MORE PROOF THAT PEAK OIL IS BS: HUNDREDS OF BILLIONS OF BARRELS OF SHALE OIL BEING FOUND ALL OVER THE GLOBE
From the Astute Blogger himself; Reliapundit:
In May, the Argentine oil company YPF announced that it had found 150 million barrels of oil in the Patagonian field, and President Cristina Fernández de Kirchner rushed onto national television to praise the discovery as something that could give new impetus to the country’s long-stagnant economy.Go read the whole thing.
“The importance of this discovery goes well beyond the volume,” said Sebastián Eskenazi, YPF’s chief executive, as he announced the find. “The important thing is it is something new: new energy, a new future, new expectations.”
Although there are significant hurdles, geologists say that the Vaca Muerta is a harbinger of a possible major expansion of global petroleum supplies over the next two decades as the industry uses advanced techniques to extract oil from shale and other tightly packed rocks.
3 comments:
Estonia produces All its electricity by burning oil shale. Pity you do not have any in the states.
Yeah, huh? There are a lot of negative attacks on shale by the environmentalist treasonists here in the US.
A typo? Surely that must be 150 billion barrels to make any difference to the rate of depletion. 150 million barrels is insignificant, being about two days' global consumption. http://en.wikipedia.org/wiki/Peak_oil
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