Saturday, March 31, 2018

GM CEO: "We are in the midst of a transportation revolution"


She avoided predictions of how quickly electric vehicles sales would grow, but Barra described a fast-changing auto market where demand for zero-emission and autonomous vehicles was rising.

"We'll have significantly more autonomous vehicles and significantly more electric vehicles," five years from now, she said at the CERAWeek energy conference hosted by IHS Markit. "We are in the midst of a transportation revolution."

Transportation represents more than half of global oil demand. And many within the industry are questioning whether automakers can live up to the hype around electric vehicles.


"The important point here is that EVs are not the silver bullet that everybody is looking for," BP CEO Bob Dudley said Tuesday.

Barra announced GM was increasing production on its Chevy Volt electric vehicle at one of its Detrot plants. She also said GM is also "on track" to release an autonomous electric vehicle next year, for use in ride sharing fleets like those operated by Uber and Lyft, in which GM is an investor.

"We feel a unique responsibility to solve the problem that have come from the freedoms cars allow," Barra said.

Friday, March 30, 2018

This Could Be Next Big Oil & Gas 'Super-Basin' After Permian

HOUSTON — Offshore oil could be the next big thing again for the energy industry as the once high-cost production technique can now be profitable at today's lower oil prices.

While there is a huge focus on cheap, unconventional onshore drilling, especially in the Permian Basin, deepwater areas may be the next accessible "super-basin" for producers.

Currently, pumping from deepwater sources is more expensive than pumping from shale formations, but Luca Bertelli, chief exploration officer at Italy's Eni (E), said he believes deepwater can be profitable with oil prices at $50 per barrel.

Eni is using some lessons from unconventional shale operations to help make deepwater drilling cheaper, Bertelli said at CERAWeek 2018, a top gathering of energy industry and policy leaders, on Wednesday.

He added that digitization and automation of some processes will help lower costs and improve production times to make deepwater drilling cost effective amid lower oil prices.

But while the Permian is a single, discrete area, there is no one deepwater zone that could be the next super-basin. Bertelli mentioned the Santos basin in Brazil, while BHP Billiton's (BHP) vice president of exploration, Niall McCormick, said the company is focused on the Gulf of Mexico, western Australia and the Caribbean.

Eni's U.S.-listed shares rose 1.4% on the stock market today, while its oil giant peers generally retreated: Exxon Mobil (XOM) lost 2.5%, BP (BP) 0.6%, and Royal Dutch Shell (RDSA) 1.1%. Chevron (CVX)% rallied for a 0.2% gain. BHP Billiton fell 1.7%.

Thursday, March 29, 2018

Transportation district looks at taxing for first time



The Big Sky Transportation District, which operates the Skyline bus service, says it’s seeing increased demand while at the same time facing threats of decreased funding for day to day operations. That’s why at its monthly board meeting on March 6, it discussed expanding district boundaries and floating a property tax mill levy—something it has never done since its founding in 1991.

Skyline saw demand for its service go up 7 percent for local trips in Big Sky and 10.7 percent for travel between Big Sky and the Gallatin Valley during fiscal years 2016-17. The recently awarded TIGER grant will provide the district with funding for new busses and vans, but won’t cover ongoing operating costs.

And while federal dollars for new vehicles are on the way, funding from the Montana Department of Transportation has dropped. That’s because MDT calculates funding in a way that actually shows “a decrease in ridership,” said MDT Public Information Officer Lori Ryan.

“Big Sky Transportation District didn’t expend all of their FY 2017 allocated funds and they had a decrease in ridership (performance) during that year. Their new SFY 19 funding resulted in a reduced allocation,” explained Ryan in an email to the Lookout.

The district disagrees, saying the last time there was a drop in ridership—of 1.1 percent—it happened between fiscal years 2014-2015. The district has each year since then.

That’s why the district was disappointed to see a funding decrease of $68,000 in federal dollars for FY19 that’s passed through MDT. This figure is based on “an allocation formula that takes into account base year expenditures, inflation and performance measures,” said MDT’s Ryan.

District Coordinator David Kack takes a different view: “It seems like we are being punished by MDT for our efficiency—giving more rides for less money.”

While riders crowd into buses and local groups like the Big Sky Community Food Bank ask to become a new stop, the district looks ahead in search of new funding sources—including with local mill levies, similar to the tax increases the fire and school districts put before voters.

Right now, the transportation district is exploring the option of expanding its boundaries to match those of the Big Sky Resort Area District—or resort tax district. It’s a complicated process, requiring signatures from 20 percent of registered voters, then approval from both the Madison and Gallatin County commissions.

Once the boundaries are expanded, then before raising revenue through a mill levy property tax, the transportation district would have to win approval from voters in both counties.

Courtney Jones, a transportation board member and representative of Big Sky Resort said, “We’ve been talking about it for 10 years. I think we should just do it as far as getting the boundaries to where they should be.”

The board took no formal action and will continue to discuss ideas for raising funds to support and expand bus service.

Board member Ennion Williams suggested requesting additional funds directly from the resorts and private clubs—whose employees make up a large portion of local riders.

“There’s nobody but employees on our local bus,” said Williams. “This is an employee transit system we’re operating. I just feel that’s who we’re moving right now and that’s who we’re going to continue to move. We want to improve our system and improve our system for these employees.”

Williams said the Yellowstone Club informed the transportation district that it could be looking to bring on 500 additional employees next winter, which will place further demands on the Skyline system.

Jones countered, saying employees for all kinds of businesses use Skyline, so the burden should be spread out through funding from the resort tax.

“We’re not going to every business unless we’re going to resort tax,” said Jones.

Board member Bayard Dominick, with Lone Mountain Land Company, said he favored the district raising its own funding through a mill levy if the funding goes toward improving local bus services for locals living in Big Sky.

“Any taxing would be just to provide local world-class service,” said Dominick. “Make it a benefit for everybody who lives here and give them a reason to vote for it.”

As for trips to and from Gallatin Valley, Dominick said that could continue to be covered with funding from the resort tax, plus what the district gets from MDT, Gallatin and Madison counties and possibly other sources. However, Kack raised concerns about what might come through the counties.

“This year we’re now in we got $600,000 from the resort tax,” said Kack, adding that Gallatin County put in $75,000, while Madison County contributed $80,000.

Like every district and organization seeking funds from the annual resort tax allocation, the transportation district doesn’t know how much it can count on for next year. And given the massive federal tax cuts pushed through by Congress and the Trump Administration, the counties may have less money to allocate.

This could give county commissioners “an easy no,” said Kack, when the transportation district turns to them in search of funds.

All of the discussion led back to why the district is thinking about exercising its ability to raise money through a mill levy. During the recent board meeting, members brought up the Big Sky Fire District’s successful campaign to increase its funding.

In its plea to voters in 2017, the fire district said it was “struggling to meet the needs of our growing community.” The transportation district—along with a host of other districts, groups, organizations and businesses in Big Sky—may feel the same way.

Wednesday, March 28, 2018

Chevron Expects 2018 Production To Rise By Up To 7%

Chevron Corp. (NYSE: CVX) said March 6 it expects 2018 production to be 4% to 7% higher than last year, excluding asset sales and on oil prices at $60 a barrel.

The company also revised its three-year annual capital spending plan to $18 billion to $20 billion, slightly lower at the midpoint than a previous estimate, and said it was looking to resume share buybacks.

Energy companies have been trying to increase production while minimizing costs as oil prices rise. Companies have largely been cutting expenses since crude prices collapsed in 2014.

High margin barrels of oil are expected to increase by more than 200 million barrels of oil equivalent per day (boe/d) in 2018, Chevron Vice President Jay Johnson said at an analyst day presentation.

Chevron expects Permian production of 500,000 boe/d by end of 2020 and 600,000 boe/d by 2022.

"We intend to grow free cash flow in 2018 and thereafter," CEO Michael Wirth said.

"Even with no commodity price appreciation, we expect to deliver stronger upstream cash margins and production growth," Wirth added.

