Hooray, oil is suddenly much cheaper than it used to be. That’s great news, right? Not so fast.
In his latest research on shale oil French oil geologist Jean Laherrere from ASPO France estimates a Bakken shale oil peak in 2014.
Might the shale boom be coming to an end in the next two years?
•Wildcatting: A Stripper’s Guide to the Modern American Boomtown •Reports of the Death of Peak Oil Have Been Greatly Exaggerated •George Mitchell, a Pioneer in Hydraulic Fracturing, Dies at 94
The real challenges—and costs—of 21st century fossil fuel production suggest that such vastly increased supplies will not be easily achieved or even possible. The geological and environmental realities of trying to fulfill these exuberant proclamations deserve a closer look.This report provides an in-depth evaluation of the various unconventional energy resources behind the recent "energy independence" rhetoric, particularly shale gas, tight oil.
•Report questions long-term productivity of gas wells in Barnett Shale•Town Sued After Barring Debate on Gas Extraction at Meetings•PwC: Shale oil surge poses threat to renewables•Gas company targets protected Manú park in Peruvian Amazon•NY fracking decision faces further delay on health study
•The Myth of “Saudi America”•Colorado Communities Take On Fight Against Energy Land Leases•Romania reverses course on shale gas•German environment minister: ‘we want to limit fracking’•Shale oil is no threat to oil producers•Shale gas distracts EU “action heroes” from saving the climate•Tech Talk – Future Bakken Production and Hydrofracking
Since the IEA presented its World Energy Outlook report of 2012 the world’s press has spread the news that the USA can become a larger oil producer than Saudi Arabia. They have also reported on increased production of shale gas. During recent years production of shale gas has increased so greatly that the price of natural gas has fallen to levels where it is no longer profitable to drill new wells. I have previously described how drilling rigs are leaving the shale gas fields. Today, the Oil&Gas Journal reported that, “Oil prices rise in mixed market but gas ‘falls off cliff’”.