(from aljazeera.com source Chris Arsenault:)
“US is set to produce more petroleum than Saudi Arabia within a decade … The expected 760,000 barrel-per-day increase in US crude oil production in 2012 is the largest rise in annual output since the beginning of US commercial oil extraction in 1859, an EIA official said in a statement. … If the price of oil drops because of new supplies, or if natural gas starts to eat into demand for traditional crude, oil-rich nations could potentially find themselves significantly less well-off. Transporting natural gas around the world is more difficult than moving oil. Russia has pipelines running to Western Europe, while Qatar – the world’s largest natural gas exporter – has shipping terminals in key Asian markets. It’s only a matter of time, I think, until you see something like a big super-tanker that can carry LNG (liquefied natural gas) around the world. … Other states that traditionally imported much of their gas, including Australia, Argentina, South Africa, Poland and China are also looking to cash in on the shale boom. … Environmentalists and some analysts, however, caution that jubilant predictions from a country that consumes some 25 percent of the world’s oil will run into environmental constraints including global warming and a lack of fresh water. … Extracting gas from one well through fracking takes about five million gallons of water, the equivalent of between 800 and 1,300 truckloads, said energy consultant Faeth. Over its lifespan, an average well produces more than 4 billion cubic feet of gas equivilent – enough energy to power about 16,000,000 homes for one day. Mixed with chemicals, much of the water ends up contaminated after being used in the fracking process. One well will often need to be fracked up to 18 times, drastically increasing water contamination. … A study released in the journal Nature earlier this month found that fracking operations in Utah and Colorado leak about nine percent of the total methane contained in the wells. Methane, the chief component of natural gas, is a far worse contributor to global warming compared with carbon dioxide, and the figure of nine percent claimed by the study is higher than previously thought. … The gas boom could actually hurt sustainability in the long-term, as investment capital needed to finance research into solar, geothermal and wind energy is diverted to drill for gas in middle America.”
Well, the world is driven by greed, predatory quackery, ‘economics and usury banking,’ besides idiotic limitless breeding, ‘religions,’ the head of the octopus is wall street, they have the fraudulent money printing machine to control the world, in so it may be hard to put a stop on madness.
OTOH anybody with common sense would look at developing renewables, especially looking at non capital and non materials intensive and highly labor intensive solutions, unattractive to the wall street christo-mafia.
They need stuff that can be “metered” to impose “monopoly,” and “usury,” people need stuff that “can not” be metered, not to pay the skim to the mafio-finance and mafio-usury rackets, so there are possibly divergent paths of growth, and the sooner the people become self sufficient and stop buying fuels from the crooks, the better will be for environment, health and sustainability.
The fuel based economy is unsustainable, it “will have to crash,” it is scientifically provable, in so it is just a matter of time before it happens, the christo-lies of the wall street mafia have short legs. These are the same people that lied on oil reserves, look at 2001 and 2007, who is the idiot who wants to believe them any longer ?
For this century the wall street usury banking mafia has already proved they are a criminal racket above the laws, the wall street bancomafia is not worth of any trust, worse, is worth to be kept under strict scrutiny by the whole planet, being the racket ‘historically’ a creator of crimes against humanity and genocides.