From the 1970’s the concerns about fossil fuel-based economies were based on peak oil which is the hypothetical point in time when the maximum rate of global oil production is reached. During the 1970s, the peak oil theory seemed plausible in the United States, and many believed that global peak oil was inevitable.
However, in 2007, the introduction of horizontal drilling and multi-stage fracking revived US natural gas production, and these techniques were soon replicated in shale oil basins. As a result, in 2008, onshore shale oil production flattened the decline, and by 2012, it had significantly reversed, as seen in the graph below.
Continue reading…..U.S. Shale Oil Revolution & Future
Original article by Will Reese, who works with Ziad K. Abdelnour at the Financial Policy Council
