1998, Brea Oil Field, the oldest producing field in California. I am talking to my neighbor who runs the field. 90 percent of the wells are shut down. He tells me 2/3 of the fields oil is still in the ground. Oil is about $20/barrel. I ask him what price would it take to work over the field and crank up production. His reply? "$28."
The U.S.A. has thousands of plugged wells that could be worked over at $80+/bbl. If it is profitable to get oil from tar sands, there is plenty of domestic petroleum around.
yitbos