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Steve Forbes declares : Energy Crisis Over!
Forbes ^ | 10/28/2010 | Steve Forbes

Posted on 10/28/2010 7:43:12 AM PDT by SeekAndFind

The Energy Crisis is Over!

Not because of some humongous breakthrough in alternative energies but because of new ways to access two sources widely used today: oil and natural gas. The recent news story about China's national oil company, Cnooc, purchasing a stake in Chesapeake Energy's Texas shale oil and gas fields and agreeing to pony up most of the capital to develop them underscores what an amazing transformation is taking place in the U.S.' energy picture.

The word "revolution" is overused, but it's truly appropriate when applied to these technological breakthroughs: hydraulic fracturing--a.k.a. fracking--and horizontal drilling. With fracking, drillers inject water, sand and chemicals deep underground to crack gas-bearing rocks. The technology, which has been around for a long time, has advanced dramatically. Literally trillions of dollars' worth of shale oil and gas can now be economically extracted.

Horizontal drilling is another impressive breakthrough that allows us to get to oil and gas that was previously unattainable.

The implications are staggering. Within a decade the U.S. will be a major natural gas exporter. In those Texas Chesapeake fields alone production will reach the equivalent of 400,000 to 500,000 barrels of oil a day. Pennsylvania and upstate New York will also become major gas producers.

Oil production, too, in the U.S. will increase far beyond what experts thought possible a few short years ago.

China made that sweetheart deal with Chesapeake Energy precisely because it wants to learn more about these technologies so it can enormously increase its domestic oil and gas production.

Environmentalists worry that fracking might poison our water, even though the drilling takes place thousands of feet below the water table. Fortunately the technology is there to get at these reserves in an extremely safe way.

The Earth is awash in energy.

(Excerpt) Read more at forbes.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events
KEYWORDS: energycrisis; steveforbes
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1 posted on 10/28/2010 7:43:14 AM PDT by SeekAndFind
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To: SeekAndFind

Frack Me!! LOL


2 posted on 10/28/2010 7:44:22 AM PDT by Nat Turner (I can see NOVEMBER from my house....)
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To: SeekAndFind

Grrrr. Peak oil. Grrrr. Peak oil . . .


3 posted on 10/28/2010 7:46:10 AM PDT by ModelBreaker
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To: SeekAndFind

Thank God!

Now I can start using my old Terex Titan as my commuter vehicle again.


4 posted on 10/28/2010 7:47:20 AM PDT by WayneS (Respect the 2nd Amendment; Repeal the 16th)
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To: SeekAndFind

This energy and other domestic sources may be the only thing to save America from bankruptcy.


5 posted on 10/28/2010 7:50:06 AM PDT by Frantzie (Imam Ob*m* & Democrats support the VICTORY MOSQUE & TV supports Imam)
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To: WayneS

Is that one of them hybrids or electric cars?


6 posted on 10/28/2010 7:50:55 AM PDT by Frantzie (Imam Ob*m* & Democrats support the VICTORY MOSQUE & TV supports Imam)
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To: Nat Turner

No fracking way!!


7 posted on 10/28/2010 7:51:47 AM PDT by Obadiah (I can see November from my house!)
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To: SeekAndFind

We don’t need China but Chesapeake want$ them.


8 posted on 10/28/2010 7:54:41 AM PDT by presently no screen name
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To: Frantzie; thackney; Smokin' Joe; BOBTHENAILER; geologist; Red Badger

Bump


9 posted on 10/28/2010 7:55:33 AM PDT by CPT Clay (Pick up your weapon and follow me.)
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To: SeekAndFind

O’Bama is going to find himself between a rock and a hard place on this one. His Saudi masters and Mr. Soros won’t want him to allow such technology to be used because it is good for the Country. But the Chinese who own us will demand that they be allowed to suck out all the NG they can from TX for their domestic use. What a dilemma

For the record the envirowackos are already attacking fracking as a assault on the pristine environment of PN, NY, WV and other states with large NG deposits. Expect a bill in Congress soon to ban the practice everywhere, but in the Chesapeake fields of TX.


