by Asher Miller, Post Carbon Institute
1.9 million. 13 trillion. 10 billion. These are the numbers that jumped off the page when I read PCI Fellow David Hughes’s latest “shale reality check” report on the U.S. government’s forecasts of domestic oil and gas production. To elaborate, these forecasts mean that by 2050:
- 1.9 million new oil and gas wells will need to be drilled;
- $13 trillion will need to be spent to drill all those wells; and
- 10 billion barrels of tight oil production will be “missing” from shale plays to meet the reference case forecast for cumulative production.
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