"The shale boom we're in is the last gasp."

Houston Chronicle: “The stubborn rock that the energy industry breached to unleash a nationwide oil and gas rush remains a worthy foe, as producers must turn their drills ever faster to keep the boom’s lifeblood flowing. ….Behind the headlines boasting of a U.S. oil boom, producers have been grappling with rapid production declines at aging shale-play wells. The only answer: drill more and more wells.”
“In recent months, falling production at individual wells has garnered more industry attention and has stirred a debate over how long the production surge in Texas, North Dakota and elsewhere can last, even as policy makers hope the boom will enable the U.S. to wean itself from Middle Eastern crude.
“Shale does not defy the laws of physics,” said Art Berman, a petroleum geologist and director of the Association for the Study of Peak Oil – the theory that the planet’s oil production is near the point at which it will begin a permanent decline.
“The shale has bought us a couple more years before we’re in real trouble,” he said. “People should understand that the shale boom we’re in is the last gasp.”|
U.S. oil production first peaked in the early 1970s, then declined until the shale revolution brought it back into the black over the past half decade. Analysts disagree about when the music will stop – or slow, at least.
In October, the government began issuing a monthly report on drilling productivity that charted declines in six major U.S. shale plays. The U.S. Energy Information Administration estimates that it takes seven of every 10 new barrels produced in those areas just to replace lost production.
Since 2006, U.S. tight oil production has risen from about 300,000 to 1.9 million barrels per day. Two-thirds of that is pumped from the Eagle Ford Shale in South Texas and the Bakken Shale in North Dakota.”