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Thread: Shale Boom to Turn U.S. Into World's Largest Oil Producer, Watchdog Says

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    Shale Boom to Turn U.S. Into World's Largest Oil Producer, Watchdog Says

    This is the Game Changer we need.
    IMO, the long term economic outlook is only so-so at best without it.
    This is our manufacturing advantage/comeback over EU/China etc. Some foreign plants are already planning to locate here to take advantage of our cheap NG.
    This will largely free us from M-E fuel and help pay for the inevitable and otherwise impossible Social Spending increases.

    Shale Boom to Turn U.S. Into World's Largest Oil Producer, Watchdog Says - WSJ.com
    Updated November 12, 2012, 11:49 a.m. ET
    By BENOÎT FAUCON

    LONDON—A shale oil boom means the U.S. will overtake Saudi Arabia as the world's largest oil producer by 2020, a Radical shift that could profoundly transform not just the world's energy supplies, but also its geopolitics, the International Energy Agency said Monday.
    [......]
    The assessment is in contrast with last year, when it envisioned Russia and Saudi Arabia vying for the top position.

    "By around 2020, the United States is projected to become the largest global oil producer" and overtake Saudi Arabia for a time, the agency said. "The result is a continued fall in U.S. oil imports (currently at 20% of its needs) to the extent that North America becomes a net oil exporter around 2030."..."

    This major shift will be driven by the Faster-than-expected development of hydrocarbon resources locked in shale and other tight rock that have just started to be unlocked by a new combination of technologies called hydraulic fracturing.

    According to Washington's Energy Information Administration, U.S. oil production has increased 7% to 10.76 million barrels a day since the IEA's last outlook a year ago. The agency's conclusions are partly backed by the Organization of the Petroleum Exporting Countries, which last week acknowledged for the first time that shale oil would significantly diminish its share of the U.S. market.".."
    Last edited by mbig; 11-12-12 at 01:54 PM.
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    Re: Shale Boom to Turn U.S. Into World's Largest Oil Producer, Watchdog Says

    If it isn't regulated out of existence.
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    Re: Shale Boom to Turn U.S. Into World's Largest Oil Producer, Watchdog Says

    If it is regulated because fracking is truly untenable.. so be it.
    But that isn't the case now.

    GAS PRICES FACT: Domestic Oil Production Has Soared Under President Obama | ThinkProgress

    The number of oil drilling rigs in the U.S. hit a Record last week, having Quadrupled in number over the past Three years.
    Between oil and gas drilling rigs, the U.S. now has More rigs at work than the rest of the World combined.
    The current oil boom has buoyed the projections of some leading oil industry analysts:

    “It’s Staggering,” said Marshall Adkins, who directs energy research for the financial services firm Raymond James.
    “If we continue growing anywhere near that pace and keep squeezing demand out of the system, that puts you in a world where we are not importing oil in 10 years.”
    Here in NY we haven't allowed fracking yet, despite the boom in PA next door, as the Gov/Govt is concerned about the NYC watershed.
    There may be some areas like that where it is more problematic, but overall, probably not. To be seen.

    France has outlawed Fracking.
    Last edited by mbig; 11-12-12 at 02:02 PM.
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    Re: Shale Boom to Turn U.S. Into World's Largest Oil Producer, Watchdog Says

    uh oh, this contradicts the america doomsayers, will they troll this thread as well? find out next time on 'america is dead'.

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    Re: Shale Boom to Turn U.S. Into World's Largest Oil Producer, Watchdog Says

    Has anyone actually bothered to read the full IEA report?

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    Re: Shale Boom to Turn U.S. Into World's Largest Oil Producer, Watchdog Says

    Quote Originally Posted by roflpublican View Post
    uh oh, this contradicts the america doomsayers, will they troll this thread as well? find out next time on 'america is dead'.
    Were it not for this, I would be kinda bearish myself- as I said in the OP.
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    Re: Shale Boom to Turn U.S. Into World's Largest Oil Producer, Watchdog Says

    This is not overly new at all. It was somewhere around 1990 when i heard about it for the first time. Technically there is a lot of oil locked up in shale rock. It is also costly to get and fracking is not the great idea some claim it to be. If the technology is improved it may be far more efficient, but it still seems to have problems. It pollutes local water tables with chemicals. It is destructive to the rock formations and may increase the likelihood of earthquakes. The water issue is obviously a problem for farming areas that rely on wells that could be polluted by the process. The eathquake thing would cause it to be problematic in areas with faults or potential underground magma flows. It's long term effects have not been studied very much. I just have a general mistrust of oil companies doing the safe and proper thing, for example BP who dumped millions of gallons of crude into the gulf because they disregarded safety, then forced people to help clean up the oil without safety equipment if they wanted recovery money, and then said bacteria ate up all the oil only to have it washing up on gulf shores after hurricane isaac this year. These are the people we are going to give license to explosively jam hazardous chemicals into rock that contains our drinking water?

