Thread: A time bomb called "Fracking"

Harry - you are making a school boy error. Of course. Those figures you are giving is the price they would like to get to hit a yearly budget they selected for 2015. That has nothing to do with the actual break even price.

Kuwait - $56

QATAR - $60

Saudi claims $100 but the reality is $45-50.

Guess they don't have these thinks on CAll of Duty or whatever it is you play

Originally Posted by pseudolus

Harry - you are making a school boy error. Of course. Those figures you are giving is the price they would like to get to hit a yearly budget they selected for 2015. That has nothing to do with the actual break even price.

Kuwait - $56

QATAR - $60

Saudi claims $100 but the reality is $45-50.

Guess they don't have these thinks on CAll of Duty or whatever it is you play

"price they would like to get to hit a yearly budget".

Yes, dickhead, it's called "Breakeven". If they don't get the revenue, they lose money.

FFS, you really are a gibbering idiot aren't you?

Venezuela is one of OPEC's biggest and it's on the verge of default and collapse.

You think they can just "select another budget" you fuckwit?

I'd like to see what happens in Oman and Bahrain if Saudi "selected another budget".

Originally Posted by harrybarracuda

"Breakeven"

A different between break even for their budget and the price below which they make a loss. Oil price can be 70 bucks, and the Saudis, qatar etc will not LOSE money - pay to pump. The US will Lose money.

Stick to the gossip pages Wendy.

Pseudo rambling on about another topic he clearly doesn't understand. You really should stick to infowars. Then you will have plenty of friends in your little circle jerk.

Originally Posted by pseudolus

Originally Posted by harrybarracuda

"Breakeven"

A different between break even for their budget and the price below which they make a loss. Oil price can be 70 bucks, and the Saudis, qatar etc will not LOSE money - pay to pump. The US will Lose money.

Stick to the gossip pages Wendy.

Fuck me your basic understanding of economics is even worse than your understanding of politics, and that's saying something.

Let me try and put it simply.

When they SPEND x amount of money, and they RECEIVE y in oil revenue, and x is bigger than Y, they LOSE MONEY.

Are you that fucking dumb, gibbering idiot?

^ fark you are a boring waste of space. Blocked now.

^ Take your ball and go home.

Originally Posted by bsnub

^ Take your ball and go home.

YESSS!!!!!

:fistpump:

Originally Posted by Umbuku

All for a commodity that we should be leaving in the ground in the first place...

Indeed and not forgetting that the massive use of water involving in fracking in Australia means that the great artesian basin is emptying significantly faster than it can replenish itself. So they are taking all of the clean fresh water, mixing it with a cocktail of poisonous chemicals, and using that to poison what little water remains.

Maybe it is ironic that many things that are produced with oil are major pollutants.

We can all whinge and whine about greedy corporations and governments but if there was not a market........
Do we really want give up all the goodies and benefits of the modern industrialized world....I doubt it.
It is what it is......think of all the nasty chemicals and components used in the manufacture of that box on which you are typing...AND it will probably end up in landfill or burned!

That is not to say that there should not be awareness and debate...although


methinks.

Must remember to arrange for our rubber cutters to spray some toxic weedkiller today......

Originally Posted by crepitas

Must remember to arrange for our rubber cutters to spray some toxic weedkiller today......

INdeed and more and more countries are banning the worst ones. However, these things do not cause earthquakes, and destroy the one thing that humans need to live - fresh water. Destroy it - use it up, poison it, structurally destroy the of aquifers and all for a product that we shouldn't really need especially when it costs more than its value on the open market.

Lawsuit Filed Over Oklahoma’s ‘Fracking’ Earthquakes as Its Third Largest Quake Is Felt in 7 Other States



