[avacado]

I work in the seismic industry. Whatever reservoir estimates the USGS (U.S. Geological Survey) gives, multiply it by 4-5. The USGS estimates are generally based on old surveys or surveys that are processed with less than the most advanced seismic imaging that is found in the private sector.

According the USGS’s outdated survey using old seismic acquisition and imaging technology the ANWR is said to hold 10-16 billion barrels of recoverable crude oil. Multiply that by 4-5 and that is what you can recover from that area.

[MNJohnnie]

Speculators are a symptom of the problem, not the problem. Fix the inelasity of supply in the current Oil market and you will the speculation problem.

[SAJ]

Typical goobermint. Have you noticed that EIA have been high-balling crude/product usage figs for some time -- that almost ALL of their after-the-fact numbers revisions have been downward for at least the past year? (Details available at WTRG Economics.)

These bastards REALLY are in the tank for the enviroturds.

[roamer_1]

Whatever reservoir estimates the USGS (U.S. Geological Survey) gives, multiply it by 4-5. The USGS estimates are generally based on old surveys or surveys that are processed with less than the most advanced seismic imaging that is found in the private sector

I have argued much the same thing in defense of industry predictions wrt the Bakken formation in eastern MT/ western ND.

[djf]

I have heard, but don’t know how reliably, that there is twice as much oil in the US and mid-Canada than the entire mideast.

A few months ago I was in line at the supermarket and there was a fellow in a wheelchair behind me. We talked a bit, and from what he said, I knew he knew what he was talking about and was telling the truth.

He had spent 25 years as a hydraulic engineer - in Prudhoe Bay.

Told me they would come in with samples that looked so pure they were like Wesson oil. And said that he’d be surprised if even now, we’ve taken two percent of what’s there. The place is literally bubbling with oil - and not just ANWR. We’re talking thousands and thousands of square miles of formations, probably hundreds of BILLIONS of barrels.

[Dog Gone]

Whatever reservoir estimates the USGS (U.S. Geological Survey) gives, multiply it by 4-5.

I concur with that.

My company had a 3D seismic survey done over minerals it was considering selling for $10 an acre.

We leased the land to another company and this little 200 acre Yegua field is generating checks to us in excess of $1 million per month today.

This tired old land position which everyone had discounted as virtually worthless, is generating nearly a quarter of a billion dollars in 2007. It will be higher this year.