Here's an interesting story: http://www.newsobserver.com/2012/11/...-producer.html
I can't wait to see how the doom and gloom chorus reacts. }:D
Z
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Here's an interesting story: http://www.newsobserver.com/2012/11/...-producer.html
I can't wait to see how the doom and gloom chorus reacts. }:D
Z
The recent events regarding hurricane Sandy..... Show everyone in the affected area HOW IMPORTANT energy really is.
One thing not mentioned nearly enough in pieces like this is the cost to extract the energy..... EROEI.... Energy Return on Energy Investment.
http://en.wikipedia.org/wiki/Energy_...nergy_invested
Here is a very interesting and VERY VERY LONG piece on renewable energy.
http://theautomaticearth.com/Energy/...f-reality.html
^^^ the posted news article's point is absolutely valid, that the USA has significant untapped oil reserves. The posted news article also makes mention that the majority of those untapped oil reserves are in the form of oil shale. Because of that, MikeF's point about 'cost of extraction' being lower than the selling price for the shale oil recovered is critical to actual future production of large amounts of US shale oil taking place.
And actual future production of large amounts of US shale oil is also contingent on the continued ability to employ 'fracking' technology, without which the recovery of shale oil is economically impossible. Secondary issues then arise such as permission to build pipelines, permission to access shale oil deposits under public land etc. The only real world guidance in this area is probably the fact that Canada already has developed more tar sands oil production than it can use domestically, yet ( for the moment at least ) there is no economic means of export.
The IER version of the posted news article ( see ) included the following
(snip)"The International Energy Agency (IEA) projects that North America will be the fastest growing oil-producing region outside of OPEC over the next five years. IEA expects oil output in North America to increase 11 percent due to production from oil sands in Canada and shale formations in the United States, with oil production in the United States reaching 8.3 million barrels per day by 2016.[v]
Citi analysts believe that oil and gas production in North America will skyrocket in the next 8 years. They expect total liquids production in North America to double, with the United States overtaking both Russia and Saudi Arabia in oil production by 2020. Due to the increased energy production, 3.6 million new jobs would be created by 2020. Of those new jobs, about 600,000 would be in oil and gas production and 1.1 million would be in related industrial and manufacturing sectors. Unemployment is expected to decline by up to 1.1 percent and real GDP is expected to increase by 2.0 to 3.3 percent.
The only caveat is an important one for government officials and Members of Congress:
“Whether the increase in production results in the US reducing its imports or whether net exports grow doesn’t matter much to world balances. Either way, North America is becoming the new Middle East. The only thing that can stop this is politics — environmentalists getting the upper hand over supply in the U.S., for instance; or First Nations impeding pipeline expansion in Canada; or Mexican production continuing to trip over the Mexican Constitution, impeding foreign investment or technology transfers—in North America itself.”(snip)
From a personal standpoint, this is a non-issue. Down here way south of the border, I'm 'awash' in Venezuelan oil and gasoline.