Sunday, June 27, 2021

Modern architecture: Ugliness is Beauty

There's a joke about contemporary architecture schools (which I've related before) that goes something like this: The purpose of architecture schools these days is to graduate tortured geniuses who design one-of-a-kind buildings which have no relationship to their surroundings. But I think the joke is on us. Board after board, commission after commission, and company after company have approved the most hideous buildings, believing they were being forward-thinking, open-minded and on the leading edge.

John Ruskin, the great Victorian art critic, observed that art both reflects and instructs the society in which it is embedded. The cartoonish buildings which now deface the American skyline and those in many cities around the world reflect a fundamental disturbance in the mind of the architectural community. But they also reflect the minds of those who approved these buildings, minds which appear untethered to any sense of historical continuity or human connection.

That is the curse of an age which believes it has now freed itself from the past. We have lost all perspective and anchoring. And, instead of being free, we have become bewitched characters in an Orwellian fantasy in which ugliness is beauty and love of beauty is some kind of pathologically naive attachment to bourgeois values—values which have no sympathy for the rising democratic spirit of the age.

Sunday, June 20, 2021

Shale oil and gas fraud: A sign of a peak in oil supplies?

Those of us who watched incredulously as investors shovelled more and more money into what we were sure were money-losing shale oil and gas drillers do not find the current spate of fraud lawsuits against these drillers surprising.

The gargantuan claims about shale hydrocarbon reserves—which were compared more than once to those in Saudi Arabia—were clearly designed to woo investors into bidding up the stock price and/or hoovering up the constant stream of junk bonds emitted by the shale oil and gas drillers. The hype succeeded for a long time, even during the crash in oil prices in 2015 and beyond when investors convinced themselves that they were picking up "bargains."

It wasn't until the pandemic-induced plunge in oil prices that the reality of those outlandish claims was revealed, and many companies disappeared.

Sunday, June 13, 2021

Who pays for the care of "orphaned" oil and gas wells? You do

When oil and gas wells end their useful life, one of two things happens: 1) They are plugged and capped to prevent further flows or 2) they are simply abandoned.

When they fall into the second category, they are called "orphaned" wells and they become the responsibility of the government to secure. But that's if the government actually knows about them. Records of well placements are not always so carefully maintained and can get lost during bankruptcies and changes in ownership or due to sheer carelessness. As a result, there appear to be far more abandoned wells than the orphaned ones that governments know about.

Since I last wrote about this problem in 2012, there has been a huge wave of drilling in Texas, North Dakota, New Mexico and Colorado as the so-called shale revolution unleashed billions of barrels of previously inaccessible oil and trillions of cubic feet of natural gas on the world. Now that drillers in the shale fields have fallen on hard times, many wells are idle and at risk of being abandoned.

Sunday, June 06, 2021