The company, which had halted its buyback program in 2015 to conserve cash amid a slump in oil prices, did not give any additional details on the buyback, but said it will be in a place to start the program as it generates more cash.

Chevron's shares were up 0.84% at $114.10 in light premarket trading on March 6. 
 

Tuesday, March 27, 2018

Infrared Video Exposes Exxon Mobil Methane Disaster at Exploded Oil & Gas Site in Ohio

Captina Creek, Ohio — Today, Earthworks released new optical gas imaging video that exposes massive methane pollution at an exploded XTO oil and gas site in Belmont County, Ohio. The pollution has been rapidly spilling into the air un-contained since February 15, 2018.

“Similar to the Aliso Canyon disaster in California in 2015, XTO has been unable to fix the problem,” said Pete Dronkers, Earthworks certified optical gas imaging thermographer who also filmed Aliso Canyon. “Our video provides evidence of just how bad the problem is so that nearby communities can make informed decisions about the health and safety of their families before returning to their homes.”

The video was captured as part of Earthworks’ Community Empowerment Project (CEP) as a result of a request from local community members who could see the explosion from their home two miles away. CEP helps protect communities and the climate by making visible normally invisible air pollution from oil and gas production, pressuring regulators and companies to reduce that pollution. In the past four years, CEP has documented and made publicly available over 500 incidents of oil and gas related air pollution in 16 states, Mexico and Canada.

Following the explosion at the Schnegg pad, Exxon Mobil-owned XTO ordered an evacuation for 30 homes within a mile of the site. The outer half-mile has since been approved to return, but some have elected to stay clear until the well pad is capped.

“Disasters like this are difficult to predict and to regulate. If we really want to keep our communities safe we need to keep oil and gas in the ground,” said Jennifer Krill, Earthworks’ Executive Director.

A U.S. Environmental Protection Agency report estimates pollution from the still out-of-control site at 100 million cubic feet per day. This pollution includes methane, produced water, brine, unknown condensate components, and volatile organic compounds — all being released into the surrounding environment untreated and unfiltered. California’s Air Resources Board estimates that the Aliso Canyon disaster in Porter Ranch, California in 2015 released an average of 49 million cubic feet of methane daily for more than three months. Methane is 86 times worse for the climate than carbon dioxide over 20 years according to the Intergovernmental Panel on Climate Change (IPCC).

https://earthworksaction.org/media-releases/infrared-video-exposes-exxon-mobil-methane-disaster-exploded-oil-gas-site-ohio/

Monday, March 26, 2018

Trump steel tariffs will make construction, infrastructure projects more expensive




The proposed steel and aluminum tariffs President Trump announced last week made domestic steel and aluminum mills very happy. But the potential shift in metal prices has many industries, including construction, expecting higher costs, and may also impact infrastructure spending across the nation.

In a study released yesterday, the D.C.-based Trade Partnership, an economic consulting group, projected that 28,000 jobs would be lost in the construction industry alone due to the tariffs.

Last Thursday, President Trump proposed imposing a 25 percent tariff on imported steel and a 10 percent tariff in imported aluminum.

The tariffs, and expected increase in the price of raw materials, especially in the short term, comes when the country faces an acute affordable housing shortage and political leaders are debating a national infrastructure plan. The cost of action on both fronts may be increased due to rising aluminum and steel prices. Construction accounted for 43 percent of all steel shipments in the United States, according to the American Iron and Steel Institute.

“This announcement by the president could not have come at a worse time,” Randy Noel, chairman of the National Association of Home Builders, said in a statement. “Tariffs hurt consumers and harm housing affordability.”

The American Institute of Architects also opposes the tariffs, saying in a statement that, “any move that increases building costs will jeopardize domestic design and the construction industry, which is responsible for billions in U.S. Gross Domestic Product, economic growth, and job creation.”

According to Neel Khosa, vice president of AMSYSCO, an Illinois-based company that manufactures steel post-tensioning wire for parking garages and high rises, such as the 55 Hudson Yards project in Manhattan, the tariff will have a negative impact on the construction industry by introducing price uncertainty. Until the market stabilizes, introducing the proposed tariffs will lead to price volatility.

“Supplier uncertainty leads us to be uncertain,” he says. “I think it’s going to be a big positive for those who make steel and aluminum in the United States. So several thousand people in those industries will benefit, while several million people will have their wealth re-allocated to those people.”

Not all building projects use a massive amount of steel, of course, and the impact will vary by building type. Single-family homes require much more wood than metal, with steel and aluminum contributing to between 0.5% and 1% of a home’s cost, according to Marketwatch. But larger buildings, including multistory, multifamily construction, require a higher percentage of steel, meaning tariffs will have more of an impact. Even those that are mostly concrete require steel supports and rebar, as well as aluminum window cladding.

Steel and aluminum prices will also impact infrastructure projects. Khosa feels that the proposed tariffs will make it that much harder to pass an effective infrastructure bill because of resulting price increases and uncertainty.

“The steel tariffs will shoot Trump’s infrastructure plan in the foot, to some degree,” Khosa says.
 
https://www.curbed.com/2018/3/6/17087106/trump-steel-tariff-construction-infrastructure-housing

Sunday, March 25, 2018

Georgia Transportation Officials Plan To Build A $1.8 Billion Truck-Only Highway

As truck traffic is predicted to double in the next 20 years, Georgia transportation officials plan to build a nearly 40-mile long $1.8 billion truck-only highway from Macon to Atlanta. Relieving congestion and improving safety are the goals, though some question if it will work.

Georgia transportation officials are planning what they say would be the country's first highway just for trucks - just trucks. No cars allowed. The toll-free road would stretch for about 40 miles from Atlanta south to Macon. From member station WABE in Atlanta, Tasnim Shamma has details.

TASNIM SHAMMA, BYLINE: Across the country, truck traffic is way up. And it's only expected to get worse. One proposal for improving both congestion and safety is to separate the cars from the trucks. Afori Pugh drives one of those trucks. And when he's not releasing his gospel rap albums, you'll find Pugh inside his white flatbed truck. The vinyl seats sink when you sit. His truck is meant for long drives. He usually hauls about 20,000 pounds of steel beams to construction sites. While his job takes him all over the country, every month he drives two hours from Atlanta to Macon and back.

AFORI PUGH: You have a lot of people flipping the bird, cussing you out, you know? But you just have to be patient and understand that they don't understand this industry.

SHAMMA: He says when motorists cut in front of him to get by, there's hardly any room for error. Most trucks going 65 miles per hour need at least 500 feet to come to a full stop.

PUGH: They don't understand how much danger they're in just by getting in front of you, slamming on brakes.

SHAMMA: The most recent federal numbers show that more than 4,000 people died in crashes involving large trucks in 2016. And safety is the main reason Georgia officials want to build a toll-free, truck-only highway through the middle of the state. Congestion is the second reason. Georgia officials expect truck traffic to double by 2040. This is not a new idea. States like California have truck-only lanes, though sometimes cars are allowed on them. But they don't have entire dedicated truck highways. Georgia transportation official John Hibbard says this goes one step further.

JOHN HIBBARD: It would be the first of its kind in the United States, really, to have a lane or some part of a roadway dedicated exclusively to trucks. And it would not be a tolled roadway, but it would be free for trucks to use.

SHAMMA: But the Georgia project is expensive - nearly $2 billion. And while the state hopes to get some funding from the Trump administration's infrastructure plan, it does have money to move forward. That's in part because of a gas tax passed in 2015 aimed at transportation projects. Georgia also wants to attract tech companies to test out self-driving trucks and new technology like platooning. Platooning is when one self-driving truck leads a line of trucks following behind it, kind of like ants connected by an invisible string. Paul Lewis doesn't think that's a good reason to spend $2 billion, though. He's with the D.C.-based think tank The Eno Center for Transportation.

PAUL LEWIS: I get the sense that it's a bad investment to put all your chips into that right now. States and cities should put in pilot programs and test it out to see how it would work before they go and make - invest hundreds of millions of dollars in something that hasn't quite proven itself.

