The Oil Drum | The Bakken Formation: How Much Will It Help?
Will Bakken ever produce as much as 4.1 billion barrels (= 3,649+500 million barrels), the amount suggested by the USGS estimate? It seems very unlikely. Production so far has been 111 million barrels. If the industry is able to discover several more prolific areas such as the Elm Coulee field in Montana (43 million barrels, or 38% of the Bakken oil recovered to date), it might be possible to increase this recovery to 500 million barrels, or 4.5 times the current production. Is total production of 500 million barrels likely? It's difficult to say. The USGS estimate is vastly higher than this, so much less likely.
If 500 million barrels turns out to be the ultimate recovery, the recovery factor would range from 0.13% to 0.25% of estimated oil in place. This very low percentage recovery of the estimated oil in place is not unreasonable if one considers that many of the more marginal areas of the field are likely to be deemed sub-economic and will never be drilled and produced. Technology improvements that will inevitably be made during an era of high energy prices will undoubtedly render some of this more marginal oil recoverable, but the total recovery is still likely to be low.
[QUOTE=Helix;1059748432]your claim is dubious, at best.
The Oil Drum | The Bakken Formation: How Much Will It Help?[/QUOTE
Interesting site actually, thanks. That seemed like one man’s opinion though, I have heard others that say the opposite, time will tell. Difference between you and me is I am rooting for more oil you are rooting for less. We are definitely on opposite teams, LOL
i'm rooting for an energy policy that allows us to provide most of our own energy. oil is not likely to get us there no matter how much we drill because we simply don't have enough to meet our own demand long term. that means that we will be importing it. that will be increasingly costly; and not just in monetary terms.
a successful path forward will probably involve electric as a transition to something else. i would rank finding and developing that something else as a top tier priority.
"If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu
‘Perhaps 60% of today’s oil price is pure speculation’
The price of crude oil today is not made according to any traditional relation of supply to demand. It’s controlled by an elaborate financial market system as well as by the four major Anglo-American oil companies. As much as 60% of today’s crude oil price is pure speculation driven by large trader banks and hedge funds. It has nothing to do with the convenient myths of Peak Oil. It has to do with control of oil and its price. How?
Drill baby drill only works to reduce oil prices if Asia's demand doesn't increase with the rate of advancement and/or all oil produced in the US can only be sold in the US's market. Without either of these, US supply will not keep up with global demand.
Now, here's an interesting theory. Senator Sanders is claiming that "over speculation" is causing gas prices to skyrocket. He uses the time when the future's market was dominated by a few companies. What if its not "over speculation" though. What if these huge investment firms are providing cartelalizing services to gas companies by buying up all oil futures when supply gets to high, then dumping them when demand drops. This would similar to what the coal mining unions did in the ... 60s (example was given in Capitalism and Freedom by Friedman)?
Hayek - too liberal for republicans
Drill here and build a a lot more refineries and regulate speculators as it once was. The problem with this is that it will take about 10 to 20 years to achieve, so the bottom line is we are F'ed and the politicians knew this would happen 10 to 20 years ago,..both parties knew. Just goes to show you that party loyalty only gets us all the Washington Weeny.