JHK’s Three-Act Play
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Art Berman is an independent oil geologist and industry analyst. We go deep on the recent extreme price crash in the oil markets, the current situation and destiny of shale oil, and the implications of all this for the economy in general. Art lives in Houston. He blogs at https://www.artberman.com/blog/
The theme music for the podcast is the Two Rivers Waltz by Larry Unger.
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So excited to listen to this podcast. I have a crush on Art Berman.
Thank you Jim & Art for this wonderful interview. The information about what is required to shut in a well was an eye opener, as was the relationship between oil price and GDP. Also, it seems that society often forgets bi-products such as diesel fuel which is so fundamentally important to everything. Such as the level of industrial farming that takes place, its importance in trade, and the food it puts on our tables.
Another great podcast Jim! So glad you were able to arrange the interview with Art.
You’re both good people and right now good people are getting as scarce as hen’s teeth.
Have a great weekend, and enjoy those plum blossoms.
Art Berman at 9:53 re. shale oil: “If you think this is going away then the United Sates is in big trouble.”
The whole world could in a few months be in way bigger trouble than Art Berman or even Kunstler realizes;
In a recent interview author Daniel Estulin alleges a fabricated coronavirus crisis is a scam by the banksters to write off debt and avoid blame for the coming global economic collapse:
Journalist and author Daniel Estulin:
“We’ve reached the limits to growth. And this is systemic for the entire planet. The entire system is in a state of collapse. So they realized they needed to do something to write off all these debts…When the system collapses and you have 90% of the planet’s population unemployed, somebody’s going to have to pay the piper. And the elite don’t want it to be them. So they devised a virus…”
Just do a search on the paragraph above in quotes to find more details. And I AM a conspiracy theorist and feel no need to make apologies for it either. If the people who follow Kunstler can’t see the writing on the wall, the matrix has the planet well and truly in lockdown and not a red pill sight.
Smart cookie Enbridge……………
‘Analysts say an Enbridge Inc. plan to use an idled leg of its Mainline pipeline system to store surplus Western Canadian oil will help offset lower volumes on the system as U.S. refineries buy less oil to match lower demand.
The pipeline is scheduled to be decommissioned next year after it was replaced by a new segment that came into service late last year.
Enbridge says it could increase its storage capacity to about two million barrels this year on the Mainline system with further optimizations in its storage tank program.”
“No energy store holds enough energy to extract, collect and utilise an amount of energy equal to the total energy it stores.
No energy system can produce sum useful energy in excess of the total energy put into constructing it.
This universal truth applies to all energy systems [ solar, wind, EVs, Nuclear, Nuclear Fusion, hydro, Fracking, sand oil, AI, IoT, Robotics, the Sun and you name it].
Energy, like time, flows from past to future”.
The Fifth Law of Thermodynamics and The Arrow of Energy, proposed 2017.
great cast.
i’m suspicious that all actual EROEI calculations are seriously low, because a true calculation would have to incorporate every tiny advantage oil itself gives to any economic enterprise…the convenient packaging and shipping of the food every employee eats, etc. etc., etc…
meant EROEI calculations are too HIGH (assume greater return than actual) , not low
Great Pod. Art is such a resource!
So his best is the 70% reduction of GDP? That is about 3x worse then the great depression. I don’t see how we ever climb out of that hole.
I wonder what his worst case is? Back to the dark ages?
Regular assets like coal, oil, and petroleum gas have colossal carbon impressions as they are non-inexhaustible assets and discharge extensive measures of carbon dioxide.