Cold, Hungry and in the Dark: Exploding the Natural Gas Supply Myth Paperback – May 1 2013
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Conventional wisdom has North America entering a new era of energy abundance thanks to shale gas. But has industry been honest? Cold, Hungry and in the Dark argues that declining productivity combined with increasing demand will trigger a crisis that will cause prices to skyrocket, damage the economy and have a profound impact on the lives of nearly every North American.
Relying on faulty science, bought-and-paid-for-whitepapers masquerading as independent research and "industry consultants", the "Shale Promoters" have vastly overstated the viable supply of shale gas resources for their own financial gain. This startling exposé, written by an industry insider, suggests that the stakes involved in the Enron scandal might seem like lunch money in comparison to the bursting of the natural gas bubble. Exhaustively researched and rigorously documented, Cold, Hungry and in the Dark:
- Puts supply-and-demand trends under a microscope
- Provides overwhelming evidence of the absurdity of the 100-year supply myth
- Suggests numerous ways to mitigate the upcoming natural gas price spike.
The mainstream media has told us that natural gas will be cheap and plentiful for decades, when nothing could be further from the truth. Forewarned is forearmed. Cold, Hungry and in the Dark is vital reading for anyone concerned about the inevitable economic impact of our uncertain energy future.
About the Author
Bill Powers is the editor of Powers Energy Investor and previously the editor of the Canadian Energy Viewpoint and US Energy Investor. He has been publishing investment research on the oil and gas industry since 2002 and sits on the Board of Directors of Calgary-based Arsenal Energy. An active investor for over 25 years, Powers has devoted the last 15 years to studying and analyzing the energy sector, driven by his desire to uncover unrecognized trends in the industry and identify outstanding opportunities for retail and institutional investors.
Art Berman is a geological consultant with thirty-three years of experience in petroleum exploration and production. He is a Director of ASPO-USA (Association for the Study of Peak Oil & Gas USA) and sits on the editorial board and is a frequent contributor at The Oil Drum. Art has published over 100 articles on geology, technology, and the petroleum industry.
Most Helpful Customer Reviews on Amazon.com (beta)
That said, the other half of the book is spent on making the case that the U.S. will face a natural gas shortage. The case in this half of the book is weak and not as well supported as the other. After reading this portion of the book, I wasn't necessarily opposed to the idea that the US could face a shortage of natural gas, but I was far from convinced. Some of Mr. Powers arguments in this portion are lacking. For instance, Mr. Powers cites the decline in production in the majority of shale plays from 2010-to-date as evidence that the plays have already "peaked". While I don't necessarily disagree with his conclusion, the argument itself is wanting. My immediate reaction was to question if the producers that weren't forced to drill due to lease holdings and/or interest payments were shutting in wells and refraining from drilling in an attempt to hold out for higher natural gas prices. Mr. Powers never addresses this obvious question. A similar case arises when Mr. Powers conclusively indicates that U.S. demand for natural gas will increase because manufacturing is coming back to the U.S. Again, while I do not necessarily disagree with the assumption, there is never an incredibly strong and conclusive case. Several such quick assumptions are made to support the conclusion that the U.S. faces a gas shortage. While I'm not in disagreement with Mr. Powers, I'm far from convinced of his case.
I award the book four stars. The case against the EIA and the depth of the play-by-play production data are truly class-act and compelling. I knock a star off for the weak and sometimes wanting case for an imminent U.S. gas shortage.
For those more interested on reserves and the development of production, I recommend Cold, Hungry and in the Dark. Of the two books, it was slightly better both on content and readability, and if you are still hungry for more shale or maybe a bit more interested on a neutral view on its environmental effects and problems, I recommend Shale Gas - the Promise and the Peril.
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