SHAMMA: But Mike Golias disagrees. He teaches transportation at the University of Memphis. And he says the timing for this seems right.

MIKE GOLIAS: Everybody buys online, and they want their stuff delivered to them two days later. Everybody knows about Amazon. Everybody knows what Amazon is doing. So now it has become more obvious to people that we need to pay attention to freight.

SHAMMA: Golias hopes other states will follow Georgia's lead both in acknowledging the surge in truck traffic and in trying to separate trucks from cars. For NPR News, I'm Tasnim Shamma in Atlanta.

 https://www.npr.org/2018/03/06/591266949/georgia-transportation-officials-plan-to-build-a-1-8-billion-truck-only-highway






Saturday, March 24, 2018

Can ride-hailing companies cure medical transportation woes?


Lyft and Uber are attempting to cure a major medical problem for poor people and the elderly: Getting a ride to the doctor.

The ride-hailing services are expanding their offer to take patients around the country to and from non-emergency health care appointments, and they have a huge market to target.

More than 7 million Americans miss medical care every year due to a lack of transportation, according to health economist Paul Hughes-Cromwick.

Health insurers and care providers have been trying to solve this problem for years. Those who have studied it say Lyft and Uber will help, but improving access to health care involves more than just lining up a ride.

A closer look:

Q: What are these companies offering?

A: Lyft said Monday it is partnering with the information technology company Allscripts to expand the number of rides it offers through doctor's offices and other health care providers. The company already provides transportation to millions of patients each year through partnerships with insurers, large health care systems and others.

Uber announced last week that it will offer health care transportation in every U.S. market where it operates, the continuation of a venture it has been testing since last summer.

Both companies say they will operate in cities and less-populated rural areas, and they will bill the care provider or an insurer — not the patient — for the rides. Patients don't need a smartphone or an application to use their services.

They're digging into an issue that has long been a concern for insurers and health care providers. The state- and federally funded Medicaid program for poor people and the disabled covers transportation costs.

The insurer Molina Healthcare, which specializes in Medicaid, has offered a transportation benefit for around 25 years. Molina provides bus passes and works with transportation brokers to arrange rides.

Q: What are the benefits?

A: Health care providers say rides with Uber or Lyft can be easier to schedule and cheaper than other alternatives like taxis. Uber, for instance, says it can schedule rides within a few hours or up to 30 days in advance.

These companies help people who might otherwise have to wait around for a friend or family member to pick them up, said Carlos Ospina, chief clinical officer of New Jersey-based Pro Staff Physical Therapy.

"It gives the patient more independence or power to get to and from visits," he said.

The company has had a "significantly lower" number of cancellations due to transportation problems since it started using Uber last fall, Ospina said.

Q: Can they erase the problem?

A: Researchers at the University of Pennsylvania offered Lyft to help around 300 Medicaid patients make primary care appointments at two practices in Philadelphia. They were surprised to find that relatively few people accepted the offer in their study, and it did not lead to a drop in missed appointments.

Lead author Dr. Krisda Chaiyachati said there were several possible reasons for the low interest. The offer was made over the phone, and patients might have been more receptive if it was done in person, like at a doctor's office.

He also noted that many of the patients were familiar with Lyft but hadn't used it. They may have been reluctant to switch from rides they were used to like public transportation.

Chaiyachati said he's optimistic that ride-hailing services will ease transportation problems for some, but other options like home visits or telemedicine may also be needed.

"It's just not that easy or that straightforward," he said.

Friday, March 23, 2018

Pemex Joins Oil & Gas Blockchain Industry Consortium


Pemex, the Mexican state-owned petroleum company and one of the world’s top petroleum producers, has announced that it will adopt and integrate of a blockchain technology platform to manage the supply chain of oil and gas.
The move came as Pemex joined the Petrobloq Global Blockchain Industry Consortium run by Petroteq Energy Inc., a company focused on the development and implementation of proprietary technologies for the energy industry.
With over 100,000 employees and extensive vertically integrated operations, Pemex already made headlines as the first petroleum company to accept cryptocurrency as a form of payment. Migrating its business processes to a blockchain platform is expected to be a major step in optimizing Pemex’s business processes from production to sale.
Petroteq’s subsidiary, PetroBLOQ, LLC, is seeking to develop the first supply chain management platform for the oil and gas industry based on advanced blockchain distributed ledger technology. Petroteq has entered into an agreement with Grupo Pelge, a Mexican corporation, and Pemex’s chosen international liaison, to represent Petroteq’s interests in Latin America. As a result, Pemex has invited Petroteq to register as a service provider, through the Pemex management portal run by Achilles Information, one of the world’s leading global supply chain management companies. Through the Achilles portal, which manages service providers for over a 100 major buyers and over 10,000 suppliers, PetroBLOQ aims to have the ability to offer Pemex and other companies in the oil and gas industry the use of a supply-chain system, once it is fully developed.
“We believe this new opportunity with Pemex serves as a testament to the success of our vision as we continue to make progress in our most recent venture, to develop and operate an enterprise-grade, blockchain-based platform,” said Alex Blyumkin, CEO and Chairman of Petroteq. “As part of our strategy to build advanced oil processing and refining facilities, we discovered inefficiencies and bottlenecks associated with the industry’s supply chain, and proposed blockchain solution is being designed to enable oil and gas companies globally to conduct transactions.”

Thursday, March 22, 2018

Construction Experts Nervous About Trump’s Steel and Aluminum Tariffs

Construction experts were troubled by President Donald Trump’s announcement last Thursday for a 25 percent tariff on steel and a 10 percent tax on aluminum imported to the United States.

The policy will increase the costs of construction, which in New York City are already at dizzying heights, they said. Ultimately, it will affect the overall project costs and could make it harder for future projects to get completed.

“Rising construction costs, along with labor costs and bank financing constraints, have been a significant factor in limiting property development over the course of this [economic] expansion,” Sam Chandan, the associate dean at the New York University’s Schack Institute of Real Estate, said in a statement to Commercial Observer. “Policies that add to cost pressures exacerbate drags on new supply.”

While the the details on the tariffs are murky, foreign countries have already pledged to retaliate, with European Commission President Jean-Claude Juncker saying, “We will not sit idly while our industry is hit with unfair measures that put thousands of European jobs at risk,” according to CNN.

The announcement comes just less than a month after the White House revealed an infrastructure plan in which the federal government would spend just $200 billion fixing public infrastructure over the next decade and expect states, localities and private companies to generate $1.5 trillion to fund projects. That plan also had its critics within the construction industry, as CO previously reported.

Companies that heavily rely on steel and aluminum have issued statements in opposition to the president’s plan to increase duties on steel and aluminum, while Trump generally responded that it was necessary because the country was losing jobs and money to others.

“The United States has an $800 billion dollar yearly trade deficit because of our ‘very stupid’ trade deals and policies,” Trump tweeted on March 3. “Our jobs and wealth are being given to other countries that have taken advantage of us for years. They laugh at what fools our leaders have been. No more!”

However, leaders of construction companies and trade organizations weren’t pleased.

While making foreign steel more expensive via taxes could mean companies may further use domestic steel, the U.S. industry will not have the supply to keep up with the demand, said Louis Coletti, the president and CEO of the Building Trades Employers’ Association.

“The U.S. steel manufacturers cannot produce the quantity of steel needed. Steel manufacturers are already telling contractors to expect price increases,” Coletti said. “The lack of steel availability will also cause scheduling delays that will add to additional cost increases. This policy will have a detrimental impact on the economic growth of [New York] and the nation.”

And in the case of the 10 percent tariff on aluminum, which is heavily used for curtain wall systems in glassy high-rises, the uptick may not even be enough to help domestic manufacturers.

“A 10 percent tariff as a stand alone probably won’t move the needle to where it would make it less expensive to buy domestic [aluminum],” said Richard Wood, the president of Plaza Construction. “[But] it’s a problem, because we are trying to make projects more affordable.”

