Page 43 of 173 FirstFirst ... 3341424344455393143 ... LastLast
Results 421 to 430 of 1728

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

  1. #421
    Guru
    USA_1's Avatar
    Join Date
    Dec 2009
    Location
    BANNED
    Last Seen
    04-16-11 @ 02:45 PM
    Gender
    Lean
    Independent
    Posts
    3,142

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

    [QUOTE=j-mac;1059332181. But we do have enough supply to be 100% energy independent for hundreds of years,

    j-mac[/QUOTE]

    That is the dumbest thing I have ever heard. Do you know what proven US oil reserves are?
    "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

  2. #422
    Banned
    Join Date
    Jan 2010
    Location
    Canada, Costa Rica
    Last Seen
    05-16-16 @ 09:45 AM
    Gender
    Lean
    Independent
    Posts
    31,645

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

    Quote Originally Posted by j-mac View Post

    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.
    That's quite right. The oil that the Canadians are exporting to the US doesn't stop at the border. It goes underground well into North Dakota and Montana and. some think, even further south.

    North America could easily be energy independent and, with the use of modern technology, largely pollution free.

    It is the ideologues who make Americans dependent on foreign oil, not the lack of natural resources.

  3. #423
    Guru
    USA_1's Avatar
    Join Date
    Dec 2009
    Location
    BANNED
    Last Seen
    04-16-11 @ 02:45 PM
    Gender
    Lean
    Independent
    Posts
    3,142

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

    Quote Originally Posted by j-mac View Post
    *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
    There are plenty of places to drill and explore. It is you that is being dishonest.

    Services under the U.S. Department of the Interior estimate the total volume of undiscovered, technically recoverable oil in the United States to be roughly 134 billion barrels.[6][7] Over 1 million exploratory and developmental crude oil wells have already been drilled in the US since 1949
    At current consumption of 7 billion bbls a year we have less than a 20 years supply if were even possible to extract it all in that time.
    Last edited by USA_1; 03-07-11 at 03:42 PM.
    "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

  4. #424
    Sage
    j-mac's Avatar
    Join Date
    Mar 2009
    Location
    South Carolina
    Last Seen
    12-08-17 @ 03:46 PM
    Gender
    Lean
    Conservative
    Posts
    30,272

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

    Quote Originally Posted by USA_1 View Post
    There are plenty of places to drill and explore. It is you that is being dishonest.

    /facepalm....Isn't it you that tried to tell me that Obama was issuing exploration permits, then gave me an article before the Gulf oil spill? Come back when you want to be honest.

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

    Alexis de Tocqueville

  5. #425
    Disappointed Evolutionist
    Catawba's Avatar
    Join Date
    Jun 2009
    Last Seen
    05-28-13 @ 08:15 PM
    Gender
    Lean
    Liberal
    Posts
    27,254

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

    Quote Originally Posted by j-mac View Post
    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.
    As has been documented,

    The Bakkens formation is still yielding less than a half million barrels per day of oil as of February, 2011, while we import currently on average 10 millions barrels per day.

    If all the 3.5 billion barrels were recovered in one year from the sites you mentioned in N. Dakota and Montana, it would last us about one year at our current usage.

    Neither appear to be having any effect on gas prices that I have noticed.
    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

  6. #426
    Guru
    USA_1's Avatar
    Join Date
    Dec 2009
    Location
    BANNED
    Last Seen
    04-16-11 @ 02:45 PM
    Gender
    Lean
    Independent
    Posts
    3,142

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

    Quote Originally Posted by j-mac View Post
    /facepalm....Isn't it you that tried to tell me that Obama was issuing exploration permits, then gave me an article before the Gulf oil spill? Come back when you want to be honest.

    j-mac
    The moratorium has been lifted.
    "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

  7. #427
    Disappointed Evolutionist
    Catawba's Avatar
    Join Date
    Jun 2009
    Last Seen
    05-28-13 @ 08:15 PM
    Gender
    Lean
    Liberal
    Posts
    27,254

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

    Quote Originally Posted by Gill View Post
    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

    Thanks!!! Excellent proof of my point from your source:

    "United States proven oil reserves were 21 billion barrels (3.3109 m3) in 2006 according to the Energy Information Administration.[1] This represents a decline of 46%, or 18 billion barrels (2.9109 m3) from 39 billion barrels (6.2109 m3) in 1970. U.S. crude production peaked in 1970 at 9.6 million barrels per day (1.53106 m3/d), after the supergiant Prudhoe Bay field was found in Alaska. It has declined 47% to 5.1 million barrels per day (810103 m3/d) by 2006.[2] United States crude oil production has been declining since reaching a smaller secondary production peak in 1988 (caused by Alaskan production). Total production of crude oil from 1970 through 2006 was 102 billion barrels (16.2109 m3), or roughly five and a half times the decline in proved reserves.[3]

    The reserves-to-production ratio (R/P) equaled 11.26 years in 2007. The ratio was 11.08 years in 1970. It hit a trough of 8.49 years in 1986 as oil pumped through the Alaska pipeline began to peak.[3]

