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And this should send a chill up your spine, because the EROI of domestic U.S. oil production is now approaching 10, having fallen from around 100 in the early days of oil (Cleveland, 2005). Even in the few prospects where we can still drill a well that will produce over 100,000 barrels of oil per day, like the deepwater Gulf of Mexico, the EROI varies from 4 to 14 (Moerschbaecher, 2012).
The peak of oil discovery was passed in the 1960s, and the world started using more than was found in new fields in 1981. The gap between discovery and production has widened since. Many countries, including some important producers, have already passed their peak, suggesting that the world peak of production is now imminent. Were valid data available in the public domain, it would a simple matter to determine both the date of peak and the rate of subsequent decline, but as it is, we find maze of conflicting information, ambiguous definitions and lax reporting procedures. In short, the oil companies tended to report cautiously, being subject to strict Stock Exchange rules, whereas certain OPEC countries exaggerated during the 1980s when they were competing for quota based on reported reserves.
Originally posted by tothetenthpower
Fracking is an environmental disaster in itself. It's new way to screw you out of a healthy planet. They are trying that crap in my neck of the woods in Canada and there is FIERCE opposition because of the drastic environmental implications.
Do you really trust those who gave you the Exxon Valdez and Deepwater Horizon, the power to contaminate your drinking water, permanently?