The kingdom may have stretched its current limits by extracting a record of around 10.7 million bpd this year... one reason why Riyadh pushed so hard for a global deal to cut production. Riyadh... felt the burn of cheap oil this year...as the reality of its costly war in Yemen and the task of shaking up its economy to create thousands of jobs began to sink in. The government is trying to boost non-oil revenue and modernize the economy through an ambitious reform plan called "Vision 2030."
Every year thousands of oil and chemical spills occur in waters around the country, but unless you live in a highly impacted area like Louisiana, you probably only hear about a handful of them. That’s partly because the Coast Guard classifies many spills—up to 100,000 gallons—as minor or moderate, and small spills get less of everything: less media attention, less regulation, less environmental impact assessment, and most critically, less funding to clean them up.
Oil exploration is already pumping millions of dollars into the Falkland Islands economy. Many islanders remain concerned about Argentina’s claim as well as the potential for problems from rapid change brought by the new industry ... The Falklands are internally self-governing, but Britain is responsible for its defence and foreign affairs. The British government says islanders cannot be forced to accept Argentinian sovereignty against their will.
Today, as Exxon’s scientists predicted 25 years ago, Canada’s Northwest Territories has experienced some of the most dramatic effects of global warming. While the rest of the planet has seen an average increase of roughly 1.5 degrees in the last 100 years, the northern reaches of the province have warmed by 5.4 degrees and temperatures in central regions have increased by 3.6 degrees.
As the Arctic melts, it is birthing a new global battleground, with huge economic, environmental, and geopolitical implications ... Oil companies are moving north, even though cheap crude makes pricey Arctic drilling a tough sell for now. Shipping companies are eagerly eying a fresh northern route that can trim thousands of miles off voyages ... Russia, which has a fleet of six nuclear-powered heavy icebreakers ... is revamping scores of Cold War-era military bases inside the Arctic Circle.
As beneficial as seismic surveys are to oil and natural gas-seekers, their effects on marine life—whales especially—is worrisome.The gentle giants of the sea use sonar to communicate, locate food, and reproduce...one airgun array trawled behind a ship during a survey can disrupt whale behavior within a 100,000-square-nautical-mile area...Seismic surveys are hurting the fishing industry, too;catch rates for commercial species like cod and haddock have dropped by up to 80 percent near survey sites
Saudi Arabia is effectively beached. It relies on oil for 90pc of its budget revenues. There is no other industry to speak of, a full fifty years after the oil bonanza began. Citizens pay no tax on income, interest, or stock dividends. Subsidized petrol costs twelve cents a litre at the pump. Electricity is given away for 1.3 cents a kilowatt-hour. Spending on patronage exploded after the Arab Spring as the kingdom sought to smother dissent.
China essentially provided its own Marshall Plan: as the world’s biggest oil consumer, it buys nearly two million barrels a day from Angola, more than from any other country, and Chinese firms are building schools, roads, bridges, ports, and one of the largest housing developments in Africa
75 percent of small-business owners—“the Gulf Coast blue-collar, hand-to-mouth, paycheck-to-paycheck guys”—will never get paid, says Brent Coon, a Texas lawyer whose firm represents 10,000 spill clients. According to BP’s own data, fewer than 19 percent of these BEL claims have been paid to date.
Until 2008, the state of Oklahoma averaged one or two earthquakes magnitude 3.0 or greater a year. Then the lid blew off those numbers. Rising year by year. To 20. Then 42. Then hundreds. Last year, Oklahoma had 585 earthquakes that size. This year, it’s on track for more than 700.