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 ...
With full disclosure, it technically is not from the source rock itself, which is typically a shale where kerogen is transformed to a volatile oil/gas over time and lots of temperature/pressure. Shales are just not brittle enough to ‘frac’. The unconventionals that are being fracced by the thousands are in more brittle zones immediately nearby these shales.
Conventional oils typically migrate a long way(maybe miles) prior to being trapped and are ‘buoyant’ or float on top of the water. Unconventionals do not need buoyancy and are in zones much less permeable so require fraccing.
Didn’t mean to spring too much technical jargon your way, but someone who knows more might draw exception to what I had insinuated previously.
“Only if we rid ourselves of the criminal democrat party and its RINO supporters.
“
The lowered prices assist this as it makes the libs tougher and tougher to use taxpayer money to fund the ‘green’ schemes that are doing nothing but lining the pockets of wealthy Dem donors, which turn around and hand it back to the Dems.
Lower prices will stop nothing. If oil were $1 per barrel the douchbags would continue to shutdown and regulate energy sources out of existence to promote their green energy schemes and they will use taxpayer money to do all of that, as they do now.
“Lower prices will stop nothing. If oil were $1 per barrel the douchbags would continue to shutdown and regulate energy sources out of existence to promote their green energy schemes and they will use taxpayer money to do all of that, as they do now.”
You are kidding, right?
Although there will still be green schemes, do you not think that the lowered prices make it tougher for them to justify?
They never justify anything, they just shove it up the public arse and tell us it’s because we need to control global warming, for the children, etc. They will not stop ANY of their efforts to kill the fossil fuel energy industry. Barack the dictator promised it before he was even elected.
Democrats/liberals justify their schemes? Really?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.