Monday, November 4, 2013
The Peak Oil Crisis: The Shale Oil Bubble
Will the US be able to sustain oil and gas production long term? This article casts doubt on this.
"The key question of course is how long production will continue to grow before it inevitably declines. Optimists maintain that we have just scratched the surface of our shale oil reserves and that production will continue increasing for years, if not decades.
Realists are not so sure, noting that not only is fracked oil very expensive, requiring circa $80 a barrel to cover the costs of extraction, but that production from fracked oil wells drops off quickly so that new wells have to be drilled constantly to maintain production. Until recently information about just how fast our fracked oil wells were depleting was rather hard to come by, so that the hype about the US becoming energy independent and a major oil exporter became conventional wisdom for most."
Read article, "The Peak Oil Crisis: The Shale Oil Bubble," here.
Home page for Post Carbon Institute
Here's a book worth reading: Snake Oil: How Fracking's False Promise of Plenty Imperils Our Future
SNAKE OIL casts a critical eye on the oil-industry hype that has hijacked America's energy conversation. This is the first book to look at fracking from both economic and environmental perspectives, informed by the most thorough analysis of shale gas and oil drilling data ever undertaken. Is fracking the miracle cure-all to our energy ills, or a costly distraction from the necessary work of reducing our fossil fuel dependence?