Even though they are more expensive to recover because they are in the most remote and uninhabitable places on earth, unconventional oil & gas sources, such as tight oil, shale gas, oil sands, natural gas liquids, and deep-water or Artic oil & gas reserves, were seen as the answer to a falling conventional supply. http://www.delicious.com/stacks/view/N8uXwO. Fossil fuel plays a major role in our economy and many of our current technology have been developed with fossil fuel in mind. 235, Dangerous market conditions will allow only the most endowed corporations to survive, putting pressure to consolidate on an already concentrated industry. www.carbontracker.org, † The ‘carbon bubble’ is the idea that energy investors are sitting on a $2 trillion pile of unredeemable assets because vast amounts of coal, oil and gas companies' reserves will never be extracted if the world is to limit global warming to a rise of 2 °C. In 2013, Dr. Markus Krebber, CFO, described the German utility's trading unit, RWE Supply & Trading, as being the commercial heart of RWE, more or less as a bank's treasury function, through which all the commodity flows go. Indeed, satellite pictures (and Google Earth) show flaring all over the world. However burning fossil fuel is damaging the Earth’s environment with the release of pollution to the atmosphere. Oil tankers carrying 17 million barrels, or about 20% of the world's oil supply, pass through the Strait of Hormuz between Iran and the United Arab Emirates each day, and they are protected by the US Navy (Fig. An oil price of at least $60/barrel would be enough to double the estimation of US petroleum reserves (by including now economic unconventional sources). Therefore, it affects ‘information discovery’. Coal is especially detrimental for miners, as its mining can lead to black lung disease, which was the cause of about 10,000 deaths in a span of 10 years from 1990 to 2000 (Union of Concerned Scientists). They had total freedom to create their own state within the concession areas, which included deciding the plans for exploration, development, and production. In the U.S. and European markets, there is an indirect relationship between oil and gas prices. Reference Tagwerker34,52,54,Reference Birkett64 In 2010, large nuclear power developers, e.g. Even elusive sea creatures, such as the giant squid, have been killed by the sonic blasts. The global association of ECAs is the ‘Berne Union’, which, collectively in 2013 insured $1.9 trillion of exports and foreign direct investment (more than 10% of international trade), and indemnified $4.5 billion to exporters and investors, protecting them from losses suffered due to buyer defaults in all regions of the world. Seismic exploration for geologic oil formations generates incredibly loud underwater sound blasts which may destabilize reproduction and survival of threatened whales and commercial fish populations. But using fossil fuels doesn’t just hurt our planet, it hurts us. In the southeastern US, uranium extraction in Arizona, New Mexico, and Utah has left severely polluted sites still needing remediation, that the US Environmental Protection Agency has designated as ‘Superfund sites’. Because oil & gas are often extracted from the same wells, their production costs (capital and operations) are typically combined. By having enormous capital assets, and by being able to access money with the privileges accorded banks, fossil fuel suppliers have been allowed much more favorable circumstances than other companies. Fossil fuels are also responsible for almost three-fourths of the emissions from human activities in the last 20 years. The Paris Agreement signed in December 2015 has solidified agreement that the world must address climate change, and has resounded the warning that inaction on climate change carries potentially catastrophic risk for the global economy. The conditions for workers on board ships registered under flags of convenience are precarious, with very low pay, poor on-board conditions, inadequate provision of food and clean water and long working periods without adequate rest. If we don’t plan, we will get a mighty shock when we finally realise what is happening to our oil supply and how critical it has been in our economy. Capital costs, which include the cost of site preparation, construction, manufacture, commissioning and financing a nuclear power plant. To more fairly compare the economic, social, and environmental aspects of renewables, such as photovoltaics, to fossil fuels, a broader view is required which needs to take into account the impacts of the fossil fuel supply chain. Fig. Not willing to lose a competitive advantage, oil & gas companies and utilities have established banking, investment, and/or commodity trading subsidiaries. While this type of grid parity discussion is useful in considering the competitiveness of, say, photovoltaic electricity (PV), in a particular market, it rhetorically sets up the status quo as the desired condition to be reached, without considering its sustainability or its social impact. At the same time, this prominent positioning of the industry has limited innovation, increased inertia, and created resistance to change. Commodity traders may engage in physical operations, in which they buy the commodity at various stages in the supply chain and arrange for transportation and/or storage and/or processing in the following supply chain link, to take advantage of the most lucrative deals. In the context of the developing issue of climate change as well as the growing fossil fuel divestment movement, analysts in 2014 pointed out that the