London Is Fracking, And I Live By The River
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It's a state of mind, a way of thinking and a belief system bordering on outright religion all in one. If it would be recognized as a religion, it
[See the full post at: London Is Fracking, And I Live By The River]Hi Ilargi..nice to see you ranting again…
I work in the energy field and pay attention..Those depletion rates will be the sore ass many will get out of this deal..you have to run soooo fast,its a get rich quick for a few…slow poison for the rest.I pray daily they never find a trace of natural gas anywhere near where I am for my lifetime…. snuffy
on a further note….
For those who have been around awhile….
I am still around,still doing bees in the woods in Oregon…still despairing of what I see and what I am witnessing in a country I deeply love.Very busy as Ubileen pears ripened too quickly to get to sale,and now see a avalanche of fruit to make use of….
Bee good,or
Bee carefulsnuffy
Hey Snuffy!
Good to see you!
Yes, that’s what I’ve been trying to convey in my last two posts, that shale/fracking is a get rich quick scheme. And given the numbers, I can’t see a viable industry by 2020 (even 2016 is murky). You can pray for no gas near your land, but just imagine all the guys who haven’t been so lucky.
Glad to see you’re keeping up the daily grind, and hope Mrs. Snuffy is doing just fine.
Well said!
I feel ashamed of my current government (note I didn’t vote for them!). They called themselves “The Greenest Government Ever” ha ha!. Never I have a seen a government so dismissive of environmental issues and the views of its people, so short sighted, so unenlightened and so downright stupid!. They are so addicted to the myth of growth, to big business and to magical thinking that it is truly scary. They only see what they want to see.
Its just the same as with GM. They expect technology to “save” us. Don’t confuse us with the facts they say, we’ve made our minds up. Thankfully they aren’t drilling near me yet but I feel for those people near Blackpool and in Sussex, lets hope they can make enough of a fuss to delay things before the whole business in shown to be a great big misadventure.
btw. I think fracking companies in the UK will be forced to declare what is in the fracking fluid to the Environment Agency, which is better than the US. But for David Cameron to say its safe when properly regulated is wishing thinking, the technology is only so good, and accidents with well casings, etc… will happen, they cannot be wished away, especially is earthquakes have been positively linked to fracking now.
“Just look at the United States: they’ve got more than 10,000 fracking wells opening up each year and their gas prices are three-and-a-half times lower than here.” – David Cameron in the above address
US fuel isn’t cheaper because of fracking; it’s cheaper because the US taxes it less.
From the above link:
Sixty per cent of the price of unleaded petrol and 58 per cent of the cost of diesel is made up of duties and VAT in Britain, the highest percentages in the European Union. […] The mid-January price for diesel in the UK was 141.3p a litre. But without tax and duties, it would be only 59.8p. Unleaded petrol cost 132.9p, although without tax and duties it would be a much more manageable 52.8p. […] VAT, is charged at the standard rate. So as the price of fuel rises, the amount of VAT charged also rises. […] ‘We pay tax on our earnings so that we can buy these vital commodities, and then we pay VAT on the fuel duty.’
Ish,
Sounds like your government stands to make the most profit from all this. All that Vat tax and what do they produce for it? Mandatory Fracking.
I’ll never understand how folks can look to government for solutions to anything. The bigger they get, the greater the oppression.
Next up, carbon tax…or in other terms, the Financialization of the Climate!
Hi Folks,
Cameron had better be careful – if they were to start fracking in his back yard, he might get booted out as locals in frack threatened Balcome, normally a conservative heartland, have said they will look else where come the next election. Though a recent poll suggests that opinion is actually split fairly evenly.
However, the biggest opposition is surprisingly not going to be public but corporate – the Uk water companies through the industry group Water UK have challenged the energy industry over safety claims. This is especially prevalent in the UK where water companies annually extract 2,135 million cubic metres of water from the ground and many private householders extract less than 20 cubic a day as you don’t need a licence for less then this amount.
Looks like the PM has signed his own political death warrant – or maybe he knows something we don’t… :dry:
L,
Sid.Ilargi,
This behaviour from governments is happening all over. As I write, the NSW government and Rio Tinto have taken the hapless citizens from Bulga to the supreme court to overturn a rare win by them in the Land and Environment Court recently which blocked the expansion or Rio Tinto’s Warkworth coal mine.
To cap this off, the NSW government is amending planning laws to make the “economic benefit” of any mining application the only criteria in granting mining permission.
Tough luck if you live near a mine.“Just look at the United States: they’ve got more than 10,000 fracking wells opening up each year and their gas prices are three-and-a-half times lower than here.” – David Cameron in the above address
US fuel isn’t cheaper because of fracking; it’s cheaper because the US taxes it less.
Note: Cameron was talking about natural gas prices, not gas – petrol – at the pump.
Hi Ilargi,
James Kunstler has just recently done a podcast with Richard Heinberg about his new book, Snake Oil: How Fracking’s False Promises of Plenty Imperils Our Future. It raises the issue that current gas prices are too low to sustain the cost of fracking so any claims about ‘fracking’ reducing the cost of gas is a non-sequitur, as prices need to rise to make it even possible – which I think is what you have been saying all along on TAE.
Great call on the Clash btw. :cheer:
L,
Sid.Bakken oil statistics day:
https://www.dmr.nd.gov/oilgas/stats/historicalbakkenoilstats.pdf
153 additional wells ($1B +) for a little over 10,000 additional barrels per day. Super!
It looks like May of this year was very possibly the peak, given the drop off in total production in spite of the continued increase in wells in subsequent months.
Also interesting to note that the ramping up of Bakken drilling in 2005 roughly coincided with what some thought (me included) was the peak in worldwide conventional oil production.
SteveB post=7884 wrote: It looks like May of this year was very possibly the peak, given the drop off in total production in spite of the continued increase in wells in subsequent months.
Then again, maybe not. I was looking at the monthly numbers, and May had one more day than June, while the daily amount increased in June. It doesn’t look likely to be something that would hold out past the end of the year, if even the summer.
Rune Likvern’s simulation model suggests a hard Red Queen plateau in the Bakken of 700 kbd:
From Is the Typical NDIC Bakken Tight Oil Well a Sales Pitch?
Ken Barrows,
I could not quite believe your numbers so I did it for the last 6 months of data – to get a bigger sample.
Number of additional wells = 840
Number of additional barrels/day = 52,828
Average increase in barrels/day/well = 62.89If it costs $8m per well, that works out at a capital cost of $127,205 per barrel/day. If their profit margin – just for the sake of argument – is $30/barrel, this suggests that it takes $11.6 of investment to make $1/year of return.
In the table, the average oil production per well is 129 barrels/day. The numbers above suggest it is more like 62 barrels/day for the newer wells. Really scary stuff. 🙁
Good point, Barak. Personally, I’m still waiting for Nicole’s Auckland gig to be finalised – it’s been TBA for months. I’m beginning to think it might be cancelled, even though I’ve waited nearly two months!
Good post, though, Ilargi and, as an ex-Brit, I’m sure glad I don’t live there any more, though that clown’s actions affect us all.
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