[VIDEO] Oil Prices Under Pressure, Fall to New Lows

[VIDEO] Is Capitalism Moral? 

Is capitalism moral or greedy? If it’s based on greed and selfishness, what’s the best alternative economic system? Perhaps socialism? And if capitalism is moral, what makes it so? Walter Williams, a renowned economist at George Mason University, answers these questions and more.

[PHOTO] The Mystery Of The Illuminated Goodyears


The Mystery Of The Illuminated Goodyears

…At the time, Goodyear was already well into messing with synthetic rubbers and had been experimenting with a petroleum based rubber that was damn near transparent. So they took a set of tires made of this weird ass rubber and mounted them on a set of wheels that had small dash lights mounted around the inner rim…

The Jalopy Journal

Socialist Panic: Falling Oil Prices Risks Driving Venezuela’s Economy Off the Edge

Independence: Oil Imports Decline as Shale Revolution Supercharges Production

Andrew Burton / Getty Images

Andrew Burton / Getty Images

“Oil production gains from the Bakken and Eagle Ford shale formations are a major reason why U.S. imports of crude oil have dropped to levels not seen since the mid-1990s.”

— Benteck Director of Energy Analysis Jack Weixel

HOUSTON, Aug. 21 (UPI) — Oil production from shale basins in North Dakota and Texas are the primary reason for a decline innorth-dakota-oil-boom_61135_600x450 U.S. oil imports, data published Thursday show.

“Total U.S. crude oil production reached 8.5 million barrels per day in July, the highest monthly level since April 1987.”

Bentek Energy, the analytical division of Platts, said July oil production from the Bakken area in North Dakota and the Eagle Ford shale play in Texas increased 3.4 percent year-on-year, or more than 86,000 barrels per day.

From AEI:

The chart below shows the combined daily oil output in America’s three most productive oil fields — the Bakken in North Dakota, the Eagle Ford Shale in south-central Texas and the Permian Basin in west Texas — from January 2007 to June 2014, based on estimates released by the EIA. From combined output of 1 million barrels of oil per day (bpd) in 2007, total crude oil production in those three oil fields will top 4 million barrels in June, based on drilling rigs data and EIA estimates of changes in production from existing wells…(read more)

shale oil revolution

“Oil production gains from the Bakken and Eagle Ford shale formations are a major reason why U.S. imports of crude oil have dropped to levels not seen since the mid-1990s,” Benteck Director of Energy Analysis Jack Weixel said in a statement Thursday. Read the rest of this entry »

Energy Boom: Texas Creeping up on Iraq’s Crude Oil Production

bigSpringPeakHOUSTON, Texas–For Breitbart.comKristin Tate reports: 3 million barrels of crude oil are now being produced in Texas each day, according to new federal data from the U.S. Energy Information Administration (EIA). This means that the state has almost reached the production level of Iraq, the second-largest oil producer in the Organization of Petroleum Exporting Countries (OPEC).

Texas’ oil production has been increasing rapidly in recent years: in 2009, the state only produced about 1.1 million barrels of oil. The gas and oil industry continues to explode in the Lone Star State, thanks in part to the Eagle Ford Shale and Permian Basin.

The EIA reported, “Gains in Texas crude oil production come primarily from counties that contain unconventional tight oil and shale reservoirs in the Eagle Ford Shale in the Western Gulf Basin, where drilling has increasingly targeted oil-rich areas, and multiple reservoirs within the Permian Basin in West Texas that have seen a significant increase in horizontal, oil-directed drilling.”

North Dakota’s oil production also saw an increase; the state produces about 1 million barrels per day. Read the rest of this entry »

Chasing the Dream of Half-Price Gasoline from Natural Gas

A startup called Siluria thinks it’s solved a mystery that has stymied huge oil companies for decades.

Quick screen: A technician at Siluria operates some of the company’s equipment for quickly making and testing new catalysts.

A technician at Siluria operates some of the company’s equipment for quickly making and testing new catalysts.

For MIT Technology ReviewKevin Bullis  writes:  At a pilot plant in Menlo Park, California, a technician pours white pellets into a steel tube and then taps it with a wrench to make sure they settle together. He closes the tube, and oxygen and methane—the main ingredient of natural gas—flow in. Seconds later, water and ethylene, the world’s largest commodity chemical, flow out. Another simple step converts the ethylene into gasoline.

The white pellets are a catalyst developed by the Silicon Valley startup Siluria, which has raised $63.5 million in venture capital. If the catalysts work as well in a large, commercial scale plant as they do in tests, Siluria says, the company could produce gasoline from natural gas at about half the cost of making it from crude oil—at least at today’s cheap natural-gas prices.

If Siluria really can make cheap gasoline from natural gas it will have achieved something that has eluded the world’s top chemists and oil and gas companies for decades. Indeed, finding an inexpensive and direct way to upgrade natural gas into more valuable and useful chemicals and fuels could finally mean a cheap replacement for petroleum.

Read the rest of this entry »