Wednesday, April 29, 2009

Peak Oil Loses Credibility

Brian Westenhaus reports some good energy news from the natural gas front. It involves a method of enhancing natural gas wells called "fraccing", or fracturing rock layers to provide better gas access. North America has abundant natural gas resources -- particularly if you include the methane hydrates of the far North.
...oil and gas service businesses have invented a rock fracturing technique for deep below the surface. Called fracing for short, the technique quite simply uses raw power to force water, sand and specialized chemical solvents, binders and lubricants into the wells so they open and fill cracks that can allow the natural gas to flow out.

...[Along] with methane hydrates and new biomass sources, natural gas has a bright future. There is an existing infrastructure for moving gas; a huge installed base of users and it’s the least contentious fossil carbon fuel. Its pretty good stuff, and the cost to use it isn’t threatened by anyone but the U.S. Congress with its Cap and Trade suicide pact.

There are careers here that will last for decades. Of all the fossil carbon sources natural gas is the least risky for U.S. production of fuels. Oil and particularly coal are in danger with grave consequences in store for consumers as the hysteria over global warming from CO2 continues to drive politics, muckraking ands profiteering by its promoters. Even if Congress abandons the common welfare for the perceptions and subversions of special interests, natural gas will be the least affected. _NewEnergyandFuel
Brian Wang also reports some encouraging energy news: a new technique of oil recovery promises 400 billion more barrels of Alberta oil at a cost of $26 per barrel!
ET Energy's Electro Thermal technology could be used to pump out 600 billion barrels of Alberta's oil sands bitumen. That's more than triple the Alberta government's best guess at what's currently recoverable from the oil sands, and enough to satisfy total global demand for twenty years.

Saudi Arabia has 260 billion barrels of oil reserves, so the additional 421 billion barrels would be close to double the oil in Saudi Arabia.
Cross posted to Al Fin

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