Posted on 03/29/2022 12:51:37 PM PDT by UMCRevMom@aol.com
Oil economics and the shell game...
Here's an astonishing read. Important and verifiable information:
About 6 months ago, there was a news program on oil and one of The Forbes Bros. was the guest. The host said to Forbes, "I am going to ask you a direct question and I would like a direct answer; how much oil does the U.S. Have in the ground?" Forbes did not miss a beat, he said, "More than all the Middle East put together."
The U.S. Geological Service issued a report in April 2008 that only Scientists and oil men knew was coming, but man was it big. It was a revised report (hadn't been updated since 1995) on how much oil was in this area of the western 2/3 of North Dakota, western South Dakota, and extreme eastern Montana.
Check THIS out:
The Bakken is the largest domestic oil discovery since Alaska's Prudhoe Bay and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable (5 Billion barrels), at $107 a barrel, we're looking at a resource base worth more than $5.3 trillion. "When I first briefed legislators on this, you could practically see their Jaws hit the floor.
They had no idea." says Terry Johnson, the Montana Legislature's financial analyzer. "This sizable find is now the highest-producing onshore oil field found in the past 56 years," reports The Pittsburgh Post Gazette.
It's a formation known as the Williston Basin but is more commonly referred to as the 'Bakken.' It stretches from Northern Montana, through North Dakota, and into Canada. For years, U.S. Oil exploration has been considered a dead end. Even the 'Big Oil' companies gave up searching for major oil wells decades ago.
However, a recent technological breakthrough has opened up Bakken's Massive reserves, And, we now have access to up to 500 billion barrels. And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!!!!! That's enough crude to fully fuel the American economy for 2041 Years Straight. And if THAT didn't throw you on the floor, then this next one should - Because it's from 2006 !!!!!!
U.S. Oil Discovery - Largest Reserve in the World Stansberry Report Online - 4/20/2006. Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world. It is more than 2 TRILLION barrels. On August 8, 2005, President Bush mandated its extraction. In many recent years of high oil prices, none has been extracted. With this mother lode of oil, why are we still fighting over off-shore Drilling?
They reported this stunning news: We have more oil inside our borders than all the other proven reserves on Earth.
Here are the official estimates: 8 times as much oil as Saudi Arabia 18 times as much oil as Iraq 21 times as much oil as Kuwait 22 times as much oil as Iran 500 times as much oil as Yemen
And it's all right here in the Western United States !!!!!!
HOW can this BE? HOW can we NOT BE extracting this?
Because the Environmentalists and others have blocked all efforts to help America become independent of foreign oil! Again, we are letting a small group of people dictate our lives and our economy. WHY?
James Bartis, lead researcher with the study says we've got more oil in this very compact area than the entire Middle East, more than 2 TRILLION barrels Untapped. That's more than all the proven oil reserves of crude oil in the world today, reports The Denver Post.
Don't think 'OPEC' will drop its price even with this find? Think again! It's all about the competitive marketplace, it has to. Think OPEC just might be funding the environmentalists?
Got your attention yet? Now, while you're thinking about it, do this:
Pass this along. If you don't take a little time to do this, then you should stifle yourself the next time you complain about gas prices, by doing NOTHING, you forfeit your right to complain.
By the way, this can be verified. Check it out at the link below !!!!!!
It’s common knowledge that we have huge oil reserves. We can’t use it because that wouldn’t be green.
If 500 billion barrels is what you want to believe knock yourself out but the report says 4.3 billion of technically recoverable oil. That does not take price into account and is a rather glowing estimate.
https://pubs.er.usgs.gov/publication/fs20213058
Even your link says 4.3 billion barrels and something like 4.8 tcf of gas that are technically recoverable.
Nice thought / dream but it just isn’t true.
Supply is there but not the will to use it. There is more money to be made in direct government subsidies and tax breaks in green renewable energy. Why drill and pump when you can grift?
I live on the eastern edge of the Bakken oil field. (ND) You drive though it there’s wells everywhere. At a cloudy night is lit up from underneath by the flaring off of gas. 2008-2015 they couldn’t build hotels and housing fast enough for the workers. There’s 2-3 trains a day coming through town that are nothing but strings of oil tank cars. And we’ve barely tapped the field. High schoolers are skipping college going to work the fields and within 3-4 years with 70-80 hour weeks making 100k+ a year. If you’re willing to learn and work, there’s plenty of hours and excellent pay.
“Because the Environmentalists”
The author has the wrong group. The global elites do not want you to have cheap energy. Th e elites bough the democraps, and every time a democrap gets in office they do what they can to make energy expensive again.
this has been known for many many decades, hell just Crazyfornia has more recoverable oil than Saudi Arabia does.
