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Discussion: (9 comments)

  1. Quite shocking to hear an economist for BP so negative on shale oil and gas.

  2. MacDaddyWatch

    The future has arrived.

    Drill baby, drill. The auto engine of the future are today’s 4s and 6s.

    1. Probably. But I’ll take the sound and power of a V-8.

  3. Funny how they never mentioned that the shale producers were losing their shirts on gas and are now trying to reposition themselves as shale liquids players. Isn’t the idea for companies to make money?

  4. Benjamin Cole

    Also from the NYT: California shale will dwarf Bakken, Texas and all the other weirdo subsidized Midwestern states, most of which should have been left as BLM land, and federal territories.

    Peak Oil goes into the “False Scare Museum” along with Y2K scare, the AIDS treat to heterosexuals, and the War of the Worlds radio-cast.

    1. How ironic. The same publication that printed the internal e-mails that questioned the shale gas and oil scam prints an article that claims untapped riches and the people who attacked the first article are using the second as proof of their position.

      You do realize that the NYT is not exactly known for its crack in-depth reporting of complex issues. I would be very careful what I believed no matter what side of the debate I were on. It is better to look at the real data and make up one’s own mind.

      1. Benjamin Cole

        Yeah, but you gotta like my “War of the Worlds” analogy.

  5. PeakTrader

    The Oil Drum
    July 11, 2012

    “To estimate the global production capacity that is lost each year, it’s necessary to estimate the production-weighted aggregate decline rate of all fields, including those in build-up and plateau. Using the IEA data, we estimate this figure of 4.1%/year which is comparable to CERA’s estimate of 4.5%/year. This implies that around 3 mb/d of capacity must be added by new investment each year, simply to maintain global production at current levels.”

    My comment: World oil production has been roughly flat, since 2006. It seems likely, we can expect higher prices, more conservation, and greater use of alternative energy, including ethanol and natural gas.

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