Posts Tagged ‘Oil’
“The test of our progress is not whether we add more to the abundance of those who have much it is whether we provide enough for those who have little.”*…
Your correspondent is headed onto the road again; so, with apologies, regular service will be suspended until on or about May 17…
… In the meantime, the remarkable Henry Farrell offers sage advice…
Last Thursday, Combinations (a publication of the RadicalxChange foundation), published a review essay that I wrote on Ezra Klein and Derek Thompson’s Abundance. I’m not going to repeat here what I say there; it’s available for free, so if you want to read it, just click on the link! [and one should read it]. Instead, I want to make the implicit argument explicit.
One of the big problems of American politics – and of politics in plenty of places elsewhere – is that we lack usable and attractive futures. The result is the current battle between the defenders of the present, and an incoherent counter-alliance that brings the cultists of an imaginary past and the evangelists of an impossible future into common cause.
Because I am weird, I think that the most immediately useful aspect of Klein and Thompson’s book is not its specific argument about how to get to the future. It is that the book has the promise to reorient the presentists around the prospect of an attractive future, and the different paths you might take to get there. On the one hand, as Dan Davies says (riffing on post-punk philosophizing), if you don’t have a dream then how’re ya gonna have a dream come true? On the other, no single dream is capable of foretelling the One True Path To Abundance (or, for that matter, any other desirable goal) so you want to have useful arguments between people with different dreams, and different plausible paths…
[Farrell discusses the book and its reception– the myriad reactions it has occasioned– puts the debate into an intellectualy historical context, then pivots to his advice…]
… One terrifying prospect for the U.S. is that the Trump faction wins again in 2028. Another is that the Democrats regain power – but that like Keir Starmer’s government, they trap themselves in a vicious cycle where universal expectations of less generate factionalism and political stasis, which further deepen those universal expectations.
That is why I think that abundance is important as a goal. We need to aim towards some version of abundance to escape the trap we’re in. That too, is why I think that disagreement about how to reach that goal over the next couple of years is valuable in two ways.
First, no faction on the left or right has any monopoly on the wisdom about how to get there. It is only through argument – and experimentation in those bits of the federal system and local politics where experimentation is possible – that we can figure out what to do when we can do it. Second, if we can get to a place where the major argument is about how to get towards abundance, not just between center left and centrists, but across the political spectrum, we – for a very broad value of we – will be halfway towards winning the fight we need to win. Far more is politically possible when we are disagreeing over how to get to an attractive future, than when we are struggling to ensure that we are as close to the top of the pile as possible in a horrible one.
We need usable futures that can orient current politics in fruitful ways. Abundance – in the broadest sense of that term – is the closest thing to a common denominator across such futures that I know of…
Abundance not as an agenda but a goal: “We need usable futures,” from @himself.bsky.social.
For contrast, pair with: “Trump’s futurism: Elon’s rockets and fewer dolls for ‘baby girl’” (and Part 2) from @adamtooze.bsky.social.
* Franklin D. Roosevelt
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As we opt for optimism, we might send cautious birthday greetings to an example of what less-inclusive abundance can yield: John Warne “Bet-a-Million” Gates; he was born on this date in 1855. A Gilded Age industrialist and gambler, Gates was among the first salesmen of barbed wire. He parlayed his success into the manufacture of of the fencing; and success at that, into the manufacture fo steel. (He was instrumental in changing the steel industry’s production methods from the Bessemer process to the open hearth process.) He was the president of Republic Steel and later, of the Texas Company (an oil concern later known as Texaco) and of the Kansas City, Pittsburgh and Gulf Railroad.
Gates developed a taste– and a talent– for gambling at a young age. In his prime, he was known to host raucous, days-long poker games in his permanent suite at the Waldorf-Astoria. His nickname derived from a 1900 horserace in England on which he wagered $70,000 and was widely-reported to have won $1,000,000 (though it seems likely he won “only” $600,000).
“As you sow, so shall you reap”*…
The circle of life, via Nothing Here (@nothinghere_but).
* Galatians 6:7
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As we watch what goes around come around, we might send very carefully-crafted birthday greetings to Jacques de Vaucanson; he was born on this date in 1709. A mechanical genius, de Vaucanson invented a number of machine tools still in use (e.g., the slide rest lathe) and created the first automated loom (the inspiration for Jacquard). But he is better remembered as the creator of extraordinary automata. Among his most famous creations: The Flute Player (with hands gloved in skin) and The Tambourine Player, life-sized mechanical figures that played their instruments impressively. But his masterpiece was The Digesting Duck; remarkably complex (it had 400 moving parts in each wing alone), it could flap its wings, drink water, eat grain– and defecate.
