Palone's Comments, Comments on Energy Issues and other issues of interest.
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Some Interesting Numbers.
The following is taken from the 'Measuring the Economic and Energy Impacts of Proposals to Regulate Hydraulic Fracturing' prepared by IHS Global Insight for the American Petroleum Institute (api.com).
All the following are their predictions for 2014:
A No Frac scenario would result in a 17% reduction in oil production, and a 45% reduction in natural gas production. Add to that the normal decline rates and we get 23% decline in oil and 57% decline in gas.
Fluid Restriction scenario would decrease natural gas production by 22% and oil by 8%.
UIC Compliance scenario would decrease natural gas production by 10% and no mention of oil decline.
Now, to think that the elected officials in Washington could look at this and realize what a mistake it would be, is probably wishful thinking. They continue to astound us with their grand moves of idiocy every single day. We in the industry and the state regulators need to make them understand that the individual state agencies are better equipped and have a far better understanding of what is appropriate when setting up a Frac program. If the federal government gets involved it will only add costs and not accomplish anything.
We need every bit of energy we can produce domestically. They are trying to move the country off of fossil fuels, but that isn't going to happen any time soon. The technologies they are trying to send us to won't work, but they don't know that or refuse to admit it. We don't know what the answer is for tomorrow, but it isn't electric cars and windmills. So, visit with your elected officials and your state regulators. We need to keep producing what we can here at home, while we search for and find the answer for tomorrow.