Hoarding is exactly what the government is doing right now by filling the SPR, and frankly it's the best thing that could happen. It drives prices up. High prices encourage demand destruction. They also finance new well development. The hoarded oil gives us a buffer to fall back on once shortages become more prevalent. High prices are what we need in order to adapt to what's coming, and the sooner they happen, the better.
"A decision by Queensland Energy Resources Ltd (QERL) to wind down its controversial shale oil extraction operation near Gladstone spells the end for the project, according to environmental group Greenpeace. QERL on Wednesday presented the closure of Stage 1 as a precursor to further research for the next phase of its Stuart program in Queensland, however environmental group Greenpeace said it was confident the project had run out of steam.
That is what happens when people ignore net energy analysis. It has always been clear that shale oil will never be energy positive. Every attempt so far to do shale oil has failed in economic disaster. Too much processing is necessary including the addition of hydrogen, hence I cannot see how it will ever be feasible. Tar sands and coal are a bit better in this regard.
The canadian association of petroleum producers just released an outlook for the Canadian oil industry. I think the discussion about the feasibility of the extraction of these resources is irrelevant.
If these figures are true than the country with the largest unconventional resources in the world will only be able to post a growth rate of 100.000 bpd per year.
That is not going to make a significant impact on the world oil production, nor is it going to affect its decline.
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