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Since you know the industry so well, what is your opinion of this? http://www.npr.org/2011/09/25/140784004/new-boom-reshapes-oil-world-rocks-north-dakota http:

by gruseom 15y ago

Since you know the industry so well, what is your opinion of this? http://www.npr.org/2011/09/25/140784004/new-boom-reshapes-oil-world-rocks-north-dakota http://www.npr.org/2011/09/25/140784004/new-boom-reshapes-oi... "[T]he US could be poised to pass Saudi Arabia and overtake Russia as the world's largest oil producer" - true?

3am 15y ago
The 2T bboe is likely talking about in place reserves, not recoverable reserves. See http://en.wikipedia.org/wiki/Oil_reserves#Proven_reserves http://en.wikipedia.org/wiki/Oil_reserves#Proven_reserves for a discussion of the definitions 'in place', 'proven', and 'probable'. Fracking is still a young-ish technique, and last I knew the recovery rates were less than 5%. I don't think it will get above 10% even with technology improvements. Which is still a boatload of Oil / NG / NGL. It's still just 8 years of global demand at current rates.