    I know no one is going to stop the quest for oil until we are all covered in black cancerous sores, but it might be nice if we stopped letting our greed get the better of us and did something like make sure it is safe and not let the modern oil dip****s anywhere near the process. Oh well, the impact in thirty or so years is really not my problem anyway. Enjoy your cancer kiddies it is the gift your loving caring greedy lazy fat ass parents are giving you. All because they don't want to pay extra to drive their 2 MPG hummer to the store to buy a coffee.

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    Re: Shale Boom to Turn U.S. Into World's Largest Oil Producer, Watchdog Says

    Quote Originally Posted by roflpublican View Post
    uh oh, this contradicts the america doomsayers, will they troll this thread as well? find out next time on 'america is dead'.
    Oh, and do us a favor. When the government takes your land and gives it to the oil companies due to imminent domain and oil for the masses is more important than your land, don't come bitching to us because they consider fair compensation for your home to be a tenth of it's value. Remember you either take their offer or they will take your land for free.

    Think about the consequences and the needs for the massive amounts of land to do this. You do not own the oil underneath your land.

    This has nothing to do with the pollution and land damage this process brings. This is what the government does when you are in the way of corporate gas companies and their profits. They do it every day right now, and they are not going to stop tomorrow because you find it unfair.

    On a lighter note fracking is more expensive so when you are living in your car you will pay more for the gas they took your house to get.

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    Re: Shale Boom to Turn U.S. Into World's Largest Oil Producer, Watchdog Says

    Quote Originally Posted by tererun View Post
    Oh, and do us a favor. When the government takes your land and gives it to the oil companies due to imminent domain and oil for the masses is more important than your land, don't come bitching to us because they consider fair compensation for your home to be a tenth of it's value. Remember you either take their offer or they will take your land for free.

    Think about the consequences and the needs for the massive amounts of land to do this. You do not own the oil underneath your land.

    This has nothing to do with the pollution and land damage this process brings. This is what the government does when you are in the way of corporate gas companies and their profits. They do it every day right now, and they are not going to stop tomorrow because you find it unfair.

    On a lighter note fracking is more expensive so when you are living in your car you will pay more for the gas they took your house to get.
    Oh, I don't think we need to worry so much about the government taking land for oil production. We should be more worried about liberal governments trying to put roadblocks in the way of people allowing their own land to be developed for oil production,.

    btw, I'm not sure what you mean by the highlighted statement. My family has owned land in ND for over a hundred years. Some has been sold off, but I still have a share of the mineral rights on the land. In fact, I'm making money right now from the oil production going on there. So, in that respect...I DO own the oil underneath the land.
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    Re: Shale Boom to Turn U.S. Into World's Largest Oil Producer, Watchdog Says

    Quote Originally Posted by Mycroft View Post
    Oh, I don't think we need to worry so much about the government taking land for oil production. We should be more worried about liberal governments trying to put roadblocks in the way of people allowing their own land to be developed for oil production,.
    Fracking sounds great for my land. My well water becomes undrinkable. silica dust in the air at fracking sites is at dangerous levels. That is not to mention the gasses creaping up out of the land. Methane has such a wonderful smell, and then you don't need to go through the expense of finding a bag and an aeresol can of petroleum products to huff. Then there is the other chemical seepage of the prducts used to frack. Then there are the earthquakes that start off small and grow over time. But when your that high off the methane I am sure a little ground shaking won't be a problem. Oh, and all this stuff takes decades to clear up so your property will be worth so much money as long as you don't have to live there. I don't know about the actual effects of fracking on local animals and human life. it seems every study and court case has been sealed for some reason. I am sure they sealed them because it is so healthy everyone will want to do it.
    Quote Originally Posted by Mycroft View Post
    btw, I'm not sure what you mean by the highlighted statement. My family has owned land in ND for over a hundred years. Some has been sold off, but I still have a share of the mineral rights on the land. In fact, I'm making money right now from the oil production going on there. So, in that respect...I DO own the oil underneath the land.
    Not every person has mineral rights on their land. In many places they are sold separately, but let us say you don't want to develop your land, you are standing in the way of the progress of the US and they will sell them for you. They love doing that. It is nice you have some oil production going on, but do you live on that land? Do you farm on that land? Do you rely on things like the water table and large patches of healthy ground that is not spewing toxic materials making it unfarmable or unlivable?

    I don't really mind if you want to do it, but as far as i am concerned you do it where you live, not where others live while you sit somewhere else peacefully. I am all for the oil companies fracking, but their execs can live right on the land they frack. They executives, their workers, and every investor can all have a little peice of the land they made to live on. They can eat the food that comes from that land, drink the water that comes from that land, and breathe the air that comes from that land. There is one thing that tells me this is wrong, there is not a single one of them that would agree to do that because they know the effects of what they do.

    i am actually surprised, weren't you one of those people who don't trust the government, and now you are all cozy with the Obama administration fracking on your land? I guess you are now an Obama supporter.

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