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	<title>Jim Letourneau&#039;s Big Picture Speculator</title>
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	<link>http://www.jimletourneau.com</link>
	<description>energy, metals, commodities</description>
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		<copyright>&#xA9;Jim Letourneau </copyright>
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		<managingEditor>bigpictureguy@gmail.com (Jim Letourneau)</managingEditor>
		<webMaster>bigpictureguy@gmail.com(Jim Letourneau)</webMaster>
		<category></category>
		<ttl>1440</ttl>
		<itunes:keywords>Letourneau,gold,silver,uranium,oil,oil,sands,energy,base,metals,copper,lead,zince,alternative,energy,geothermal</itunes:keywords>
		<itunes:subtitle>Big Picture Speculator</itunes:subtitle>
		<itunes:summary>Jim Letourneau interviews experts in resource stocks.</itunes:summary>
		<itunes:author>Jim Letourneau</itunes:author>
		<itunes:category text="Business">
  <itunes:category text="Investing"/>
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<itunes:category text="Business">
  <itunes:category text="Business News"/>
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		<itunes:owner>
			<itunes:name>Jim Letourneau</itunes:name>
			<itunes:email>bigpictureguy@gmail.com</itunes:email>
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		<itunes:block>No</itunes:block>
		<itunes:explicit>no</itunes:explicit>
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			<title>Jim Letourneau&#039;s Big Picture Speculator</title>
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		<item>
		<title>Who Might the Dumbest People in the World Be?</title>
		<link>http://www.jimletourneau.com/2010/03/who-might-the-dumbest-people-in-the-world-be/</link>
		<comments>http://www.jimletourneau.com/2010/03/who-might-the-dumbest-people-in-the-world-be/#comments</comments>
		<pubDate>Fri, 05 Mar 2010 19:49:34 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.jimletourneau.com/?p=2596</guid>
		<description><![CDATA[Boone knows&#8230;


]]></description>
			<content:encoded><![CDATA[<p>Boone knows&#8230;</p>
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		<title>Excellent Curling Videos</title>
		<link>http://www.jimletourneau.com/2010/03/excellent-curling-videos/</link>
		<comments>http://www.jimletourneau.com/2010/03/excellent-curling-videos/#comments</comments>
		<pubDate>Wed, 03 Mar 2010 00:17:25 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.jimletourneau.com/?p=2589</guid>
		<description><![CDATA[JimLetourneau.com had record blog traffic last week but that drops off  quickly in the absence of new posts. I&#8217;m finishing off a newsletter that investigates why the &#8220;decade of HDL&#8221; may be upon us. I&#8217;m also preparing for an extended trip that will include Los Angeles, Hawaii, and Las Vegas ending with week long [...]]]></description>
			<content:encoded><![CDATA[<p>JimLetourneau.com had record blog traffic last week but that drops off  quickly in the absence of new posts. I&#8217;m finishing off a newsletter that investigates why the &#8220;decade of HDL&#8221; may be upon us. I&#8217;m also preparing for an extended trip that will include Los Angeles, Hawaii, and Las Vegas ending with week long family gathering in Palm Springs. That means I&#8217;ll be missing PDAC this year which may mean missing a few good companies but the advantage is not meeting the 100&#8217;s of non-interesting ones. I&#8217;ll miss the Core Shack. It also means a decrease in blog post frequency.</p>
<p>Canada loves curling so in honor of Kevin Martin&#8217;s gold medal rink here are a couple of curling videos.</p>
<h3>Some of the world&#8217;s best beer commercials win Eddies!</h3>
<p><object style="height: 344px; width: 425px;" classid="clsid:d27cdb6e-ae6d-11cf-96b8-444553540000" width="100" height="100" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,40,0"><param name="allowFullScreen" value="true" /><param name="allowScriptAccess" value="always" /><param name="src" value="http://www.youtube.com/v/9eEvv-TJVew" /><param name="allowfullscreen" value="true" /><embed style="height: 344px; width: 425px;" type="application/x-shockwave-flash" width="100" height="100" src="http://www.youtube.com/v/9eEvv-TJVew" allowscriptaccess="always" allowfullscreen="true"></embed></object></p>
<h3>The Weakerthans &#8211; Tournament of Hearts (thanks Ray!)</h3>
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		<title>Calgary Celebrates Canada&#8217;s Hockey Gold Medal</title>
		<link>http://www.jimletourneau.com/2010/02/calgary-celebrates-canadas-hockey-gold-medal/</link>
		<comments>http://www.jimletourneau.com/2010/02/calgary-celebrates-canadas-hockey-gold-medal/#comments</comments>
		<pubDate>Mon, 01 Mar 2010 03:17:17 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.jimletourneau.com/?p=2586</guid>
		<description><![CDATA[There was a spontaneous celebration on Calgary&#8217;s Red Mile after Canada won the gold medal in hockey. People were high five-ing each other from each other&#8217;s cars as they got held up in traffic.
