Even Keystone, newly completed, already has a planned expansion by TransCanada.
Posted on 02/07/2010 1:23:27 PM PST by Lorianne
Sir Richard Branson and fellow leading businessmen will warn ministers this week that the world is running out of oil and faces an oil crunch within five years.
The founder of the Virgin group, whose rail, airline and travel companies are sensitive to energy prices, will say that the coming crisis could be even more serious than the credit crunch.
"The next five years will see us face another crunch – the oil crunch. This time, we do have the chance to prepare. The challenge is to use that time well," Branson will say.
"Our message to government and businesses is clear: act," he says in a foreword to a new report on the crisis. "Don't let the oil crunch catch us out in the way that the credit crunch did."
(Excerpt) Read more at guardian.co.uk ...
Even Keystone, newly completed, already has a planned expansion by TransCanada.
Ahh... I see... I’ll have to check on it later... I’m going to watch the Super Bowl now... see y’all later...
we only run out of oil when liberals are in charge.
The world has been burning more oil than it finds every year since 1981
Now that the man made global warming has been proved to be pure BS the people need to understand the only way to have economical fuel for their vehicle is to vote every democrat out of office.
Part of their plan??????
Lessee—I’ve heard this “oil crunch in five years” every year soince 1974.
Drill, baby, DRILL!!
Not true.
Proved reserves:
1981 - 649.130 Billion Barrels
1986 - 698.607 Billion Barrels
1991 - 998.745 Billion Barrels
1996 - 1,007.368 Billion Barrels
2001 - 1,028.132 Billion Barrels
2006 - 1,292.936 Billion Barrels
2009 - 1,342.207 Billion Barrels
International Crude Oil Proved Reserves
http://tonto.eia.doe.gov/cfapps/ipdbproject/iedindex3.cfm?tid=5&pid=57&aid=6&cid=ww,&syid=1980&eyid=2009&unit=BB
The remaining reserves continue to climb because we find more than we use.
Reserves increase because a.) we find more than we're using and b.) technological improvements steadily increase the amount of recoverable oil in a given reservoir.
Technology is an important part of this equation. I can recall two times in the past when the cry was "We're running out of oil". Then, somebody invented the pumpjack. The next time, somebody introduced injection.
Now, we've got sophisticated directional drilling technology. There will be more...
Reserves increase because a.) we find more than we're using and b.) technological improvements steadily increase the amount of recoverable oil in a given reservoir.
Technology is an important part of this equation. I can recall two times in the past when the cry was "We're running out of oil". Then, somebody invented the pumpjack. The next time, somebody introduced injection.
Now, we've got sophisticated directional drilling technology. And there will be more...
Agreed
Yep. That’s a good one. Got to keep reminding people of these insane predictions.
At this point, I can’t substantiate it, but I believe every prediction of man made catastrophe, from Mathus and beyond, to Ehrlich, Carter, the Club of Rome, 2K, H1N1 and, lest we forget, Ted Danson, has proven to be hogwash.
Yet not one of these savants has predicted the Tsunami in Indonesia, the earthquake in Haiti, the hurricane in the Gulf Coast, the blowing of Mount St. Helen’s. Nor have any of their precious “models” predicted the cold wave this winter, or the snow storms of this winter or, in fact, this week.
And I would suggest they have had much more impact on human life.
Oil industry
Cushing is a major hub in oil supply connecting the Gulf Coast suppliers with northern consumers. Cushing is famous as a price settlement point for West Texas Intermediate on the New York Mercantile Exchange (NYMEX) and has been cited as the most significant trading hub for crude oil in North America. As of 2007, Cushing holds 5% to 10% of the total U.S. crude inventory. Signs made of a pipe and valve on the major highways near town proclaim Cushing to be the "Pipeline Crossroads of the World", and the town is surrounded by several tank farms. Most storage tanks are owned by four entities: oil giant BP, and energy-transport and logistics firms Enbridge Energy Partners, Plains All American Pipeline, and SemGroup Energy Partners.
