NC Media Watch

A quest for reason and accuracy in letters to the editor, guest editorials and other issues of interest to the citizens of Western Nevada County.

Wednesday, September 21, 2005

Peak Oil Update: Seeking shale oil

From the Rocky Mountain News
Eight U.S. companies have filed applications with the federal government to lease land in Colorado for oil-shale development, a sign that oil producers again are ready to gamble some 23 years after the last boom went bust.

The U.S. Bureau of Land Management, the arm of the Interior Department that manages federal lands, has received 10 drilling applications, including three from Shell and one each from Exxon Mobil and Chevron. The companies want to develop technologies to extract oil from shale on 160-acre federal tracts in Rio Blanco County in northwestern Colorado.
The price of oil is now high enough to make it profitable. In twenty years, the Middle East will be buying our oil.

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3 Comments:

Blogger SkiTheStars said...

The Middle East does not have enough consumers to ever exhaust their own supply.

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Wed Sep 21, 01:51:00 PM PDT  
Blogger Russ Steele said...

Doug:

In 20 years, the US, China and India will have emptied these reserves. Some experts think that the Saudi oil is being forced now, and will start declining in the next ten years, withering in the final ten.

Wed Sep 21, 07:01:00 PM PDT  
Blogger Frederic Christie said...

As I noted elsewhere, the amount of shale oil and the economic viability of the process is very much in question. All the alternative technologies are not likely to change the picture substantially.

Wed Sep 21, 10:02:00 PM PDT  

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