Another Inconvenient Truth -- The Myth Of An Imminent Energy Transition -- Peter Tertzakian -- May 18, 2018

Preaching to the choir, but "fun" to read. Over at oilprice.com:

100 million. It’s a number that drowns comprehension; it’s more jelly beans than can fit in an average-sized swimming pool.

Within a year, world oil consumption will top 100 million barrels of oil per day. Over the same time period, close to 100 million new piston-firing vehicles will be bought by petroleum-thirsty customers.

I hate to say it, but any notion of imminent “energy transition” or “decarbonization” is folly.

In fact, the percentage of fossil fuels in the world’s energy mix—coal, oil and natural gas—is still lingering well above 80 percent, a figure that has changed little in 30 years. That remains so, despite being challenged by serious environmental policies, financial pressures, viable alternative systems, public awareness and social activism.

It’s true that wind and solar are being deployed quickly, at an exponential rate in fact. But impressive as it all is, renewable energy installations are far too slow to catch the still-hardy appetite for fossil fuel consumption. Such energy obesity is not virtuous, but it’s a fact needing acknowledgement in a world of over seven billion people, each of whom are wanting for more light, heat, mobility and a panoply of mostly useless gadgetry.

And he goes on and on. "Fun" to read.

100 million bbls/day.

Libya? What? 500,000? 1 million? 2 million? Not what. Whatever.

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Gasoline Demand

Link here.

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Odds And Ends -- But Mostly Odd

Williams: $10.5 billion; buys all public equity of its subsidiary.  From AP.


Enbridge: $9 billion re-structuring, consolidation deal. Just getting started. From Reuters.

Pipeline operator Enbridge Inc said on Thursday it would bring its independent units and liquids and gas pipeline assets under a single listed entity as part of a move to streamline its corporate structure.

Enbridge said it would buy in outstanding shares of its various corporate units, including Spectra Energy Partners and Enbridge Energy Partners, for a value of C$11.4 billion ($8.94 billion), or 272 million of its common shares.

The company, which has been trying to recast itself as a pure pipeline utility, has been under pressure to sell non-core assets and pare its debt pile of $60.87 billion as of December 31, 2017.

And after July 1, 2018, it's gonna get worse. Mexico's landmark energy reforms are mired in regulatory delays. From Reuters.  Link to the graphic below here.

 

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