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This is an assessment of technically recoverable resources. The matter is complex. In general, resources are not reserves, because reserves also have an economic criteria added.

As of right now, all the shale fields in the US are declining oil output. This assessment of resources might never be tapped because horizontal drilling and fracking is almost always unprofitable. There have been 70 seperate fracking drillers to declare bankruptcy over the past 2 yrs. Oil was $110 in 2014 and since then the bankruptcies have avalanched.

Not a drop of this oil may ever reach the surface.


74 posted on 11/16/2016 10:11:47 PM PST by Owen
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To: Owen

Oh, and as for the abiotic wackos, It Doesn’t Matter.

In 100 yrs oil has only been found in certain geostructures. It doesn’t matter how it got there. You can’t find it anywhere else, and those structures are running out.

The US burns about 20 million barrels of oil a day. X 365 is 7.3 billion barrels of oil per year. This ballyhooed USGS declaration is less than 3 yrs of US consumption.


75 posted on 11/16/2016 10:15:16 PM PST by Owen
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To: Owen

Yes lots of idiots got overleveraged in 2014.

The permian is economic at $45 oil for new drills if you have the right people. And of course you produce once drilled( and completed).

So no this oil is economic and will be recovered— by the smart survivors.

In fact the permsin remains the hottest basin in the world for acquisitions and has over half of the North American rigs on it,


80 posted on 11/17/2016 1:34:49 AM PST by MeanWestTexan (Sometimes There Is No Lesser Of Two Evils)
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