Facing Up to End of 'Easy Oil'
According to an article I read (I think in this paper) a few years back Shell claims to have developed a process such that they can make money on Shale oil at $30 per barrel I heard Boon Pickens claim Suncor could make money on their oil sands production at $20 per barrel. Natural gas dropped precipitously in price as the fracking process release (already) a 100 year supply - who knows how much more we could have, and this can already be used in cars tha can burn both gasoline and natural gas, or even propane. The conversion to bifuel is cheap. I think we could have cheaper oil now, you can buy natural gas for your car at a gasoline equivalent og about 2/3 the cost of gas - even with very limited infrastructure, imagine in gas stations added natural gas and propane dispensers (such as I saw in Italy at many stations when I was there this past Christmas). People buy it because its cheaper, and now abundant. The real issue (for shale at least and probably much more) is simply getting the excess regulation and in the case of shale in particular the restriction against its development out of the way. It is natural for high prices of a commodity to open up new things and then they become cheaper too.