Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Peak Oil reality or Myth, of an out of Control System -- Ignore unavailable to you. Want to Upgrade?

To: dvdw© who wrote (947)	3/5/2013 3:56:54 AM
From: elmatador	Respond to of 1580

hydraulic fracturing boom could lead to a "bubble burst" akin to the housing bubble burst of 2008. larger threat looming. The fracking industry has the ability to tank the global economy. the "100 years" trope serves as a disinformation smokescreen and at current production rates, there are at best 25 years under the surface. Industry proponents rely on a figure known as " technically recoverable reserves" when they promote the potential of shale basins. The figure that actually matters though, is production rates, or what the wells actually pull out of the reserves when fracked. In the case of U.S. shale gas, the booked reserves are operating on what Hughes coins a "drilling treadmill," suffering from the law of "diminishing returns." Over 80% of the oil produced and marketed comes from two basins: Texas' Eagle Ford Shale and North Dakota's Bakken Shale, both of which are visible from outer space satellites. " ... Taken together shale gas and tight oil require about 8,600 wells per year at a cost of over $48 billion to offset declines," Hughes writes. "Tight oil production is projected to ... peak in 2017 at 2.3 million barrels per day [and be tapped by about 2025] ... In short, tight oil production from these plays will be a bubble of about ten years’ duration." At current production rates, Hughes concludes, there is 5 billion barrels of shale oil located underneath the Bakken and Eagle Ford, which equates to a measly 10 months' worth of oilat current runaway climate change-causing U.S. oil consumption rates. Message 28760324