Peak Oil is Coming Back...

Right now there is more oil being extracted than ever. Of course, it cannot last. The Bakken and Eagle Ford Shale Oil Fields are declining in production now. Obviously, Peak Oil is over for them and the oil companies that exploit them.

I found this on The Automatic Earth last week --

The Death of the Bakken Field Has Begun: [That] Means Big Trouble For The U.S.

SRSrocco Report 12 September 2016 Link.

The Death of the Great Bakken Oil Field has begun and very few Americans understand the significance. Just a few years ago, the U.S. Energy Industry and Mainstream media were gloating that the United States was on its way to “Energy Independence.” Unfortunately for most Americans, they believed the hype and are now back to driving BIG SUV’s and trucks that get lousy fuel mileage. And why not? Americans now think the price of gasoline will continue to decline because the U.S. oil industry is able to produce its “supposed” massive shale oil reserves for a fraction of the cost, due to the new wonders of technological improvement. [..] they have no clue that the Great Bakken Oil Field is now down a stunning 25% from its peak just a little more than a year and half ago:

Source: SRSrocco Report.

This [is[ true for the Eagle Ford Field in Texas. According to the most recent EIA Drilling Productivity Report, the Eagle Ford Shale Oil Field in Texas will be producing an estimated 1,026,000 barrels of oil per day in September, down from a peak of 1,708,000 barrels per day in May 2015. Thus, Eagle Ford oil production is slated to be down a stunning 40% since its peak last year.

Source: SRSrocco Report.

As I have been documenting in previous articles (going back until 2013) the U.S. Shale Oil Industry was a house-of-cards. Readers who have been following my work, based on intelligent work of others, understood that Shale Oil is just another Ponzi Scheme in a long list of Ponzi Schemes. 

While Donald Trump is receiving more support from Americans in his Presidential race, his campaign motto that he will “Make American Strong Again”, will never happen. The America we once knew is over. There just isn’t the available High EROI – Energy Returned On Investment energy supplies to allow us to continue the same lifestyle we enjoyed in the past. So, now we have to transition to a different more local or regional way of living.

For more information click here.

The END of the American Way of Life is non-negotiable. Sorry, Dick Cheney.

Pace deorum.

The Bourgeoisiophene.

Karl Marx was right. Driven by the Bourgeoisie, Capitalism will continue until all the natural resources are exhausted, the workers are pauperised, and the natural realm, badly polluted. (Of course, based on his views concerning natural resources, Communism and Socialism weren't much better, or were even worse, depending on your perspective.)

From Truthdig: Paul Street, How to Stop Capitalism’s Deadly War With Nature (Link).

Source: Truthdig.com

Earth scientists now know that the history of our planet has been set for some time in our current geological age, the Anthropocene. According to leading experts Will Steffen, Paul Crutzen and John McNeill, in this era, “human activities have become so pervasive and profound that they rival the great forces of Nature and are pushing the earth into planetary terra incognita. The Earth is rapidly moving into a less biologically diverse, less forested, much warmer, and probably wetter and stormier era.” We are living in a “no-analogue state” in which “the Earth system has recently moved well outside the range of natural variability.” ... ...

The terrible trends and data have led the venerable progressive political scientist and social-justice advocate Susan George to introduce what she calls “a new phenomenon in the history of humankind.” In a recent lecture to the International Centre for the Promotion of Human Rights in Buenos Aires, she names it “geocide,” meaning “the collective action of a single species among millions of other species which is changing planet Earth to the point that it can become unrecognisable and unfit for life.” Humanity, George says, “is committing geocide against all components of nature, whether microscopic organisms, plants, animals or against itself, homo sapiens, humankind.” George is unstinting in her denunciation of the human species: “Homo sapiens has only existed for roughly 200,000 years. The time we’ve spent on this planet compared to its total age is infinitesimally short, just the tiniest sliver of geological time. It amounts to a mere 0.00004 percent of Earth’s existence. And although any given species of plant or animal—vertebrate or invertebrate—tends to last on average about 10 million years, our species seems determined to cause its own extinction, along with the rest of creation, long before its allotted time.” ... ...

But is the culprit really Homo sapiens as a whole? The concept of the Anthropocene has rich scientific validity. It holds welcome political relevance in countering the carbon-industrial complex’s denial of humanity’s responsibility for contemporary climate change. Still, we must guard against lapsing into the historically unspecific and class-blind uses of the term “anthros,” and project the recent age of capital onto the broad 100,000-year swath of human activity on and in nature. As the brilliant and prolific environmental historian and political economist Jason Moore reminded Sasha Lilley during a KPFA radio interview in 2015: “It was not humanity as a whole that created … large-scale industry and the massive textile factories of Manchester in the 19th century or Detroit in the last century or Shenzhen today. It was capital.” It is only during a relatively small slice of human history—roughly the last 500 years, give or take a century or so—that humanity has been socially and institutionally wired from the top down to wreck livable ecology.

A compelling case has been made by Moore and other left environmentalists that it is more historically appropriate to understand humanity’s earth-altering assault on livable ecology as “the Capitalocene.” Capitalism has ruled the world since 1600 or thereabouts (by academic calculations), and only during this relatively brief period of history has human social organization developed the capacity and compulsion to transform earth systems. “Geocide” is a capitalist crime, not a transgression of humanity over its long and mostly noncapitalist history.

(Emphases in the above quote are mine)

For more, click here.

It's Inequality Stupid. AND the Political Climate!

Harvard Professor Michael Porter reveals the real reason why the US economy is in the dumps in this video here.

“The confused national discourse about our economy and future prosperity in this election year is our worst nightmare,” Harvard Professor Michael Porter writes. “There is almost a complete disconnect between the national discourse and the reality of what is causing our problems and what to do about them. This misunderstanding of facts and reality is dangerous, and the resulting divisions make an already challenging agenda for America even more daunting.” 

In its just-released report on competitiveness, “Problems Unsolved and a Nation Divided: State of US Competitiveness,” Harvard Business School (HBS) found the US economy currently faces grave concerns. And the path to a solution—namely tax reform, immigration reform, and infrastructure investment—is being hindered by the current political climate. 

Led by Porter, along with Professors Jan Rivkin and Mihir Desai, the report finds that since the launch of the US Competitiveness Project in 2011, concerns about weak job creation and stagnating incomes—particularly for the middle class—have not waned.

The report adds that the wrong diagnosis, along with political paralysis in Washington, has meant that we have made no meaningful progress on any of the critical policy measures needed to address the nation’s underlying competitive weaknesses—which would restore economic growth and also the standard of living for the average citizen.

Porter says the key issue for America today is a lack of “shared prosperity,” as working and middle-class citizens are struggling.

“The lack of shared prosperity has rightly been a central issue in the 2016 campaign, but the diagnoses and proposed solutions are way off the mark,” the report points out.

For more on the Professor's conclusions, click here.

And lurking behind that reasons is this reason: the lack of inexpensive-to-extract oil, which, according to Gail Tverberg is the cause of the professor's reason. For more, click here.