The oilproduction in North Dakota looks impressive.
But nobody counts the barrels of oil that are consumed in the drilling and fracking.
If you have to invest 200.000 barrels of oil to get those 600.000 barrels out of the ground, then your EROEI (Energy Return on Energy Invested) is a mere 3:1.
In the end you only have 400.000 barrels you can actually use in the ‘economy’.
We should use ERoEI more often.
Price is a step, but ERoEI paints a much more complete picture~!