How realistic is it to expect more production out of tar sands, etc.?
PS: Well, the Eagle Ford shale has a lot of condensate in it, which isn’t necessarily oil, but actually in some cases is more valuable than oil because it’s easier to crack it into gasoline. There’s already a lot of natural gas liquid production today in various shales across the country, and I expect big increases in that. I have an out-of-consensus view here, but my sources—all practicing oilmen in Texas who own land in the Eagle Ford and have drilled wells there themselves—tell me that they believe the Eagle Ford will be the largest single oilfield in the history of the United States. And they said oil, not natural gas. They’re talking about natural gas liquids, which are just as good as oil—or as I indicated, even better in a lot of cases. TER: That sounds like good news. PS: Depending on your outlook, I’m afraid it means that natural gas prices will stay depressed for a very long time, but it’s definitely going to be a big game-changer for domestic, onshore production. Just last m
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