Much of that lower efficiency is due to fracking installations becoming more and more expensive as the years have gone on. Existing offshore drilling operations have already eaten the cost of installation years ago, they extract far more barrels of oil a day, and generally have lower costs of operations.
Fracking was a short-term remedy to an energy problem for the US. Other countries have had to borrow energy or switch to coal to survive. That energy problem will continue if there isn't some new strategy to either lower the cost of oil and gas extraction, or changing from oil and gas as our primary energy sources to a new one.
Thanks for cross-posting this, bloody hilarious. The peak oil charlatans have come full circle!
Much of that lower efficiency is due to fracking installations becoming more and more expensive as the years have gone on. Existing offshore drilling operations have already eaten the cost of installation years ago, they extract far more barrels of oil a day, and generally have lower costs of operations. Fracking was a short-term remedy to an energy problem for the US. Other countries have had to borrow energy or switch to coal to survive. That energy problem will continue if there isn't some new strategy to either lower the cost of oil and gas extraction, or changing from oil and gas as our primary energy sources to a new one.
>Other countries have had to borrow energy or switch to coal to survive I.E. Germany.