Good James Howard Kunstler interview & a great primer on the GFC

JHK has only one tune in his repertoire but he plays it damn well. Here's an interview on Terrain.org (a journal of the built and natural environments) where he spins it all out in fine form — lots of quotable bits including this: "We will do what reality compels us to do, not necessarily what our fantasies propose." My sentiments exactly.

My friend Mike sent me a link to a broadcast which gives a background to the current financial crisis — if it puzzles you in any way, give it a listen! It makes very clear the motivations of players at every level. Highly recommended.

The passing of a master

Joe Bageant is dead. He was the chronicler of his people, the rednecks of the American Scots-Irish underclass, whom he loved but for whom he despaired. Read his stuff: Deer Hunting with Jesus: Dispatches from America's Class War and Rainbow Pie.

Australia looking down the Hubbert curve

Here's a part of an interesting post on The Oil Drum.

Australia is next on the list and it appears to have passed peak oil production and as a result, exports have dropped from over 500 kbd in 2007 to just above 300 kbd today. The declines in production are expected to continue.

"The recent start-up of BHP Billiton's Pyrenees oil field and Apache's Van Gogh field - both situated off Western Australia's north-west coast - will provide a boost in the short-term; however, the long-term trend is for production to keep falling," EnergyQuest Chief Executive Officer, Dr Graeme Bethune, said today.(this from April 2010).

Current production is at around 540 kbd, having fallen 40 kbd in 2010.

The decline with a projected drop of 85% in 10 years can be seen from this graph:
Anticipated future Australian production (Geoscience Australia)

At the same time Australian consumption has been steadily rising, and is hovering just below 1 mbd.
Australian oil consumption (Index mundi)

In contrast, Australian natural gas reserves are significant. As with Malaysia it has supplied LNG to Japan, starting in 1989 and has just signed a $41 billion contract for a 20-year supply of LNG from the Gorgon field, taking 2.25 million tons of the anticipated 15 million tons (0.75 Tcf) of annual production anticipated from the field, as overall gas production continues to rise.

Current estimates of Australian natural gas reserves are of over 108 Tcf

Commenter Jedi Welder notes

In the graph above, Australian crude oil production seems to be all but anihilated in just 20 years from peak production. That is a realy big fall. How will they cope with that?

Indeed.