12 Oct '16, 9am

Green News: New Oil Discoveries Add to Glut

Green News: New Oil Discoveries Add to Glut

New discoveries in Alaska and Texas have added billions of barrels of oil to claimed reserves, increasing odds that oil prices will remain low well into the future. The New York Times reported that the finds come at a time of a global oil glut that has kept prices at roughly $50 a barrel even as environmentalists look for ways to keep fossil fuels in the ground and avoid continued increases in atmospheric CO2. Earlier this month, Caelus Energy announced a new field off the North Slope in Alaska with as much a 2.4 billion barrels of oil. A few weeks before that, Apache Corporation said that an overlooked field in West Texas contains as much as 3 billion barrels of oil and 75 trillion cubic feet of natural gas, The Times said. The market is already swamped with oil and gas developed in shale fields with the help of hydraulic fracturing, or fracking, and experts said addition...

Full article: http://www.greenbuildingadvisor.com/blogs/dept/green-buil...

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