PERFECT STORM=U S shale oil supplies peter out/need replenishing + US CAN’T AFFORD TO FRACK = dependency on foreign oil…..and could be just months away!
Halliburton said in a Q4 conference call …“It (the world) might be using less than supply at the moment, but that moment could quickly pass as production peaks and then naturally falls. That process is already under way in a number of countries, and U.S. production could peak and begin to decline in the second half of the year.”
Energy Crash — 97% of Fracking Now Operating at a Loss at Current Oil Prices
Unlike traditional oil drilling, shale oil taps out very quickly. That is simple geology.
the average decline of the world’s conventional oil fields is about 5 percent per year. By comparison, the average decline of oil wells in North Dakota’s booming Bakken shale oil field is 44 percent per year. Individual wells can see production declines of 70 percent or more in the first year.
Shale gas wells face similarly swift depletion rates, so drillers need to keep plumbing new wells to make up for the shortfall at those that have gone anemic.
The IEA states that the shale oil business needs to bring 2,500 new wells into production every year just to sustain production, and these shale fields will increasingly become more expensive to drill, ‘a rising percentage of supplies…require a higher breakeven price.’
With the current price of oil, almost none of the frackers will be sinking new wells.”
end Alternet info
If Americans switch to electric cars, and use solar/wind to power their homes and businesses…then we won’t be so dependent on foreign oil when our currently fracked wells peter out.
Whats promising is that this link http://cleantechnica.com/2015/01/23/polling-shows-americans-support-environmental-enforcement-clean-energy/ has a chart that shows this is already in our hearts…
end Cleantech America chart
Lets keep our demand for fossil fuels low and help the Saudi’s destroy the US fracking business; in the end they truly are our friends to force us NOT to be able to afford to frack (up our water).
I know this sounds so unAmerican, but in the war to starve off man made Climate Change….we do what we must to survive as a fragile species on this hostile planet.
While the loss of so many oil related jobs is horrific and families need to be fed…it is our own leadership’s fault for not moving us to renewable related jobs that ARE now a market driven force to be exploited.
THERE IS HOPE AND HERE IT IS…..
Read here on the January 15 2015 EnergyPolicyForum