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Old 03-27-2014, 02:34 AM
Danny B Danny B is offline
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Join Date: Oct 2012
Location: L.A. Ca.
Posts: 3,902
Oil prices

"Sources of unconventional oil (listed below) such as tight oil (or ‘shale oil’ in popular discourse) are only commercially viable because the need to match the declining rate of conventional oil production has raised oil prices."
"Current data for the decline in oil fields’ production indicates that around 3 million barrels per day of new production must be achieved year on year, simply to sustain supply levels. "
"The price of a barrel of oil has trebled over the past decade, but output has effectively flatlined."
Peak oil is not a myth | Chemistry World
This is pretty clear. Peak cheap oil has passed us by. There is lots of oil, just, not in the lower 48 states. Fracking is a stop-gap measure. Oil was discovered in Titusville, Pa. in 1850. The frackers have just pulled out of Pa. because there isn't anything worth drilling / fracking for.
Sure, we have lots of oil but, the price has trebled. Consumption has fallen as we shift more of our income to energy and less to discretionary spending.
No big surprise...
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