    Because of declining production and increasing demand, Net US imports of oil and petroleum products increased by 400% from 3.16 million barrels per day (502103 m3/d) in 1970 to 12.04 million barrels per day (1.914106 m3/d) in 2007. Its largest net suppliers of petroleum products in 2007 were Canada and Mexico, which supplied 2.2 and 1.3 Mbbl/d (350103 and 210103 m3/d), respectively.[4]

    Net imports of oil and products account for nearly half of the US trade deficit. As of 2007, the US consumed 20.68m bbls of petroleum products/day and imported a net 12.04m bbls/day. The EIA reports the United States "Dependence on Net Petroleum Imports" as 58.2%"

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

  8. #428
    Sage
    j-mac's Avatar
    Join Date
    Mar 2009
    Location
    South Carolina
    Last Seen
    12-08-17 @ 03:46 PM
    Gender
    Lean
    Conservative
    Posts
    30,272

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

    Quote Originally Posted by Catawba View Post
    As has been documented,

    The Bakkens formation is still yielding less than a half million barrels per day of oil as of February, 2011, while we import currently on average 10 millions barrels per day.

    If all the 3.5 billion barrels were recovered in one year from the sites you mentioned in N. Dakota and Montana, it would last us about one year at our current usage.

    Neither appear to be having any effect on gas prices that I have noticed.

    I think I see the disingenuous point to your argument here. You are assuming really, that 3.5 billion is all we get from this formation, and that may be true at current levels of permits issued, and red tape involved with a demo administration choking off the people from their own resource. But let's think about this, is Bakken the ONLY oil we will use while drilling? No. If we tapped Bakken along with Alaska, the Gulf, and Atlantic areas that produce millions more per day we would be free of the ME, Venezuela, and possibly even Mexican oil for decades, and that is using your static assumptions.

    So now tell me why we are not again?


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

    Alexis de Tocqueville

  9. #429
    Sage
    Gill's Avatar
    Join Date
    Dec 2005
    Location
    The Derby City
    Last Seen
    12-08-17 @ 10:39 AM
    Gender
    Lean
    Slightly Conservative
    Posts
    8,686

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

    Quote Originally Posted by Catawba View Post
    Thanks!!! Excellent proof of my point from your source:

    "United States proven oil reserves were 21 billion barrels (3.3109 m3) in 2006 according to the Energy Information Administration.[1] This represents a decline of 46%, or 18 billion barrels (2.9109 m3) from 39 billion barrels (6.2109 m3) in 1970. U.S. crude production peaked in 1970 at 9.6 million barrels per day (1.53106 m3/d), after the supergiant Prudhoe Bay field was found in Alaska. It has declined 47% to 5.1 million barrels per day (810103 m3/d) by 2006.[2] United States crude oil production has been declining since reaching a smaller secondary production peak in 1988 (caused by Alaskan production). Total production of crude oil from 1970 through 2006 was 102 billion barrels (16.2109 m3), or roughly five and a half times the decline in proved reserves.[3]

    The reserves-to-production ratio (R/P) equaled 11.26 years in 2007. The ratio was 11.08 years in 1970. It hit a trough of 8.49 years in 1986 as oil pumped through the Alaska pipeline began to peak.[3]

    Because of declining production and increasing demand, Net US imports of oil and petroleum products increased by 400% from 3.16 million barrels per day (502103 m3/d) in 1970 to 12.04 million barrels per day (1.914106 m3/d) in 2007. Its largest net suppliers of petroleum products in 2007 were Canada and Mexico, which supplied 2.2 and 1.3 Mbbl/d (350103 and 210103 m3/d), respectively.[4]

    Net imports of oil and products account for nearly half of the US trade deficit. As of 2007, the US consumed 20.68m bbls of petroleum products/day and imported a net 12.04m bbls/day. The EIA reports the United States "Dependence on Net Petroleum Imports" as 58.2%"

    Oil reserves in the United States - Wikipedia, the free encyclopedia
    You do enjoy cherry picking don't you. Be careful though, cherries will give you a stomach ache if you keep eating so many.....

    Now, here's the REAL part of the link:

    Services under the U.S. Department of the Interior estimate the total volume of undiscovered, technically recoverable oil in the United States to be roughly 134 billion barrels.[6][7] Over 1 million exploratory and developmental crude oil wells have already been drilled in the US since 1949.[8]

    The Minerals Management Service (MMS) estimates the Federal Outer Continental Shelf (OCS) contains between 66.6 and 115.1 billion barrels (10.5910^9 and 18.3010^9 m3) of undiscovered technically recoverable crude oil, with a mean estimate of 85.9 billion barrels (13.6610^9 m3). The Gulf of Mexico OCS ranks first with a mean estimate of 44.9 billion barrels (7.1410^9 m3), followed by Alaska OCS with 38.8 billion barrels (6.1710^9 m3). At $80/bbl crude prices, the MMS estimates that 70 billion barrels (1110^9 m3) are economically recoverable. As of 2008, a total of about 574 million acres (2,320,000 km2) of the OCS are off-limits to leasing and development. The moratoria and presidential withdrawal cover about 85 percent of OCS area offshore the lower 48 states. The MMS estimates that the resources in OCS areas currently off limits to leasing and development total 17.8 billion barrels (2.8310^9 m3)(mean estimate).[6]

