| $65.47→ | 6/20/2018 | 06/20/2017 | 06/20/2016 | 06/20/2015 | 06/20/2014 |
|---|---|---|---|---|---|
| Active Rigs | 62 | 56 | 29 | 77 | 189 |
First, the report shows that the world achieved a new oil production record of 92.6 million barrels per day (BPD), which is the 8th straight year global oil production has increased. The United States was the world’s top oil producer in 2017, exceeding 13 million BPD* for the first time ever. Saudi Arabia was second at 12.0 million BPD, while Russia came in at 11.3 million BPD.And this is why caution is needed. See that little asterisk? This is what the asterisk links:
*Note that BP’s definition of “oil” includes natural gas liquids (NGLs), which have surged in the U.S. along with natural gas production. This is the primary reason BP’s oil production number is higher than numbers reported by the Energy Information Administration.So, maybe the metrics haven't changed all that much. If not, then still 10, 10, 10.
The growth of renewables wasn’t enough to prevent a new record for total fossil fuel consumption. Consequently, carbon dioxide emissions rose in 2017. Global carbon dioxide emissions rose 1.6% to a new record of 33.4 billion metric tons.
Carbon dioxide emissions actually declined by 0.5% in the U.S. as more coal-fired power was phased out, but strong growth was registered in the Asia Pacific region, Europe and in Africa. Of the 18 Asia Pacific countries reported, only Japan showed a decline in carbon dioxide emissions.Isn't it the Asia Pacific countries that are most affected by rising seas?
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2018 is 4.7 percent on June 19, down from 4.8 percent on June 14. The nowcast of second-quarter real GDP growth decreased 0.2 percentage points after the Federal Reserve Board's industrial production release on Friday, June 15, as a decline in the nowcast of real gross private domestic investment growth from 10.9 percent to 9.2 percent more than offset a slight increase in the nowcast of real consumer spending growth from 3.6 percent to 3.7 percent. After this morning's new residential construction release from the U.S. Census Bureau, the nowcast of second-quarter real residential investment growth increased from 0.3 percent to 2.9 percent.
Locator: 10010PRUEM.
Updates
January 20, 2024: correction. My friend with a Porschhe lived in Plütscheid, not Prüem. Plutscheid is a small village about halfway between Prüem and Bitburg. Closed now, but when we were stationed at Bitburg AB, Germany, the USAF had an air station at Prüem.
Original Post
In 1982, or thereabouts, my closest friend at the time wrote to tell me that I "had to get the US Air Force to send me to Bitburg Air Base in Germany" where he was stationed. It was perhaps the best Air Force assignment at that time. In addition to the spectacular setting (the scenery and the beer) the Air Force was flying its premier fighter jet, the F-15, out of Bitburg.
One Air Force astronaut returning from a space shuttle flight was asked by a journalist: "Now that you've been to space, what would you like to do next?" The astronaut's answer: "Get assigned to Bitburg Air Base, Germany."
If I can find the link, I will.
In 1983 I was assigned to Bitburg AB where I spent my first three years overseas. I went on to complete thirteen years overseas, including a second four-year tour at Bitburg.
Upon arriving at Bitburg, I bought two used cars for our growing family: a large Mercedes-Benz 280 sedan and a smaller BMW sedan, 5-series, if I recall correctly. It may have been a 3-series. I forget. I digress.
I bought the Mercedes-Benz within a week after arriving in Germany, and my first trip out of Bitburg was up to Pruem, Germany, about 35 km to the north, I suppose, to visit my friend who said I needed to get assigned to Bitburg. I don't recall what type of car his wife drove -- oh, that's right -- it was a Toyota (?) mini-van they had brought over from the states. He drove a Porsche that he had bought in Germany, but because it was "German spec" he would not be able to bring it back to the states.
So, he had a Porsche. I had an old "heavy, Chevy" Mercedes-Benz. LOL.
We loved the Bitburg-Pruem area because it was so close to France, Luxembourg, and Belgium. A day trip would take us to any of those countries. One day we drove to Switzerland, stayed overnight, and came back home the next day just to say we had been to Switzerland. We generally took the train to Paris -- a four-hour trip, but everywhere else in the area, we drove.
I was reminded of all that by this story sent to me by Don: Tesla is considering Germany as its first site outside the US for a "gigafactory." Okay.
Then I read the story to the end. More specifically the location in Europe:
"Germany is a leading choice for Europe. Perhaps on the German-French border makes sense, near the Benelux countries," Tesla's billionaire boss Elon Musk said on Twitter here Tuesday, responding to a public tweet.
Tesla already has operations in Pruem, Germany, which is only 30 kilometers from Belgium, and about 100 kilometers from the French border.
Pruem is the headquarters for Tesla’s Grohmann Engineering division, which specialises in automated manufacturing systems for battery making plants.
Grohmann recently built a production line for Tesla’s U.S. battery factory in Reno, Nevada, to speed up production for its Model 3 electric sedan.Wow, Pruem, Germany. Who would have thought?
Wow, talk about a great article. The only data point that surprised me was Bloomberg's comment about DUCs. Obviously Bloomberg is correct and I am wrong, but I have not seen that statistic before -- "month's supply of DUCs."
The spike in DUCs at the Bloomberg chart correlates with the two years that Saudi Arabia made their trillion-dollar mistake. From 2015 to 2017, Saudi maximized production to try to crush US shale; US shale operators responded in various ways, including more DUCs.
But the number of DUCs, month-to-month in the Bakken has stayed fairly stable over the past two years. Bloomberg did not address the number of inactive wells in the Bakken -- increasing in numbers as more and more wells are being fracked. Neighboring wells are taken offline when a new well is being fracked.Without an additional waiver, Bakken operators are now routinely allowed two years to complete a well. Prior to the Saudi Surge, Bakken operators had to complete a well within one year of spud.
