[lbo-talk] U.S. oil production soars

[Wojtek S]

[WS:] Actually, the "unconventional" oil reserves are much larger than
a conventional ones http://en.wikipedia.org/wiki/Petroleum
At $100+ per barrel for WTI (or $115+ for Brent) the prospect of
extracting these unconventional resources looks 'economical." So from
that standpoint, the oil reserves are not likely to "peak" any time
soon.

Otoh, extracting "unconventional" oil is a far dirtier than the
conventional one - so the prospect of trashing the planet is far
greater.  However, that has never been a consideration  if the money
is to be made or if the Americans will have to move their lazy asses
out of their cars.

Wojtek

On Wed, Mar 2, 2011 at 6:20 PM, Doug Henwood <dhenwood at panix.com> wrote:
> [memo to peak oilers: a breaking news alert from the FT]
>
> US oil production revives despite offshore disruption
>
> US oil production last year rose to its highest level in almost a decade, thanks to an increase in the use of “unconventional” extraction techniques
>
> As a result, analysts believe the US was the largest contributor to the increase in global oil supplies last year over 2009, and is on track to increase domestic production by 25 per cent by the second half of the decade.
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