In May, the Argentine oil company YPF announced that it had found 150 million barrels of oil in the Patagonian field, and President Cristina Fernández de Kirchner rushed onto national television to praise the discovery as something that could give new impetus to the country’s long-stagnant economy.PEAK OIL IS PART OF THE "GREEN ECONOMY" SCAM.
“The importance of this discovery goes well beyond the volume,” said Sebastián Eskenazi, YPF’s chief executive, as he announced the find. “The important thing is it is something new: new energy, a new future, new expectations.”
Although there are significant hurdles, geologists say that the Vaca Muerta is a harbinger of a possible major expansion of global petroleum supplies over the next two decades as the industry uses advanced techniques to extract oil from shale and other tightly packed rocks.
Exploration of similar shale fields has already begun in Australia, Canada, Poland and France. Indian and Chinese oil companies are investing in pilot projects that, if successful, could make their countries significant oil producers, possibly reshaping energy geopolitics and stemming future price rises. Ukraine and Russia are also thought to have sizable shale fields of oil and gas, as do many North African and Middle Eastern countries.
“The potential is huge, on the order of hundreds of billions of barrels of recoverable reserves,” said Michael C. Lynch, president of Strategic Energy and Economic Research, a consulting firm, who is preparing a report on global shale oil.
Similar fields in North Dakota and Texas are already beginning to gush oil. The techniques used to extract it include hydraulic fracturing, in which high-pressure fluids are used to break up shale rock to release the oil, and horizontal drilling, which allows drillers to tap thin layers of oil-filled shale that are sandwiched between layers of other rock.
DON'T BE DUPED BY CO2PHOBIA AND THE CALL FOR GOVERNMENT SUBSIDIES FOR RENEWABLES AND THEIR DEMAND FOR CARBON TAXES.
CO2 IS HARMLESS AT WORST, AND PROBABLY BENEFICIAL.
SO-CALLED FOSSIL FUELS - INCLUDING COAL - WHICH CAN BE BURNED CLEANLY AND ONLY EMIT SOME CO2 ARE PERFECTLY HEALTHY AND GOOD FOR PLANT LIFE AND AGRICULTURE.
LEFT-WING GOVERNMENT SCHEMES TO LIMIT THEIR USE HURTS THE POOR AND THE THIRD WORLD THE MOST.
THAT'S WHY I HAVE LONG ARGUED THAT TO MAKE POVERTY HISTORY WE NEED TO MAKE THE LEFT HISTORY.