Onboard High-Tech Oil Rig, U.S. Answers to Rising Prices
Ever-increasing fossil fuel demand has companies going farther and digging deeper for oil than ever before. We visit America's most promising patch.
http://www.popularmechanics.com/science ... 55407.html
Note the part of the article that says:
Proponents of peak oil, a theory that says we're at, or near, the time when little new oil will be found, causing a rapid decline in petroleum production argue that the action in the gulf is nothing but the last desperate gasps of a dying way of life. Peter Jackson, a senior director monitoring oil industry activities at Cambridge Energy Research Associates, an independent think tank in Boston, disagrees. "The overall U.S. supply is gradually decreasing, but that rate of decline will be slowed by contributions from deepwater reserves in the whole Atlantic basin, from the gulf to Nigeria, Angola and Brazil." Jackson sees oil production reaching a plateau, rather than a sharp peak, but not for decades. "And that means we'll have time to mitigate and make some plans and legislate, and that's very different from saying there's going to be a peak in, say, 2010, followed by a precipitous decline."
And it's hard not to argue with a simple fact: Shell and other oil companies aren't spending billions of dollars without believing that it'll pay off for years to come. "We're putting all of our free cash into oil and gas development," says Russ Ford, vice president of development for Shell. "We believe hydro-carbons will be there for a very long time. Nothing is going to knock down oil."
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There's more than twice as much heavy oil as there is conventional oil.
http://www.slb.com/content/services/sol ... vy_oil.asp
http://heavyoilinfo.com/
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This is an optimistic article. Some are more pessimistic.
Natural gas reserves exceed projections, industry claims
http://www.poughkeepsiejournal.com/apps ... /807310334
The U.S. has enough natural gas resources to last up to 118 years, or 2,247 trillion cubic feet, said the study by Navigant Consulting for the American Clean Skies Foundation. That group is largely funded by natural gas companies.
The Potential Gas Committee, an independent research group, estimated in 2006 that the U.S. has an 82-year supply of natural gas.
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Debunking the Hubbert Model
http://www.gasresources.net/Lynch(Hubbert-Deffeyes).htm
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Oil Shale
http://money.cnn.com/2007/10/30/magazin ... /index.htm
Some in Congress are blocking it.
http://money.cnn.com/2008/06/06/news/ec ... /index.htm
