A Perspective on Oil and Gas Produced by ‘Fracking’
This article looks at the developments of oil and gas production resulting from hydraulic fracturing (‘fracking’) of sources of these hydrocarbon in shales and related rocks. The paper concludes that such fracking will change the world geopolitical scene regarding oil and gas supply for a time, and will provide some countries with relatively cheap fuel for many years. But around the world, producing oil and gas by fracking from shales is likely to take a considerable time to be fully implemented. Moreover, in contrast to optimistic recent projections, this paper considers that oil produced by fracking from shales will reduce, but not eliminate, the U.S.’s need to import oil. The paper concludes with an ‘Editor’s Note’ which presents a recent forecast from Wood Mackenzie of U.S. Lower-48 onshore oil production out to 2035. This supports the view that the US is likely to remain an oil importer unless U.S. demand for oil decreases significantly.
Youngquist, W. (2017) A Perspective on Oil and Gas Produced by ‘Fracking’. The Oil Age 3(3) 19-26
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