5 chapters across the catalog
The price of Canadian crude oil has collapsed relative to West Texas Intermediate (WTI) due to a lack of pipeline and rail capacity. While there is no shortage of oil globally, Canadian producers are forced to sell at a significant discount because they cannot get their product to refineries efficiently. The hosts mock the concept of "peak oil" as "peak bullshit."
Synth Oil History, Reagan Era Energy and Texas Defaults
The discussion covers the history of "synth oil" research during the Reagan administration and its eventual collapse when oil prices fell to $12 a barrel in the 1980s. Glenn Beck expresses concern that current low prices will gut the American shale industry in North Dakota and Texas. The hosts suggest that while some companies may default, the overall market is simply correcting overinflated values.
Senator Ed Markey's opposition to the Keystone XL Pipeline is framed as a concern over Canadian and Chinese interests using the U.S. as a "straw" for oil exports. The hosts also explain the technical process of using a "pig" to separate different batches of oil within a pipeline.
Keystone Pipeline, Utah Tar Sands, Peak Oil Theory
Testimony from James Hansen regarding the Keystone Pipeline is contrasted with a report on vast tar sands and oil shale deposits in Utah. The region reportedly holds up to 3 trillion barrels of oil, more than has been used in human history. The hosts note that the "peak oil" narrative has largely disappeared in favor of discussions about carbon pricing and leaving resources in the ground.
Keystone XL Pipeline and PetroChina Acquisition
The Athabasca Oil Sands Corporation sells its remaining interest in the McKay River project to PetroChina. The hosts suggest the US opposition to the Keystone XL pipeline is rooted in an anti-China strategy, as the oil is now 100% owned by a Chinese state entity and will likely be diverted to British Columbia for export.
