24 Jan '15, 9pm

#peakoil Hype, Broken Promises, and Shales: The term shale revolution has been used so much that it almost has...

And then there is the industry darling: promises of energy independence. This notion has been repeated ad infinitum by industry representatives and elected officials. And it makes a good and effective sound bite. But it is completely false. Firstly, all the rhetoric about getting off Middle East oil is just that…rhetoric. The U.S. actually imports very little oil from the Middle East. The problem has never been where the oil came from but who controlled the price. This latest plunge in prices leaves no doubt as to who has the power. It is the low cost producer. And that is not shale operators. Even if shales produced enough for us to use them solely, they are expensive and operators would need the price per barrel to be about $80-85. Oil being a fungible commodity can easily be substituted by crude from elsewhere. So if there is a producer, such as the Middle East, who can...

Full article: http://peakoil.com/production/hype-broken-promises-and-sh...

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