On Feb 10, 2011, at 8:51 PM, Eugene Coyle wrote:
Just as The Nation unveils a new section "Peak Oil and a Changing
Climate" which seems to endorse the hypothesis of peak oil, , the
WSJ reports on a US oil drilling boom based on a technology that in
recent years has caused upheaval in natural gas production and prices.
The hypothesis is that exhaustion of reserves forces producers up the
MC curve. Higher prices ensue. Higher prices make "unconventional"
sources seemingly profitable (environmental devastation being
externalized). Result: "Oil Drilling Boom."
Hypothesis verified.
Shane Mage
This cosmos did none of gods or men make, but it
always was and is and shall be: an everlasting fire,
kindling in measures and going out in measures."
Herakleitos of Ephesos
http://online.wsj.com/article/SB10001424052748704858404576134553990567750.html?mod=WSJ_Energy_leftHeadlines
Oil-Drilling Boom Under Way
Rig Count Doubles in U.S. as Companies, Landowners Tap New Crude
Sources
By RYAN DEZEMBER And MATT DAY
CUERO, Texas—Oil-drilling activity in the U.S. has accelerated to a
pace not seen in a generation as energy companies, oilfield
contractors and landowners rush to exploit newly profitable sources
of crude.
The number of rigs aiming for oil in the U.S. is the highest since
at least 1987, according to Baker Hughes Inc. The 818 rigs tallied
by the oilfield-service company last week are nearly double last
year's count and about 10 times the number that were drilling for
oil in the late 1990s.
While the drilling surge is unlikely to yield enough crude to alter
the global oil-supply picture, analysts say the new activity,
centered on so-called unconventional reservoirs, could greatly boost
domestic oil production and help offset declining output in Alaska
and the Gulf of Mexico.
<snip>
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