Peak Oil News 12/11/12

Website: 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 $4000 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 IEA World Energy Report says the US 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 ...

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Credit: mrenergyczar