Sans…le canard de Vaucanson vous n’auriez rien qui fit ressouvenir de la gloire de la France. (Without…the duck of Vaucanson, you will have nothing to remind you of the glory of France)
– Voltaire
“Strange, strange are the dynamics of oil and the ways of oilmen”*…
… and at the same time, all too predictable…
Oil executives love to talk about the energy transition. But for all the platitudes about technologies such as hydrogen and carbon capture, most are doubling down on what they know best.
Oil.
Spending on new offshore oil projects over the next two years is projected to soar to levels not seen in a decade.
In Saudi Arabia, the state-owned oil giant is embarking on a series of massive offshore expansion projects designed to boost the kingdom’s crude production. The United Kingdom and Norway are pumping more money into the North Sea in hopes of lifting out more oil. Exxon Mobil Corp., America’s oil giant, is plowing money into projects in waters off Guyana and Brazil.
The offshore revival represents a shift after a decade of focus on onshore shale plays and amounts to a vote of confidence in oil’s long-term future. The move is notable as it follows several years of mounting talk of diversifying oil companies’ business models…
The world is still likely to consume large amounts of oil for decades to come, even if energy transition efforts gain steam and global crude demand begins to decline. That means investment in new or expanded fields is needed to offset declining production from existing wells. The result is something of a race, with oil companies seeking to identify fields that can produce at low oil prices and outlast competitors in a shrinking market…
Rystad Energy, a consulting firm, reckons that offshore spending will eclipse $100 billion in 2023 and 2024. That would mark the first time offshore oil investment eclipses the $100 billion mark in consecutive years since 2012 and 2013, the firm said. Offshore spending will account for 68 percent of spending on newly sanctioned projects over the next two years, compared with 40 percent from 2015 and 2018…
At first glance, offshore projects appear ill-suited for a world moving away from oil. Offshore development is incredibly expensive and time consuming. Exxon’s Payara development off Guyana, for instance, comes with a $9 billion price tag. Hydraulically fracturing and drilling a shale well, by comparison, is relatively cheap and quick.
Yet shale production is increasingly challenged. Output from shale wells tends to fall quickly, meaning new wells have to be quickly drilled to offset production losses. After more than a decade of intense drilling, many of the most productive locations in the United States have been tapped, analysts say.
Rising interest rates also present a challenge for U.S. shale producers. Many shale companies are relatively small by industry standards and rely on debt to fuel their drilling programs.
Offshore, meanwhile, tends to be the domain of large producers, which are flush with cash after a year of record profits and better able to finance projects from their own balance sheets. Offshore platforms also rely on massive economies of scale, producing vast amounts of oil for decades at a time. Exxon’s Payara project, for example, is projected to deliver 224,000 barrels of oil a day…
More at: “Offshore oil is about to surge,” from @EENewsUpdates.
Related: Countries spent a record-breaking $1 trillion on fossil fuel subsidies in 2022– “Want to cut global emissions by 10%? Stop fossil-fuel subsidies.”
* Thomas Pynchon, Gravity’s Rainbow
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As we contemplate carbon, we might spare a thought for Harry Coover; he died on this date in 2011. A chemist and inventor (with 460 patents), he is best remembered as the creator of Super Glue.
In 1951, while working at Eastman Kodak, Coover accidentally discovered (then patented) the adhesive properties of cyanoacrylate monomers that needed neither heat nor pressure to permanently bond between a wide variety of surfaces. His creation was initially marketed as “Eastman 910,” largely for industrial purposes. In 1963, Loctite purchased the patent and business from Eastman Kodak, and began marketing (what they trademarked “Super Glue”) more broadly. While it still found industrial use (and then medical application, e.g., repairing arteries, veins, teeth, and as a spray to seal open wounds of soldiers during combat in Vietnam), its big push was into the consumer market. Memorable advertising showed a car lifted by a crane using an attachment bonded with just a few drops.
