To: thackney
The industry did not log a single giant oil field. In other words, oil companies are finding it more and more difficult to make new oil discoveries as the easy stuff runs out and the harder-to-reach oil becomes tougher to develop. According to the USGS the Green River Formation weighs in at 3 TRILLION Barrels, with 1 Trillion barrels recoverable with todays technology.
The known worlds reserves of oil are about 1 Trillion barrels.
36 posted on
02/18/2015 7:03:37 AM PST by
spokeshave
(He has erected a multitude of New Offices, and sent hither swarms of Officers to harass our people,)
To: spokeshave
And who cares about oil...when huge deposits of Methane exist....
38 posted on
02/18/2015 7:07:36 AM PST by
spokeshave
(He has erected a multitude of New Offices, and sent hither swarms of Officers to harass our people,)
To: spokeshave
Green River isn’t oil, but kerogen that requires retorting to produce, then conversions to a synthetic crude. Technically recoverable isn’t the same as economically recoverable. Proved Reserve numbers require technically and economically recoverable, so they actually go down with oil prices.
39 posted on
02/18/2015 7:09:23 AM PST by
thackney
(life is fragile, handle with prayer)
To: spokeshave
According to the USGS the Green River Formation weighs in at 3 TRILLION Barrels, with 1 Trillion barrels recoverable with todays technology.Maybe with today's tech, but not at today's prices. (BTW, some of that tech was around in the 80s). Also, expect considerable environmental opposition, especially in that end of Colorado, and further complications of Federal Leases....
48 posted on
02/18/2015 7:38:33 AM PST by
Smokin' Joe
(How often God must weep at humans' folly. Stand fast. God knows what He is doing.)
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson