[Red Badger]

pING!............

[Colonel_Flagg]

And I’m still paying $3.95 per gallon for gas this morning.

Drill now.

[blackdog]

It has long been Americas energy policy to pump the cheap oil of the world dry until we had to develop our own reserves. And FWIW, the cheap oil locations will fill back up if left alone for a hundred years. That's how the molten earth core works. It's a giant distillery, which precipitates the long chain hydrocarbons as they cool inside cavernous mantle formations.

When the earth's molten inner core begins to cool, that's when oil reserves will vanish.

[Doctor 2Brains]

for later

[CottShop]

[[A steeper-than-expected rise in US shale oil reserves is about to change the global balance of power between new and existing producers, a report says.]]

That’s fine, but hte fact is companies want to export the oil because it will getm orem oney overseas, which means that our prices here will also rise-

[Sherman Logan]

It amazes me how articles like this continue to miss the point.

The implication here is that US shale oil and gas are something unique.

In fact, many if not most countries of the world have such resources, some in much greater quantity than ours.

We just got a headstart on accessing them because the tech was invented here. (What does that say about our “inability to innovate?”)

When the shale fields in Oz, Russia, Argentina, S. Africa, Brazil, Europe, etc. come on-line, then we’ll have something. While prices won’t go down since fracking is more expensive than just drilling a hole, they will in all probability stabilize.

http://en.wikipedia.org/wiki/File:EIA_World_Shale_Gas_Map.png

While OPEC nations will continue to rake in money, their political power will disappear, since they won’t be able to shut off the supply when they choose. Very good thing.

It is also not at all unlikely that more energy and money efficient ways of accessing this oil and gas will be invented. There are truly massive incentives for anybody who comes up with such a process.

[txrefugee]

May God continue to bless our oil companies. If our government was one-tenth as intelligent as the men who run EXXON and Conoco, this would not be a failing economy.

[pallis]

I hope this is just the tip of the iceberg, not only for America, but for the rest of the non Muslim, free world.

[PATRIOT1876]

And the looney Gaia infected Al gore worshipping Earth-before-humans environazis want to stop it!

[Wyatt's Torch]

Hedge fund guru David Tepper was on CNBC this morning and relayed a story about another hedge fund friend who was talking to the Chinese. The Chinese said, “America is so lucky with all this shale oil and gas.” The hedgie replied, “You know why? Because God blesses America you athiest.”

I LOL’d on that comment.