Posted on 01/21/2013 7:21:50 PM PST by blam
Oil Guru Destroys All Of The Hype About America's Energy Boom
Rob Wile
Jan. 20, 2013, 10:20 AM
Not everyone believes the U.S. is capable of becoming energy independent thanks to its shale oil and gas reserves, as the International Energy Association suggested recently.
The math just doesn't work out, they say — America consumes too much.
But some are even more skeptical than that.
Arthur Berman, an oil analyst with Labyrinth Consulting Services, says the promise of America's shale reserves have been vastly overstated.
His main argument: shale is too expensive to drill, and shale wells usually don't last longer than a couple of years.
Last year, he laid out his case at a gathering of the Association for the Study of Peak Oil and Gas in Austin Texas.
With his permission, we've reproduced it here.
(Excerpt) Read more at businessinsider.com ...
East of Prudhoe Bay is ANWR which was originally set aside as an oil preserve. There is also an even larger oil preserve west of Prudhoe. There are know fields offshore from Prudhoe. If you believe rumor, ground penetrating radar from orbit says there is a much larger field further down at Prudhoe itself. Current projections are for forty to fifty more years of oil production at Prudhoe itself using current wells at a slowly declining rate followed by about the same for gas production.
I worked most of the last four years in Prudhoe. Peak oil is laughable...
” - - - synthetic oil - - - “ is not the same as CRUDE OIL.
BTW, what is the youngest known CRUDE OIL, World-wide?
“The producers are taking rigs offline to reduce supply and increase prices.”
Or maybe it’s as simple as not being profitable when the prices are that low.
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