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Friday, November 23, 2012

Oil industry needs to kill #publictransit

Jeff Rubin: Why shale oil won’t save you at the pumps - The Globe and Mail: "The IEA pretends that its prediction for a huge increase in unconventional oil supply can occur with only a modest increase in oil prices from current levels. Such unbridled optimism is belied by what’s going on in the industry. Getting oil out of the ground has never been more expensive. Just look at the pullback in capital spending among oil sands operators. And costs are only going up from here. Forecasts of exponential growth in U.S. shale oil ignore some very real challenges with it – such as wells that deplete at a rate of more than 40 per cent, even in rich fields like Eagle Ford in Texas, and a lack of basic pipeline infrastructure in the Bakken."

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