Hughes quoted at Global Research
April 10, 2014
Post Carbon Fellow David Hughes was quoted in this article on replacing Russian gas with US shale gas.
From the article:
A useful summary of the shale gas illusion comes from a recent analysis of the actual results of several years of shale gas extraction in the USA by veteran energy analyst David Hughes. He notes, “Shale gas production has grown explosively to account for nearly 40 percent of US natural gas production. Nevertheless, production has been on a plateau since December 2011; eighty percent of shale gas production comes from five plays, several of which are in decline. The very high decline rates of shale gas wells require continuous inputs of capital—estimated at $42 billion per year to drill more than 7,000 wells—in order to maintain production. In comparison, the value of shale gas produced in 2012 was just $32.5 billion.”
So Obama is either being lied to by his advisers on the true state of US shale gas supplies, or he is willfully lying. The former is most likely.