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View Diary: Fracking in California must not be regulated. (113 comments)

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  •  I suspect that this information is dated . . . (4+ / 0-)
    Recommended by:
    RLMiller, caul, Senor Unoball, 6412093
    Fracking and other unconventional extraction techniques could release about 15.5 billion barrels of that oil - about 2/3 of the United States' reserves
    probably based on the "official" government stats . .. .

    There are also vast new recoverable oil in Texas - 50 billion barrels - that is believed to now be accessible via today's enhancing fracking methods.

     

    The slide flashed up, on two screens, in a hall of over a thousand conference attendees. No one gasped, even though oil prices were already showing signs of erosion a couple of weeks ago. The data seemed matter-of-fact to an oil and gas crowd that has been desensitized to drilling frenzies and gusher wells that are enough to make John Wayne smile in his grave.

    Yet there it was, a remarkable stat buried among many that should have made everyone at the Dallas Convention Centre take a deep breath. According to the source, just one oil play in the Texas Midland Basin, the Spraberry/Wolfcap shale, may have a total recoverable resource of up to 50 billion barrels using new tight-oil extraction technologies.

    link

    The only good thing about this is that Canada is all sad about these developments: Texas: One more threat to the oil sands

      •  It's very scary really - totally like playing (2+ / 0-)
        Recommended by:
        Senor Unoball, RLMiller

        whack-a-mole.

        IMHO going after supply is never going to work - instead demand has to be addressed - my (oft-stated) solution would be an ever- escalating carbon tax with real teeth (say, a cumulative $0.25 per gallon of liquid (or energy equivalent for coal/gas) each and every year - i.e., $0.25 the first year, $0.50 the second, $2.50 the tenth, and so on).

        On one hand that is a slow enough progression to allow society to switch to other forms of energy without huge economic disruption; OTOH it is steep enough ($5.00 after 20 years) that it almost certainly will spur real conversion.

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