Wednesday, March 21, 2018

FG threatens to embargo oil & gas parks’ construction


The Federal Government has threatened to embargo the construction of multi-billion dollars Nigerian Oil and Gas Park at Odukpani, Cross River State “if it faces unreasonable demands and disruptions” by host communities.
Nigerian Content Development and Monitoring Board (NCDMB), an agency of government, issued this threat during the flag off of the Parks’ construction.
Particularly, it warned the youths to desist from any action that could jeopardise the project.

Executive Secretary, NCDMB. Simbi Wabote, said this in a statement, made available to New Telegraph.
He said that the goal of creating a regional low-cost manufacturing hub was to produce equipment components and spare parts that would be utilized in the Nigerian Oil and Gas industry.
“The Odukpani Park is the first to take off among four planned sites and will be followed by the site in Emeyal 1, Ogbia Local Government Area, Bayelsa State,’ the statement read.

Speaking at the ground-breaking ceremony. Wabote credited his predecessors for initiating the Nigerian Oil and Gas Park Scheme (NOGAPS).
He added : “Its nicely into our 10-year strategy roadmap aimed at raising in-country value retention in the oil and gas industry from the current levels to 70 percent.”

He described the ground-breaking as great step towards achieving one of the Board’s key mandates, which is ‘’to develop capacity of local supply chain for effective and efficient service delivery without compromising oil and gas industry standards.’’
He asserted that about 2000 jobs would be created when the park begins full operation while the citizens of the host community and environs will benefit from on-the-job training opportunities. “This project will positively impact Cross River State in general and Odukpani community and its environs in particular. This positive impact will be felt both at the construction and operations stages of the project.”
Wabote explained that NOGAPS sites are planned to be sited close to existing power plants while provisions are also made to generate captive power in a bid to address the electricity challenge that face most Nigerian manufacturers and businesses.

Tuesday, March 20, 2018

A new startup aims to make every construction site safer, faster


Every year, thousands of people–an average of three per day–die from accidents on construction sites in the United States alone. One of the driving forces behind this trend is the paucity of safety inspectors. In New York alone between 2011 and 2015, there was a nearly 30 percent drop in the number of safety inspections conducted on site.

Now, some engineers are turning to tech to make the safety inspection process easier and more accessible, turning construction sites less deadly in the process.

This is the promise of OnSiteIQ, a startup founded in February 2017. The program, usable from anywhere and on any device, allows anyone to remotely inspect a construction site using a technology-based documentation system, promising to cut down on the fatalities, injuries, and insurance costs.

Here’s how it works: the company deploys a small team of data collectors, each armed with a 360-degree camera mounted onto their hardhat, to walk through an entire construction site twice monthly, recording all the while. This video is then uploaded onto the platform, and the collected images are automatically mapped onto a copy of the site’s floor plans using a built-in computer vision algorithm. The result is what some would call a 3-D “panograph” – a large, wraparound digital image created from these photos and video clips strung together.

Because all of the collected data is geolocalized and timestamped, users can pinpoint exactly when and where site conditions might be changing. An artificial intelligence system trained to highlight potential safety hazards expedites this process. This is all a far cry from the traditional, pen-and-paper methods used to document, inspect and assess the potential hazards on a construction site.

In short, it “enables any stakeholder from any location to virtually walk the site and do their own inspection,” says CEO Ardalan Khosrowpour.

This program also consolidates this data into easy-to-read graphs, allowing users to quickly track when, where, and how often a particular safety issue, like a missing guardrail, occurs. Through location-based technology, OnSiteIQ tracks where the most safety issues are occurring on the job site. All of this together allows users to quickly assess and eliminate any potential safety risks, and any comments about a site can instantly be annotated, tracked, and shared among those that need to know.

Khosrowpour presented OnSiteIQ at the BuiltWorlds Project Conference this past week at Grand Central Tech in Manhattan. The conference was dedicated to discussing the emerging technologies meant to augment city planning and architecture.

OnSiteIQ was one of the finalists of the NYC Startup Challenge – a shark tank-style pitching session, where CEOs of five selected technology-based startups presented their projects to a panel of judges from the construction and urban planning fields. The winner would attend this year’s Builtworld Summit: a prime opportunity to drum up new clientele and reach potential investors.

While the competition was close, OnSiteIQ only snagged second place. Though the judges liked the concept, their main concern was whether the computer vision technology could catch every safety issue every time.

Since its inception, OnSiteIQ has collected over 3.5 million square feet of data using its twice-monthly data collection model. The program is available through a monthly subscription from the program’s website, with three different tiers available depending on the services required for a project and on what a user needs. They can choose to focus on documentation and safety inspection alone, or they can subscribe to a package that includes risk-assessment technology.

 https://archpaper.com/2018/03/onsiteiq-startup-safer-smarter-construction-site/

Monday, March 19, 2018

Pruitt Moves to Roll Back Oil & Gas Air Quality Protections

(WASHINGTON– March 1, 2018) Today, the Trump Administration and EPA Administrator Pruitt issued a damaging proposal that would rescind clean air protections that help to reduce harmful smog-forming pollution from the oil and gas sector. EPA itself estimates that withdrawal of the CTGs could lead to approximately 64,000 tons of annual VOC pollution and 200,000 tons of annual methane pollution.
 
“This move would put an estimated 25 million people who live in counties with dangerously unhealthy air at even greater risk from oil and gas related air pollution by rolling back measures that are flexible, cost-effective and that have been proven to work by leading states and responsible companies.”
Matt Watson, Associate Vice President, Climate and Energy Program, Environmental Defense Fund

Background

The oil and gas industry is the leading source of manmade Volatile Organic Compounds (VOCs), which are a key component of ground-level ozone, also known as smog. Smog is a dangerous air pollutant that can harm the respiratory system, aggravate asthma and other lung diseases, and is linked to early death from respiratory disease. Research has found that smog pollution from the oil and gas industry could be associated with an additional 750,000 summertime childhood asthma attacks across the country every year.

The measures EPA has now proposed to rescind—known as Control Techniques Guidelines (CTGs)—provide state and local air agencies with a blueprint of proven and cost-effective measures that can be used to reduce pollution from the oil and gas sector in areas that do not meet the ozone health standards. States can use these ready-made approaches or employ other state-specific solutions to help restore healthy air quality.
 

Sunday, March 18, 2018

Dunning school construction may hit dead bodies, and the city is planning for it


Elvis was found in remarkable condition, for a man who had spent a century underground.

The corpse’s real name was never learned, but the sewer workers who happened upon his unmarked grave in March 1989 nicknamed the man for his groomed handlebar mustache and button-up sweater.

The workers were laying pipe behind a condo development at the corner of Belle Plaine and Neenah avenues, a residential addition to the Dunning Square strip mall built a few years prior. It wasn’t until after the contractors reported Elvis to police that they learned he lay alongside as many as 40,000 poor, indigent and infirmed Cook County residents, all decomposing underneath the neighborhood now called Dunning.

“Nowhere else in the country has a cemetery with hundreds or thousands of graves been so nearly forgotten that a developer had to rediscover it by accident,” wrote Harold Henderson in a September 1989 issue of the Chicago Reader.

For the first time in decades, crews are again moving dirt where the Cook County Poor Farm and Insane Asylum accepted patients between 1855 and 1912. But this time, builders are determined not to hit any surprises.

Chicago Public Schools demographics director Jim Dispensa flashed renderings last October of the $70 million high school, which the district began planning as far back as 2003.

The three-story brick building would accommodate about 1,100 students, opening space at the severely overcrowded Taft High School in nearby Norwood Park. Plans sit the school behind a new turf football field and running track, which would abut Irving Park Road just east of Oak Park Avenue. Another slice of land to the northwest will be set aside for development by the Chicago Park District.

During the presentation, Dispensa noted the city had accounted for “archeological concerns” that had been raised during planning.

Those concerns date back to 1851, when the Cook County board bought 80 acres of farmland about 10 miles northwest of the nascent city of Chicago, building a three-story “poor-house” where the city’s destitute could come live while simultaneously working the land.

