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Low oil prices are here to stay as the US shale oil revolution goes global : Comments
By Robert Aguilera and Marian Radetzki, published 8/10/2015The great oil boom is over as supply more than equals demand.
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Interesting piece. May I suggest that the authors find an editor to fix some doubtful English.
Posted by Sells, Thursday, 8 October 2015 12:19:41 PM
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Yes, very interesting article, thanks.
Posted by Jardine K. Jardine, Thursday, 8 October 2015 3:02:05 PM
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As optimistic as the two authors are, a little bit of reality should be directed into the conversation. I highly recommend everyone, including the authors read this http://ourfiniteworld.com/2015/09/29/low-oil-prices-why-worry/
A dose of reality often helps and the old chestnut "technology will save us" is also very relevant in this case, if you doubt me read this, http://physics.ucsd.edu/do-the-math/2015/09/you-call-this-progress/ We won't know how accurate this article and its assumptions are for quite some time, but I would suggest that declines in conventional oil production out to 2035 will result in a very different scenario than the authors appear to believe in. Posted by Geoff of Perth, Thursday, 8 October 2015 3:06:04 PM
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Hmmm yes interesting. I will wait to see what the oil field engineers
and geologists have to say about it. There is a very widespread resistance to fracking in Europe and it is not unknown here. Of course that attitude could rapidly change if there are economic penalties for not fracking. It is interesting to look at the production curves of fracked wells in the UK. The decline is fairly rapid, 20 to 30 % a year, and as new wells are drilled further away from the early "sweet spot" locations the decline is faster. However fracked oil is about three times the price of conventional oil and it contains less energy and includes gas liquids so a barrel does not equal a barrel. All the same it will be helpful. I just wonder why there has not been a rush to produce fracked oil near Coober Peady ? Very strange in a country that imports 100% of its petrol & diesel. Might be that it will be too expensive. Posted by Bazz, Thursday, 8 October 2015 3:44:08 PM
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funny that the same 'scientist'that banged on about global cooling in the 1970's also predicted the world would have no oil by 2000. Must be great having a job with no accountability just dumb predictions. Ask the current warmist.
Posted by runner, Thursday, 8 October 2015 3:47:00 PM
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Runner, I will bet quids that if you went back and checked you would
find he expected the production peak to occur in 2000. That date was a predicted about 1970 when the US peaked. It was only 5 years out not bad over that period. Posted by Bazz, Thursday, 8 October 2015 4:04:10 PM
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