It’s good to pass the basic dope around but to anyone paying attention it’s really old news. The Bakken, as big as it is, is just a thimble compared to the entire eastern slope of the Rockies. That , along with most of the Mississipi drainage, is an oil puddle going down at least 13,000 feet. The ancient Rockies laid down mulch for the previous 60 million years, or so. The trick about the Bakken is that the UNND guys knew it was there 50 years ago but it starts about 2,000 feet down and the wildcatters went for the shallower stuff first.
Remember how Rockefeller got Standard Oil started by drilling in Ohio? That’s how far the stuff goes east. Every hundred years or so we might have to drill a little deeper. Look up Coal Ridge east of Provo-—that’s about where it starts on the western side.
The USA has immense oil reserves in the ground. We’ve known this forever. It wasn’t economical to get at it compared to Arab oil or other more immediate US oil reserves.
Fracking was developed to get at the oil which the USA has never before tapped, but the biggest issue is that environmental left doesn’t want a successful oil industry.
Biden is totally in league with the hard left which has tried to prevent a new Big Oil lobby from forming. The left’s energy policy always has been attempting to strangle off a new oil lobby from developing. Its really country club policy.
So to use this oil and gas there’s two things that need to be done first:
1. Get rid of Biden
2. Get rid of Trudeau
a good strategic decision would be to use up everyone else’s limited resources before you use up your own.
When I go to the National Weather Channel and click on the night satellite image you can actually see the flaring off of gas in that area. Looks like little dots of light in that area.
You can also see the same thing in the SE New Mexico-Texas area.
Democrats are in charge and they are for MALA:
Make
Americans
Last
Again
The D's are against anything that would help America.
a good strategic decision would be to use up everyone else’s limited resources before you use up your own.
//
Really ?
It’s a good strategic decision
to cripple your own economy ,
food supply
and supply chain
till your nation becomes a failed state ?
estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable (5 Billion barrels), at $107 a barrel, we're looking at a resource base worth more than $5.3 trillion.
So, it says even if only 10% (which is really 50 billion barrels not 5 billion barrels (must be using some of that new math)).
But then the article goes on to say:
However, a recent technological breakthrough has opened up Bakken's Massive reserves, And, we now have access to up to 500 billion barrels. And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!!!!! That's enough crude to fully fuel the American economy for 2041 Years Straight. And if THAT didn't throw you on the floor, then this next one should - Because it's from 2006 !!!!!!
So, 500 billion barrels is what the article says is recoverable, due to new technologies, which I am assuming they are talking about fracking.
This is very old news. The Bakken Shale in the Williston Basin has been known as a large resource play for at least 15 years. The Eagle Ford in South Texas, the Permian in West Texas, the Marcellus in Pennsylvania/Ohio and the Haynesville in Louisiana/East Texas are at least as productive.
What this article doesn’t tell you is that recoverable reserves are a function of commodity price and production cost. When oil is over $100/barrel, there is a huge amount of oil (which has been known for years) that becomes economically recoverable. But when the price drops to $50, much of that oil is a losing proposition. It will cost more to get it out of the ground than you will get when you sell it. Consequently, that oil is left in the ground until prices and production costs justify the investment to drill and produce it.
None of this is rocket science or new information. The goal of the left is to make it as expensive as possible to drill and produce, to make it prohibitive for new exploration and production. Their other goal is to make prices as high as possible to inhibit consumption and make alternative energy look competitive. They do this through taxes and restrictions on production.
Their problem is when they succeed in raising prices (as they are currently), it makes more marginal reserves look economic to drill and produce. Their new tactic to prevent this unavoidable consequence is to attack the investment community and threaten them if they invest in “dirty” fossil fuels or fail to take “climate change” into account in their investment decisions.
Guess what? Voila’! No oil and gas companies can find investment capital to take advantage of historically high prices. My suspicion is that eventually the temptation of high investment returns will be irresistible to enough capital providers that we will see an uptick in drilling and production. But is has been very slow coming during this cycle.
Now that Europe isn’t going to be doing much energy purchasing from Russia,this would be an excellent time to ramp up US oil and NG production. Lower gas prices would be like a big tax cut and prices would come down at the same time because of reduced shipping costs food production.
Of course it always seems that the federal government is primarily concerned with destroying the US economy and killing its citizens.
According to the USGS assessment, the Marcellus Shale contains about 84 trillion cubic feet of undiscovered, technically recoverable natural gas and 3.4 billion barrels of undiscovered, technically recoverable natural gas liquids.
MY strategy is to use other people’s resources before using my own.
Your strategy is to be an idiot libtard and do what you said OR to just plain fail reading comprehension. I didn’t say any of the things you said. I said a good strategy is to use other peoples resources first. You added the rest.
I’ll give you the benefit of the doubt and not assume you’re a libtard.
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