The county added an insane asylum to the grounds, and by the 1860s, workers began burying dead patients behind the facility. A railroad line was built to shepherd the city’s homeless and disturbed up to Dunning. Locals called it the “insane train.”

“That’s how they dealt with people who were living on the streets in those days,” according to Barry Fleig, a genealogist and cemetery researcher who began investigating the site after the 1989 find. “If you were homeless or sick and didn’t have anyone to care for you, you were sent to the farm.”

Records show that by 1890, the county was burying about a thousand bodies on the grounds each year, according to Feig. When they ran out of space east of the railroad — now Normandy Avenue — they opened a new cemetery site just west of Oak Park Avenue. Feig calls this site the “new grounds.”

In 1912, the county sold the entire plot of land to the state, who stopped keeping burial records. The campus became Chicago State Hospital, which now survives as the Chicago-Read Mental Hospital.

After Elvis emerged in 1989, Fleig began poring through old county records and interviewing longtime residents. He floored developers and local officials later that year, when he determined that no fewer than 38,000 bodies lay beneath the Dunning grounds.

Sure enough, as the condo development pushed forward, more corpses turned up. Excavators found 115 bodies while digging foundation for a new home in 1990, grinding the project to a halt.

But seven months later, the Chicago Plan Commission allowed the developer to move the bodies to the original cemetery site, just went of Neenah Avenue, and finish its planned work. The site is now Read-Dunning Memorial Park, an acre-sized clearing marked by chipped stone tablets recognizing the dead.

Around the same time, newspapers began reporting proposals to build a school in the clearing east of Oak Park Avenue, which had been productive farmland as late as the 1960s. Ironically, this tract — one of the only spots to remain undeveloped until this year — is the only section of the vast property where Fleig is nearly certain no bodies are buried.

The city purchased the land in 2010 and began sketching plans for a new school.

It was immediately clear they’d have to be on the lookout for human remains. In 2015, state workers had to reroute a resurfacing of Oak Park Avenue when they hit bones during excavation. Fleig, of course, had warned them months earlier that they’d run into bodies.

The city’s Public Building Commission dug trenches through the site of the school, studied archeologists’ maps and used radar technology to search for human remains, according to spokesman Bryant Payne. They also drew up a five-page list of “archaeological protocols,” instructing workers remove and relocate any remains they find.

“Contractor shall...remove all coffin hardware and associated grave artifacts” and “place in plastic storage containers all human skeletal materials,” the document reads. Once the remains are set aside, the builder would have to coordinate with state preservation agencies to find a final resting place for them.

It’s a precaution that may prove necessary, Fleig said.

“The bad news for the school project is that we’ve found remains scattered all over these 320 acres,” Fleig said. “There are some pockets of burials that I’ve mapped, that I don’t understand why they’re there.”

One such discovery was documented in November 1989, when the student newspaper at Wright City College reported a skull and femur bones found during construction of an engineering building at the southwest edge of the campus.

And one of the maps in Fleig’s possession, drawn up by a former administrator of the mental hospital, marks skulls that were found on the site of a youth wing of Chicago State Hospital. The area is now being excavated to make way for the high school’s football field.

“This whole area went through several phases of building... so a lot of debris and bones may have made their way out of the old grounds,” Fleig said. “And just because certain areas were marked as cemeteries at the time, it doesn’t mean some people didn’t get a little sloppy.”

Saturday, March 17, 2018

Industry-backed white paper low-balls oil & gas methane impact


A white paper by the Gas Technology Institute’s Center for Methane Research is drawing attention in industry circles for arguing that methane emissions from the oil and gas sector have a much smaller impact on the global climate than virtually every other generally accepted scientific estimate.

That would be huge news if it were true. But unfortunately, the conclusion is rendered completely moot by a compounding series of fundamental errors. In fact, had the authors done their math accurately, their results would have been very much in line with mainstream research which shows that human-caused methane emissions are responsible for a quarter of the worldwide warming we’re experiencing today.

We can’t say whether the erroneous calculations were intentional or not. It’s worth noting, however, that EDF pointed out these mistakes to GTI staff when our scientists were asked to comment on a pre-publication draft. We will explain them again here, showing where the authors went wrong and what the numbers look like when they correctly reflect the underlying physics and chemistry.

Layers of Mistakes Amplify the Errors

The GTI paper starts with sound data from the National Oceanic and Atmospheric Administration’s Annual Greenhouse Gas Index (AGGI). It’s the use of the data where the authors go wrong. Their conclusions are so far off the actual mark because there are basic errors layered on top of each other that lead to spurious conclusions.

Knowledgeable experts will spot these problems immediately, but many others may not – particularly if they are only reading secondhand references or quotes. That’s why it’s important to unpack the math.

Misleading Mistake #1: Systematic Under Counting

Methane emissions contribute to warming in two ways: directly, as a heat-trapping gas in itself, and also indirectly, via oxidation of methane into tropospheric ozone, stratospheric water vapor, and carbon dioxide – all of which are heat-trapping gases themselves. In fact, about a third of methane’s aggregate effect on the climate is known to come from these other components.

Unfortunately, the GTI paper doesn’t look at methane emissions. Instead, the authors decided to look at methane concentrations. This choice leaves out the well-established indirect or secondary warming effects caused by methane’s indirect impact.

As a result, their numbers are more than 30 percent too low right out of the gates. The GTI paper suggests total methane emissions are responsible for 16.7 percent of the warming we see today. But in fact, the real figure is at least 25 percent.

Misleading Mistake #2: Muddling Human-Caused with Naturally-Occurring Emissions

The paper correctly notes that human-caused sources of methane (the two biggest of which are livestock and oil and gas activities) account for about half of all worldwide methane emissions. The other half comes from naturally-occurring sources like swamps and bogs.

But because natural emissions are relatively constant over human time scales, they have not changed the Earth’s energy balance over the past few centuries; their impact on the climate is the same today as it was in preindustrial times.

Where the GTI paper goes fundamentally wrong again, however, is by assuming that because half of methane emissions are natural, half of today’s climate impact from methane is also natural. But in fact the current climate impact from methane is entirely attributable to human activities. With the stroke of a pen, the GTI paper therefore reduces the estimated radiative forcing effect of human-caused methane – already too low by a third because of the first error – in half. .

Now, instead of the generally accepted, science-based estimate of at least 25 percent, the paper says human-caused methane emissions account for only 8.8 percent of today’s warming. In other words, the first and second systematic errors in the paper result in two-thirds of the problem disappearing by mathematical sleight of hand.

Misleading Mistake #3: Undercounting Fossil Fuels’ Share of the Pie

Thanks to the first two mistakes, all the subsequent calculations also result in numbers that are far too low.

Emissions from fossil fuel activities (coal, oil, and gas) account for about 20 percent of all methane (natural and human-made), but they represent roughly 30 percent of the methane from human activity (and recall that all of today’s warming from methane is attributable to human activities). – thereby arriving at an estimate that is half of what it should be.

The authors compound this mistake again when calculating the impact attributable to the U.S. oil and gas industry, again producing an estimate that’s three- to four times too low.

The Actual Bottom Line

When you add up all the misleading mistakes in the GTI analysis, it turns out the authors underestimate the true share of total, radiative forcing (proxy for today’s warming) attributable to oil and gas activities in the United States by about 3 to 4 times. That’s a big difference. Whether it was their intent to paint an imaginary picture of reality, it’s certainly the effect of the glaring miscalculations.

The fact is, methane emissions from the oil and gas sector represent the fastest, most cost-effective opportunity we have to slow global warming right now, in our lifetimes. Most of the solutions are already being deployed in some places, as they are simple and straightforward. Many pay for themselves in just a short time. All of them together will make a huge difference. The actual numbers prove the case.

Friday, March 16, 2018

Sweeping transportation bill barely passes Senate


SALT LAKE CITY — A sweeping transportation bill that raises vehicle registration fees, allows local sales tax increases and establishes new management for the Utah Transit Authority barely passed the Senate Wednesday.