The Hoser Nation is very happy tonight!

]]></description>
			<content:encoded><![CDATA[<p>There was a spontaneous celebration on Calgary&#8217;s Red Mile after Canada won the gold medal in hockey. People were high five-ing each other from each other&#8217;s cars as they got held up in traffic.</p>
<p>The Hoser Nation is very happy tonight!</p>
<p><object classid="clsid:d27cdb6e-ae6d-11cf-96b8-444553540000" width="560" height="340" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,40,0"><param name="allowFullScreen" value="true" /><param name="allowscriptaccess" value="always" /><param name="src" value="http://www.youtube.com/v/E4q1ZlBkAMU&amp;hl=en_US&amp;fs=1&amp;" /><param name="allowfullscreen" value="true" /><embed type="application/x-shockwave-flash" width="560" height="340" src="http://www.youtube.com/v/E4q1ZlBkAMU&amp;hl=en_US&amp;fs=1&amp;" allowscriptaccess="always" allowfullscreen="true"></embed></object></p>
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		<title>Temperaturegate</title>
		<link>http://www.jimletourneau.com/2010/02/temperaturegate/</link>
		<comments>http://www.jimletourneau.com/2010/02/temperaturegate/#comments</comments>
		<pubDate>Sat, 27 Feb 2010 01:05:04 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.jimletourneau.com/?p=2578</guid>
		<description><![CDATA[Climategate didn&#8217;t stamp out the climate change movement but it has got people checking their facts and more importantly, it has got people looking at the science business.
Scientists working with large digital data sets are often able to reason that a subset of data points are incorrect. Sometimes this is the case as there are [...]]]></description>
			<content:encoded><![CDATA[<p>Climategate didn&#8217;t stamp out the climate change movement but it has got people checking their facts and more importantly, it has got people looking at the science business.</p>
<p>Scientists working with large digital data sets are often able to reason that a subset of data points are incorrect. Sometimes this is the case as there are many potential error sources (data entry, transposed figures, conversion errors, faulty sensors etc.). An adjustment can often be applied to the &#8220;raw&#8221; data that will remove or smooth obviously troublesome data. An &#8220;adjusted&#8221; data set is used in the subsequent interpretation.</p>
<p>In other cases scientists may introduce their human biases through statistical modifications. This appears to be the case with the data from the National Climatic Data Center (NCDC) according to a <a href="http://scienceandpublicpolicy.org/originals/temperature_trends.html">paper by Edward R. Long, Ph.D.</a></p>
<p>Long extracted the temperature records from rural stations and compared them to the data from urban stations. The graph below shows a warming trend in the urban data that is not observed in the rural data.</p>
<p><a href="http://www.jimletourneau.com/wp-content/uploads/2010/02/urban-vs-raw-data.png"><img class="aligncenter size-full wp-image-2579" title="urban vs raw data" src="http://www.jimletourneau.com/wp-content/uploads/2010/02/urban-vs-raw-data.png" alt="urban vs raw data" /></a></p>
<p>Urban heating or the <a href="http://en.wikipedia.org/wiki/Urban_heat_island">heat island effect</a> is well-documented. Cities become warmer as they grow in size. There is less vegetation and there are more artificial heat absorbing surfaces. A warming in urban temperature records would be expected during the post-war urbanization of the US and that is what the data show. The rural data does not show the same warming trend. Rather than correcting for urban heating, the NCDC …<em>has taken liberty to alter the  actual rural measured values. </em></p>
