Potential US oil reserves

[gbsean]

from what I have been reading when they were interested oil was around $10 a barrel and it would of cost them $30-$40 a barrel to extract it and refine it for use....so back in the 80's it was not feasable...then the govenment locked up all the oil fields for exploration and the oil companies had no other choice.....now at $135 a barrell it would now be somewhat feasible for them to drill and still make a profit.......the more i read from various sources the more I believe what Steve said in another thread...that the big oil companies have no more pull with the govt...so they chose to take buisness elsewhere...can't say I blame them...but then 24 years ago were they still thinking about short term profit vs. long term revenues....

[BLACK6PACK]

Originally Posted by Gothmog

from what I understand, the oil companies were none too interested in oil exploration in this country becuase of the expense

You are correct there. Between taxes and the cost of $40 per barrel vs. $10 a barrel at the time it made no sense to do the exploration. Now that its at $130+ it's a new ball game.

[BLACK6PACK]

Originally Posted by Gothmog

wrong again....you righties are so brainwashed by big oil that your only solution to the oil crisis is to look for more oil

I'm 100% on board with electric cars and fueled by nuclear energy

and there isnt enough oil for 100 years, so why admit it?

Dude, you hate doing research before making yourself look like a fool don't you. Just once do a little research before opening your mouth. There are estimates that show we have about 450 Billion barrels in the USA. Thats beyond the cheap oil (which gets 10% of the oil out of the ground). You'll have to use developing technologies to get all of it. They also say that with these developing technologies that there are up to 1.12 Trillion barrels available in the usa. Now they'll never get this much out of the ground because it will be cheaper in the end to develop green power sources, but most of that is several years off. So, lets just say that we easily have 50 years of oil left, 80 is a little harder and 100 if it were absolutely necessary. The way technology is developing, the oil could last several hundered years because hopefully in the next 20 years we have developed alternative sources.

I'm a car guy. I want newer technologies to come out to reduce our use of oil so that when I'm 100 years old, I can still go to the gas station and fill up on 116 octane and run my 85 year old car!

BTW don't lump me in with the righties. I'm a registered independent. I don't agree with the religious right and the liberal left.

[Gothmog]

Originally Posted by BLACK6PACK

Dude, you hate doing research before making yourself look like a fool don't you. Just once do a little research before opening your mouth. There are estimates that show we have about 450 Billion barrels in the USA. Thats beyond the cheap oil (which gets 10% of the oil out of the ground). You'll have to use developing technologies to get all of it. They also say that with these developing technologies that there are up to 1.12 Trillion barrels available in the usa. Now they'll never get this much out of the ground because it will be cheaper in the end to develop green power sources, but most of that is several years off. So, lets just say that we easily have 50 years of oil left, 80 is a little harder and 100 if it were absolutely necessary. The way technology is developing, the oil could last several hundered years because hopefully in the next 20 years we have developed alternative sources.

I'm a car guy. I want newer technologies to come out to reduce our use of oil so that when I'm 100 years old, I can still go to the gas station and fill up on 116 octane and run my 85 year old car!

BTW don't lump me in with the righties. I'm a registered independent. I don't agree with the religious right and the liberal left.

well then..
I agree,
lets develop those technologies that can extract that much oil, but for right now I disagree with the senator from Tx that says drilling is the answer for our woes

[BLACK6PACK]

Drilling is the answer for the immediate woes. Of course it will take a few years before we see the oil from the new wells. I don't think, and I would assume everone else with half a brain knows, that oil isn't the long term answer. We all know that at this rate in the next 50 years most of the oil will be gone. We're talking about 20-30 years to develop new power sources. Right now they are just too expensive. Think in computer terms. An 8086 with a .5 meg hard drive cost $3000 in 1986. Now you can get a computer with 1000 times the power for 1/4 the price. Yes things can be done now, and they are. Hybrids are out there. Solar, wind and geothermal powerplants are being built, but don't stop drilling in the meantime.

[BLACK6PACK]

IMO, maybe this gas price exlposion was something that needed to happen. If gas was still at $20-30 a barrel, there would be no reason to develop new power sources and we would quickly use it all up in the next 20-30 years. I do believe that gas prices will drop back down over the next several years as newer technologies arrive. Opec is already starting to sweat a little with everyones push to go green, and I think the green "trend" is hear to stay.

