Tech Talk: When oil isn’t crude and gas isn’t gas, the Eagle Ford Shale play – There are two figures that keep cropping up when folk write about the production of oil, one number is the daily flow rate for crude oil, and while the EIA report that the peak production year to date was in 2005, when the world produced 73.72 mbd, the IEA have reported that the peak occurred in 2006. Yet just last week the IEA raised their forecast for next year’s oil demand to 88.8 mbd and there is about 15 mbd difference between the two numbers. So you might ask what causes this, where do these additional liquids come from and what is their future, relative to that of crude alone. Part of the answer comes from what are known as refinery gains, the fact that when you crack a high-carbon crude into lower carbon products in a refinery then there is a gain in volume. In Oil 101 Morgan gives this processing gain in volume to be around 2.2 mbd. In addition there is the rising level of bio-fuel production, about 900,000 bd of ethanol in the US alone, for example. But the largest volume comes from the liquids associated with the production of natural gas. These are collectively described as Natural Gas Liquids (NGL) and condensate.
Long-Term Unemployed: 6 In 10 Jobless Have Searched For More Than A Year, As Hopelessness Sets In – Of the nation’s unemployed workers, nearly six in 10 have been job-hunting for more than a year, according to a survey released Thursday by the John J. Heldrich Center for Workforce Development at Rutgers University. A third have searched for more than two years. The unemployed, which comprise nearly 10 percent of the nation’s workers, are seeing their financial situation worsen. A full 80 percent of the survey respondents said they’ve had to spend less on something formerly fundamental in their lives — things like food, housing or health care — with 40 percent having to forgo essentials entirely. By a margin of nearly two to one, most unemployed workers believe they will not return to the condition they were in before the Great Recession began.