Saudi decision may have even taken into consideration the contingency that fossil fuel reserves may eventually be rationed. On the Navajo lands alone, a legacy of uranium contamination remains from more than 500 abandoned uranium mines, homes built with contaminated mine waste rock, and contaminated water wells. Follow-up lawsuits for similar damages to local communities can be expected. Because the mining and milling of uranium ore seeks to isolate only 0.01% of the rock, 99.9% of the extracted rock is rejected after processing. Pumped to the surface, a processing plant separates the uranium from the sludge, or ‘tailings’ generated with this process. In fact we import 97% of our oil. Although this is well-known, the encroachment of unconventional oil & gas recovery into residential areas in the US has renewed awareness of its damaging health effects. Fossil fuel is one of humanity’s most important sources of energy. 106, Oil development is often accompanied by stark income inequality. Contamination of the soil extended more than 5 meters deep in many areas. The economic and social consequences of the globalized oil & gas industry are taken up in section “Economic and social consequences of the globalized oil & gas industry”, followed by a renewed look at the physical consequences of the fossil fuel supply chain in section “Physical consequences of the fossil fuel supply chain”. We operate at the frontiers of geography, geology, environment, and geopolitics”. Greenpeace Southeast Asia and the Centre for Research on Energy and Clean Air have released a new report about the costs of air pollution from fossil fuels, both human and economic… Furthermore, the royalties paid to the host countries were decided unilaterally by the oil concerns. 8). 123, Coal can be extracted from underground or surface mines. Up to 2000, major oil companies could spend half their capital on upstream activities and be able to replace the reserves depleted by production. According to researchers in this field, the specific risks of these PAH cocktails need to be elucidated and public awareness of these risks needs to be sharpened. MTR involves using explosives to blast and excavation equipment to remove the tops off mountains, to expose coal seams and dump the resulting debris in the valleys and streams below. A Congressional report The UK has been providing subsidies, of up to $1.2 billion a year, for offshore and unconventional gas and oil exploration. The management of capital can provide a higher rate of return than the operations business of extracting and selling fuels. Reference Bárány and Grigonytė65 All of these countries, except Cameroon (with 53% of state revenues from oil & gas and other minerals combined), receive more than half of their state revenues from oil exports. An example of the other end of the spectrum are the multitude of plans, feasibility studies, and demonstrations of an energy supply based on 100% renewables. On the contrary, the regions with coal mining are the most destitute. Furthermore, it has a functioning multi-party democracy with the lowest levels of corruption in Africa. Reference Branegan118 Although flaring produces less potent GHG emissions, than venting the methane directly to the atmosphere, it is environmentally damaging and economically wasteful. It has been calculated that shipping-related particulate matter (PM) emissions are responsible for approximately 60,000 cardiopulmonary and lung cancer deaths annually, occurring near coastlines in Europe, East Asia, and South Asia. For example, the IEA has asserted that the energy supply will need to grow by ∼40% by 2040 The multi-billion dollar conglomerate owned by Charles and David Koch, ‘Koch Supply & Trading’, has a unit which claims to have traded the first oil swap over 25 years ago. He reasonably asserts that a global democratic governance in which all nations participate in a unified government is not currently attainable, so we must choose nations and democracy and find a new way to handle globalized trade. The depletion allowance is a subsidy for investments in depletable resource extraction, and is estimated to have amounted to about $25 million per year for companies operating in the US in the general period between 2000 to the present. Reference Stevens25,Reference Mitchell26 In Transparency International's 2015 Corruption Perception Index, Azerbaijan came in 126th out of 175 countries. Reference Legere148 The resource curse and oil revenues in Angola and Venezuela, Venezuela's Resource Curse will outlive Hugo Chavez, The politics of the resource curse: A review, Considering the impact of oil politics on nation building in the Republic of south Sudan, The effects of petroleum dependency on agricultural trade in Nigeria: An error correlation modeling (ECM) approach, Africa progress report equity in extractives. Furthermore, by not requiring fuels and operating from local resources, wind and solar will never demand the same kind of trade-off between economic interests and environmental health and safety that fossil fuels do. These examples show that oil is deeply entwined in the national security interests of states, and as such is not a simple market commodity. However, fossil fuels are not free of drawbacks. Hostname: page-component-56455454b9-6w74h It has since expanded into oil market logistics. Uranium stocks tumble after RBC takes axe to price forecasts, As coal's future grows Murkier, banks Pull financing, The Great coal cap—China's energy policies and the financial implications for thermal coal. Fossil fuel expenditures would again surpass $1 trillion in 2011 and by 2030 we will be spending $750 … Assuming a conversion efficiency typical for natural gas power plants (33%), this amount of gas would produce about 490 TWh of electrical energy, or close to the yearly electricity consumption of Germany. OPEC decided in mid-2014 against shoring up prices artificially, with the motive of maintaining market share. Like Goldman Sachs, Glencore, another giant company (see Fig. Reference Parker184. We acknowledge the graphic by William Huston (WilliamAHuston@gmail.com) showing the water contamination data from the Pennsylvania Department of Environmental Protection, obtained by Laura Legere, Scranton Times Tribune. The authors gratefully acknowledge the valuable comments of the anonymous reviewers and editors. 