Posted on 08/27/2022 6:17:52 AM PDT by artichokegrower
Both Massachusetts and Washington state leaders announced on Friday that they would be adopting California’s new ban on the sale of gas powered vehicles by 2035, beginning a shift that may encompass more states in the coming months.
(Excerpt) Read more at californiaglobe.com ...
Deep State does NOT want us driving.
Wolfcamp oil field in Texas dwarfs Prudoe Bay discovered in 2016 with over 20 billion barrels.
Also fracking technology allows the recovery of oil from old fields that was previously unrecoverable.
I think the original find at Prudhoe came in over 20 billion. But let's say the Texas shale field was bigger. You still have extraction costs that average in the low to mid $50s. Which is almost double the cost to extract with conventional drilling. So, you replace Prudhoe, but at almost 2x the cost. To keep up with our current growth rate over the next 50 years, you would need 6 to 7 Prudhoes at the old conventional cost.
I'm not saying we can't find oil, I'm saying we have found the cheap, easy to get stuff.
Extraction cost for shale oil will fall as the technology matures.
The cure for high prices is high prices.
Innovation is the path to riches. Finding a way to do it cheaper will lower cost as it always has.
Thorium is much less rare and produces waste that is much less long lived.
China is building a Thorium pilot plant as we speak.
Our country has stupidly surrendered our lead in nuclear power technology.
We have regulated the industry to death and not supplied the industry with Federal funds to make up for the regulations. In fact most of the Nuclear Regulatory Commission’s budget comes from charging the power plants for regulating them.
https://constructioncoverage.com/research/states-with-the-most-oil-reserves-2022
The report above shows that in the last 5 years Texas oil reserves have risen by 51% and New Mexico’s by 134%
I don’t think oil is going to be a problem any time soon.
Fracking is a mature technology. It has been in commercial use since 1950. That there is going to be a real breakthrough in a 75 year old technology that halves the cost from here is just an appeal to hope. And even if that breakthrough comes to pass, you still have to find another 5 fields of the same size to cover the 3% year over year GDP growth for the next 40 years that we all need just to stave of system collapse.
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