    The United States Geological Survey (USGS) estimates undiscovered technically recoverable crude oil onshore in United States to be 48.5 billion barrels (7.7110^9 m3) [7] [9] The last comprehensive National Assessment was completed in 1995. Since 2000 the USGS has been re-assessing basins of the U.S. that are considered to be priorities for oil and gas resources. Since 2000, the USGS has re-assessed 22 priority basins, and has plans to re-assess 10 more basins. These 32 basins represent about 97% of the discovered and undiscovered oil and gas resources of the United States. The three areas considered to hold the most amount of oil are the coastal plain (1002) area of ANWR, the National Petroleum Reserve of Alaska, and the Bakken Formation.

    In 1998, the USGS estimated that 1002 area of the Arctic National Wildlife Refuge contains a total of between 5.7 and 16.0 billion barrels of undiscovered, technically recoverable oil, with a mean estimate of 10.4 billion barrels, of which 7.7 billion barrels falls within the Federal portion of the ANWR 1002 Area.[10] In May 2008 the EIA used this assessment to estimate the potential cumulative production of the 1002 area of ANWR to be a maximum of 4.3 billion barrels from 2018 to 2030. This estimate is a best case scenario of technically recoverable oil during the area's primary production years if legislation were passed in 2008 to allow drilling.[11]

    A 2002 assessment concluded that the National Petroleum Reserve–Alaska contains between 6.7 and 15.0 billion barrels of oil, with a mean (expected) value of 10.6 billion barrels. The quantity of undiscovered oil beneath Federal lands (excluding State and Native areas) is estimated to range between 5.9 and 13.2 BBO, with a mean value of 9.3 BBO. Most oil accumulations are expected to be of moderate size, on the order of 30 to 250 million barrels each. Large accumulations like the Prudhoe Bay oil field (whose ultimate recovery is approximately 13 billion barrels), are not expected to occur. The volumes of undiscovered, technically recoverable oil estimated for NPRA are similar to the volumes estimated for ANWR. However, because of differences in accumulation sizes (the ANWR study area is estimated to contain more accumulations in larger size classes) and differences in assessment area (the NPRA study area is more than 12 times larger than the ANWR study area), economically recoverable resources are different at low oil prices. But at market prices above $40 per barrel, estimates of economically recoverable oil for NPRA are similar to ANWR.[12]

    In April 2008, the USGS released a report giving a new resource assessment of the Bakken Formation underlying portions of Montana and North Dakota. The USGS believes that with new horizontal drilling technology there is somewhere between 3.0 and 4.5 billion barrels (48010^6 and 72010^6 m3) of undiscovered, technically recoverable oil in this 200,000 square miles (520,000 km2) formation that was initially discovered in 1951. If accurate, this reassessment would make it the largest "continuous" oil accumulation (The USGS uses "continuous" to describe accumulations requiring extensive artificial fracturing to allow the oil to flow to the borehole) ever discovered in the U.S.[9]

    Unconventional prospective resources
    Oil shale
    Main article: Oil shale reserves

    The United States has the largest known deposits of oil shale in the world, according to the Bureau of Land Management and holds an estimated 2,175 gigabarrels of potentially recoverable oil.[13] Oil shale does not actually contain oil, but a waxy oil precursor known as kerogen. There is no significant commercial production of oil from oil shale in the United States.

    • "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. #430
    Disappointed Evolutionist
    Catawba's Avatar
    Join Date
    Jun 2009
    Last Seen
    05-28-13 @ 08:15 PM
    Gender
    Lean
    Liberal
    Posts
    27,254

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

    Quote Originally Posted by j-mac View Post
    I think I see the disingenuous point to your argument here. You are assuming really, that 3.5 billion is all we get from this formation, and that may be true at current levels of permits issued, and red tape involved with a demo administration choking off the people from their own resource. But let's think about this, is Bakken the ONLY oil we will use while drilling? No. If we tapped Bakken along with Alaska, the Gulf, and Atlantic areas that produce millions more per day we would be free of the ME, Venezuela, and possibly even Mexican oil for decades, and that is using your static assumptions.

    So now tell me why we are not again?


    j-mac
    No it is the USGS that determined that "North Dakota and Montana have an estimated 3.0 to 4.3 Billion barrels of undiscovered, technically recoverable oil."

    Technically recoverable has nothing to do with permits and red tape. It is already being pumped, but as been noted is only producing "less than a half million barrels per day." While "the US currently imports on an average of about 10 million barrels of oil per day."
    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

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •