backdrop of the COP26 climate summit taking place in Glasgow. Of course, this is an oversimplification. There is a lot of nuance to the arguments for and against nuclear energy. Critics of nuclear energy point to high costs, the reliance of the industry on government handouts, the risk of a potential nuclear meltdown, and the cost of storing and maintaining nuclear waste for hundreds and thousands of years. “Reactors worldwide produce thousands of tons of highly radioactive detritus per year, on top of what has already been left by decades of harnessing the atom to electrify homes and factories around the world,” the Associated Press reported this week. (Source: Oil Price)
The EPA Is Taking An Aggressive Stance Against Methane Emissions (3 November 2021): By Haley Zaremba - Joe Biden wants to be remembered for being the first president to get serious about climate change. On the campaign trail, Biden centered climate issues as one of the primary tenets of his platform. In office, he has pushed hard to approve massive infrastructure and spending bills which would include huge provisions for the country’s green energy transition and carbon capture capacities. He had almost certainly hoped to walk onto the world stage at COP26 with a concrete plan of action to reduce the nation’s carbon footprint and some bills under his belt to put the United States at the forefront of climate action. But despite the Biden administration’s best efforts, this dream has not come to fruition. (Source: Oil Price)
Louisiana Is Leading America’s LNG Boom (2 November 2021): By Haley Zaremba - At this very moment tens of thousands of representatives from all corners of the globe are convening in Scotland to get serious about climate change. The 26th annual United Nations Framework Convention on Climate Change (UNFCCC), known as COP26, is happening now in Glasgow. At the same time that some of the brightest and most powerful people in the world convene to strategize how to meet the targets set by the Paris climate accord, another convention is taking place on the other side of the Atlantic, but this one is headed by fossil fuel industry heads. This week Lake Charles, Louisiana is hosting a major conference for the liquefied natural gas (LNG) industry, a key economic sector in the bayou state. Louisiana has the highest LNG output of any state in the nation and it’s concentrated in Cameron Parish. In fact, if the Parish, which measures less than 2,000 square miles, were a nation it would be the world’s third largest LNG exporter behind Qatar and Australia. (Source: Oil Price)
Energy Prices And Climate Concerns Clash At COP26 (1 November 2021): By Irina Slav - This weekend, the leaders of the 20 largest economies in the world pledged to limit the rise of average global temperatures to 1.5 degrees Celsius from pre-industrial times. Also this weekend, U.S. President Joe Biden urged the oil and gas producing members of the group to increase output amid soaring prices. And he wasn't the only one. The 1.5-degree commitment and the call for more fossil fuel production are so at odds that they would confuse anyone, especially since the climate crisis is routinely referred to as existential. And the action needed on this crisis, repeatedly emphasized by all reputable agencies and governments, is being hailed as urgent. So how does a pledge to limit global temperature changes square with calls for more oil production? (Source: Oil Price)