LOL....Limited in quantity? That is the funniest thing I have heard in a long time. If you call 20+ BILLION bbls limited, then I guess you are correct.
Why do you think the Russians planted that flag under the North Pole? It is because the Arctic Seas hold VAST undiscovered reserves. We have VAST reserves which we know of, but refuse to tap. We probably have VAST undiscoved reserves off our outer continental shelf, buy we refuse to even allow exploration to define these reserves to take place. The enviro wacko socialist crowd has figured out how to destroy our economy.
The Global Warming fallacy, combined with the Endangered Speicies Act, combined with the push for “Green Collar’ jobs is nothing more than a way to drive our country bankrupt. If Clinton had opened ANWR in 95 we would producing in excess of 1 million BBLs of oil a day right now. If the Chuchki and Beaufort Seas are opened, add another 1 million at least. Throw in the outer Cont Shelf and more of the Gulf of Mexico and you can pop another 3-4 million bbls a day. The oil is there, the will to tap it is what is lacking. We would rather export our financial future to the likes of Saudi Arabia, China, Hugo Chavez and the like.
China opens a new dirty coal plant every 7-10 days, the genocide in Darfur is allowed because China is Sudan’s biggest oil customer. Chinese are fanning out all over Africa to secure their future oil supplies. Brazil just discovered 8 billion to possibly 40 billion BBL superfield off their coast. Everyone in the world is mining and drilling to their absolute capacity but us.. Why do you think that is?
And btw the reserves in Alaska are not poor quality, and Chevron is introducing a new process for refining high su;phur oil which if proven efficient promises to vastly increas our capacity to refine that stuff into gas and other refined products we need.
Assumming there's 20 billion to be had, and assuming all 20 billion is economically feasible to pump and refine . . .
How long do you expect 20 billion barrels to last when America burns 7+ billion barrels a year?
And when do we talk conservation, when we are down to the very last drop of oil on the planet?
Massive Oil Deposit Could Increase US reserves by 10x
http://www.nextenergynews.com/news1/next-energy-news2.13s.html
2008-02-16
America is sitting on top of a super massive 200 billion barrel Oil Field that could potentially make America Energy Independent and until now has largely gone unnoticed. Thanks to new technology the Bakken Formation in North Dakota could boost America’s Oil reserves by an incredible 10 times, giving western economies the trump card against OPEC’s short squeeze on oil supply and making Iranian and
Venezuelan threats of disrupted supply irrelevant.
In the next 30 days the USGS (U.S. Geological Survey) will release a new report giving an accurate resource assessment of the Bakken Oil Formation that covers North Dakota and portions of South Dakota and Montana. With new horizontal
drilling technology it is believed that from 175 to 500 billion barrels of recoverable oil are held in this 200,000 square mile reserve that was initially discovered in 1951. The USGS did an initial study back in 1999 that estimated
400 billion recoverable barrels were present but with prices bottoming out at $10 a barrel back then the report was dismissed because of the higher cost of horizontal drilling techniques that would be needed, estimated at $20-$40 a barrel.
It was not until 2007, when EOG Resources of Texas started a frenzy when they drilled a single well in Parshal N.D. that is expected to yield 700,000 barrels of oil that real excitement and money started to flow in North Dakota. Marathon Oil is investing $1.5 billion and drilling 300 new wells in what is expected to be one of the greatest booms in Oil discovery since Oil was discovered in Saudi Arabia in 1938.
The US imported about 14 million barrels of Oil per day in 2007 , which means US consumers sent about $340 Billion Dollars over seas building palaces in Dubai and propping up unfriendly regimes around the World, if 200 billion barrels of oil at $90 a barrel are recovered in the high plains the added wealth to the US economy would be $18 Trillion Dollars which would go a long way in stabilizing the US trade deficit and could cut the cost of oil in half in the long run.
I had an interesting experience about 3 weeks ago. I was standing in line at the supermarket with a pretty full cart.
There was a fellow in a wheelchair behind me who just had a couple things, so I asked him if he wanted to go first, because the line was long.
He said no, he was in no hurry, he was just enjoying himself, and had just retired from 25 tears of work up north.
He had had an aneurysm on his aorta and they fixed it but had to take it easy.
He had been a hydraulic engineer.
In Alaska.
At Prudhoe Bay.
I talked to him long enough to know that HE KNEW what he was talking about. He said he saw samples of oil that were so pure they practically looked like Wesson corn oil.
It would amaze him if we’ve gotten even two percent of what’s up there.
According to him, it’s very rare for any exploration to go on and NOT FIND oil. It’s ALL OVER the Alaska coastline and surveys in the Arctic ocean CONSISTENTLY show VAST quantities of oil.
A very interesting chat... and I believe him!