Marcellus water-use permits suspended….!
The Master Resource report has stated over and over that it takes energy to get clean water and it takes water to get energy. So news that “Authorities in Pennsylvania have temporarily suspended water-withdrawal permits for natural gas operators in the Marcellus Shale as unusually low levels of rain and snow in the region have limited the availability of the important drilling resource.”
Yep, shale gas as is a game changer alright.
A cool trillion dollars
“Based on projections from the EIA April 2012 Short-Term Energy Outlook (STEO), members of the Organization of the Petroleum Exporting Countries (OPEC) could earn an estimated $1,171 billion of net oil export revenues in 2012 and $1,133 billion in 2013. Last year, OPEC earned $1,026 billion in net oil export revenues, a 33 percent increase from 2010. Saudi Arabia earned the largest share of these earnings, $312 billion, representing 30 percent of total OPEC revenues. On a per-capita basis, OPEC net oil export earnings reached $2,684 in 2011.”
These two graphs provided by the EIA show that Opec members are experiencing a major windfall in revenue with oil trading above $100/b. The problem will come as the Opec member experience declines in net export volumes. The only way they will be able to maintain their revenues will be through higher and higher prices.