“The highly motivated people in society are the ones causing all the trouble. It’s not the lazy unmotivated folks sitting in front of a TV eating potato chips who bother anyone.”*…
Americans consume about 1.85 billion pounds of potato chips annually– around 6.6 pounds per person. A history of our favorite snack…
When Covid-19 forced people to stay home, many of us found solace in a snack: potato chips. The crispy treats enjoyed around a $350 million increase in sales from 2019 to 2020. When the chips are down, it seems, Americans gobble them up.
Any search for the origins of this signature finger food must lead to George Crum (born George Speck), a 19th-century chef of Native and African American descent who made his name at Moon’s Lake House in the resort town of Saratoga Springs, New York. As the story goes, one day in 1853, the railroad and shipping magnate Cornelius Vanderbilt was eating at Moon’s when he ordered his fried potatoes be returned to the kitchen because they were too thick. Furious with such a fussy eater, Crum sliced some potatoes as slenderly as he could, fried them to a crisp and sent them out to Vanderbilt as a prank. Rather than take the gesture as an insult, Vanderbilt was overjoyed.
Other patrons began asking for Crum’s “Saratoga Chips,” which soon became a hit far beyond Upstate New York. In 1860, Crum opened his own restaurant near Saratoga known as Crum’s House or Crum’s Place, where a basket of potato chips sat invitingly on every table. Crum oversaw the restaurant until retiring over 30 years later; in 1889, a New York Herald writer called him “the best cook in America.” Crum died in 1914, but today’s astounding variety of potato chips, from cinnamon-and-sugar Pringles to flamin’ hot dill pickle Lay’s, are a tribute to the man American Heritage magazine called “the Edison of grease”…
A fussy magnate, a miffed chef and the curious roots of the comfort food we hate to love: “How the Potato Chip Took Over America,” from @SmithsonianMag.
* George Carlin
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As we try to eat just one, we might might recall that it was on this date in 1965 that a storage tank ruptured and three million gallons of soybean oil flooded streets in Mankato, Minnesota, then flowed in the Mississippi River.
Stan Eichten was working in the office of Honeymead Soybean Products [the largest oil-processing facility in the world at the time]… when one of the biggest environmental disasters in state history hit.
“There was a roar, like an explosion,” said Eichten of the rupture of a soy oil storage tank that sent millions of gallons into Mankato streets and the Minnesota River. “It was almost like a tsunami. There was oil 2 or 3 feet deep all over.”
source
“Propaganda does not deceive people; it merely helps them to deceive themselves”*…
Produced at the height of the Cold War [1956], and made at the behest of the American Petroleum Institute (still the biggest lobby for the U.S. oil and gas industry), this great little promotional film from John Sutherland Studios [producer of other such gems as “Rhapsody of Steel,” “A is for Atom,” and “Wise Use of Credit’; c.f. here] champions not only the wonders of oil as might be expected, but also free-market capitalism. The surprisingly humorous cartoon tells the story of how the suspiciously Stalin-like leader of Mars, named Ogg, sends a rather calamity-prone citizen to Earth to find a better power source for his poorly-running “state limousine”. The exploring Martian, of course, lands in the United States and soon discovers the many and myriad delights of petroleum, and that, in contrast to his home planet, competition between companies is rife. His take-home lesson (and one drilled into the viewer on numerous occasions) is that “competing for the customer’s dollar” is key to the success of the oil industry and, of course, the thriving country as a whole. Delivering the news to Ogg back on Mars, the leader replies defiantly that “competition is downright un-Martian”, but the ordinary Martians are not to be deterred and soon rise up to overthrow Ogg and set up a thriving oil industry (and capitalist culture) of their own — the short ending with the slogan “destination unlimited” writ proudly across the screen…
Via Public Domain Review, and the Internet Archive.
* Eric Hoffer
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As we fill ‘er up, we might recall that it was on this date in 1888 that Bertha Benz, wife of inventor Karl Benz made the first motor tour. Without her husband’s knowledge, she borrowed one of his cars and with their teenage sons travelled 180 km to visit relatives for 5 days. She drove her sons, Richard and Eugen, 14 and 15 years old, in Benz’s newly-constructed “Patent Motorwagen” automobile, from Mannheim to Pforzheim– a distance of more than 106 km (66 miles). She thus became the first person to drive an automobile over more than just a very short distance… and in so doing, brought her husband’s handiwork worldwide attention, securing his company’s first sales.
The Benz Patent-Motorwagen Number 3 of 1886, used by Bertha Benz for the highly publicized first long distance road trip
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