Tuesday, June 26, 2012

Harvard Study Says US Production of Tight Shale Oil to Boom

I've written extensively about the shale gas boom, both here in the US and around the globe.  Interestingly, tight shale formations also contain a lot of oil and advanced fracking and drilling techniques used to access shale gas are allowing access to vast new oil reserves as well.  The article quoted and linked below cites a Harvard study that highlights the coming boom.

new report out Monday from Harvard University’s Belfer Center for Science and International Affairs should throw some more gasoline on the fire. Far from the worry over “peak oil” that helped define the 2008 presidential election amid record-high oil prices, the world is practically swimming in the stuff, the report says. 
Penned by Leonardo Maugeri, a former executive at Italy’s ENI who’s spent years arguing that technology will unleash a new wave of oil production, the report offers plenty of ammunition for pro-drilling forces. In a nutshell, thanks to new drilling techniques, once off-limits oil fields in the U.S. could yield millions of barrels of oil a day over the next decade, turning the country in the world’s second-largest oil producer. 
“The shale/tight oil boom in the United States is not a temporary bubble, but the most important revolution in the oil sector in decades,” he wrote. Greater U.S. production of those so-called unconventional oils will spur job creation and boost energy security, the report concludes, though it won’t insulate the U.S. from global price swings in the oil market or Middle East problems.

Potential US Oil Boom

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