Condensates & NG liquids

If one can’t rely on Daniel Yergin for soothing reassurances about the state of the global oil market, who you gonna call?

Since 2005, Yergin and his associates at CERA have massively reduced their projected rate of increase in Global Total Liquids “capacity.”

A new study from Cornell suggests that the production of natural gas from shale using fracking techniques generates more greenhouse gases than burning coal. The report has generated coverage by New York Times, BBC, Wall Street Journal, Houston Chronicle, as well as a response from the NG industry. (Article extracts and links)
UPDATE: Link to the embargoed report

So, last night CBS hauled Aubrey McClendon, CEO of Chesapeake Energy, on board their flagship Sunday infotainment vehicle, 60 Minutes... McClendon told the credulous Leslie Stahl and the huge viewing audience that America "has two Saudi Arabia's of gas." Now, you know immediately that at least half the viewers misconstrued this statement to mean that we have two Saudi Arabia's of gasoline.

Transport Revolutions presents an ambitious vision of a world, 15 years from now, that is well on its way to kicking oil and being run on renewably produced electricity. The book’s authors, internationally recognized transport policy experts Richard Gilbert and Anthony Perl, readily acknowledge the enormity of this challenge, with transport worldwide currently 95 percent dependent on oil.

"as mankind proceeded to get bigger and bigger we silently crossed a threshold"

Evolution demands short-term thinking focused on individual survival. Most attempts to overcome our evolutionarily hardwired absorption with self are selected against. The Overman is dead, killed by a high-fat diet and unwillingness to exercise. Reflexively, we follow him into the grave.

Recently, Dr. Robert Hirsch wrote an article titled "Peak oil - what do we do now?". This brief but content-laden article opined that Peak Oil was essentially past tense, and it correctly implied that little mitigation has taken place, to date...but notably missing was any mention of natural gas.

IEA WEO 2008 - Natural Gas Liquids (NGLs) to the rescue?
IEA WEO 2008: Long term prospects for coal production
Interview of Richard Heinberg by Dr. Helen Caldicott
Aleklett on Mercedes – Chrysler and peak oil
Peak oil still relevant? More than ever.

US natural gas production has been flat for a number of years. We keep hearing that US production is expected to begin declining sometime in the next few years, but it doesn't seem to happen. While it is not obvious from most published data, the reason production remains level is because unconventional gas production has been rising.

A succinct presentation that seems to represent the thought of many at The Oil Drum.

A report on peak oil by the National Petroleum Council is due out in the next few months. Randy Udall wrote them: "The NPC has a wonderful opportunity to reframe the discussion around peak oil. After thoroughly studying the evidence, I hope that you conclude, as many of us have, that peak oil is
near."

While Peak Oil is grudgingly accepted, at least to the extent that 'After Oil' is a buzzword in corporate planning and political policymaking circles; Peak Gas is an almost entirely unheard of and unwelcome spectre.