USA #1 -- in Oil and Gas Production

[The Minsky Moment]

So much for peak oil

http://fuelfix.com/blog/2011/11/15/u-s-oil-and-gas-yield-will-beat-peak-by-2020-research-projects/

The United States is on track to beat its previous peak production of oil, natural gas and natural gas liquids, according to an analysis by consulting firm PFC Energy.

The analysis projects that the United States will become the world's top producer of those fossil fuels by 2020. Though Saudi Arabia will continue surpass it in oil production, the United States' booming shale gas business will make it the global leader in well-borne fossil fuels, according to PFC Energy . . .

[jimmy olsen]

Hail the Dakotas!

[Grinning_Colossus]

We'll still consume all of it and need much more.

[viper37]

So much for peak oil

I tought "peak oil" only referred to oil proper, not including gas. 

[The Brain]

So much for peak oil

I tought "peak oil" only referred to oil proper, not including gas. 

It includes whatever is necessary to make your point.

[Viking]

This is all about shale oil and fracking. As well as a long term investment by all gas and oil companies (they used to call themselves oil and gas and will in the future call themselves energy) in marginal and mature fields. In Norway they just had a major oil find (the 2nd large oil find in over 30 years in the north sea) in an area previouslly considered mature.

This is all about a fall is saudi and russian production. Political and Governance issues of the past 10 - 15 years (9/11 and Putin) have meant that investment has shifted from risky investments in unexplored locations to safer investments in mature fields.

Nobody is looking for people to work in russia, they are looking for people in US, Canada and UK. The companies in the middle east are also moving away from using as much western expertise for political and patronage reasons and their production is falling comensurate with that.

Shale gas basically means that there is an effectively (within my lifetime at least) an unlimited opportunity for the production of methane everywhere there are shallow marine habitats before the triassic (65million years or older), which is precisely what North America and Europe were at that time. You can basically drill anywhere in the continental US or Europe with sedimentary rock (no igneous (like granite) or metamorphic (like volcanic basalt) rock) and find shale gas.

[jimmy olsen]

Shale gas basically means that there is an effectively (within my lifetime at least) an unlimited opportunity for the production of methane everywhere there are shallow marine habitats before the Triassic (65million years or older), which is precisely what North America and Europe were at that time. You can basically drill anywhere in the continental US or Europe with sedimentary rock (no igneous (like granite) or metamorphic (like volcanic basalt) rock) and find shale gas.

Do you mean the Cretaceous?

[Viking]

Shale gas basically means that there is an effectively (within my lifetime at least) an unlimited opportunity for the production of methane everywhere there are shallow marine habitats before the Triassic (65million years or older), which is precisely what North America and Europe were at that time. You can basically drill anywhere in the continental US or Europe with sedimentary rock (no igneous (like granite) or metamorphic (like volcanic basalt) rock) and find shale gas.

Do you mean the Cretaceous?

You are right. I mixed up Triassic with Tertiary in my post. I most humbly apologize. I did get the dates right though.

[Admiral Yi]

You are right. I mixed up Triassic with Tertiary in my post. I most humbly apologize. I did get the dates right though.

I'm going to email a link to the writers of Terra Nova.

[Viking]

You are right. I mixed up Triassic with Tertiary in my post. I most humbly apologize. I did get the dates right though.

I'm going to email a link to the writers of Terra Nova.

Hey I mixed up two periods named "the period divided into three parts" and "the third period" and admitted my mistake when that was pointed out. I did not spend 20 million dollars putting a Gondwanan late Cretaceous Dinosaur in the same place and time as a Laurasian early Jurassic Dinosaur. 

[Admiral Yi]

Hey I mixed up two periods named "the period divided into three parts" and "the third period" and admitted my mistake when that was pointed out. I did not spend 20 million dollars putting a Gondwanan late Cretaceous Dinosaur in the same place and time as a Laurasian early Jurassic Dinosaur.

Too late.  They're already howling at the irony.

[Eddie Teach]

 

[Viking]

Only on languish does an article about US energy independence degenerate into a nerd fight about dinosaur timelines.

[Eddie Teach]

Is this the only forum you post on?

[KRonn]

Only on languish does an article about US energy independence degenerate into a nerd fight about dinosaur timelines.