<p>In other words the NCDC &#8220;adjusted&#8221; data set is biased towards warming from the urban heat island effect. A different approach would be to adjust the urban data to reflect the trends in the rural data&#8230; but that wouldn&#8217;t show a warming trend.</p>
<p>Long&#8217;s conclusion is an important one&#8230;</p>
<p><em>This suggests the consequence of the NCDC’s protocol for adjusting the data is to cause historical data to take on the time-line characteristics of urban data.  The consequence intended or not, is to report a<strong> false rate of temperature increase for the Contiguous U. S. </strong></em></p>
<p>Anthony Watts of <a href="http://wattsupwiththat.com">wattsupwiththat.com</a> has been documenting actual temperature stations through his surfacestations.org project. His paper <a href="http://wattsupwiththat.files.wordpress.com/2009/05/surfacestationsreport_spring09.pdf">Is the U.S. Surface Temperature Record Reliable? </a>doesn&#8217;t mince words.<em> </em></p>
<p><em>The conclusion is inescapable: <strong>The U.S. temperature record is unreliable.</strong> And since the U.S. record is thought to be “the best in the world,” it follows that the global database is likely similarly compromised and unreliable.</em></p>
<p>Volumes of peer-reviewed scientific papers have been based this &#8220;adjusted&#8221; data set so don&#8217;t look for this type of work to immediately become part of the scientific consensus.</p>
<p><a href="http://wattsupwiththat.com/2010/01/27/rumours-of-my-death-have-been-greatly-exaggerated/#more-15729">Here is some interesting background</a> including the &#8220;<a href="http://pielkeclimatesci.wordpress.com/2010/01/15/professional-discourtesy-by-the-national-climate-data-center/">professional discourtesy&#8221;</a> (most people would use harsher language) that Anthony Watts encountered.</p>
<p>It is my contention that Watts is one of a new breed of gentleman scientists. <a href="http://www.youtube.com/watch?v=q1hZVDLkJDc">The underdog</a> will prevail.</p>
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		<title>Gas Blowout near Hythe</title>
		<link>http://www.jimletourneau.com/2010/02/gas-blowout-near-hythe/</link>
		<comments>http://www.jimletourneau.com/2010/02/gas-blowout-near-hythe/#comments</comments>
		<pubDate>Thu, 25 Feb 2010 20:42:06 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.jimletourneau.com/?p=2573</guid>
		<description><![CDATA[Here is some video footage of a natural gas well blow out near Hythe, Alberta taken by Josh Ludwig. The Ludwig clan was protesting the site while the well was drilling. Clearly, the oil industry didn&#8217;t do itself any favors with this accident. 
On the other hand, given the Ludwig&#8217;s health concerns over the drilling [...]]]></description>
			<content:encoded><![CDATA[<p>Here is some video footage of a natural gas well blow out near Hythe, Alberta taken by Josh Ludwig. The Ludwig clan was protesting the site while the well was drilling. Clearly, the oil industry didn&#8217;t do itself any favors with this accident. </p>
<p>On the other hand, given the Ludwig&#8217;s health concerns over the drilling of the well it is ironic that Josh was intent on getting as close as he could to get photos.</p>
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		<title>Saskatchewan Investment Conference &#8211; May 7, 2010</title>
		<link>http://www.jimletourneau.com/2010/02/saskatchewan-investment-conference-may-7-2010/</link>
		<comments>http://www.jimletourneau.com/2010/02/saskatchewan-investment-conference-may-7-2010/#comments</comments>
		<pubDate>Thu, 25 Feb 2010 19:17:32 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.jimletourneau.com/?p=2570</guid>
		<description><![CDATA[I will be speaking at the Saskatchewan Investment Conference on May 7, 2010. The Premier of Saskatchewan will likely be there as the government is a big supporter of investment in Saskatchewan resource projects.
