Thursday, July 12, 2012

Easy oil is over. Without it, we cannot afford #tarsands, etc.

The Oil Drum | Tech Talk - The "Best of the Rest" in Saudi Arabia: "Fom the viewpoint of those who suggest that there is no problem, the discussion that swirls over the future of global oil supplies often seems to focus on the large volumes of oil that still remain in place around the world. The critical point, however, is not that this oil exists, but rather the rate at which it can be recovered. This is perhaps most obviously pertinent to the discussion of oil coming from the Bakken formation in North Dakota, where the rapid decline in individual well performance means that a great many wells must be developed and remain on line in the out years to sustain any significant flow past peak. As I noted last week, it is a point that clearly was missed by Leonardo Maugeri, and equally by George Monbiot, who has finally been swayed to the side of the cornucopians, after years of doubt."

'via Blog this'

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