By S. Fred Singer September 5, 2018
As recently as 10 years ago, we were told that the world was running out of oil soon. Horrors! Then, directional drilling and fracking opened up the prolific resource of “tight” oil shale. New production records are being set daily; the U.S. now leads the world in oil reserves, ahead even of Saudi Arabia. Hubbert’s Peak Geophysicist and noted pioneer of ground water flow in aquifers Dr. M. King Hubbert was being celebrated as a prophet.
He had predicted that U.S. oil production would peak around 1970 – and it did! Of course, the price of oil was then only around $2 a barrel; it is now around $75, and will surely go higher. The National Petroleum Council [NPC], made up of the leaders of the oil industry and other experts, told us, in 1970 as I recall, that if oil prices ever reached $3 a barrel, the vast resource of the Colorado kerogen would become commercial. Some oil companies actually mined some kerogen and retorted it to extract the locked-up but uneconomic oil. The world oil price is now around $75 a barrel -- and sure to rise further.............Read more
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