PEAK OIL - The New Y2K or The Beginning of the Real End? Message Board

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Gold/Mining/Energy : PEAK OIL - The New Y2K or The Beginning of the Real End?

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To: Wharf Rat who wrote (1040)	11/12/2005 9:59:47 AM
From: Wharf Rat	of 1183

ASPO... Peter Dea delivers the truly scary news. Peter Dea is CEO of Western Gas Resources, and has 23 years experience in the oil/gas industry. He gave a short, cogent, authoritative and absolutely chilling account of the natural gas supply situation in the US. I highly recommend checking out his slides at the proceedings if you have a strong stomach. Basically, the price soared after 2001 when excess capacity disappeared. Rig count has exploded (up 63%) but gas production is declining (2%). Current annual well decline is 31% (it used to be 17%), average yields/new well are dropping several percent per year, and half of the gas flow required by 2012 has to come from fields that haven't yet been discovered. He no longer thinks LNG is going to reduce price any - he thinks it will just prevent prices from exploding too much higher than they've been recently. theoildrum.com

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