06 Feb '13, 2pm
Drumbeat: February 6, 2013
Posted by Leanan on February 6, 2013 - 10:14am Spreading an Energy Revolution ONLY two or three years ago, consensus was building among pundits that we had reached peak oil, that the fossil fuel industry was in its dotage and that the world would suffer repeated energy price shocks in the transition to a post-fossil fuel economy. Many people in the oil industry were skeptical of this dire prognosis, and the extraordinary recent expansion of unconventional gas and oil production in North America proved the optimists to be correct. What many fail to recognize, however, is that North America’s oil and gas renaissance, which has the potential to fuel a U.S. industrial recovery with cheaper energy, is not a happy accident of geology and lucky drilling. The dramatic rise in shale-gas extraction and the tight-oil revolution (mostly crude oil that is found in shale deposits) happe...