"Stop the demagoguery on oil and gas, Mr. President"
"That was quite a performance Thursday at Prince George's Community College when President Obama spoke on energy issues. He repeated so many Big Green energy myths that even the most obsessive environmentalists must surely have been exhilarated. One of those myths deserves particular attention because it is at the core of Obama's "clean energy" agenda for America's future. As he so frequently does, Obama repeated the misleading assertion that America has only 2 percent of the world's proven oil reserves but uses 20 percent of all the oil consumed every year."
"But to appreciate the true magnitude of as-yet untapped oil resources in or near the United States, consider these facts: The Institute for Energy Research reported last December that government data puts the total recoverable resources in North America at more than 1.7 trillion barrels. "That is more than the world has used since the first oil well was drilled over 150 years ago in Titusville, Pennsylvania," according to IER. "To put this in context, Saudi Arabia has about 260 billion barrels of oil in proved reserves. For comparative purposes, the technically recoverable oil in North America could fuel the present needs in the United States of seven billion barrels per year for around 250 years."
There is comparable data for natural gas. At present, the U.S. has 272.5 trillion cubic feet of proven natural gas reserves, but the total for all of North America is 4.7 quadrillion. At the current consumption rate of 24 trillion cubic feet annually, there is enough natural gas under Canada, Mexico and the U.S. to last 175 years. To put that in further perspective, IER estimates that "the United States, Canada and Mexico have more technically recoverable natural gas resources than the combined total proved natural gas reserves found in Russia, Iran, Qatar, Saudi Arabia and Turkmenistan.""
Tr; isn't this the speech where he makes fun of the drill,baby,drill thing? That's so 3 years ago. I guess he hasn't seen the new bumper sticker:
"Frack me, baby" ;D
Mr. Green does sound the same maybe his teleprompter is stuck. But the speech or green rant was from "President Barack Obama speaks about energy, Thursday, March, 15, 2012, at Prince George's Community College in Largo, Md. (AP Photo/Charles Dharapak)"
Too much cheap energy? Maybe Mr. Green's EPA can kill gas as well.
"Gas Glut Rejiggers Industry "
"The natural-gas surplus has implications for a variety of industries. Energy companies that produce gas are seeing revenue shrink and are searching for more lucrative oil. Cheap gas is stealing power-generation markets from coal, spreading gloom across a mining industry that is being spurned by its most important customer. Railroads, whose single largest source of revenue is typically hauling coal, are hurting. The economics of building a nuclear plant, wind farm or solar-power installation look shakier than ever. "
"The big question in today's news: Does 'fracking' pollute well water?
What say you?"
If it is done correctly I say "no". However, my industry has not always been the model of responsibility and the potential exists to really do some real damage to aquifers if all the precautions are not taken and taken seriously.
I hate to call for tougher regs but considering all that is at stake it may not be a bad thing.
sigurdur, In ND, the Bakken Shale is well below the water table making fracking much safer and less likely to do environmental damage. In other states the production zones can occur much closer to water tables and it is in these states more scrutiny is needed.
sigurdur, You have probably heard of the Fischer-Tropsch process used by Nazi's during WWII to convert coal to synthetic fuel. From what little I know it is basically the same process but with natural gas. The efficiency is still low but they are working on it. My neighbor is one of the big wigs for Shell working on the project.