Speakers will include Tom MacNeill (49 North Resources), David Franklin (Sprott Asset Management), Dr. Michael Berry (Morning Notes), Michael Levy (MoneyTalks), Jim [...]]]></description>
			<content:encoded><![CDATA[<p>I will be speaking at the Saskatchewan Investment Conference on May 7, 2010. The Premier of Saskatchewan will likely be there as the government is a big supporter of investment in Saskatchewan resource projects.</p>
<p><em>Speakers will include Tom MacNeill (49 North Resources), David Franklin (Sprott Asset Management), Dr. Michael Berry (Morning Notes), Michael Levy (MoneyTalks), <strong>Jim Letourneau (Big Picture Speculator)</strong>, The Coffin Brothers (HRA Analyst), Victor Goncalves (Equities &amp; Economics Report), John Kaiser (Bottom Fishing Report), and Jeret Bode (MGI Securities)</em></p>
<p><a href="http://cambridgehouse.ca/index.php/saskatchewan-investment-conference-saskatoon-may-2010.html">Click here for more info</a><em><br />
</em></p>
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		<title>Crater from SAGD Operations at Joslyn, Alberta</title>
		<link>http://www.jimletourneau.com/2010/02/crater-from-sagd-operations-at-joslyn-alberta/</link>
		<comments>http://www.jimletourneau.com/2010/02/crater-from-sagd-operations-at-joslyn-alberta/#comments</comments>
		<pubDate>Thu, 25 Feb 2010 05:01:29 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.jimletourneau.com/?p=2556</guid>
		<description><![CDATA[The steam from Total&#8217;s  Steam Assisted Gravity Drainage (SAGD) project at Joslyn in Northern Alberta managed to find its way to the surface last year.
ERCB Staff Review and Analysis of the incident described it as follows:
The steam release occurred near the heel of the first well pair in pad 204 (well pair 204- I1P1), and [...]]]></description>
			<content:encoded><![CDATA[<p>The steam from Total&#8217;s  Steam Assisted Gravity Drainage (SAGD) project at Joslyn in Northern Alberta managed to find its way to the surface last year.</p>
<p>ERCB Staff Review and Analysis of the incident described it as follows:</p>
<p><em>The steam release occurred near the heel of the first well pair in pad 204 (well pair 204- I1P1), and caused a <span style="text-decoration: underline;">surface disturbance about 125 metres (m) by 75 m, with rock projectiles travelling up to 300 m horizontally from the main crater and a plume of dust about 1 kilometre</span> long stretching to the southwest of the release point. There was no loss of life or injury, and there were no harmful gaseous emissions. </em></p>
<p>Thank goodness!</p>
<p style="text-align: center;"><a href="http://www.jimletourneau.com/wp-content/uploads/2010/02/ERCB.png"><img class="size-full wp-image-2557 aligncenter" title="ERCB" src="http://www.jimletourneau.com/wp-content/uploads/2010/02/ERCB.png" alt="ERCB" width="620" height="565" /></a></p>
<p>A Total spokesperson stated that said the pilot was producing 3,500 barrels per day when it was suspended last spring, far short of its 10,000 bpd goal (<a href="http://www.calgaryherald.com/business/energy-resources/Many+factors+oilsands+shutdown+says+Total/2608555/story.html">Calgary Herald</a>).</p>
<p><strong>The bottom line is that &#8220;more steam!&#8221; is not always the correct approach to getting heavy oil out of the ground.</strong></p>
<p>There are interesting photos in the ERCB reports about the incident.  <a href="http://www.ercb.ca/portal/server.pt/gateway/PTARGS_0_0_303_263_0_43/http%3B/ercbContent/publishedcontent/publish/ercb_home/publications_catalogue/publications_available/special_reports/totaljoslyncreek.aspx">Click here for the details</a>.</p>
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		<title>Alberta Last in Royalty Comparison Report</title>
		<link>http://www.jimletourneau.com/2010/02/alberta-last-in-royalty-comparison-report/</link>
		<comments>http://www.jimletourneau.com/2010/02/alberta-last-in-royalty-comparison-report/#comments</comments>
		<pubDate>Wed, 24 Feb 2010 20:48:15 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.jimletourneau.com/?p=2553</guid>
		<description><![CDATA[Jack Mintz of The School of Public Policy at the University of Calgary has released a paper on the tax and royalty burdens on oil and gas investments in British Columbia, Alberta,
Saskatchewan, Nova Scotia and Newfoundland &#38; Labrador along with Texas. Alberta did not fare well by comparison to the other provinces according to Mintz.
