The US has now overtaken Russia as the world’s largest oil producer, thanks to the controversial method of fracking.
The estimated amount of oil that can be ‘fracked’ outside the US is 141 billion barrel. With a daily global consumption of ca. 85 million barrel, that would be 1659 days of 4.5 year, a sobering number for those who thought that peak oil supporters are essentially Flat Earth Society material.
The industry is now preparing itself to expand outside the United States. Main candidates: Saudi-Arabia and Mexico, both countries with lax or non-existing environmental standards, not unlike the United States.
Again, according to the peak oil smart guys, is peak oil now or next year at the latest. And peak oil means: conventional + shale.
This doesn’t necessarily mean apocalyptic scenes soon; ‘peak oil’ is a confusion term. It would be much better to talk about ‘peak fossil’. And for the foreseeable future there is enough fossil material to be burned, perhaps even in unimaginable quantities.
[desmogblog.com] – “There Could Be Trouble” As US Fracking Revolution Prepares to Go Global