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Politics : Mainstream Politics and Economics -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (2771)	9/26/2011 6:43:00 PM
From: Sdgla	1 Recommendation Respond to of 85487

I can let you know right now... it will keep changing. And the crooks keep scamming the system.

To: Wharf Rat who wrote (2771)	9/29/2011 11:31:26 PM
From: Brian Sullivan	1 Recommendation Read Replies (1) \| Respond to of 85487

Peak Oil is a myth.. We should top peak production from 1972 in a couple more years. chron.com North America appears headed for an oil renaissance, with crude production expected to hit an all-time high by 2016, given the current pace of drilling in the U.S. and Canada, according to a study released by an energy research firm this week. U.S. oil production in areas including West Texas' Permian Basin, South Texas' Eagle Ford shale, and North Dakota's Bakken shale will record a rise of a little over 2 million barrels per day from 2010 to 2016, according to data compiled by Bentek Energy, a Colorado firm that tracks energy infrastructure and production projects. Canadian crude production is expected to grow by 971,000 barrels per day during the same period, with much of the oil headed for the U.S. Combined, the U.S. and Canadian oil output will top 11.5 million barrels per day, which is even more than their combined peak in 1972. Goldman Sachs has estimated the U.S. could move from being the No. 3 oil producer behind Saudi Arabia and Russia to the No. 1 spot by 2017. It's a reversal of the steady downward production trend that started after 1971, when U.S. oil production peaked around 9.5 million barrels per day. And the pace of production now has caught quite a few people by surprise, says Joseph Pratt, a historian at the University of Houston who has written extensively about the oil and gas industry. "We have this momentum out there to set about doing what we said we wanted to do back in the 1970s: reduce the flow of imports from volatile regions," Pratt said. "It was like the Holy Grail back then. And suddenly it seems possible." The surge is fueled by the same drilling and production techniques that opened up natural gas production in recent years - the combination of horizontal drilling and hydraulic fracturing - as well as the success of deep-water Gulf of Mexico projects and the ramp-up of Canadian oil sands projects. The natural gas glut has kept its price low, prompting producers to focus more effort on oil and natural gas liquids, which fetch better prices. Earlier this year, the number of land and offshore oil rigs working in the U.S. exceeded the number of natural gas rigs for the first time in 18 years, according to data compiled by IHS-CERA. And Texas oil and gas industry employment returned to its pre-recession highs in June, according to the Texas Petroleum Index, topping the last boom that peaked in October 2008, thanks largely to oil drilling. The oil boom has plenty of economic upside potential. IHS-CERA predicts oil production could directly and indirectly generate another 1.3 million U.S. jobs over the next decade and raise an additional $97 billion in federal taxes and royalty payments.