North Dakota oil surge hits 1 million bbl per day milestone. #rsrh

WILLISTON, North Dakota (AP) — North Dakota has joined the ranks of the few places in the world that produce more than a million barrels of oil per day, due in large part to the rich Bakken shale formation in the western part of the state.

The April figures released Tuesday by the state’s Department of Mineral Resources showed the record tally. North Dakota had flirted with the million-barrel-per-day mark for months, but the harsh winter slowed the pace. In March, production had hit 977,000 barrels per day.

North Dakota’s oil fields now represent more than 12 percent of all U.S. oil production, and more than 1 percent of global production — a situation unfathomable just a decade ago, when technology hadn’t yet caught up to the challenge of extracting oil from the shale. Since then, the oil boom and the jobs it brings have transformed North Dakota, now home to the nation’s fastest-growing cities and its lowest unemployment rate.

http://www.pennenergy.com/articles/pennenergy/2014/06/oil-production-north-dakota-pumps-1-million-barrels-of-oil-a-day.html?cmpid=EnlResearchJune192014&cmpid=EnlWeeklyPetroJune202014

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God Bless the Cheneys

Despite clear evidence of the dire need for American leadership around the world, the desperation of our allies and the glee of our enemies, President Obama seems determined to leave office ensuring he has taken America down a notch. Indeed, the speed of the terrorists’ takeover of territory in Iraq has been matched only by the speed of American decline on his watch.

The president explained his view in his Sept. 23, 2009, speech before the United Nations General Assembly. "Any world order," he said, "that elevates one nation above others cannot long survive." Tragically, he is quickly proving the opposite—through one dangerous policy after another—that without American pre-eminence, there can be no world order.

It is time the president and his allies faced some hard truths: America remains at war, and withdrawing troops from the field of battle while our enemies stay in the fight does not "end" wars. Weakness and retreat are provocative. U.S. withdrawal from the world is disastrous and puts our own security at risk.

http://online.wsj.com/articles/dick-cheney-and-liz-cheney-the-collapsing-obama-doctrine-1403046522

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Greenpeace is a little less green. #rsrh

Greenpeace International said that one of its employees lost 3.8 million euros ($5,156,000) on rogue forex trades.

The non-governmental environmental organization said the losses were "a result of a serious error of judgment" by one of its employees in the International Finance Unit in Amsterdam.

"Greenpeace International entered into contracts to buy foreign currency at a fixed exchange rate while the euro was gaining in strength," the press release said. "This resulted in a loss of 3.8 million euros against a range of other currencies."

The employee, who has not been identified, has been fired. He wasn’t a trader, though.

Read more: http://www.businessinsider.com/greenpeace-loses-millions-on-forex-trade-2014-6#ixzz34pw9XOG6

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WTI rises to eight-month high on escalating Iraq conflict

World Oil Magazine

MARK SHENK

NEW YORK (Bloomberg) — West Texas Intermediate rose to an eight-month high and Brent surged as violence escalated across northern and central Iraq, increasing the prospect of a return to civil war in OPEC’s second-biggest oil producer.

WTI advanced as much as 2% while Brent gained 2.2%. Militants linked to al-Qaeda extended control over Iraq’s second-biggest city and moved south toward Baghdad. U.S. planes may bomb northern Iraq, Oil Minister Abdul Kareem al-Luaibi said today, June 12, in Vienna. Iraqi crude production rose 50,000 bpd to 3.3 million last month, Bloomberg data show.

WTI for July delivery climbed $1.63, or 1.6%, to $106.03 a barrel at 10:33 a.m. on the New York Mercantile Exchange. Futures touched $106.53, the highest intraday level since Sept. 19. The volume of all futures traded was more than double the 100-day average. Prices are up 7.7% this year.

Brent for July settlement rose $2.05, or 1.9%, to $112 a barrel on the London-based ICE Futures Europe exchange. The contract reached $112.34, the highest since March 3. Volumes were almost triple the 100-day average. Brent traded at a $5.97 premium to WTI, up from $5.55 at yesterday’s close.

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It’s Hurricane Season. It’s Junk Science Season.

Pretty much he same things in these days of Anthropogenic Global Warming.

Female-named hurricanes kill more than male hurricanes because people don’t respect them, study finds

Female-named storms have historically killed more because people neither consider them as risky nor take the same precautions, the study published in the Proceedings of the National Academy of Sciences concludes. Researchers at the University of Illinois and Arizona State University examined six decades of hurricane death rates according to gender, spanning 1950 and 2012. Of the 47 most damaging hurricanes, the female-named hurricanes produced an average of 45 deaths compared to 23 deaths in male-named storms, or almost double the number of fatalities. (The study excluded Katrina and Audrey, outlier storms that would skew the model).

I pondered the authors’ analysis for about 15 seconds. “Bullsh*t,” I thoughtfully concluded. And after about 15 minutes on The Google™, I found the following facts to reinforce my skepticism. Continue reading

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Settled Science on the Proper Spelling of ‘Fracking’ #fracking #rsrh

1. Phonetically, ‘fracing’ makes no sense.

2. We already have ‘picnicking’.

3. So it’s ‘fracking’. Q.E.D.

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The Inevitable Shakeout in the Shale Patch


Shakeout Threatens Shale Patch as Frackers Go for Broke

The U.S. shale patch is facing a shakeout as drillers struggle to keep pace with the relentless spending needed to get oil and gas out of the ground.

Shale debt has almost doubled over the last four years while revenue has gained just 5.6 percent, according to a Bloomberg News analysis of 61 shale drillers. A dozen of those wildcatters are spending at least 10 percent of their sales on interest compared with Exxon Mobil Corp.’s 0.1 percent.

“The list of companies that are financially stressed is considerable,” said Benjamin Dell, managing partner of Kimmeridge Energy, a New York-based alternative asset manager focused on energy. “Not everyone is going to survive. We’ve seen it before.”

Continue reading

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When Your ‘Goal’ is not really Your Goal

imageIt’s a massive “tell”: The Kyoto goal of reducing greenhouse gas emissions was never the global warming crowd’s true goal. Continue reading

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Sometimes the Goal is Not Really the Goal

Correspondent Clark Griswold reports:

I spent the last three months planning my family’s summer road trip to Wally World. My Trip-Tik anticipated stops at the Grand Canyon, the House of Mud and the World’s Second Largest Ball of Twine, but the ultimate goal of our westward journey is the fabulous amusement park, Wally World. No detail was too small for my Trip-Tik.

On Tuesday, an oversized FedEx envelope bore a certificate to be redeemed for an all-expenses-paid Wally World vacation for my entire family, with First Class round-trip plane tickets, luxury accommodations at Hotel Wally plus $5,000 spending money — extras that I had never dreamed were possible. The Family Truckster will stay in the garage. No Ball of Twine. No House of Mud. No Aunt Edna.

Darn the luck. All that planning down the drain.

Some say that getting there is half the fun. In my case, getting there is all the fun. Because if I can’t control the trip, what’s the use of going?

Continue reading

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Matt Yglesias’ Utterly Banal and Misleading Economic Insight

Matt Yglesias, boy genius and resident economics expert at Ezra Klein’s Vox.com, recently posted the following banality under the title “The Private Sector is Up, the Public Sector is Down”.

yglesias banality

Matt’s analysis:

The recession hit the private sector faster and harder, but the private sector’s already made back all its losses. The government, by contrast, has been really slumping.

ProTip: Whenever Matt makes a pronouncement like that, it pays to dig a mite deeper. Continue reading

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