U.S. Gas Prices Hit A New Record At $3.79 A Gallon

Quartz carried a piece yesterday about enhanced oil recovery – which covers a pretty broad range of techniques, from pumping water into wells to push more oil out of a reservoir to steam-assisted gravity drainage, which is used to develop oil sands – based on the findings of a Lux Research report.

$100 per barrel may seem high, but according to Lux, EOR has been instrumental in reining in oil prices, even when they spiked to nearly $150/bbl in 2008.

From the article:

“In light of current oil prices, the peak oil hysteria and projection of $300 [a barrel] prices of a few years ago seem overblown – if not outright silly,” the [Lux] report states. “But in a sense, they were accurate forecasts of what would have happened if EOR technologies had not come online and made unconventional oil reserves – which vastly exceed conventional ones – accessible.”