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April 06, 2011

Comments

Choke I agree with you on the frac situation, but I do not agree with you on your self-proclaimed open minded thinking. I read way too many blogs, and I have read this one for years. This blog is by far the most predictable. Whatever contributes to your financial benefit is “right”. From the BP blowout to regulation to the tax code to banking to Berman .….etc. Furthermore, the justifications for the economic “belief system” generally incorporates the stock ideas of the time. The body of work over the years shows a predisposition and a bias.

I too have read this blog for a long time, as well as the comments to it. Ironically, RE's criticisms of this blog are are equally applicable to his commentary.

You may want to look at the post on Next Big Future titled If Rossi and Focardi can deliver.

Note the box titled Ramifications and the last remark within it. "Total Replacement of all Fossil Fuels".

That might end the need for more fracking.

Choke,

Have not responded to anything here for a while but I want to congratulate you drillers for the historic accomplishment of enabling the extraction of so much natural gas that Peak Oil could happen and not matter. I think this is an awesome thing and it may prove to be the single best justification for the otherwise questionable way in which mineral rights are given to miners and drillers. If it were not for that level of cheap access to resources, it is possible that no one would have figured out how to frack tight shale for another decade or two and such a delay could be disastrous.

Sure there are risks to Fracking, but I think the value and extent of the resource will allow for corrective actions.

Sincerely,

--Fred

Its not the fracing, its what is in the frac fluid. The rub is the so called Halliburton exemption. All frac fluid remains in the subsuiface. A reasonable estimate is 4 million gallons per well. The produced fluid, approx 40% is reinjected into disposal wells. Some of this fluid will make its way into aquifers due to cement / casing failures. The industry refuses to disclose the chemicals in the fluid. The solution is as simple as Obama's birth certificate. Just disclose the facts. But no, the oil business is "special" and refuses to do this. They need to be regulated on a very short leash....

Except that the interstate oil and gas compact commission has agreed to this, and the oil companies and service companies ave agreed to supply the data on a well by well basis. So, just like Obama's birth, a straw man whining point with no merit.

Wrt your post personally attacking my character, I have chosen to view your equally predictable communications herein as representing your principled response consistent to your wold view that corporations are bad, government is good, and we all should live in a hive like perfectible bees. I, frankly, don't share that world view, and I believe that a better formula is more personal freedom and liberty with a dash of regulation for producing more material and spiritual abundance for more people than your methods. That you find my views so reprehensible that you are willing to write them off as mere greed is telling. I suspect I have provided far more abundance for far more people in a way that doesn't subjugate them so far in my life based on the power inherent in my outlook than you will ever attain due to hobbling effect of the corrosive hatred embedded in your world view and it's abstracted view of how to enable a massive unaccountable bureaucracy to make us all
better. I have several friends that share parts of your world view that I think are good people. They make excellent administrators or technical professionals. They have occasionally thrived as entrepreneurs in, ironically, unregulated businesses, but are generally failures in building businesses and jobs in the heavily regulated and taxed industries they foist on the rest of us.

Choke...dont take it personally. I think you are a smart guy. This is not a character issue. This is a position I take. You are the one that wants to teach us how to be open minded. You set the standard. I challenge it. I put it into question, and I explain why I disagree. I submit that every, or almost every position you take is based in economic gain for you. I list some categories. You respond on a personal basis, and do not discuss the list of positions you take that bring money to you. This is a spirited discussion, not a personal attack. I am not the one listing instructions on how to be open minded. You do that. You do it all the time and present yourself as a renaissance man. Just go read your posts on the BP Gulf blowout, Berman, or exporting the US industrial base..etc.. I don't see the thought patterns of open mindedness. I do see perfect consistency. I do see a pattern.

BTW, at the last NAPE, it became clear to me that the Barnett shale is now an acquisition play. Or more accurately, a distressed acquisition play as the most, or a large number of the wells have panned out to be economic failures, just as Bernman predicted. Banks want out. They dont want any more Barnett cheese, regardless of the tough talk from Tudor and Pickering. Comments welcome.

BTW, at the last NAPE, it became clear to me that the Barnett shale is now an acquisition play. Or more accurately, a distressed acquisition play as the most, or a large number of the wells have panned out to be economic failures, just as Bernman predicted. Banks want out. They dont want any more Barnett cheese, regardless of the tough talk from Tudor and Pickering. Comments welcome.

For the sake of argument, let's accept that Gasland is a gas bag of propaganda. But until they brought media attention to this topic, Open Choke and the industry were silent on the responsibility side of the issue. That is, you would never have published your thoughtful 7 point program above, if there had been no Gasland.

The industry -- any industry in fact -- does little until somebody holds their feet to the fire. Then they put forth lots of suddenly "reasonable" regulation they think is sensible -- regulation that never occurred to them, though, before the advocacy groups began their advocacy. So it looks we need the advocacy groups to advocate, in order to get the industry groups to suddenly act all reasonable.

Except, Hugh, that we are dealing with largely bullshit, and are defining for ourselves rules to protect against things that haven't occurred in the previous million occurrences. These rules come with some cost. Where is the rational line? 100 percent engineering? No accidents? Are you prepared to pay for 100 % engineering? Do you produce 100% engineering? Are you, unlike the oil business, legally culpable for your lack of 100% engineering?

Hughw...the oil and gas industry has been regulated for about a century.

State regulation of completion procedures has been around for decades.

The industry has self-regulated though API standards for almost as long.

The economic incentives for doing things in a safe and responsible manner far outweigh the downside of doing anything else.

I understand the "where there's smoke, there's fire" sensibilities of those outside of the industry, but there is no smoke! When there is, we call the fire department. We learn from the experience and move forward.

To do less would be the height of economic stupidity!

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