(task) The Shale Bubble: Recording and Resources

USRS

4

petro, fracking, petrochemical political economy

> Begin forwarded message:
>
> From: Allison Fisher <afisher@citizen.org>
> To: Energy Public Citizen <energy@citizen.org>
> Subject: The Shale Bubble: Recording and Resources
> Date: January 12, 2015 at 3:44:16 PM EST
>
> Thank you for your interest in the Climate Reality Check Network’s January call, The Shale Bubble.
>
> Recording: https://www.freeconferencecallhd.com/playback.html?n=O3J5d/jKR7f <https://www.freeconferencecallhd.com/playback.html?n=O3J5d/jKR7f>
>
> Presenters:
> Richard Heinberg, Author and Senior Fellow-in-Residence at the Post Carbon Institute http://www.postcarbon.org/ <http://www.postcarbon.org/>
>
> Deborah Rogers, Executive Director of Energy Policy Forum
> www.energypolicyforum.org <http://www.energypolicyforum.org/>
>
> Resources:
> Deborah Rogers slides for her presentation - access the slides here <https://www.icloud.com/keynote/AwBWCAESEA46RgfV2sBF7I_2pd9XLwkaKmmNbzZgcBEDAU91IF2UKIRLzylG5IzqDERRKCeNgGBqZ88mFA6Dl5kR7gMCUCAQEEIPakO2wyHtXVNMb-V5Q5MobtrtiG4WwStEkb8SRruFQ7#Presentation>.
>
> Richard Heinberg’s report, Drilling Deeper: A Reality Check on U.S. Government Forecasts for a Lasting Tight Oil & Shale Gas Boom. To preview his work, go here <http://shalebubble.org/>.
>
> Highlights from the call:
> Richard:
> · Fracked gas accounts for 40% of the gas we use.
> · Most shale plays are already in decline.
> · Production of a well declines 75% within the first 3 years.
> · Ex. Haynesville (northwest LA) shale – there was extremely financial optimism about production a few years ago, now production has already fallen by half. Check out Haynesville the movie http://www.haynesvillemovie.com/ <http://www.haynesvillemovie.com/>
> · We will not have natural gas to export
> · U of Texas study: promises of natural gas have been highly overblown by both industry and gov’t
> · See: http://www.nature.com/news/natural-gas-the-fracking-fallacy-1.16430 <http://www.nature.com/news/natural-gas-the-fracking-fallacy-1.16430>
> · We need to bypass the so-called “bridge fuel” and go to renewables directly
>
> Deborah:
> · Most new production is being used to offset declining old wells.
> · WSJ “There are too many ugly balance sheets”.
> · Debt ratio of oil and gas companies invested in shale is high – co. have increased their borrowings by 55% since 2010, to almost $200 billion. See: http://www.zerohedge.com/news/2015-01-07/first-shale-casualty-wbh-energy-files-bankruptcy-many-more-coming <http://www.zerohedge.com/news/2015-01-07/first-shale-casualty-wbh-energy-files-bankruptcy-many-more-coming>
> · Renewables are now capturing more investment dollars for new generation than fossil fuels.
> · Cost to bring online renewables is dropping dramatically, in fact hydrocarbons will become the high cost alternative energy.
> · And renewable are trading at better value/better share value.
> · State shifting to natural gas are locking themselves into the vagaries of the market.
>
> Thanks again and look for our next call in the Pulling Back the Curtain on Dirty Energy series. In February we will focus on the failing economics of coal.
>
> Talk to soon!
> Allison
>
>
> Allison Fisher | Outreach Director, Energy and Climate Program
> Public Citizen | Protecting Health, Safety and Democracy
> TEL: 202.454.5176 | CELL: 704.604.3750
> 215 Pennsylvania Ave. SE, Washington, DC 20003
> URL: http://www.citizen.org <http://www.citizen.org/>