SB136, the product of the Legislature's yearlong Transportation Governance and Funding Task Force, no longer would impose a 0.15 percent statewide sales tax increase to raise more than $80 million for mass transit.

The bill still allows for local sales tax increases, but no longer calls for the transit portion to go only to UTA, potentially creating competition for the longtime transit agency.

And the bill now raises vehicle registration fees from $44 to $72, and also continues to impose controversial additional fees on electric and plug-in hybrid cars.

What had been the most contentious issue during the task force meetings, coming up with a new way to run UTA, hasn't generated much attention. The bill replaces the 16-member board of trustees with a three-person management team.

The team of full-time trustees, nominated by local governments and appointed by the governor with the consent of the Senate, would be responsible for running the transit agency day-to-day.

Sen. Wayne Harper, R-Taylorsville, the bill's sponsor and the task force co-chairman, said he pulled the statewide sales tax provision because there was just too much opposition.

Legislative leaders had made it clear it would be difficult to pass a sales tax increase in a year where state revenues and surpluses have grown well beyond $500 million, especially in what is an election year for most lawmakers.

Harper came up with increasing the state sales tax from 4.7 percent to 4.85 percent as an alternative to another unpopular proposal in a previous version of the bill, increasing hotel room and rental car taxes.

The Senate approved the bill by a vote of 15-12, and it now goes to the House.

"It’s something we need to go through and pass this session. We need to get everything in place," Harper said during the Senate debate, citing "what it is going to do now and for our children and grandchildren in the future."

Attempts to amend the bill to remove the additional fees for electric and hybrid cars and to hold on to the new revenues coming in for mass transit for a year to give UTA time to prove itself both failed.

Thursday, March 15, 2018

Industry insiders say it’s up to Department of Transportation to keep fake service animals off airplanes

DENVER -- The president of the Association of Flight Attendants said airplanes are turning into "Noah's Ark" as the number of emotional support animals on planes continues to rise.

Sara Nelson said it's up to the Department of Transportation to establish policies to crack down on fake service animals.

She said flight attendants are getting bitten, legitimate service animals are being attacked and animals are defecating on airplanes.

She called the number of emotional support animals on airplanes a "safety and security issue."

"It’s pretty clear to us that fraud is being committed here, that people are fraudulently saying these are emotional support animals," Nelson said.

In January, Delta Airlines announced it transports 700 service or support animals daily on planes and it's seen an 84 percent increase in incidents involving animals on airplanes since 2016.

As a result, it announced new policies rolling out Thursday for emotional support animals.

Nelson said a key point of Delta's policy is that passengers must sign a document that their animal is trained, and if the animal acts out, Delta can hold the passenger accountable.

"I think the fact that Delta has put forward policy shows there is a real need for increased enforcement, increased oversight," Nelson said.

In 2015, the FOX31 Problem Solvers exposed two Colorado companies -- National Service Animal Registry and its partner Chilhowee Psychological Services -- showing how easy it was to buy an emotional support animal certification.

One counselor lost his license as a result of the story, but the company stayed in business.

After an online survey and two brief phone calls, a FOX31 producer obtained an emotional support animal certification for her cat.

The letter came from counselor Jerry Snodgrass, who is based in Oregon and who works with Chilhowee Psychological Services.

The letter stated he was treating the producer for a mental health disability and she can fly with her cat.

Neither Chilhowee Psychological Services nor National Service Animal Registry responded to a request for an interview.

However, Snodgrass did speak over the phone.

"We don't do this just so people can fly with their animals," Snodgass said.

He said he does a thorough job screening people before deciding if they need an emotional support animal.

He pointed the finger at other online companies who he said advertise that passengers are guaranteed a certification by simply paying for it online.

He also said it's up to passengers to be honest about the reasons they want to fly with their pets.

"I don't think we are adding to or creating the problem. I just can't make that connection," Snodgrass said.

Nelson said at this point, it's tough to tackle online sales so she said it's up to the Department of Transportation to implement policies to crack down.

She believes it will act quickly.

"We need to have defined rules by the Department of Transportation that provides a consistency across the airline industry," Nelson said.

"I think they are very concerned that if they don't act, the needs of those that need the help of service animals will be interrupted."

Along with Delta Airlines, other airlines are rolling out new policies for emotional support animals.

United announced starting Thursday, it'll requires additional documentation for passengers traveling with emotional support animals.

Wednesday, March 14, 2018

Crude oil production hits 50-year high; West Texas claims big percentage


The production of crude oil has hit 10 million barrels a day for the first time in nearly 50 years, according to data from the U.S. Energy Information Administration.

Lifting the ban on the exportation of U.S. crude oil on Dec. 18, 2015, has been a major game-changer for U.S. oil producers, said Michael Looney, vice president of economic development for San Angelo’s Chamber of Commerce.

He said it has given given U.S. producers, including those in the Permian Basin, a whole new set of markets and buyers — mainly in Asia.

“This is a big achievement for U.S. and Texas producers,” said Looney.

Of those 10 million barrels, 40 percent was produced in Texas.

The Permian Basin has experienced an increase in drilling, along with several pipeline projects in the works to allow for transportation of the West Texas Intermediate Oil to the nation’s ports, such as Corpus Christi.

Tuesday, March 13, 2018

To Help Solve Gun Violence, Look to Transportation As An Example


As yet another school shooting leads to predictable political debates, it seems like gun violence is a problem Americans will never solve. But it doesn’t have to be that way. Gun safety is not a threat to the Second Amendment, and there is a road forward we can take that’s tried and true.

We need to look at the successful history of improving transportation safety as a model. Transportation used to be a major killer. More than 50,000 people died annually in the U.S. in the 1970s from motor vehicle accidents, and it seemed like there was no solution. But society stepped up, and the results have been dramatic: Deaths are down 20% since 1980 even though population has grown by 100 million people and Americans are driving twice as many miles, up from 1.5 to 3 trillion vehicle miles annually

The solution was to transcend political entrenchment and tackle road safety with every tool imaginable.

Monday, March 12, 2018

Australian E&Ps With US Focus Top The Charts

Australian investors with an appetite for U.S. oil and gas plays have enjoyed a veritable financial feast on the Australian Securities Exchange (ASX) from two standout stocks starring at the top of the annual and quarterly performance charts.

The industry may just be beginning to raise its head above the parapet, but green shoots have given rise to a fully-fledged recovery in the Australian oil and gas sector with four straight quarters of growth culminating in 17% market cap growth in the year to Jan. 31.

The return of sunnier dispositions, as revealed by Australian Oil & Gas Research, was characteristically led by the $6 billion cap top-tier companies, which grew 16% during this period, but the real stock stars were the next tier First Division players (market cap greater than $100 million) which expanded by a fist-pumping 63%.

The star performer for the 12-month period was Newcastle-based Freedom Oil & Gas (ASX: FDM) led by Executive Chairman and CEO Michael Yeager, the former petroleum boss of BHP Billiton Ltd. (NYSE: BHP). The company holds a 100% interest in 8,000 acres of undeveloped land in the Eagle Ford Shale play in South Texas.

Freedom’s share price spiked 271% to 32.5c (33.5c at press time) in the 12 months to Jan. 31 on the back of a spectacular fourth quarter and better-than-expected performance from its Eagle Ford drilling program. For example, the company’s Eagle Ford wells, the Wilson B-1 and Wilson B-2, averaged about 1,250 barrels of oil equivalent a day delivering crude and NGL.

Another company that put a spring in shareholders’ steps, notably in the three months to Jan. 31, was Byron Energy Ltd. (ASX: BYE). The Melbourne-based operator with Gulf of Mexico focused assets has a smart seismic strategy that reaped a bounty. Its SM 71 F2 appraisal well intersected four high-quality oil bearing sands with a combined net oil pay of 58 m (190 ft).

The well, offshore Louisiana, is expected to significantly increase 1P and 2P reserves in Byron’s next annual review with first anticipated production of up to 6,000 plus barrels of oil per day from the shallow-water SM 71 F1, F2 and F3 wells imminent at press time. Byron’s performance had the market purring as its stock soared 148% to 31c in the three months to Jan. 31 (29c at press time).