On April 13, 2007, the now-defunct Lehman Brothers released a study which claimed that WTI Crude at Cushing is no longer an accurate gauge of world oil prices. A large stockpile of oil at the facility (mainly due to a Valero refinery shutdown) has caused prices to be artificially depressed at the Cushing pricing point. This gap relative to world markets increased in early 2009 to nearly $12 per barrel at times, causing Saudi Arabia, a leading oil exporter and OPEC member, to announce an end to benchmarking its own oil prices to WTI.
Cushing will be the southernmost hub of the proposed 2,148 mile Keystone Pipeline that will transport up to 590,000 barrels a day of crude oil from Hardisty, Alberta. Other major pipelines reaching Cushing include the Spearhead and Pegasus pipelines.
Historically
In the early 20th century, Cushing was a center for exploration of and production from nearby oil fields. At least two refineries operated in the town. As the oil fields started to run dry, starting in the 1940s, production and refining became less important. However, the maze of pipelines and tanks that had been built led to the NYMEX choosing Cushing as the official delivery point for its light sweet crude futures contract in 1983.
Wednesday, July 16, 2008
Keystone Pipeline
TransCanada Corporation, on behalf of the Keystone Pipeline partnerships between TransCanada and ConocoPhillips, has announced plans to expand the Keystone crude oil pipeline system and provide additional capacity of 500,000 barrels per day from Western Canada to the U.S. Gulf Coast in 2012. The expansion is expected to cost approximately US$7.0 billion. When completed, the expansion will increase the commercial design of the Keystone Pipeline system from 590,000 barrels per day to approximately 1.1 million barrels per day and result in a total capital investment of approximately US$12.2 billion.
Plans to expand to the U.S. Gulf Coast follow successful negotiations with several prospective shippers who have agreed, subject to regulatory approvals, to make shipping commitments of approximately 300,000 barrels per day to the U.S. Gulf Coast for an average term of 18 years during a binding open season which begins today. In addition, prospective shippers have also agreed to commit another 35,000 barrels per day to Wood River and Patoka, Illinois during a future open season expected in the third or fourth quarter of 2008. With these commitments Keystone has now secured long-term commitments for approximately 830,000 barrels per day for an average term of 18 years. These commitments represent approximately 75 per cent of the commercial design of the system.
"The Keystone expansion will be the first direct pipeline to connect a growing and reliable supply of Canadian crude oil with the largest refining market in North America," said Hal Kvisle, TransCanada President and CEO. "The Keystone Pipeline will be constructed and operated as an integrated system with delivery points in the U.S. Midwest and U.S. Gulf Coast."
The Keystone expansion includes an approximate 3,200-kilometer (1,980-mile), 36-inch crude oil pipeline starting at Hardisty, Alberta and extending south to a delivery point near existing terminals in Port Arthur, Texas and, subject to shipper support, will include an additional approximate 80-kilometer (50-mile) pipeline lateral to the Houston, Texas area. With the addition of incremental pumping facilities, the Keystone Pipeline system could be further expanded from 1.1 million barrels per day to 1.5 million barrels per day.
During the binding open season Keystone will seek additional shipping commitments from interested parties. Once Keystone completes the open season process it will proceed expeditiously with the necessary regulatory applications in Canada and the U.S. for approvals to construct and operate the proposed facilities. Construction of the facilities is anticipated to commence in 2010 following the receipt of the necessary regulatory approvals. As a result, the majority of the US$7.0 billion in additional capital investment required to expand Keystone to the U.S. Gulf Coast is expected to be made between 2010 and 2012.
Certain parties who have agreed to make volume commitments to the Keystone expansion have an option to acquire up to a combined 15 per cent equity ownership in the Keystone partnerships.
TransCanada is responsible for developing, constructing and operating the Keystone pipeline and has initiated outreach activities with key stakeholders including local communities and landowners along the expansion route. It is expected that deliveries to Wood River and Patoka, Illinois will commence in late 2009. Deliveries to Cushing, Oklahoma are expected to commence in late 2010 and deliveries to the U.S. Gulf Coast are expected to begin in 2012.
Uhmmm... thanks??
After working a couple decades in the oil and related industries, I am familiar with Cushing.
Well..., I was sure you were, but there are still a lot of FReepers that might not know... :-)
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