Another well is drilled at the Wolverine Gas & Oil field Wednesday south of Sigurd, Utah (Associated Press)
Posted on 05/04/2005 6:52:14 PM PDT by kellynla
SALT LAKE CITY (AP) — A tiny oil company has snapped up leasing rights to a half-million acres in central Utah that it says could yield a billion barrels or more of oil.
Geologists are calling it a spectacular find — the largest onshore discovery in at least 30 years, located in a region of complex geology long abandoned for exploration by major oil companies. It’s turning out to contain high-quality oil already commanding a premium at Salt Lake refineries.
With the secret out, industry players expect a bidding war to break out at the next Utah leasing auction, set for May 17 in Salt Lake City.
At today’s prices the oil reserve could bring Utah $5.6 billion in royalties, state auditors conservatively estimate. Although the discovery is still playing out, the oil will take years to recover and some skeptics question the company’s projections for a region yet to be fully surveyed.
“It’s just very highly unlikely because the U.S. onshore has been picked clean, if you will,” said Fadel Gheit, senior oil analyst at Oppenheimer & Co. in New York.
(Excerpt) Read more at spokesmanreview.com ...
Wildcatter Strikes Huge Oil Field in Utah
http://kutv.com/topstories/local_story_124174635.html
Oil Prices will drop fast if this ends up being true
Huge Oil Field Found in Utah
http://tv.ksl.com/index.php?nid=5&sid=202821
Unfortunately, 1 billion barrels will last the US less than 50 days at current consumption rates.
Probably drilled into a pipeline.
I am a skeptic. Have been in the oil patch and have seen too many scams. The bigger they are the more suckers they attract.
I hope I am wrong and this is for real.
And slick willie won't be locking the land up and calling it a 'monument'.
I hope and pray this is true.
Many times while flying over the desert areas of this country I've looked out the window and thought how there HAS to be a MAJOR source of oil here that is just waiting to be discovered. I just cannot believe there is not oil in this country.
Ok then, lets just leave it where it is and forget about it.
What would be the impact, under your 50 day scenario, if the US stopped buying foreign oil for that period? What do you think would happen to the Arabs who are addicted to the revenue?
Its like the boneheads who blabber about the ANWAR oil fields only having a 6 months supply...thats a bunch and will have an affect on prices.
I have no problem pumping it out of the ground, but some of the posters were saying "who needs the Saudis."
Well, this ain't gonna change that.
I hope this the Mother of all strikes, and that we find enough crude to keep us going for 100 years without OPEC. What we really need is more refining capacity.
You guys holding out on us?
:-)
Greenpeace or ELF or ALF or Liberals will now try to shut it down. I see court orders in our immediate future (days at most).
I would love to know what is going on with that oil in Iraq, Saddam managed to turn a profit.
Come on Brilliant, you know I was kidding about "who needs the Middleast!"...LOL
I did find it interesting the articles posted lately about the theory that the earth is refurbishing old oil reserves...
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Fadel Gheit ??? |
>>>Unfortunately, 1 billion barrels will last the US less than 50 days at current consumption rates.
As if it could all be extracted in 50 days...
You got that right. They're probably already looking for liberal judges who will go along with them.
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