[Steve Wood]

Originally Posted by gbsean

here is another oil feild that I had never heard of

the Bakken Oil Formation that covers North Dakota and portions of South Dakota and Montana. With new horizontal drilling technology it is believed that from 175 to 500 billion barrels of recoverable oil are held in this 200,000 square mile reserve that was initially discovered in 1951. The USGS did an initial study back in 1999 that estimated 400 billion recoverable barrels were present but with prices bottoming out at $10 a barrel back then the report was dismissed because of the higher cost of horizontal drilling techniques that would be needed, estimated at $20-$40 a barrel.

If you had read the various posts on the subject that I have made, then you would have heard of the Bakken. Then you add comparable amounts under Wyoming shale, GOM, etc. and one can easily determine that we are in no danger of running out of oil for many years if we were but to allow drilling and production.

That does not mean we should not conserve, use nuclear, wind, geothermal, solar, clean coal, or pursue other realistic means of energy generation. It simply says that there is no need for the US to be dependent upon foreign oil because the chicken little Left has made us that way.

[87natty]

Originally Posted by Steve Wood

At the moment, the Chinese are drilling off Cuba in the same formation as Congress has forbidden us to drill...50 to 200 miles off shore.

Where's the Monroe Doctrine when we need it?

We'll still be buying oil from the Middle East, somebody has to out-buy China. We let China get the oil, their industry will take off.

BTW, I've heard the whole thing about China/Taiwan is over oil that might be in the Taiwan Straight. Anybody else read this?

[gbsean]

Originally Posted by Steve Wood

If you had read the various posts on the subject that I have made, then you would have heard of the Bakken. Then you add comparable amounts under Wyoming shale, GOM, etc. and one can easily determine that we are in no danger of running out of oil for many years if we were but to allow drilling and production.

That does not mean we should not conserve, use nuclear, wind, geothermal, solar, clean coal, or pursue other realistic means of energy generation. It simply says that there is no need for the US to be dependent upon foreign oil because the chicken little Left has made us that way.

i am sometimes a little slow on the uptake...but I then do some research....I am pretty flexible and don't dig my heels in the dirt kicking and screaming that I am right....i agree we need to develop new energy....if they can develop Nuclear power for submarines and Naval ships...why not for locomotives...cruise ships...tankers etc....

[Steve Wood]

Probably afraid they will get high jacked....if you see a locomotive going down the road, it may have been highjacked.....or, maybe the TomTom malfunctioned.

Nuclear energy makes very good sense. Many believe it costs less, and there are some figures that back that up. Opponents say it costs the same as oil..but, so what? We are talking about alternatives, not blue light specials.

First thing that we need to do is to place a 25 cent per gallon on all fuels sold in states that refuse exploration, production, and refining. That will either force development and production, or it will force alternatives. Then it is up to the people that live there to decide if they want to stay, or to move.

[Texas Turbo T]

Originally Posted by Steve Wood

First thing that we need to do is to place a 25 cent per gallon on all fuels sold in states that refuse exploration, production, and refining. That will either force development and production, or it will force alternatives. Then it is up to the people that live there to decide if they want to stay, or to move.

Steve, we already have too many people moving to Texas!

[ULOSE2A6]

This is a very very long video, but it is so very interesting. It is from Lindsey Williams. He wrote the book "The Energy Non-Crisis". I am not sure if it is all true but the video was recorded a couple years ago and the predictions in it have all rung true thus far. It also answers some of the questions of why the government cannot open the North Slope of Alaska for Oil Production.

The Energy Non-Crisis

[Steve Wood]

Originally Posted by Texas Turbo T

Steve, we already have too many people moving to Texas!

Are you old enuf to remember the early '80s when everyone you met had just moved here from Michigan?

I agree, the Texas economy is booming. We don't need a flood of immigrants.

[GNVYUS 1]

Whatever side you're on it doesn't matter, your government dropped the ball on energy. I firmly believe in energy independence and if the Dem's are saying no to drilling then what was there option A through Z on new energy sources?? Since Reps want to drill then what's option A - Z to end the need to drill for the future??

Instead of drilling more in the past ( Reps ) and working out a future energy independence solution ( Dems ) they both fought and barely anything got done.

This is why I'm an independent and want the two party system to collapse and unite under one party with term limits. Vote for policies, not parties.

BTW, I use E85.

[CallMeMud]

So the World Bank and IMF is getting all the money. I don't know squat about either.