Adios, Hugo

This is huge!

Massive Oil Deposit Could Increase US reserves by 10x

America is sitting on top of a super massive 200 billion barrel Oil Field that could potentially make America Energy Independent and until now has largely gone unnoticed. Thanks to new technology the Bakken Formation in North Dakota could boost America’s Oil reserves by an incredible 10 times, giving western economies the trump card against OPEC’s short squeeze on oil supply and making Iranian and Venezuelan threats of disrupted supply irrelevant.

In the next 30 days the USGS (U.S. Geological Survey) will release a new report giving an accurate resource assessment of the Bakken Oil Formation that covers North Dakota and portions of South Dakota and Montana. With new horizontal drilling technology it is believed that from 175 to 500 billion barrels of recoverable oil are held in this 200,000 square mile reserve that was initially discovered in 1951. The USGS did an initial study back in 1999 that estimated 400 billion recoverable barrels were present but with prices bottoming out at $10 a barrel back then the report was dismissed because of the higher cost of horizontal drilling techniques that would be needed, estimated at $20-$40 a barrel.

But wait! The news gets better:

Last Monday - on ABC Radio National, of all places - there was a tipping point of a different kind in the debate on climate change. It was a remarkable interview involving the co-host of Counterpoint, Michael Duffy and Jennifer Marohasy, a biologist and senior fellow of Melbourne-based think tank the Institute of Public Affairs. Anyone in public life who takes a position on the greenhouse gas hypothesis will ignore it at their peril.

Duffy asked Marohasy: "Is the Earth stillwarming?"

She replied: "No, actually, there has been cooling, if you take 1998 as your point of reference. If you take 2002 as your point of reference, then temperatures have plateaued. This is certainly not what you'd expect if carbon dioxide is driving temperature because carbon dioxide levels have been increasing but temperatures have actually been coming down over the last 10 years."

Duffy: "Is this a matter of any controversy?"

Marohasy: "Actually, no. The head of the IPCC (Intergovernmental Panel on Climate Change) has actually acknowledged it. He talks about the apparent plateau in temperatures so far this century. So he recognises that in this century, over the past eight years, temperatures have plateaued ... This is not what you'd expect, as I said, because if carbon dioxide is driving temperature then you'd expect that, given carbon dioxide levels have been continuing to increase, temperatures should be going up ... So (it's) very unexpected, not something that's being discussed. It should be being discussed, though, because it's very significant."

Duffy: "It's not only that it's not discussed. We never hear it, do we? Whenever there's any sort of weather event that can be linked into the global warming orthodoxy, it's put on the front page. But a fact like that, which is that global warming stopped a decade ago, is virtually never reported, which is extraordinary."

Duffy then turned to the question of how the proponents of the greenhouse gas hypothesis deal with data that doesn't support their case. "People like Kevin Rudd and Ross Garnaut are speaking as though the Earth is still warming at an alarming rate, but what is the argument from the other side? What would people associated with the IPCC say to explain the (temperature) dip?"

Marohasy: "Well, the head of the IPCC has suggested natural factors are compensating for the increasing carbon dioxide levels and I guess, to some extent, that's what sceptics have been saying for some time: that, yes, carbon dioxide will give you some warming but there are a whole lot of other factors that may compensate or that may augment the warming from elevated levels of carbon dioxide.

"There's been a lot of talk about the impact of the sun and that maybe we're going to go through or are entering a period of less intense solar activity and this could be contributing to the current cooling."

Duffy: "Can you tell us about NASA's Aqua satellite, because I understand some of the data we're now getting is quite important in our understanding of how climate works?"

Marohasy: "That's right. The satellite was only launched in 2002 and it enabled the collection of data, not just on temperature but also on cloud formation and water vapour. What all the climate models suggest is that, when you've got warming from additional carbon dioxide, this will result in increased water vapour, so you're going to get a positive feedback. That's what the models have been indicating. What this great data from the NASA Aqua satellite ... (is) actually showing is just the opposite, that with a little bit of warming, weather processes are compensating, so they're actually limiting the greenhouse effect and you're getting a negative rather than a positive feedback."

Duffy: "The climate is actually, in one way anyway, more robust than was assumed in the climate models?"

Marohasy: "That's right ... These findings actually aren't being disputed by the meteorological community. They're having trouble digesting the findings, they're acknowledging the findings, they're acknowledging that the data from NASA's Aqua satellite is not how the models predict, and I think they're about to recognise that the models really do need to be overhauled and that when they are overhauled they will probably show greatly reduced future warming projected as a consequence of carbon dioxide."

Duffy: "From what you're saying, it sounds like the implications of this could be considerable ..."

Marohasy: "That's right, very much so. The policy implications are enormous. The meteorological community at the moment is really just coming to terms with the output from this NASA Aqua satellite and (climate scientist) Roy Spencer's interpretation of them. His work is published, his work is accepted, but I think people are still in shock at this point."

If Marohasy is anywhere near right about the impending collapse of the global warming paradigm, life will suddenly become a whole lot more interesting.

A great many founts of authority, from the Royal Society to the UN, most heads of government along with countless captains of industry, learned professors, commentators and journalists will be profoundly embarrassed. Let us hope it is a prolonged and chastening experience.

Maybe there is a god?