Peak Oil News and Message Boards

U.S. shale is growing at a scorching rate, but will the shale industry be around for the long haul? A new study calls into question the heady projections for shale oil and gas, arguing that expectations of huge levels of production for decades to come are based on shaky assumptions. The Post Carbon Institute’s report argues that the EIA is overstating the potential of U.S. shale, calling the projections “highly to extremely optimistic, and are therefore very unlikely to be realized.” The report argues that while U.S. oil production has doubled from 2005 levels, and shale gas has also exploded over the same timeframe, there are underlying problems that will always bedevil shale production. For instance, shale wells typically see production deplete by 70 to 90 percent in the first three years, while fields see output drop off by about 20 to

coffeeguyzz wrote:One thing I'll commend Hughes for is consistency ... consistently wrong, and easily shown to be so.

coffeeguyzz wrote:OS
I mean, really, just download and spend 5 minutes reading the Executive Summary from 'Drilling Deeper'.
The man completely dismisses future production from the Permian Basin.
He completely miscast production from the Appalachian Basin.

I do not make these statements in a derogatory fashion towards Hughes.
Rather, I am simply astounded that he is both referenced and deemed authoritative on these matters with such a horrendous track record ... a track record that 15 minutes of Googling readily shows.

With austerity policies sweeping the globe it was really only a matter of time before they hit the more affluent parts of the Middle East, although one certainly wouldn't expect the oil-rich kingdom of Saudi Arabia to be so hot on the heels of the "lazy" Greeks. The word "austerity" has however earned a bit of a bad rap with some and so rendered itself rather unfashionable in certain circles, resulting in no astute leader being daft enough to explicitly impose "austerity" on his or her populace. Nevertheless, when your nation's time has come it doesn't matter what kind of language you prefer to use, because when push comes to shove you either do as you're told and send increasing portions of your nation's population down the river or – and as Alexis Tsipras nearly found out – your country

A pillar of the Saudi social contract has been the allocation of oil rents to the population in exchange for loyalty and fidelity to the Saud clan. A key weakness of Vision 2030 is its lack of focus on the potential political consequences of economic reforms. The plan seems to assume that its ramifications will be easily borne by the Saudi population. However, the IMF postulates that the potential failure of the reforms to produce economic growth and ultimately private sector jobs for Saudis may lead either to rising unemployment and social pressures or increased public employment, which would have negative fiscal implications. If the government becomes unable to sustain its current level of payouts to the population, this will almost certainly result in rising public dissatisfaction. As more austerity measures are pursued, the social contract between the population and the government

The U.S. will supply much of the world’s additional oil for the next few years, according to a new report from the International Energy Agency (IEA). Over the next three years, the U.S. will cover 80 percent of the world’s demand growth, the IEA says in its newly-released Oil 2018 annual report. Canada, Brazil and Norway will cover the remainder, leaving no room for more OPEC supply. The irony is that the substantial gains in output from shale will only be possible because of the OPEC cuts, which has tightened the market and boosted prices. This fact is not lost on OPEC producers. "If you are a shale oil producer, who brought you back? It was OPEC," the UAE’s oil minister Suhail Al Mazrouei, said at a recent industry conference, according to Bloomberg. "Without OPEC there’d be chaos in the market." Indeed, the

Newfie wrote:Am I mistaken or is this Iran connection seldom discussed in MSM?

pstarr wrote:Are we kidding ourselves? Really? You all mean to say the US is not hating on Iran?

Christomighty give me succas.

ROCKMAN wrote:T - It really is amazing. Obviously the MSM tends to a void emphasizing there has been an actual SHOOTING WAR engaged in by both Israel and Iran. Granted it was fought inside Syria. But imagine if it had been US planes that hit those Syrian missile sites. I suspect part of the lack of motivation by the MSM s to provide any support to the position of the POTUS towards Iran.

StarvingLion wrote:Reality: Can Kick