STUFF

Obama calls for 1/3 cut in oil imports over next decade. 3-4mbpd. More EV's, NGV's, new refineries for biofuels, new fuel-efficiency standards. Well, let's wish us all luck. Last week, Mr. P was chumming up with Brazil for their coming offshore oil. Oops. Also a call for 80% clean power by '35 from current 40%. He includes NG, clean coal in clean.

Anyway, 7 Gulf deepwater permits issued since moratorium ended, 12 pending and 24 awaiting more answers. And our flow from Bakken, the shale areas and a new area in CO, WY, NB is growing. But AK was down in '10 to <600kbpd. Peak was ~2mbpd in '88. And latest USGS report put National Petroleum Reserve figure at 896M bls that was previously estimated at 10.6B.

Cuba produces 60kbpd. But their Northern waters (or are they US waters?) hold est. 5-20B bls oil, 20TCF NG. With US sanctions, though, the US majors are excluded from developing. Cuba is talking economic changes, opening up. Things could get interesting soon.

Brit bank HSBC reports world may have no more than 50 years of oil left at current consumption rates. Current consumption. China is adding 1B cars (India, etc.) over how many years?

GE paying $3.2B for 90% of a French maker of pwr conversion, other pwr electronic equipment. Electrification market >$30B in '10. Industrial equipment uses >25% of US el.

ABB bought Baldor El (efficient motors) for $4.2B, virtual pwr plant developer Ventyx for $1B, who bought Obvient. All US comps.

Calif gov Brown set to sign 33% RPS bill into law, backing up Arnold's '09 exec order establishing same. Clean E now 15% of Cal's elgen.

And a bit of good news. The 3-yr-old drought in Cal is over. A 50-foot-plus snow pack. Maybe those fruits and veggie prices will fall. M hm.

Happy trails.