Byron’s U.S.-born CEO Maynard Smith said success was “no flash in the pan” in an area where the likes of Transco, Tenneco (Smith’s “alma mater”) and Royal Dutch Shell Plc (NYSE: RDS.A) had operated, with the latter producing 3.9 million barrels of oil before it had sold its blocks to Apache Corp. (NYSE: APA).

“We assembled a team boasting individuals with up to 40 years of experience working in the Gulf,” Smith said. “Our play features a very complicated salt dome where some big players produced 4-5 million barrels of oil. We discovered a big anomaly deeply dipping and it’s within 600 ft of where others drilled but were, perhaps, a little too hung up on horizontal. We drilled a little deeper and intersected perfectly clean oil-bearing sands in shallow water which ranks as a very significant discovery.”

Smith said Byron had focused its energies on the U.S. as the playing fields were far more level than in Australia.

“The problem in Australia is that all the really good acreage is tied up by the big players and the little guys tend to mess around on the fringes of the basins. In the U.S. anyone can compete,” he said. “You put your number in an envelope and bid for blocks and if your bid is higher than Shell’s, you win it with no questions or negotiations. Anyone can compete and if you know the system and how to work it you can do well. There’s no disadvantage to being small.”

Sunday, March 11, 2018

Man rescued after being trapped at Brooklyn construction site


NEW YORK (FOX5NY) - Members of the FDNY rescued a man who became trapped in the basement of a building that collapsed in Brooklyn.

It happened at about 12:30 p.m. on Rutland Road. The floor joist collapsed and dropped him from the first floor to the basement.

Rescue workers braced the rest of the building to support it as they removed debris by hand to get to the man. He waws trapped under a beam. Fire fighters had to cut the beam.

The man was conscious the entire time and was able to communicate with rescue workers. He was trapped for about 90 minutes before he was pulled out.

The man, who was not identified, was taken to Kings County Hospital in critical condition but he was not believed to have life-threatening injuries.

Officials initially said the man was a construction worker but later determined that he was a scavenger who was looking for things to collect in the crumbling building

Saturday, March 10, 2018

Hyperloop Transportation Technologies, NOACA, announce partners in $1.2 million study of Cleveland-Chicago route


CLEVELAND, Ohio - Hyperloop Transportation Technologies and the Northeast Ohio Areawide Coordinating Agency on Monday announced the names of 18 businesses and nonprofit or academic organizations that have joined their partnership to explore a potential Great Lakes Hyperloop link between Cleveland and Chicago.

The list includes: Meggitt Aircraft Braking Systems, Corp., Ohio State University, ZIN Technologies, Ohio Aerospace Institute, Jobs Ohio, America Makes, Oak Ridge National Labs, Ohio Aerospace and Aviation Council, Ohio Aerospace and Aviation Technology Committee, Wright State Research Institute, The Gateway Group, Additive Engineering Solutions, Eureka Ranch, The University of Akron, The University of Akron Research Foundation, University of Cincinnati SpaceX Hyperloop Competition Team, The Greater Akron Chamber, and the City of Akron.

HTT, which is based in Playa Vista, California, said in a news release that it would lead the consortium through a 6- to 9-month feasibility study, for which HTT and NOACA have raised $1.2 million.

"We have said from the beginning that the Hyperloop will take a movement," Dirk Ahlborn, CEO of HTT, said in the news release. "The Great Lakes Hyperloop is by far the largest movement of private and public organizations working with a Hyperloop company to develop a system in the United States. We are inviting other cities and organizations throughout the region to join us in bringing the next mode of transportation to reality."

"The Great Lakes mega-region represents a $15 billion transportation market with tens of millions of tons of cargo and millions of passengers connecting to the cities within the region every year," Grace Gallucci, executive director of NOACA, said in the news release. "Technologies like the Hyperloop can take our over-stressed infrastructure into the 21st century and beyond."

The Cleveland-Chicago project is not to be confused with a separate project led by Hyperloop One, a separate company based in Los Angeles, which recently picked a Chicago-Columbus-Pittsburgh link as one of 10 around the globe that it wants to explore.

Last Tuesday, the Mid-Ohio Regional Planning Commission (MORPC) said it was launching a Rapid-Speed Transportation Initiative (RSTI) to explore intercity routes that could use either traditional passenger rail and/or Hyperloop technology to link Chicago, Columbus, and Pittsburgh.

The MORPC announcement said it would conduct a feasibility study of Hyperloop technology for the corridor, followed by an environmental study. The planning agency said it anticipated the cost would reach $2.5 million.

Friday, March 9, 2018

New U.S. Sanctions Target Libyan Smugglers


A new round of U.S. sanctions targets Libyan smugglers to block the unauthorized exploitation of natural resources in the North African country, according to a new report by Reuters.

The U.S. treasury department announced new rules on Monday, activating the Office of Foreign Assets Control (OFAC) to sanction six individuals, 24 companies and seven vessels to keep American firms from interacting with the smuggled goods in U.S. jurisdictions.

The individuals held either Libyan, Maltese, or Egyptian citizenships, an official statement read. A 2016 executive order by President Barack Obama identifies the three countries as targets of oil and gas smuggling as well.

“Oil smuggling undermines Libya’s sovereignty, fuels the black market and contributes to further instability in the region while robbing the population of resources that are rightly theirs,” OFAC’s statement said, referring to the phenomenon that has greatly increased since the overthrow of dictator Muammar Ghaddafi during the 2011 Arab Spring.

Libyan oil revenues are still on the rise due to enhanced stability, according to figures from last year. Government oil revenues nearly tripled in 2017 to $14 billion as the country managed last year to gradually recover its oil production, reaching 1 million barrels per day for the first time since 2013.

The surge in oil revenues amid recovering production and recovering oil prices allowed Libya to halve its budget deficit last year, to $7.85 billion (10.6 billion Libyan dinars), from $15 billion (20.3 billion dinars) in 2016, the central bank said.

In its economic outlook on Libya in October 2017, the World Bank said, “Despite strong growth performance driven by the oil sector, the Libyan economy is still suffering from political strife that hinders it from reaching its potential. Following four years of recession, the Libyan economy recovered in 2017-H1, thanks to the resumption in the production of hydrocarbon products after the repossession from militias of the main oil fields last year.”

https://oilprice.com/Latest-Energy-News/World-News/New-US-Sanctions-Target-Libyan-Smugglers.html

Thursday, March 8, 2018

The Decline of Life Insurance Is a Mystery


Life insurance is losing its appeal in the U.S. In 1965, Americans purchased 27 million policies, individually or through employers. In 2016, a population that was more than 50 percent larger still bought only 27 million policies. The share of Americans with life insurance has fallen to less than 60 percent, from 77 percent in 1989. Why this is happening remains a puzzle.

People buy life insurance for various reasons: to pass wealth along to future generations, to provide liquidity for mortgage payments, or to cover funeral expenses, to name a few. These motivations may become more or less important as the population shifts demographically.

Yet socioeconomic and demographic trends can’t explain the decline in life insurance, a recent analysis from the Federal Reserve Bank of Chicago has found: If various population groups had acted the same way in 2013 as they did in 1989, 78 percent of U.S. households would have had life insurance, not 60 percent.

Other evidence points in the same direction. The observed declines have been steeper for cash value life insurance, which includes a saving component, than they have been for term life, which does not. Another study looking specifically at cash value ownership found that neither changes in demographics nor in the tax law (which can affect the incentives to hold cash value policies) can explain the declines from 1992 to 2010.

The puzzle deepens when one examines life expectancy, which clearly should influence decisions about life insurance. Theoretically, the lower a person’s chance of dying over a given period, the less should be his or her desire for life insurance during that time. And over the past few decades, overall life expectancy has risen.
But this otherwise plausible explanation doesn’t work when you take a closer look and see that life expectancy has been rising rapidly only among higher earners. For lower earners, it has been stagnating or even declining. The top 40 percent of male earners who reached age 50 in 2010 could expect to live seven to eight years longer than those who reached that age in 1980. But there was little to no increase for the bottom 40 percent of male earners across those generations, a National Academies of Sciences panel that I co-chaired found.

