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Geology News
Energy Current Events

The Arizona Geological Survey has received a $15.7 million grant that will enable them to lead the development of a national geothermal data system. Forty state geological surveys will be contributing state-specific geothermal data. Press release for this event.

A German news site reports on a geothermal contractor drilling a well that would be used for a home heating system. At a depth of 130 meters the well erupted into a geyser spraying 6000 liters of water per minute.

Warren Buffett (some think that he is an investment expert) is making large investments in coal-related companies. His Berkshire Hathaway fund acquired Burlington Northern Santa Fe, who gets 25% of their earnings from hauling coal, and made large investments in coal fired power companies.

The American Petroleum Institute has a video that explains the horizontal drilling and hydraulic fracturing processes. It explains the drilling, fracturing, equipment, materials and environmental concerns.

This is an excellent video from an authoritative source.

The American Petroleum Institute and PriceWaterhouseCoopers have prepared a report titled: “The Economic Impacts of the Oil and Natural Gas Industry on the U.S. Economy: Employment, Labor Income and Value Added”.

The Wall Street Journal has an article titled: “America’s Natural Gas Revolution: A ’shale gale’ of unconventional and abundant U.S. gas is transforming the energy market.”

Construction of a new nuclear plant is being planned for a site about 100 miles southwest of Houston, Texas. If built and licensed, it will be the first new plant in the United States in 30 years.

Nicaragua is thought to have more geothermal energy potential than any other country in Central America. Two Canadian companies are helping the country increase its geothermal capabilities.

A few years ago a number of LNG (liquefied natural gas) terminals were being planned to bring foreign natural gas into US markets. Then natural gas drillers began tapping shale reservoirs such as the Haynesville of Louisiana, the Barnett of Texas and the Marcellus of the Appalachian basin. The US natural gas and energy situations have been changed.

One of the largest wind farms in the world is being built in Texas. A-Power Energy Generation Systems Ltd., a Chinese company, will provide turbines costing $1.5 billion.

“At the end of 2008, domestic natural gas proved reserves reached their highest level since the U.S. Energy Information Administration (EIA) began reporting them in 1977.” Quoted from the Energy Information Administration.

CSIRO and SP Ausnet are conducting a large study on hybrid electric cars and how their widespread use would affect the grid. When the vehicles are not in use, the batteries could power household items, or serve as a holding tank for excess energy.

The Mackenzie Valley Pipeline could be Canada’s largest construction project or it could be a casualty of an abundance of natural gas flowing from organic shales in many parts of the United States.

An article in the New York Times reports that Chesapeake Energy’s CEO said that they will not be drilling wells in watersheds that supply water to New York City. There are plenty of opportunities elsewhere.

An article on the Reuters website reports that coal use is expected to increase by 55 percent over the next 15 years with India and China contributing strongly to the rise.

Tony Hayward, CEO of BP, believes that in 2030 the world will consume about 30% more energy than it consumes today and that 80% of that energy will be derived from fossil fuels.

Bruce Vincent, incoming chairman of the Independent Petroleum Association of America, says that ending the write-off of intangible drilling and development costs might cause significant drops in domestic oil and natural gas production.

Should Florida allow oil and gas drilling in their offshore waters? It could bring in a lot of revenue but it could also have an environmental impact. How much money and how much impact are key questions.

A report from the Energy Information Administration summarizes the current state of oil and gas development in the Arctic Ocean. The large number of shale plays in the United States and other areas will compete strongly with Arctic natural gas and may reduce incentives to drill there.

The CEO of Hess Corporation, a major oil producer, refiner and retail merchant, says “A gasoline tax of $1 gallon would boost conservation and help pay down the federal deficit by $120 billion per year. Taxes higher than that have already been successful in Europe in forcing the behavior change that is also needed in the U.S.”

About a dozen virtual tours of global environmental “hot spots” will be featured at the December 17-18 United Nations Climate Change Conference in Paris. One of the hotspots is a mountaintop removal coal mine in West Virginia.

“The U.S. average price for regular gasoline jumped nearly nine cents to $2.57 per gallon. Even with the increase, that price remained 34 cents below a year ago and $1.54 less than the all-time high price set on July 7, 2008. With the exception of the West Coast, regional prices increased throughout the country.” Quoted from Energy Information Administration.

Royal Dutch Shell has received permission to drill two exploratory wells on two offshore leases in the Beaufort Sea off the coast of Alaska.

Australia has enormous geothermal potential in hot aquifers, volcanic sources and hot rocks at depth. So far very little has been done to tap Australian geothermal.

A geothermal plant has been built at the Teapot Dome oil field near Casper, Wyoming. The plant produces about 250 kilowats of electricity from hot water associated with oil production.

Allen Brooks has prepared a summary of trends in natural gas prices and the United States natural gas market for EnergyTribune.

A proposed wind farm will follow the crest of Backbone Mountain near the town of Oakland in Western Maryland. Local residents have safety and environmental concerns.

Texas now has the world’s largest wind farm and is the US state with the highest wind power capacity (three times as much as Iowa, the second-ranked state). Texas has lots of suitable real estate and few permitting hurdles.

Even with a recession starting, worldwide fossil fuel production was up 2.9% in calendar year 2008 – however, at year’s end, energy markets were in a situation of oversupply.

At the December climate summit in Copenhagen, Saudi Arabia and other countries might demand compensation for any loss in revenue that they suffer as a result of fuel switching to combat climate change.