Update On Canadian Oil Sands -- February 25, 2015; BP Begins Exporting Ultralight Crude Oil From Houston

Before we get to the Canadian oil sands story, this short blurb from Houston Business Journal:

London-based BP has begun exporting ultralight crude oil, called condensate, from the Houston Ship Channel.

While exporting crude oil remains illegal, the federal government has begun to allow more leeway for exporting lightly processed condensate produced from Texas' Eagle Ford Shale, even though exact clarity on what is allowed is somewhat lacking.

Reuters is reporting:

Oil sands cash flows will fall by $23 billion in the next two years, energy consultancy Wood Mackenzie said in a report on Tuesday, as low global petroleum prices make it less economical to extract bitumen from northern Alberta.

Canada's oil sands hold the world's third-largest proven crude reserves after Saudi Arabia and Venezuela, but operating costs are among the highest globally, according to Wood Mackenzie principal analyst Callan McMahon.

Current operating costs reach $37 per barrel for thermal projects, in which steam is pumped underground to liquefy tarry bitumen so it can flow, and $40 per barrel for mining projects.

With benchmark U.S. crude trading around $50 a barrel, down from more than $100 in June, McMahon said the oil sands region's cash flows would drop by $23 billion in 2015 and 2016 combined.

Producers including Suncor Energy Inc, Cenovus Energy Inc and MEG Energy have slashed 2015 capital expenditures in response to the oil price slump.

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CAFE Standards? What CAFE Standards

Bloomberg Business is reporting:

Something strange happened two years ago at Switzerland's annual caucus of ultra-luxury car makers. Rolls-Royce, a brand dedicated to the driven, not the driver, unveiled a vehicle that had just two doors, an engine the size of a small Jacuzzi, and a transmission that pinged satellites in order to adjust to the road ahead. The Wraith, as it was called, had no space for a jar of Grey Poupon.

“We’re evolving,” says Eric Shepherd, president of Rolls-Royce North America, about the shift into a sportier model. “Take a 22-year-old guy who just sold his app company for $22 million. When he gets behind the wheel of a Wraith, he’s hooked.”

Things have grown ever more strange for the one percent on four wheels. The fancy cars seem to be multiplying and taking unexpected shapes. Bentley moved to build an sport utility vehicle in 2013, a decision matched by Rolls last week. 

Ferrari has brought out a 963-horsepower supercar with an electric motor, which has since been joined by an $840,000 Porsche with two electric motors. Orders and eager deposits started have been pouring in.

By the way, this makes the Tesla problems all the more interesting: there are no shortage of multimillionaires and billionaires ready and willing to buy expensive cars -- but apparently not Teslas. One almost gets the feeling that Tesla couldn't be at a worse price point: too expensive for most of us, but not expensive enough for the top one percent.

Once the weather improves and I start biking again, I'm going to look for some Ferrari / Porsche re-charging stations here in DFW metroplex. LOL.

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Statue of Liberty Probably Won't Go Underwater This Year -- Or Ever, Despite National Geographic Cover

Forbes is reporting:

Yet another bitterly cold, snowy winter is destroying alarmist global warming claims, proving once again that over-the-top global warming predictions are proving no more scientifically credible than snake oil.

This morning, stunning photos show New England lobster boats frozen in port, looking like they are stranded deep within the Arctic Circle. The boats have been frozen in place for weeks, which would be remarkable enough if this were the middle of January. However, the calendar is about to turn to March.

Connecticut is experiencing its coldest February in recorded history. So is Michigan. So is Toronto. Cleveland and Chicago are experiencing their second coldest February in recorded history. Frigid and record cold temperatures are being set from Key West to International Falls. At the same time, blizzard after blizzard is burying much of the nation with record winter snow totals, with winter snowfall records beings set from Boston to Denver.

The Kennedy children and grandchildren are seeing more snow than ever this year:

Many global warming activists are still attempting to defend the discredited IPCC prediction, claiming a single winter does not invalidate a long-term trend. The problem with such an assertion is that last winter was exceptionally cold and snowy, too. And winters nationwide have been getting colder for the past 20 years.

Objective scientific data show winters have been getting colder and colder throughout the United States for the past two decades. When global warming alarmists claim winters will become warmer and free of snow, yet their predictions are proven false for 20 years in a row, at some point logical people come to realize that global warming alarmists are selling snake oil.

Another global warming activist tactic is to argue that global warming actually causes more snow. Of course, this is exactly the opposite of what they used to claim, as shown in the IPCC prediction. Moreover, real-world scientific data prove their new claims false.

Global warming activists argue that warmer air can hold more moisture, so winter snow storms that used to bring 12 inches of snow now bring 14 inches of snow. The problem with this new assertion is – as documented above – winter temperatures are substantially colder now than they used to be. Global warming activists cannot claim recent record snowfalls are caused by warmer winters when winters are in fact much colder than they used to be.