[TheAntiDoomer]

http://www.telegraph.co.uk/finance/comm ... erica.html
$this->bbcode_second_pass_quote('', '
')Assumptions that the Great Republic must inevitably spiral into economic and strategic decline - so like the chatter of the late 1980s, when Japan was in vogue - will seem wildly off the mark by then.

Telegraph readers already know about the "shale gas revolution" that has turned America into the world’s number one producer of natural gas, ahead of Russia.

Less known is that the technology of hydraulic fracturing - breaking rocks with jets of water - will also bring a quantum leap in shale oil supply, mostly from the Bakken fields in North Dakota, Eagle Ford in Texas, and other reserves across the Mid-West.

"The US was the single largest contributor to global oil supply growth last year, with a net 395,000 barrels per day (b/d)," said Francisco Blanch from Bank of America, comparing the Dakota fields to a new North Sea.

Total US shale output is "set to expand dramatically" as fresh sources come on stream, possibly reaching 5.5m b/d by mid-decade. This is a tenfold rise since 2009.

[Cog]

I see you left out this part of the linked article which is flat wrong as you probably knew.

$this->bbcode_second_pass_quote('', 'T')he US already meets 72pc of its own oil needs, up from around 50pc a decade ago.

[LoneSnark2]

Odd, my googling turned up graphs supporting the statement. While it is clearly an exaggeration, we are nevertheless producing a greater share of our own oil. Although I couldn't find a graph including U.S. oil production into 2011. Does anyone else have one?

[Sixstrings]

Holy cow, this is the most goodnews, future is bright cornie article I've ever seen. What's up with Ambrose Evans-Pritchard.. he's always been an economic doomer.. is he puffing up the US to make the UK look doomy? (remember the target audience of what you read)

We need to break this one down..

$this->bbcode_second_pass_quote('', 'T')elegraph readers already know about the "shale gas revolution" that has turned America into the world’s number one producer of natural gas, ahead of Russia.

Less known is that the technology of hydraulic fracturing - breaking rocks with jets of water - will also bring a quantum leap in shale oil supply, mostly from the Bakken fields in North Dakota, Eagle Ford in Texas, and other reserves across the Mid-West.

"The US was the single largest contributor to global oil supply growth last year, with a net 395,000 barrels per day (b/d)," said Francisco Blanch from Bank of America, comparing the Dakota fields to a new North Sea.

[The Practician]

Does the possibility that the U.S. might be able to produce large amounts of shale gas energy automatically change the social and political trends that are ongoing, such as the widening wealth gap between rich and poor, and the abandonment of democracy in anything other than symbolic form? I didn't think so.

[careinke]

$this->bbcode_second_pass_quote('The Practician', 'D')oes the possibility that the U.S. might be able to produce large amounts of shale gas energy automatically change the social and political trends that are ongoing, such as the widening wealth gap between rich and poor, and the abandonment of democracy in anything other than symbolic form? I didn't think so.

[DomusAlbion]

I'm skeptical. Evans-Pritchard is not usually so upbeat. Plus there were no sources referenced. Is he on the upward swing of a yet undiagnosed bipolar disorder?

Higher domestic gas production is good but the resultant liquid equivalent will be more expensive. We've still got a huge transportation fuel squeeze coming.

Of course the off-shoring of manufacturing will have to reverse and those jobs come back home or the jobs just might go away permanently. No need to get to excited yet.

[Cog]

After I read this:

$this->bbcode_second_pass_quote('', 'T')he US already meets 72pc of its own oil needs.

[Pops]

They're drilling that's for sure, it would be real drag if they weren't hitting anything with double the number of rigs. In fact the US is using 2/3 of all the rigs in the world right now.

What is interesting to me is although the real price of oil is as high as back during the embargoes the number of rigs hasn't spiked like it did then.

The other interesting thing is that the price isn't trending down with all this new oil, it's staying up - you'd figure with the revolution and all, unleaded would be back down to 25¢ a gallon.

Oh, that's right, we can have all the oil we want as long as we can pay $100/bbl today and presumably some bigger number tomorrow.



(the price on that chart is nominal WTI not adjusted)

[Windmills]

A significant portion of the change in the import/domestic production ratio is due to demand destruction from high prices. That's not good news.

[Cog]

$this->bbcode_second_pass_quote('Windmills', 'A') significant portion of the change in the import/domestic production ratio is due to demand destruction from high prices. That's not good news.

This is what you get for ignoring my posts. If you paid even a modicum of attention to what I've been posting here, none of this would be news to you.
$this->bbcode_second_pass_quote('Sixstrings', 'H')oly cow, this is the most goodnews, future is bright cornie article I've ever seen. What's up with Ambrose Evans-Pritchard.. he's always been an economic doomer.. is he puffing up the US to make the UK look doomy? (remember the target audience of what you read)

We need to break this one down..

$this->bbcode_second_pass_quote('', 'T')elegraph readers already know about the "shale gas revolution" that has turned America into the world’s number one producer of natural gas, ahead of Russia.

Less known is that the technology of hydraulic fracturing - breaking rocks with jets of water - will also bring a quantum leap in shale oil supply, mostly from the Bakken fields in North Dakota, Eagle Ford in Texas, and other reserves across the Mid-West.

"The US was the single largest contributor to global oil supply growth last year, with a net 395,000 barrels per day (b/d)," said Francisco Blanch from Bank of America, comparing the Dakota fields to a new North Sea.

[copious.abundance]

$this->bbcode_second_pass_quote('LoneSnark2', 'A')lthough I couldn't find a graph including U.S. oil production into 2011. Does anyone else have one?

[Bruce_S]

$this->bbcode_second_pass_quote('Pops', '
')Oh, that's right, we can have all the oil we want as long as we can pay $100/bbl today and presumably some bigger number tomorrow.

[Bruce_S]

$this->bbcode_second_pass_quote('Windmills', 'A') significant portion of the change in the import/domestic production ratio is due to demand destruction from high prices. That's not good news.

[Plantagenet]

$this->bbcode_second_pass_quote('Bruce_S', '')$this->bbcode_second_pass_quote('Pops', '
')Oh, that's right, we can have all the oil we want as long as we can pay $100/bbl today and presumably some bigger number tomorrow.

[Sixstrings]

$this->bbcode_second_pass_quote('OilFinder2', 'T')his is what you get for ignoring my posts. If you paid even a modicum of attention to what I've been posting here, none of this would be news to you.

[Bruce_S]

$this->bbcode_second_pass_quote('Sixstrings', '
')But still, being fairly balanced I'd like to learn more about the truth on the ND shale oil. How does that change the peak oil picture.

[copious.abundance]

$this->bbcode_second_pass_quote('Sixstrings', 'W')ell I'll say this much, I'd like to see more discussion about this ND shale oil.

[Bruce_S]

$this->bbcode_second_pass_quote('Plantagenet', '')$this->bbcode_second_pass_quote('Bruce_S', '')$this->bbcode_second_pass_quote('Pops', '
')Oh, that's right, we can have all the oil we want as long as we can pay $100/bbl today and presumably some bigger number tomorrow.