Posted on 08/31/2015 6:52:10 AM PDT by bestintxas
“The United States of America cannot afford to bet our long-term prosperity, our long-term security on a resource that will eventually run out, and even before it runs out will get more expensive to extract from the ground. — Barack Obama, 2011.
In August 1859 on the eve of the Civil War, Col. Edwin Laurentine Drake completed the first commercial oil well in the United States on Oil Creek just outside of Titusville, Pa. Over the next century and a half, oil and gas companies have extracted tens of billions of barrels of oil from the ground from California to New York and nearly everywhere in between. During that time period, one thing has been constant: Doomsayers and declinists have predicted that we would soon drill the last barrel of oil. Famously in the 1920s, the U.S. Department of Interior projected less than a few decades worth of recoverable oil in the United States. Jimmy Carter declared in 1980 that by 2000 we’d be nearly out of oil — running on empty.
Last month, the Department of Energy reported that the U.S. hit a new energy milestone: We produced 9.52 million barrels a day. That was very close to the highest output level in recorded history. So much for running out.
Something else has happened in recent weeks that almost no one — least of all President Obama — would have predicted. The price of oil fell below $40 a barrel. Adjusted for inflation, that makes oil cheaper today than at almost anytime in history. Adjusted for wages, we work less to buy gasoline and oil today than nearly ever before.
Welcome to the age of oil and gas abundance.
(Excerpt) Read more at washingtontimes.com ...
Bookmark!
40 bucks a barrel and it is still $2.45 a gallon. Iran is no longer a threat so stability in the region should reduce risk. This means with speculation going down, a reduction in gas prices is inevitable.
When Bush was in office and gasoline was $1.85, how much was a barrel of oil? And this was with us at war. Now that we aren’t at war, gas should be much less.
Another story: New ‘supergiant’ natural gas discovery may be the largest ever
Read more: http://www.americanthinker.com/blog/2015/08/new_supergiant_natural_gas_discovery_may_be_the_largest_ever.html#ixzz3kOw1eoSq
Follow us: @AmericanThinker on Twitter | AmericanThinker on Facebook
But, but, but what about the dinosaur subsidies? Srsly. Just how many friggin’ dino’s had to give up their live to provide us with all this ‘earl’ anyway? Ever since my brain developed (careful) into a somewhat functioning apparatus, it’s always made me wonder how many there were? How did they get up into Prudhoe Bay and under the Arctic ice cap. Was it that warm up there at one time due to glow-bull warming? As much as we keep finding and as much as we’ve used to ruin the erf already, just how much fauna and flora mixed with dino carcasses was there?
Not if “progressives” get their way. They are deeply offended by the notion of energy independence. (It might hurt their pals, after all.)
There is a cost involved in the capital expense to get refineries up to the new EPA regs and to reformulate gasoline 80 different ways to meet arcane EPA ozone regs.
It may not be listed as a tax but it acts as one just the same.
Sure Europe has its quaint VAT tax, hiding tax revenue at every step of production but our regulations have created the same environment here.
Yeah. Reparations for Reptiles, coming soon.
We'd love that in San Diego where it's $3.39.
Only if we rid ourselves of the criminal democrat party and its RINO supporters.
Adjust that number for taxes. Taxes do not pay for the oil used to make gasoline. I just love it when everyone gripes about gas prices while ignoring taxes.
But, but, but... according to ‘peak oil’ (an older liberal lie) we should be OUT OF oil by now...
EIA revises US oil production estimates lower; June output sank
http://fuelfix.com/blog/2015/08/31/eia-revises-us-oil-production-estimates-lower-june-output-sank/#30727101=0
The federal government believes daily U.S. crude production fell to 9.3 million barrels in June, down by 100,000 barrels in the prior month, as low oil prices continue to discourage drilling.
The Energy Information Administration said Monday its monthly report on domestic oil supplies, slated to be released in full soon, will use a new approach to collecting production data. Instead of relying largely on state agencies to provide data, it has begun to survey oil companies that drill in 15 states including Texas and the Gulf of Mexico. It’s an effort to improve the accuracy of its monthly estimates of the nation’s oil output.
This has led it to revise its monthly production data for January through May downward by at least 40,000 barrels a day and up to 130,000 barrels a day, with the biggest declines coming from Texas. There was also an uptick in production from the Gulf of Mexico.
Texas’ daily oil production, the EIA said, were revised downward by 100,000 barrels to 150,000 for the first five months of the year. Producers in the Gulf put out 10,000 to 50,000 barrels a day more than the EIA had previously estimated from January to May. The overall average for the year came in at 9.4 million barrels a day.
The agency said it based its previous estimates on tax information and state agencies but “given the timetable for EIA’s data products, much of that information is lagged and incomplete at the time of publication.”
OK so we are exploiting the best fracking areas in America where the oil is most easily recovered. But this cannot last hundreds of years. How about 20 years? Anyone know?
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BFL
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“We’d love that in San Diego where it’s $3.39. “
I filled up today in Texas a mile down the street at $1.98
“But, but, but... according to ‘peak oil’ (an older liberal lie) we should be OUT OF oil by now...”
That was a lie propagated by someone now dead who reaped a windfall by it, just like Al Gore.
“OK so we are exploiting the best fracking areas in America where the oil is most easily recovered. But this cannot last hundreds of years. How about 20 years? Anyone know?
“
Go find a research document drawn up by Steve Holditch and his grad students. Holditch was head of the Petroleum Engineering Department at Texas A&M. A few years ago I attended a conference in which this was discussed.
The first hundred years of the oil industry accounted for ‘conventional’ oil, or oil which exists in geologic ‘traps’ that migrated from source rocks. The past ten years or so the industry is dominated by ‘unconventional’ oil which is largely oil which is produced directly from the source rocks themselves.
The research paper indicated at least 10 times as much oil exists in the source rocks in those fields which already have conventional oil in selected basins of the USA.
This does include unknown fields. Coupled with the uncertainty that we really do not still understand how oil is formed, this leads to a very, very large amount of oil remaining. The key is commerciality, which improves with higher oil prices and advance of technology.
He WAS in a position to reap the windfall... You're right bestintxas. Soooooooo disgusting.
Thanks!!! I am looking for that by Steve Holditch but I get the idea from how you describe fracking as oil extracted directly from source rock, instead of from oil that has pooled from source rock.
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