59 Reference Rodrik226, Financialization has drained sources of finance for real investments in capital stock and infrastructure. While the GDP reflects the number of transactions that occur within a society, it does not reflect whether or not the economy of that society blossoms or not. Shadow Banking Around the Globe: How Large and How Risky? As a response to the growing coal pollution in major Chinese cities, the Chinese government has decided to limit coal use. Indeed, trading is present at every stage of the supply chain, and the longer the global supply chain the greater the range of trading options, as Deloitte points out. Full text views reflects PDF downloads, PDFs sent to Google Drive, Dropbox and Kindle and HTML full text views. The American Petroleum Institute (API) sponsored this study to spotlight the implications of a future in which no new fossil fuel production development occurs. Construction was started in 2002, and in 2003 Amnesty International rang the bell with a report stating that the mechanisms for protecting human rights were being systematically undermined. The main disadvantage of using fossil fuels is that it creates pollution and increases global warming. In addition, the combustion of oil, gas, and coal emit further pollutants: volatile organic compounds (VOCs) and poly-aromatic hydrocarbons (PAHs), nitrogen oxides (NO Reference Chisik, Onder and Battaile165 Indeed, oil development has coincided with the shrinking of other economic sectors in these nations. The $5.1 billion in national exploration subsidies provided by the US in 2013 was almost double the 2009 level. The North America rig count declined by 39% in the first months of 2015. In the European market, we expect lower gas prices and potentially increased volatility in hub prices, owing to Europe's role as a sink for LNG volumes in the current market context. Reference Bast, Makhijani, Pickard and Whitley35, Since the beginning of the nuclear age, the American government has subsidized uranium mining, milling, and enrichment as well as fuel fabrication for the dual purpose of developing both nuclear weapons and nuclear energy capability. Volatile organic compounds are carbon-based compounds that can easily evaporate at room temperature, like benzene, xylene or gasoline. Iraq flared 9.4 billion cubic meters in 2011, as compared to the 7.1 billion cubic meters flared by the US. Exploration and production expenditure of 42 oil & gas companies. Reference Karl90, In a developing country in which oil revenue dominates all other income, the state can become a rentier state, in which society organizes around the influx of point-source revenues, in contrast to revenues from a productive diversified domestic economy. The blasts themselves can weaken infrastructure and buildings, and strain neighboring communities. A strong link between lung cancer and the PM from coal dust associated with MTR is being observed. Botswana is seen as an exception. In addition to the act of perforating the casing, the heavy drilling liquids sitting at the bottom of the well may also block the flow. Reference Coady, Parry, Sears and Shang66. 145 The Paris Agreement, which clearly expresses the intention to hold global warming well below 2 °C, and to pursue efforts to keep it within 1.5 °C, has absorbed the idea put forth by climate scientists that even the 2° warming limit may be highly dangerous. Reference Piketty223, Highly financialized sectors are able to have an influence on the degree of regulation and tax structure they are subjected to. Close this message to accept cookies or find out how to manage your cookie settings. Reference Watkins and Kende-Robb104 Section “Fossil fuel subsidies” takes a look at the massive government subsidies that fossil fuel industries receive. Sudan, for example, has a debt estimated at $43.7 billion. Compiled by the US Energy Information Agency (EIA) in Fig. 17 Therefore, this premise is not sufficient for a viability judgement. In what order should monetary reform take place? Currently, the IOC's control about 10% of the world's reserves. Residual fuels are the dregs of the crude oil after the lighter hydrocarbon fractions have been separated out, and therefore contain a higher concentration of sulfur, ash, asphaltenes, and metals than crude oil. The hope, which had also been articulated by the European Commission, was that regulations for shipping emissions would be addressed at the Paris climate conference, but they were not included in the agreement. Some of these issues are: market control through a cartel; the emergence of resource nationalism; and the (inter)national political and military framework support for secured access to oil & gas resources. 181 It must also be kept in mind, however, that multi-nationals can benefit from accounting methods to attribute profits to offshore tax havens. 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