Thursday, March 23, 2017

The consumption of energy in the United States has also changed since 1908

The consumption of energy in the United States has also changed significantly over the past hundred years. In 1908, the country consumed just 15 quadrillion British thermal units (Btu), of which three-quarters was coal. By the time the Cubs made their last World Series appearance, total energy consumption in the country had doubled. Coal was still the main fuel, but petroleum had also become a large source of energy consumption.

Energy Consumption in US

In comparison, the last time the Indians appeared in the World Series (1997), U.S. energy consumption had increased to totals closer to those seen today. Consumption in 1997 totaled 94 quadrillion Btu. Coal’s share had fallen to one-quarter of total consumption, and natural gas and nuclear made up a large share. Since then, the shares of natural gas and other renewables used to generate electricity have increased, resulting in a lower share of coal generation.
The share of nonhydro renewable consumption is actually lower today (10%) than it was in 1908 (15%). This is a factor of both lower energy consumption as a whole and a large amount of biomass (in this case wood) consumption 100 years ago. Today, while the nonhydro renewable share of total energy consumption is lower than in 1908, solar and wind generation continue to increase and make up a large percentage of total nonhydro renewables.
Despite the changes in fuel sources, fossil fuels have continued to make up a large percentage of U.S. energy consumption. In 1908, fossil fuels accounted for 85% of total consumption. When the Indians won the World Series in 1948, that share had increased to 91%, as petroleum and natural gas had begun to account for increasing amounts of energy consumption. Fossil fuel consumption has fallen in recent years, accounting for 81% of total consumption in 2015.

Monday, March 20, 2017

US Oil Rig Count is up 63.47% from one year ago

US Oil Rig Count is at a current level of 631.00, from last week and up from 386.00 one year ago. This is a change of 14 from last week and 63.47% from one year ago.

Wednesday, March 8, 2017

Oil fell below $ 53 with worries of "supply"

Petrol fell below $ 53 with "supply" concerns Oil prices fell below $ 53 with a rise in US private-sector stocks. Oil prices have fallen below $ 53 a barrel after showing that the private sector in the US has increased its oil inventories and that the already high levels of total inventories have risen even more.

Forward Oil contracts grew 0.7 percent in New York, after dropping 0.1 percent on Tuesday. Oil inventories increased by 11.6 million barrels last week, according to the private sector funded American Petroleum Institute. It is expected that official Petroleum stock data to be announced on Wednesday will show that the increase is moving in the ninth week. Saudi Arabia's energy minister said that inventories are expected to slow down considerably and that the decision on the prolongation of OPEC's contract of production quota will be taken when the ministers meet in May.

Oil prices have surpassed more than $ 50 per barrel as the Petroleum Exporting Countries (OPEC) and other producer countries began reducing output from 1 Jct to offset the global supply surplus. Saudi Arabia and Russia, the architects of the agreement on supply, sought a united front on Tuesday to reconcile a conference in Houston with Iraqi and Mexican officials continuing their insistent stance that restrictions are underway.

Jonathan Barratt, chief investment officer at Ayers Alliance Securities in Sydney, said: "Oil is stuck in a comfortable band between $ 50 and $ 55," he said, adding that OPEC would probably not extend the duration of production shortages if prices do not fall below $ 50.

The April-term West Texas Oil (WTI) price dropped 52 cents to 52.80 dollars at 10:48 pm with Hong Kong time, down 39 cents from the Nymex to 52.75 dollars per barrel. Total transaction volume was 58 percent below the 100 day average. The contract fell by 6 cents on Tuesday and closed at 53.14.

May-term Brent Oil plunged 35 cents, or 0.6 per cent, in London-based ICE Futures Europe to 55.57 dollars per barrel. The prices fell by 9 cents on Tuesday to close at 55.92. The global benchmark Brent Oil was trading at a premium of $ 2.30 in relation to the May term WTI.