The United States is poised to flood world markets with once-unthinkable quantities of liquefied natural gas as soon as this year, profoundly changing the geo-politics of global energy and posing a major threat to Russian gas dominance in Europe....Fracking, you see.
Gas frackers assembled at the world's "energy Davos" in Houston said exports could ultimately be much higher, potentially overtaking Russia as the world's biggest supplier of natural gas of all kinds.
Driving the global price of carbon-based energy down.
What could go wrong?
Lots of info in the article if you aren't up on LNG.
US to launch blitz of gas exports, eyes global energy dominance
Lots of info in the article if you aren't up on LNG.
A vault forward on this scale would establish the US as the leading energy superpower in both oil and gas, a revival that almost nobody could have imagined seven years ago when the United States was in near panic over its exorbitant dependency of imported fuel. It would restore the US to its mid-20th Century position as a surplus trading nation, and perhaps ultimately as world's biggest external creditor once again.The down side. Fracking uses a huge amount of water, which is becoming short in supply in many regions. Then there is nimby.
John Hess, the founder of Hess Corporation, said it takes a unique confluence of circumstances to pull off a fracking revolution: landowner rights over sub-soil minerals, a pipeline infrastructure, the right taxes and regulations, and good rock. “We haven’t seen those stars align yet,” he said.The Telegraph
Above all it requires the acquiescence of the people. "It takes a thousand trucks going in and out to launch a (drilling) spud. Not every neighbourhood wants that," he said.
Certainly not in Sussex, Burgundy, or Bavaria.
US to launch blitz of gas exports, eyes global energy dominance
Ambrose Evans-Pritchard
2 comments:
Also this tidbit buried in the article: "We think the Permian could produce 5-6m barrels a day (b/d) in the long-term," he said. It is a staggering claim. This would be more than Saudi Arabia's giant Ghawar field, the biggest in the world."
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"Ryan Lance, head of ConocoPhillips, said North American oil output could reach 15m b/d by 2020 and 25m b/d over the next quarter century, three times Saudi Arabia's current exports."
So there's enough oil to fry us all, and the powers-that-be don't have any intention of leaving it in the ground?
It's baked in (pun intended).
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