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Thread: Oil rises above $90 amid US crude supply drop

  1. #411
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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by j-mac View Post
    Nah, I think you have that backwards. The numbers were provided by the Geo survey, and further, Peak Oil is as much a religion as Global Warming. You even find some of the same Star Wars bar room characters involved.
    I can go with your opinions or the facts as have been shown to you by SNOPES. Afraid I have to go with the facts.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by j-mac View Post
    Another lie. There are plenty of places we could extract oil, currently being blocked through excessive regulation, or pressure, and unending law suits filed by the green terrorists. Open up the fields!
    What fields where there is any significant amount of oil that can be cheaply extracted. Name them? You have already been shown that the Bakkens could supply us without about one years use at our current consumption. And it is currently being pumped but hardly making a difference at all that I have seen in the gas prices.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

  3. #413
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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by j-mac View Post
    Another lie. There are plenty of places we could extract oil, currently being blocked through excessive regulation, or pressure, and unending law suits filed by the green terrorists. Open up the fields!


    j-mac
    What you challenged people ignor is that there are tens of millions of acres of public lands that oil companies hold leases on yet are not drilling. Not to mention the millions of acres of private lands they could drill. Every offshore dilling rig is spoken for and every drilling rig under construction is spoken for. There is not an unlimited supply of drilling rigs.

    Oil companies set their drilling to maximize profits. No one is stopping them from drilling, only in certain fragile areas.
    Oil is a global industry. If the US increased production, others would cutback to keep prices up.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by j-mac View Post
    Another lie. There are plenty of places we could extract oil, currently being blocked through excessive regulation, or pressure, and unending law suits filed by the green terrorists. Open up the fields!


    j-mac
    Only a complete idiot believes there is an unlimited supply of oil. Eventually we will reach the point where there is less oil in the ground than we have produced and we have max out production.. If we haven' t already.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Catawba View Post
    What fields where there is any significant amount of oil that can be cheaply extracted. Name them? You have already been shown that the Bakkens could supply us without about one years use at our current consumption. And it is currently being pumped but hardly making a difference at all that I have seen in the gas prices.
    Hmmm, how about:

    1. Gulf of Mexico - 45 billion barrels
    2. Federally controlled offshore continental shelf - 44 billion barrels
    3. On-shore deposits - 45 billion barrels
    4. ANWR - 10.4 billion barrels
    5. Alaskan National Petroleum Reserve - 10.6 billion barrels
    6. Bakken - 4 billion barrels

    and finally if oil shale becomes profitable, we have 2.175 gigabarrels of oil.

    • "The America Republic will endure until the day Congress discovers that it can bribe the public with the public's money." -- Alexis de Tocqueville





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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Catawba View Post
    What fields where there is any significant amount of oil that can be cheaply extracted. Name them? You have already been shown that the Bakkens could supply us without about one years use at our current consumption. And it is currently being pumped but hardly making a difference at all that I have seen in the gas prices.

    Lies, lies, lies.....Let's take your touted Snopes link and really see what it says shall we?

    It remarks that it is true that scientists and geologists say that there is significant amounts of technically recoverable oil in the Bakken reserves.

    Also, that N. Dakota and Montana have an estimated 3.0 to 4.3 billion barrels of undiscovered, recoverable oil in the ground there.

    So you tell me what you think you've disproved? All you have shown is an unwillingness to tap our own resources, which at this time makes NO sense at all.

    The USGS summary indicates that their estimates are "undiscovered, technically recoverable oil and gas resources of the Bakken Formation in the United States." The term "undiscovered" suggests that the currently known reserves have been excluded from their totals. "Technically recoverable" has not been defined in the USGS summary; we will need to wait for the detailed report to find out their definition. In the mean time, one reasonable definition might be "the volume of hydrocarbons that theoretically could be produced if enough wells were drilled to drain the entire known area of Bakken oil accumulation".

    We can contrast "technically recoverable" to "economically recoverable," a term which can be taken as the amount of producible reserves that will give a reasonable return on capital invested. The volume of economically recoverable reserves will change as oil price, cost of wells, etc. vary. In reality, some of the areas of poorer reservoir will never be drilled because of poor economics: the cost and risk will not be offset by the expected recovery of oil. It is true that more of these marginal areas will be exploited as the price of oil rises.



    Table 1 - Probabalistic estimate of "undiscovered, technically recoverable oil", from the 2008 USGS Bakken Assessment (Note: MMBO=Million Barrels of Oil, BCF=Billion Cubic Feet)
    The USGS estimated reserves probabilistically, as indicated by the P95, P50, P5, and mean values on the table above. (P95, for example, indicates that there is a 95 percent chance that the reserves value given will exceed this value.) Using the mean value as a representative number for the distribution, the USGS estimate that there are 3,649 million barrels of technically recoverable oil in the entire US Bakken accumulation. Associated with the oil production are 1,850 billion cubic feet of natural gas and 148 million barrels of NGL's. On an equivalent energy basis, about 90% of the energy value is in the oil, with the remaining percentage in the gas and NGL's.

    The Oil Drum | The Bakken Formation: How Much Will It Help?
    That's hundreds of years of resource available right here! If not thousand or better. It leads one to believe that you anti oil people are intent on destroying this nation from within.


    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by USA_1 View Post
    Only a complete idiot believes there is an unlimited supply of oil. Eventually we will reach the point where there is less oil in the ground than we have produced and we have max out production.. If we haven' t already.

    Nonsense. I never said unlimited. Those are your words. But we do have enough supply to be 100% energy independent for hundreds of years, unlike your sky is falling crap. This shortage is man made, and self imposed.


    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Gill View Post
    Hmmm, how about:

    1. Gulf of Mexico - 45 billion barrels
    2. Federally controlled offshore continental shelf - 44 billion barrels
    3. On-shore deposits - 45 billion barrels
    4. ANWR - 10.4 billion barrels
    5. Alaskan National Petroleum Reserve - 10.6 billion barrels
    6. Bakken - 4 billion barrels

    and finally if oil shale becomes profitable, we have 2.175 gigabarrels of oil.

    Let's see your documentation and links, I am not much interested in your opinion based on how often you have been wrong in the past.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

  9. #419
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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Catawba View Post
    Let's see your documentation and links, I am not much interested in your opinion based on how often you have been wrong in the past.
    As many times as I've spanked your so-called information with correct data, you should be embarrassed to even ask for documentation from me. But if you insist, it's from your favorite source:

    Oil reserves in the United States - Wikipedia, the free encyclopedia

    • "The America Republic will endure until the day Congress discovers that it can bribe the public with the public's money." -- Alexis de Tocqueville





  10. #420
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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by USA_1 View Post
    What you challenged people ignor is that there are tens of millions of acres of public lands that oil companies hold leases on yet are not drilling. Not to mention the millions of acres of private lands they could drill. Every offshore dilling rig is spoken for and every drilling rig under construction is spoken for. There is not an unlimited supply of drilling rigs.

    Oil companies set their drilling to maximize profits. No one is stopping them from drilling, only in certain fragile areas.
    Oil is a global industry. If the US increased production, others would cutback to keep prices up.

    *sigh* your posting is really dishonest. Permits issued knowingly on lands that are other than where the oil is, Environmental groups thwarting through terrorism, or law suits, NIMBY attitudes, and over regulation that keeps oil from being extracted from our own reserves is maddening. then you have the gaul to say we are running short? Your mindset, and other like yours are what is destroying this nation and making us more reliant on our enemies for our energy.


    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

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