Click [...]]]></description>
			<content:encoded><![CDATA[<p>Jack Mintz of The School of Public Policy at the University of Calgary has released a paper on the tax and royalty burdens on oil and gas investments in British Columbia, Alberta,<br />
Saskatchewan, Nova Scotia and Newfoundland &amp; Labrador along with Texas. Alberta did not fare well by comparison to the other provinces according to Mintz.</p>
<p><a href="http://www.policyschool.ucalgary.ca/files/publicpolicy/mintz3.pdf">Click here to download the report<br />
</a></p>
<h2></h2>
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		<title>20 Recoverable TCF of Gas in Quebec?</title>
		<link>http://www.jimletourneau.com/2010/02/20-recoverable-tcf-of-gas-in-quebec/</link>
		<comments>http://www.jimletourneau.com/2010/02/20-recoverable-tcf-of-gas-in-quebec/#comments</comments>
		<pubDate>Wed, 24 Feb 2010 18:35:28 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://www.jimletourneau.com/?p=2548</guid>
		<description><![CDATA[Further to the market excitement surrounding the Questerre announcement yesterday&#8230;
Questerre believes Quebec&#8217;s Utica shale could contain more than 20 trillion cubic feet of recoverable natural gas – far higher than gas estimates in Canada&#8217;s Mackenzie Delta.(Globe and Mail)
Having a giant source of natural gas lying between Montreal and Quebec City is a major paradigm shift [...]]]></description>
			<content:encoded><![CDATA[<p>Further to the market excitement surrounding the <a href="http://www.jimletourneau.com/2010/02/questerres-st-edouard-gas-flows-impress-the-market/">Questerre announcement</a> yesterday&#8230;</p>
<p><em>Questerre believes Quebec&#8217;s Utica shale could contain more than 20 trillion cubic feet of recoverable natural gas – far higher than gas estimates in Canada&#8217;s Mackenzie Delta.</em><a href="http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/quebec-shale-gas-find-could-redraw-canadas-energy-map/article1478900/">(Globe and Mail)</a></p>
<p>Having a giant source of natural gas lying between Montreal and Quebec City is a major paradigm shift for Canada&#8217;s energy supply. The Mackenzie Valley pipeline is a $16.2 billion project. Do we need it?</p>
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		<title>Questerre&#8217;s St. Edouard Gas Flows Impress the Market</title>
		<link>http://www.jimletourneau.com/2010/02/questerres-st-edouard-gas-flows-impress-the-market/</link>
		<comments>http://www.jimletourneau.com/2010/02/questerres-st-edouard-gas-flows-impress-the-market/#comments</comments>
		<pubDate>Wed, 24 Feb 2010 18:06:08 +0000</pubDate>
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		<description><![CDATA[The flow rates from Questerre&#8217;s Energy&#8217;s (QEC.TO) St. Edouard No. 1A horizontal well in the Utica shale flowed initial rates over 12 million cubic feet per day and sustained rates of over six million cubic feet per day during testing. Forest Oil (FST) and Talisman Energy (TLM) are the biggest companies involved in the play [...]]]></description>
			<content:encoded><![CDATA[<p>The flow rates from Questerre&#8217;s Energy&#8217;s (QEC.TO) St. Edouard No. 1A horizontal well in the Utica shale flowed initial rates over 12 million cubic feet per day and sustained rates of over six million cubic feet per day during testing. Forest Oil (FST) and Talisman Energy (TLM) are the biggest companies involved in the play but this news has set a fire under 6 other junior companies with shale gas potential in the St. Lawrence Lowlands.</p>
<p>The average gain for the junior companies involved with this play was 39% yesterday.</p>
<p><strong><a href="http://www.jimletourneau.com/wp-content/uploads/2010/02/Promo_Snapshot_February_23_2010.pdf">CLICK HERE</a> </strong> -  to download a PDF SNAPSHOT listing the St. Lawrence Lowlands juniors, their charts, and links to corporate websites.</p>
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