tag:blogger.com,1999:blog-8861605.post5931180070649001375..comments2024-03-24T11:01:27.668-04:00Comments on Resource Insights: Previous long-term government, industry oil forecasts badly overestimated supply; why should we listen now?Kurt Cobbhttp://www.blogger.com/profile/05330759091950742285noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-8861605.post-51948957327185674192016-07-07T11:07:00.797-04:002016-07-07T11:07:00.797-04:00The combination of hydraulic fracturing and long h...The combination of hydraulic fracturing and long horizontal wells has enabled us to economically extract vast amounts of oil and natural gas from previously uneconomic formations. These new oil and gas reserves will last a long time, in the case of natural gas, well over 100 years and possibly 200 years or longer. Oil is a bit trickier since the molecules are much bigger than methane. Nevertheless, a lot of oil has been found as evidenced by the U.S. producing 4 million barrels per day more than we did 5 years ago.That's 4 million barrels per day that we are not importing. Remember, we still import about 8 million barrels a day.<br />The "energy crisis" that we have lives with since the first Arab oil embargo in late 1973, has ended. If the U.S ever decides to use natural gas as the primary transportation fuel in this country, we will truly become energy independent. At today's oil prices, that would mean approximately $12 billion a month not being paid to foreign countries, many of which do not like the U.S. Just think how $12 billion per month could be spent in rebuilding our infrastructure, schools, hospitals etc. in this country.......Anonymoushttps://www.blogger.com/profile/08556494690678624106noreply@blogger.comtag:blogger.com,1999:blog-8861605.post-52644670063971765052012-12-20T07:01:13.409-05:002012-12-20T07:01:13.409-05:00Thank you for another excellent article.
It appea...Thank you for another excellent article.<br /><br />It appears that NO amount of debunking will have any effect whatsoever when an industry, a whole society really, seems to have a mindset similar to the Japanese mindset towards harvesting whales. That is, it is more profitable to harvest everything now and deal with the future in the future. Take it ALL and take it NOW or somebody else will. <br /><br />And what will be the EROI on mining uranium or thorium with very expensive oil? What will be the EROI on building a Nuclear Power Plant with VERY expensive oil?Anonymousnoreply@blogger.com