Despite continued opposition to the Northern Gateway pipeline, energy firm Enbridge has committed an additional $150 million to that project in a show of commitment to its goal to carry oil from Alberta’s oil sands into northwestern British Columbia, allowing it to be easily shipped to Asia.
Enbridge began work on the project with a $300 million investment, but ensuing controversy due to the perceived environmental risks associated with the long distance pipeline have slowed progress, leaving many wondering if Enbridge would abandon the project altogether. (Read More: Enbridge Set to Invest $6.28 Billion in Oil Pipeline)
A report issued by the International Energy Agency (IEA) suggests that coal will surpass oil as the world’s most popular fuel source within 10 years, threatening to inject more greenhouse gases into the air than ever before if policy changes don’t follow the warning.
The boost in coal use is due to extreme growth in emerging markets like China and India, countries that require cheap fuel sources for electricity production in order to support their quickly growing infrastructures and populations. At current rates of growth, the IEA says that it expects that coal consumption will rise to 4.32 billion tonnes of oil equivalent versus 4.4 billions tonnes of oil per year worldwide within only four years; with that trend continuing, coal would quickly overtake oil as the world’s fuel source of choice. (Read More: Global Carbon Dioxide Emissions — Facts and Figures)
The IEA is the energy advisory arm of the Organization for Economic Cooperation and Development (OECD), a group that oversees the economic activities of 34 industrialized nations, including Canada and the United States.
Seven states in the northeastern part of the United States have officially announced plans to sue the Environmental Protection Agency (EPA) for its alleged violations of the Clean Air Act in failing to address and limit methane emissions resulting from drilling for natural resources like oil and gas.
In a press release issued earlier this week, New York Attorney General Eric Schneiderman outlined the complaint, which focuses on methane emissions from resource-heavy states like Pennsylvania and Virginia. Joined by Connecticut, Delaware, Maryland, Massachusetts, Rhode Island, and Vermont, the state of New York is leading the cause, demanding that the EPA take immediate action to reduce methane emissions that threaten to increase the already troubling effects of anthropogenic climate change. (Read More: U.S. Oil Production Surges to Highest Level in 15 Years)
Even as a decision from President Barack Obama about its future, the Keystone XL Pipeline has hit another snag in construction thanks to an oil-savvy landowner in Texas.
A judge in the southern state has ordered that TransCanada Corp., the company behind the building of the continent-spanning oil pipeline, must stop work on a stretch of the line that will run beneath property owned by Michael Bishop for two weeks, due to that man’s challenge of the pipeline’s intentions. (Read More: Obama Under Increasing Pressure to Make Keystone XL Decision)
A new report released this week by fuel giant Exxon says the energy production revival in the United States will continue into the far future, confirming the U.S. Energy Information Administration’s (EIA) prediction that the country will become a new exporter of energy by 2025.
The annual long-term energy report outlines Exxon’s view of the surging American energy sector, taking into account new production in both the U.S. and Canada, along with increased energy efficiency and expanded distribution networks, in determining the country’s energetic future, with the report also noting that generally flat demand around the developed world is expected over the next 10-15 years. (Read More: U.S. Energy Production to Hit Record Highs)
Even as reports are being released that suggest that the United States will slowly increase its energy output, the American government itself has underscored that fact with its own report detailing energy-related forecasts through 2040.
The report, issued by the U.S. Energy Information Administration (EIA), draws many conclusions, perhaps most important among them the fact that, while American energy imports accounted for 19 percent of its population’s use in 2011, that same number will drop to only 9 percent in 2040 as the country positions itself as a world energy powerhouse. (Read More: How Much Oil Does the World Produce?)
The announcement comes as Enbridge works to improve its penetration in delivering crude to North American markets, beginning with the launch of the so-called Eastern Access Program, and a similar program intended to help ship oil produced in the Gulf of Mexico.
With the 2012 presidential election behind him, President Barack Obama is under increasing pressure to make an official call on the Keystone XL project once and for all, even as protests around the country opposing the pipeline increase in their fervor.
Obama is facing pressure from all sides concerning the fate of the project, one that would see a pipeline stretch from Canada through the Midwestern United States in order to easily transport crude from Alberta’s oil sands to refineries in Texas.
Petroleos Mexicanos (PEMEX), the fourth-largest oil producer in the world, has announced that it has discovered a crude oil deposit that could provide as much as 1 billion barrels by the time exploration and extraction is complete.
More than 500 million barrels are estimated to lie beneath the original well site, dubbed Navegante 1, at a depth of nearly 4 miles, with another 500 million barrels expected to lie in surrounding areas. PEMEX, a state-run oil firm, has already spent more than $10 billion in exploration efforts, culminating in this, the largest solid-ground crude discovery made in the country in the past 10 years. (Read More: How Much Oil is Left in the World?)
More than a year following the ouster of Muammar Gaddafi as leader of Libya, oil production has returned to pre-civil war levels, but a variety of factors are combining to keep investors away from the OPEC nation, a fact that is only contributing to the continued unrest of the country’s people.