58ºN is the latitude at which we spend our summers. We are 3º south (and 120º west) of Anchorage, Alaska. Currently, the weather here is subtropical, and has been for weeks on end. A pair of shorts suffices as far as clothing (laundered daily by jumping in the river). Jumping in the river is still refreshing, although it's warm enough to spend half the day in without getting chilled.
Daytime temperatures hover around 27ºC; tomorrow's max is forecast to be around 30ºC. There is frequently a thunderstorm and a torrential downpour in the afternoon. Everything, including weeds, is growing much faster than usual. There is a big crop of apples on the way, many of which are being blown to the ground during the afternoon thunderstorms, and picking them up and doing useful things with them is turning into a big job. The only way to deal with so many apples is to build a cider press and a still. Next year there will be Calvados.
With so much going on at the moment, there is less time for me to write, so I will make this one short and to the point. I will publish a longer post on Thursday. For those who want to read it, there will be three options:
1. Register and pledge $1/month or more via my page at Patreon. There, you will find an entire archive of articles that you may have missed out on.
But since some people don't like the idea of a monthly pledge, even a minimal one, or don't like Patreon, or are too Luddite to navigate Patreon's interface, or don't have a credit/debit card, or generally believe that high-quality web content should grow on trees, I offer two other options:
2. Learn French and wait a week or two. Almost everything I write eventually becomes available in French here. (Since 80% of English is actually derived from French, this shouldn't be a problem.)
3. Learn Unspell and read the free, unspelled versions of my paywalled articles. Unspell is even easier to learn than French, since it's actually just spoken English written down without all the spelling mistakes that have found themselves into English dictionaries over the centuries. (Since 80% of English is either misspelled or mispronounced, or both, this is a big problem.)
Meanwhile, I would also like to share with you three observations that I found particularly interesting.
1. Shale oil fields in the US are depleting at an ever-accelerating rate. The most recent drop is half a million barrels per month per day. The Red Queen Syndrome—having to run faster and faster just to stay in one place—is in full swing.
2. With oil prices now higher than they have been in quite a while, you'd expect that the US shale industry would be making money, or at least breaking even. Well, no, it's still hemorrhaging money. We still hear sporadic noises about the US shale industry becoming "more efficient than ever." But what use is efficiency if it just results in more efficient financial losses?
3. The US is currently the world's largest oil producer and has become an oil exporter. But it still isn't producing enough to satisfy its own oil addiction. It depends on oil imports for another reason: shale oil is very light. It is most useful for making gasoline, which is a small-engine fuel. It is not useful for making diesel, jet fuel or heavy oil, which is what industry runs on.
This brings up a number of questions:
• With decline rates this high and rising, how long will it take for US shale oil to crash?
• Once it crashes, what will happen to the mountain of debt it has left behind?
• Since shale oil and shale gas drilling are related, what will this do to the currently fashionable dream of competing against Gazprom in Europe?
• Trump dreams of repatriating offshored industry by imposing tariffs. But industry takes energy, and given that this is what's happening with energy, isn't he just whistling past the graveyard?
Feel free to discuss, and stand by for Tursday. Meanwhile, I have a few wheelbarrows of apples to chop and mash.