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by 300bps
1615 days ago
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The article's oil analysis is laughable in hindsight. Look at this chart: https://www.eia.gov/energyexplained/oil-and-petroleum-produc... Almost immediately after the article was written, US oil production hockey-sticked up to the point we were a net exporter of oil starting in 2020. The Salon analysis is actually hilarious against what actually happened. |
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> Two aspects of shale production make it radically different from conventional production. First, it takes a lot more energy (including many miles of steel tubing per well, for example) to extract energy out of these wells. Traditional wells have a ratio of energy returned on energy invested (EROEI) of 10- or 20-to-one, or an energy cost factor of 5 to 10%. The EROEI with fracking is in the range of 5- or 10-to-one, or a cost factor of 10 to 20%
The oil from fracking also runs out very quickly. From the same article:
> A conventional well’s production declines at about 5-8% per year, and it can remain productive for decades. By contrast, the first-year decline in shale wells is over 60%, and about 90% of a well’s production occurs in the first five years. That creates a "drilling treadmill," as new wells are needed simply to replace production from wells drilled a few years before.
[1] https://www.resilience.org/stories/2013-01-07/is-fracking-a-...