If life insurance changes were being driven by life expectancy, we would expect ownership to fall less (or perhaps even rise) among lower earners and to fall more among higher earners. Instead, the opposite has happened.

In 1989, 76 percent of Americans with a high school diploma owned any kind of life insurance. By 2013, that share had declined to 55 percent. For those with a college degree, ownership fell only to 73 percent, from 88 percent. Similarly, among people in the top 20 percent of the income distribution, life insurance ownership fell to 85 percent from 94 percent, while it dropped to 27 percent, from 44 percent, among those in the bottom 20 percent of income.

Perhaps people in low-income households can no longer afford policies, or they don’t consider it as necessary as they once did to protect against financial risk to their families. Another possibility, though, is that policy pricing is having an effect.

Most individual life insurance policies require a medical exam. If the health of lower earners is deteriorating relative to that of higher earners, the price of life insurance for them will rise disproportionately. And if life insurance companies put more weight on the risks to life than the individuals do, they’ll end up with policy pricing that’s unattractive to lower earners.

It is also possible that industry changes have affected life insurance purchases. Over the past two decades, many insurance companies “demutualized” by shifting from being owned by policyholders to being owned by shareholders. Mutual insurance companies appear more inclined to sell life insurance, and so this broader industry trend may be affecting how policies are advertised and sold. Evidence suggests that term life policies became cheaper as they became more widely available on the internet, which may be why term policies have declined less dramatically than cash value policies have.
Finally, although fewer people are buying life insurance, those who do are buying more valuable policies. Apparently, while some families are deciding insurance isn't worth buying, others consider it such a good idea, they're buying more. That only makes the puzzle harder to solve.

Wednesday, March 7, 2018

Vista Oil & Gas seals $700m Argentina deal

Six months after bursting on to the Mexican stock market with the third-biggest initial public offering since 2015 and the promise to become a Latin American energy champion, Vista Oil & Gas has sealed its first acquisition and is planning an aggressive 400-well drilling programme in Argentina’s Vaca Muerta shale formation.

The company, led by Miguel Galuccio, the former chief executive of Argentine state company YPF, announced it had acquired 99.7 per cent in Petrolera Entre Lomas, or Pelsa, for $700m, giving it production of 27,500 barrels of oil equivalent per day and a swath of Vaca Muerta acreage which Vista aims to bring into production next year.

 “This operative platform, with a mix of cash flow-generating assets and high-growth ready-to-develop core Vaca Muerta acreage, will be the cornerstone to delivering on our vision of making Vista a leader in Latin America,” Mr Galuccio said.

 The acquisition of Pelsa, previously owned jointly by Pampa Energía and Pluspetrol, vaults Vista into position as Mexico’s only listed exploration and production company and one of the top 10 oil producers in Argentina. Pelsa has been producing assets in the Neuquén basin, including one operated by Shell unit O&G Developments. The company is expected to post 2017 earnings before interest, tax, depreciation and amortisation of $182m.

 Vista, which is backed by Mr Galuccio and energy-focused private equity firm Riverstone, raised $650m in a Mexican IPO last August when it was launched as a special purpose acquisition company.

Please use the sharing tools found via the email icon at the top of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service.

Vista agreed to buy Pampa’s 59 per cent stake in Pelsa in January and in the past month it has raised an additional $400m in debt and equity, including a $300m credit line from Citi, Morgan Stanley and Credit Suisse, to allow it to assume full control. US, UK and Canadian funds, as well as Mexican pension funds, have participated in fundraising, Vista said.

The company is planning to use $100m to invest in and develop assets. “We expect to drill the first wells in Vaca Muerta in the second half of 2018 and to start production in early 2019,” Mr Galuccio told the Financial Times.

 “Vaca Muerta represents a massive opportunity for the entire region and, in particular, for Argentina. The play has been de-risked and is now ready for economic development,” he said. Vaca Muerta contains the world’s second-largest shale gas reserves but the acreage Vista has bought is largely shale oil.

 “On the personal side, Vista and this acquisition represent for me the opportunity to focus again on the development of Vaca Muerta. That was just a promise when I came back to Argentina to lead YPF six years ago. Vaca Muerta is now a reality on which many majors are focusing their investments and Vista provides investors a unique opportunity to get direct exposure to it,” Mr Galuccio said.

 YPF itself last year announced a $30bn five-year shale push designed to ramp up Vaca Muerta’s production to emulate the US shale boom. Vista includes other senior former YPF executives including Juan Garoby, the former head of unconventionals.

https://www.ft.com/content/2343b880-15bb-11e8-9376-4a6390addb44

Tuesday, March 6, 2018

​Samsung begins construction of $6 billion EUV semiconductor line

Samsung Electronics has begun construction of a new semiconductor line in its Hwaseong plant that will produce chips in 7-nanometers and smaller, the company said.

Samsung will invest $6 billion into the line that will be finished in 2019 and begin operations in 2020. The company will invest more depending on market situation when it begins operations, Samsung said.

Extreme ultra violet (EUV) lithography equipment will be installed in the plant, which will help Samsung maintain technological leadership in very large scale integrations, the firm said.

EUV light has a shorter wavelength compared to ArF lights currently in use and will allow drawing of more precise and detailed circuits needed for chips under 10 nanometers in scale.

The company will work to meet the demand for high-performance semiconductors in mobiles, servers, networks, and HPC and contract chip making clients.

Samsung's Hwaseong plant, along with others in Giheung and Pyeongtaek, forms its "semiconductor cluster" in South Korea. It also has plants in Austin, Texas and Xian, China.

The company is working with US chip giant Qualcomm on a 5G mobile chipset that will be made using the 7-nanometer process. Samsung developed a 8-nanometer process last October.

http://www.zdnet.com/article/samsung-begins-construction-of-6-billion-euv-semiconductor-line/

Monday, March 5, 2018

Row Over Port Control Disrupts Russia’s Oil Product Exports


Russia’s exports of oil products from the Black Sea port of Novorossiysk have been disrupted since the beginning of this month due to a conflict over the control of the port, Reuters reported on Wednesday, citing four industry sources.

The port of Novorossiysk handles between 300,000 tons and 350,000 tons of oil products each month, mostly diesel and naphtha.

But oil product exports from the IPP terminal at the Novorossiysk port have been delayed since early February amid a conflict among management over the port’s control, three sources told Reuters.

Between 1,000 and 2,500 rail cars full of oil products have been stuck near the port waiting to be loaded onto oil tankers, while ships have been waiting at the harbor in Novorossiysk.

According to trading sources who spoke to Reuters, loading operations of two tankers have been canceled. These are the Andromeda tanker chartered by Litasco, the trading arm of Russia’s second-biggest oil producer Lukoil, and the Atlantas II tanker of oil trading major Trafigura.

It was not immediately clear when the Novorossiysk oil terminal loading operations would return to normal.

The Novorossiysk Commercial Sea Port (NCSP) is one of the largest transport crossroads in southern Russia.

Last year crude oil shipments at Novorossiysk increased by 0.9 percent on the year to 30.7 million tons, NCSP Group—the holding group that owns the Novorossiysk Commercial Sea Port—said last month. The volume of oil products shipped at the Novorossiysk port declined by 6.7 percent annually to 16.7 million tons.

Total oil products shipment at Russian sea ports edged up 0.5 percent last year thanks to increase of shipments from the Tuapse refinery via the port of Tuapse on the Black Sea north of Sochi, and from the Anitipinsk and Maryisk refineries via a proprietary terminal in Murmansk, a port in northern Russia on the Barents Sea.

Public comment period extended for Walan air quality regulations construction permit

The Delaware Department of Natural Resources and Environmental Control extended the public comment period on the company’s permit applicatio...