Three years ago I wrote this comment on Zerohedge:
Hey man, I am peak oil aware. Check my history on this blog.
Nevertheless, you do know that producers in Eagle Ford are using
horizontal drilling and fracking technology to produce oil, not gas?
They are having success all the way up to Dallas county. I know this
only buys a few months of global demand, but Kunstlers statement re
shale requiring huge investment is false. This I do know, and with this
knowledge has come some excellent returns.
Today, regular unleaded gasoline is $2.85/gallon here in Texas. As a follow up to my article from nearly one year ago, Fracking responsible for the big boost in US crude production?, I once again direct your attention to the following chart from the EIA, updated 10/30/13. The Texas and North Dakota hockey sticks are very impressive.
I am no geologist or petroleum engineer, but one might expect fracking to lead to similiar crude oil production growth in more difficult operating environments such as the GOM and Alaska.
In similiar news, here is a photo from The Houston Chronicle of XOM’s new headquarters that is now being constructed just south of The Woodlands, Texas. What do they know?
APC is also close to completing it’s second office tower just up the street in The Woodlands. What do they know?
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/5o3ldEj3TPQ/story01.htm hedgeless_horseman