Website: http://MrEnergyCzar.com This is Peak Oil News for December 11th, 2012. I'm your host MrEnergyCzar. We're covering Peak Oil, renewable energy, electric cars and everything in-between.
For the second year in a row, the Chevy Volt was named the most satisfying car in the consumer reports satisfaction survey. 92% of Volt owners said they'd buy another Volt, edging out the Porche 911 and Ford Mustang. While the Chevy Volt remains the plug-in sales leader this year, with about double the sales of it's nearest competitors, the Nissan Leaf and Plug-in Prius, the competition is broadening with the new Honda Accord Plug-in coming. This well equipped Accord will cost about $4,000 more than the Volt because the smaller battery gives a smaller tax credit. With it's 13 mile all electric range, it's hard to see it as a serious Volt contender. It goes on sale in January 2013.
The I.E.A. World Energy Report says the U.S. will surpass Saudi Arabia oil production. Taking a closer look reveals that a lot depends on the exponential increase in the fracking of the tight shale oil in the Bakken, ramping up to about 3 million barrels per day. I'll be surprised if they ever get to 1.5 million barrels per day. Those wells cost about 7 million dollars each, they peak very quickly, just in a couple of years you see 30 – 50% production losses and the average well out there in the Bakken is producing less than 200 barrels per day. You would need to add thousands of more wells out there per year just to keep production the same.
The railroads are benefiting from the Bakken shale oil because there is no pipeline there. Revenues have sharply risen for the railroads, let's hope there are no derailments. A pipeline is the easiest way to transport oil over land. Pipeline financiers, however, may be realizing that the Bakken shale oil is a short term, desperate, expensive scramble for the remaining oil scraps in our post peak oil world. You would need decades of stable production to justify the expense of a pipeline.
Veterans are petitioning Congress to extend the Wind Production Tax Credit (PTC) which expires at the end of the year. Veterans and other middle class Americans work good paying jobs in the wind industry. Veterans also understand the national security importance of producing domestic clean energy as some have no doubt served overseas in the oil rich regions of the world.
That's it for this edition of Peak Oil News, I'm MrEnergyCzar, and I'll see you next time.
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Produced by: Dustin Salmons http://www.CDSalmons.com