The Sierra Club and the public interest law firm Public Justice have filed a federal lawsuit Tuesday against three energy companies engaged in hydraulic fracturing, aka fracking, in Oklahoma.
The suit against New Dominion, Chesapeake Operating and Devon Energy Production Company alleges that wastewater from fracking and oil production have contributed to the state’s alarming spike in earthquake activity.
The lawsuit demands the companies, as a first step, to “reduce, immediately and substantially, the amounts of production waste they are injecting into the ground.”
The lawsuit was filed the same day that the Oklahoma Corporation Commission made their largest push yet to curb the state’s seismic activity. According to the Associated Press, the state’s oil and gas regulator ordered operators of nearly 250 injection wells to reduce the amount of wastewater they inject underground.
The commission released a plan that covers more than 5,200 square miles in northwest Oklahoma and called for a reduction of more than 500,000 barrels of wastewater daily, or about 40 percent less than previous levels, the AP reported.
The commission’s measure comes three days after a 5.1 magnitude earthquake shook northwest Oklahoma. Not only was the quake felt in seven other states, it’s the third-strongest temblor ever recorded in the state, the U.S. Geological Survey (USGS) said.
“Without knowing more specifics about the wastewater injection and oil and gas production in this area, the USGS cannot conclude whether or not this particular earthquake was caused by industrial-related, human activities,” the agency said. “However, we do know that many earthquakes in the area have been triggered by wastewater fluid injection.”
The Sooner State has gone from two earthquakes a year before 2009 to two a day, making it the earthquake capital of the world.
In 2014, seismologists reported more than 5,000 earthquakes in Oklahoma. In 2015, the state experienced 907 quakes of magnitude 3.0 or greater. “The earthquakes are continuing in 2016,” the suit states, noting that “Oklahoma City residents were awakened on January 1 with a 4.1 magnitude earthquake. Six days later, 4.3 and 4.8 magnitude earthquakes occurred back-to-back. [The state] has had 131 earthquakes from January 1 through 16, 2016, ranging from 2.01 to 4.8.”
Scientists concluded in April 2015 that the injection of wastewater byproducts into deep underground disposal wells from fracking operations have triggered the near-daily quakes.
The Tulsa World examined a recent Oklahoma Geological Survey study, which found an 81 percent jump from 2009 to 2014 in wastewater volumes pumped back underground from oil and gas activities, in which wastewater volumes skyrocketed to 1.538 billion barrels in 2014 from 849 million in 2009. The rise coincides with the state’s leap in seismicity, Tulsa World observed.
“The science laid out in our case is clear,” Paul Bland, executive director of Public Justice, said. “Oklahoma may be on the verge of experiencing a strong and potentially catastrophic earthquake. All evidence points to alarming seismic activity in and around fracking operations, and that activity is becoming more frequent and more severe. This lawsuit, which we filed after the three companies named in our suit refused to take steps of their own, is an action brought by residents of Oklahoma in an attempt to protect their property, their communities and their lives.”
The groups said in their complaint that continued injection “may present an imminent and substantial endangerment to health and the environment.”
“The dangers associated with fracking and its related processes has never been more clear than it is here in Oklahoma,” Johnson Bridgwater, director of Sierra Club’s Oklahoma chapter, said. “Oklahomans, just as all Americans do, deserve the right to live in peace and comfort—not to live in fear of man-made earthquakes. It is our hope that these three companies will recognize the immediate danger they are putting communities in, and put our health and our environment ahead of its profits.”
Not only are the groups requesting a substantial reduction in production waste, they are also seeking an order that requires the companies to reinforce vulnerable structures, which could be impacted by large magnitude earthquakes. The suit also asks the court to require the establishment of an independent earthquake monitoring and prediction center.
“If the fracking industry doesn’t change its ways, the next earthquake could be catastrophic,” Robin L. Greenwald, head of Weitz & Luxenberg’s Environmental, Toxic Tort and Consumer Protection litigation unit, said. “This lawsuit seeks to beat back immediately the amount of production waste that fracking creates, to reduce the deep well injection of that waste and, most important, to limit the amount of damage this process is causing across the Sooner State.”
Public Justice attorney Richard Webster told Radio Oklahoma News that “the polluters know very well that their activities will trigger earthquakes and yet they continue to inject large volumes of waste with impunity despite that knowledge.
“What we’re asking them for is to come down to a level where the injection does not induce earthquakes.”
Devon spokesman John Porretto told the AP it would be inappropriate to discuss the suit from the Sierra Club and Public Justice. The other companies didn’t immediately reply to requests for comment.
Many have criticized the state’s slow response to the regulation of wastewater injection. Al Jazeera America’s bombshell documentary, Earthquake State, exposed the maddening hurdles and bureaucracy that state scientists and regulators face in their efforts to halt the potential crisis and national security threat.
As the quakes continue to strike the state with increasing frequency, Oklahoma Gov. Mary Fallin ordered $1.4 million in emergency funds for earthquake research during her annual State of the State last month.
“I’m committed to funding seismic research, bringing on line advanced technology and more staff to fully support our regulators at they take meaningful action on earthquakes,” she said in a statement.
The Sierra Club and Public Justice have joined the mounting lawsuits against energy companies. Last month, 14 residents of Edmond, Oklahoma filed suit against 12 “reckless” energy companies, claiming their fracking operations caused the state’s string of earthquakes.


https://ecowatch.com/2016/02/17/laws...a-earthquakes/

What the frack? Green groups sue over Oklahoma earthquakes

Oklahoma earthquakes prompt agency to order well cutbacks

Oklahoma hit by magnitude 5.1 and 3.9 earthquake

Meanwhile Saudi and Russia are not letting up. Pump, Pump, Pump.

Saudi and Oman got downgraded yesterday, and Bahrain is now junk.

Saudi Arabia headed a list of oil-producing nations whose credit ratings were cut by Standard & Poor’s on Wednesday amid the collapse in crude prices.
The country’s credit grade was cut two levels to A- from A+ as the decline in oil prices will have “a marked and lasting impact” on the economy of the biggest OPEC producer. Oman’s was lowered to BBB- from BBB+, following a reduction in November. Kazakhstan is now rated BBB-, down from BBB, while Bahrain was lowered to BB from BBB-, putting it two steps below investment grade and the only one of the four to be rated junk.

Saudi Rating Gets S&P Jolt as Four Oil-Nation Credits Are Cut - Bloomberg Business