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EU member countries reach compromise on gas price cap

BRUSSELS — European Union ministers on Monday finalized a long-awaited deal to implement a natural gas price cap they hope will help households and businesses better weather excessive price surges.EU member countries failed to overcome their differences at previous emergency meetings, but several EU leaders said last week that fixing a maximum ceiling to pay for gas was likely to be achieved this time. After talks in Brussels on Monday, the Czech presidency of the European Council, which represents member countries, said a deal had been reached.“We have succeeded in finding an important agreement that will shield citizens from skyrocketing energy prices," said Jozef Sikela, the Czech minister of Industry and Trade, adding that the mechanism will steer the 27-nation clear “from risks to...

Published on 1/11/2023 (21 days ago) Oil/Gas

 

Fracking Waste Gets a Second Look to Ease Looming West Texas Water Shortage

Fracked wells in West Texas don’t just produce petroleum. Much more than anything else, they spit up salty, mucky water. Typically, companies have discarded that fluid, hundreds of millions of gallons per day, by injecting it back underground, occasionally causing small earthquakes. But as water becomes more scarce, they’re beginning to reconsider.For now, hydraulic fracturing in arid West Texas uses large amounts of fresh aquifer water to crack open subterranean shales, unleashing a mixture of oil, gas and fossil brine 10 times as salty as the sea.Increasingly, frackers are starting to reuse that brine, easing their burden on aquifers. “We’ve just month by month seen extraordinary growth in the volumes we are managing,” said Matthew Gabriel, CEO of XRI Holdings, which recycles oilfield...

Published on 1/11/2023 (21 days ago) Oil/Gas

 

End preferences for unreliable electricity

Today's grids are being ruined by systemic preferences for unreliable electricity:1) no price penalty for being unreliable2) huge subsidies for unreliables3) mandates for unreliablesCongress should end these now The OpportunityAmerica, given its combination of abundant domestic energy resources, technological ingenuity, and free-market competition, has the potential to have the best grid in the world—providing electricity that is low-cost, ultra-reliable, and increasingly clean.The ProblemAlthough America could have world-leading electricity, the American grid is instead becoming a national embarrassment—with rising costs and mounting reliability problems, most problematically in California and Texas but now spreading around the country.1The causeA root cause of America’s cost and...

Published on 1/11/2023 (21 days ago) Alex Epstein Corner

 

Disaster report names Montana safe haven for climate migrants

When researcher Paul Tschirky started looking into climate disasters across the nation, he was shocked to discover nine out of 10 Americans had suffered such an event in the past decade.“A lot of people were surprised to see that 90% of U.S. counties had a federal disaster declaration in the last 10 years,” Tschirky said. “This is significant since it clearly shows the extent to which we are already dealing with climate related disasters and the costs involved.”Major federal climate disasters include hurricanes, tornadoes, storms, high water, wind-driven water, tidal waves, tsunamis, earthquakes, volcanic eruptions, landslides, mudslides, snowstorms, droughts, fires, floods and explosions.According to Tschirky’s research, summed up in a new Atlas of Disaster report, more than 300 million...

Published on 1/11/2023 (21 days ago) Climate Change

 

Exxon launches new recycling facility in Baytown as it aims to recycle 1B pounds of plastic per year

Operations have begun at Exxon Mobil’s advanced recycling facility in Baytown, which is capable of handling 80 million pounds of plastic waste per year, the company said Wednesday.Part of Exxon's chemical complex 25 miles east of Houston, the facility is on the cutting edge of an emerging industry racing to create ways to recycle plastic and keep pace with soaring consumer demand for sustainable packaging. Driving that demand is a wave of pledges by retail brands to use more recycled instead of virgin plastic.More than 80 brands have made commitments to use at least 15 percent recycled plastic by 2025, according to a report published in May by New York consulting firm McKinsey.“There is substantial demand for recycled plastics,” Exxon’s Product Solutions President Karen McKee said, “and...

Published on 1/11/2023 (21 days ago) Oil/Gas

 

Higher Natural Gas Prices Have Made Methane Capture Projects Increasingly Economic, Potentially Unlocking Vast Amounts of New Supply While Lowering Overall Emissions

WASHINGTONPRNewswire/ -- Current natural gas prices, including record high global prices, and renewed concerns for energy security are making projects that capture and commercialize vented, fugitive and flared methane increasingly economic, with the potential to lower emissions and unlock substantial new supplies of gas, a new analysis by S&P Global Commodity Insights finds.he analysis examined 6 key regions—North America, North Africa, Central Asia-China, Nigeria, Aussie-ASEAN, and Eastern Mediterranean—and found that the elevated price outlook for natural gas makes it economic to capture and commercialize more than 70% of the lost methane and flared gas from those areas, equivalent to 80 bcm of new supply.Notably, the analysis finds that it could be possible to add 40 bcm of new...

Published on 1/11/2023 (21 days ago) Oil/Gas

 

EPA: US fuel economy flat in 2021, emissions down slightly

DETROIT — Fuel economy for 2021 model year vehicles in the U.S. stayed flat with 2020 as people continued to buy less-efficient trucks and SUVs, according to an annual government report published Monday.The fleet of new vehicles got 25.4 miles per gallon (10.8 kilometers per liter) for the model year, while greenhouse gas emissions dropped by 2 grams per mile to a record low of 347, the Environmental Protection Agency said in its annual Automotive Trends Report. The 2021 fuel economy figure ties a record set in model year 2020.The performance came under fuel economy and emissions standards that were relaxed when Donald Trump was president. Requirements will start to increase at a higher rate in 2026 under standards adopted by the Biden administration.The EPA said in a statement that all...

Published on 1/11/2023 (21 days ago) Oil/Gas

 

Grid Bottlenecks Could Derail Europe’s Renewable Energy Boom

Europe’s energy transition ambitions face several challenges, but a major impediment to bringing new renewable power online is insufficient grid capacity. Rystad Energy’s current base case forecast has Europe adding as much as 530 gigawatts (GW) of solar PV and onshore and offshore wind between 2022 and 2030, more than 66 GW per year on average. Furthermore, the share of solar and wind combined as a share of total installed capacity surpassed 10% in 2010 and more than tripled in 2021, reaching 34%, according to Rystad Energy research.Growth is not expected to slow down anytime soon, as European countries are planning huge additions of renewables over the next few years. If Europe is to remain a leader in the energy transition, a huge amount of grid capacity will need to be developed, both...

Published on 12/22/2022 (40 days ago) Solar, Wind & EV's

 

VIDEO: Best-of Power Hour: Steve Koonin & Alex Epstein

This week’s “Best-of Power Hour” features Alex Epstein’s interview with physicist Steve Koonin, author of the blockbuster book Unsettled, with a new introduction in anticipation of their forthcoming interview on the next episode of Power Hour....

Published on 12/22/2022 (40 days ago) Alex Epstein Corner

 

The fusion distraction

The “green energy” movement is celebrating a technical breakthrough in nuclear fusion, in order to distract from the catastrophic consequences of its anti-fission, anti-fossil-fuel policies.The green energy movement, including the Biden Administration, is celebrating a technical breakthrough in nuclear fusion, in order to distract from the catastrophic consequences of its anti-fission, anti-fossil-fuel policies. In its first 2 years the Biden administration, through its anti-fossil fuel policies, has helped cause the worst energy crisis since the 1970s. Instead of reversing course it’s using a technical breakthrough in fusion to pretend everything is going great.  ...READ FULL ARTICLE...

Published on 12/22/2022 (40 days ago) Alex Epstein Corner

 

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