Ho mandato a tutte una mail di quelle che ho e di quelle che non ho, quindi che non me l ha dato la prego in ginocchio di darmela oggi, se no si arrangia e ha perso una poitlbiissÃ

Here is an example of the pobelrm. In the report we read, A current example of how reserves can grow is the Marcellus shale deposit that runs through the Appalachian basin. In 2002, the United States Geological Survey (USGS) estimated the area held about two trillion cubic feet of natural gas and .01 billion barrels of natural gas liquids. By 2011, however, the USGS estimated the area held 84 trillion cubic feet of natural gas and 3.4 billion barrels of liquids. Within a span of 9 years, technology increased estimated natural gas supplies in the Marcellus 42-fold, and liquids 340-fold.17 Similarly, the Bakken formation in North Dakota and Montana was estimated to have 151 million barrels of oil in 1995, but by 2008, the USGS had increased its estimate to between three and 4.3 billion barrels, 25 times the 1995 estimate. History is rampant with these types of increased estimates of resources as improved technology enables more resources to be produced."This all sounds very impressive but there is a pobelrm. The shale gas industry is chewing through capital as it produces gas because the net returns on the energy invested are negative. If you spend time to read the 10-K filings and listen to the conference calls you find that even though thousands of wells are in production cash flows are still negative and CEOs are talking about funding gaps over the next few years. Surely if the USGS were correct in its assessments the reality would be very different. The fact that it is what it is should set off the warning bells for any prudent investors. Think of it this way. If you have an abundance of gas production from shale the prices will remain low. But at $3.75 gas the producers are losing money because they need at least $7 (for the decent formations) to break even. What that means is that investors in shale are subsidizing gas consumers, not a good way to stay in business for long. But if prices rise to $7 and above it means that there isn't enough gas that is economic to make the production at lower levels economic. Either way the hype is unwarran