10 posted on 10/28/2010 7:57:20 AM PDT by redangus
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To: SeekAndFind

The problem with Chinese Oil and Gas is every time you fill up, an hour later you’re tank is empty again..............


11 posted on 10/28/2010 7:57:50 AM PDT by Red Badger (WOULD SOMEBODY PLEASE GIVE MEGHAN MCCAIN A BOX OF KRISPY KREMES SO SHE'LL SHUT THE HELL UP?!)
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To: SeekAndFind

That really makes me feel good. We’ve hammered all the formerly major American oil companies into the ground, so now we need to ask the Chinese to develop our oil and gas resources.

And, yes, by the way, all the American “big oil” companies are now midgets by comparison with these foreign companies. No more big oil. Aren’t our hippies happy? No, because they still dream of crushing what’s left of big oil. And every Dem politician still runs on that platform.


12 posted on 10/28/2010 7:58:06 AM PDT by Cicero (Marcus Tullius.)
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To: SeekAndFind

So, does that mean $1.00 a gallon gas is in the very near future? Not holding my breath for that.


13 posted on 10/28/2010 7:58:22 AM PDT by NCC-1701 (HEY, NAZI PELOUSY, ON NOVEMBER 2, WE WILL DRAIN THE SWAMP!)
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To: SeekAndFind

As a owner of mineral rights and interests in natural gas wells all I can say is where is the money? i havent seen it in the last few years


14 posted on 10/28/2010 7:59:07 AM PDT by woofie
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To: Frantzie

It is a hybrid.

With its 15’ diameter tires it can crush electric cars AND buses.


15 posted on 10/28/2010 8:01:01 AM PDT by WayneS (Respect the 2nd Amendment; Repeal the 16th)
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To: SeekAndFind

bump.


16 posted on 10/28/2010 8:04:25 AM PDT by ken21 (who runs the gop?)
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To: CPT Clay
Thanks for the bump! A lot of the current tech has been developed in the Bakken Three Forks/Sanish play up here. It has made marginal wells into attractive prospects--and done wonders for the regional economy. Horizontal drilling has been used up here for nearly 25 years, and that has advanced by leaps and bounds as well.

It should be no surprise that the Chinese want to tap that knowledge and use it for themselves, and they have been cutting deals for exploitable resources around the world.

17 posted on 10/28/2010 8:04:44 AM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing.)
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To: Cicero
We’ve hammered all the formerly major American oil companies into the ground...

Those companies are still there, they just aren't here. They've moved to places where the climate to do business is actually friendly, They aren't likely to spend the kind of money to go after these shale resources because of the uncertainty being fostered by the Obamalamadingdong Administration. The drilling ban in the Gulf was the last straw for many.

Everybody be sure to wave bye-bye as the rigs pull out, heading for Brazil and the west coast of Africa......'cause they ain't coming back anytime soon.....

18 posted on 10/28/2010 8:05:13 AM PDT by Thermalseeker (Stop the insanity - Flush Congress!)
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To: SeekAndFind
The Greens are already mounting a major anti-fracking scare campaign. I received a panicked email from an acquaintance in upper New York saying her property values had been destroyed by it -- with no evidence to support the claim beyond what was going around the Cornell U. rumor mill.

The anti-fossil fuel fanatics will not let any possible good news for the rest of us go unchallenged. Scare campaigns like anthropogenic global warming seem to work well for them, especially if they can get a few big-name "scientists" to sign on.

19 posted on 10/28/2010 8:05:16 AM PDT by Bernard Marx (I don’t trust the reasoning of anyone who writes then when they mean than.)
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To: SeekAndFind

And who do you suppose will view this as an unhappy development? Hint: those who will oppose fracturing techniques because some of the injected fluid might percolate up to the surface/water table in an eon or ten.


20 posted on 10/28/2010 8:11:08 AM PDT by Bill W was a conservative (Profile, detain, interrogate, deport.)
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