Oil rises above $90 amid US crude supply drop

USA_1 · Mar 7, 2011

j-mac said:
/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.

Catawba · Mar 7, 2011

Gill said:
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!!! :sun Excellent proof of my point from your source:

"United States proven oil reserves were 21 billion barrels (3.3×109 m3) in 2006 according to the Energy Information Administration.[1] This represents a decline of 46%, or 18 billion barrels (2.9×109 m3) from 39 billion barrels (6.2×109 m3) in 1970. U.S. crude production peaked in 1970 at 9.6 million barrels per day (1.53×106 m3/d), after the supergiant Prudhoe Bay field was found in Alaska. It has declined 47% to 5.1 million barrels per day (810×103 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 (16.2×109 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 (502×103 m3/d) in 1970 to 12.04 million barrels per day (1.914×106 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 (350×103 and 210×103 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

j-mac · Mar 7, 2011

Catawba said:
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

Gill · Mar 7, 2011

Catawba said:
Thanks!!! :sun Excellent proof of my point from your source:

"United States proven oil reserves were 21 billion barrels (3.3×109 m3) in 2006 according to the Energy Information Administration.[1] This represents a decline of 46%, or 18 billion barrels (2.9×109 m3) from 39 billion barrels (6.2×109 m3) in 1970. U.S. crude production peaked in 1970 at 9.6 million barrels per day (1.53×106 m3/d), after the supergiant Prudhoe Bay field was found in Alaska. It has declined 47% to 5.1 million barrels per day (810×103 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 (16.2×109 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 (502×103 m3/d) in 1970 to 12.04 million barrels per day (1.914×106 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 (350×103 and 210×103 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 (10.59×10^9 and 18.30×10^9 m3) of undiscovered technically recoverable crude oil, with a mean estimate of 85.9 billion barrels (13.66×10^9 m3). The Gulf of Mexico OCS ranks first with a mean estimate of 44.9 billion barrels (7.14×10^9 m3), followed by Alaska OCS with 38.8 billion barrels (6.17×10^9 m3). At $80/bbl crude prices, the MMS estimates that 70 billion barrels (11×10^9 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 (2.83×10^9 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 (7.71×10^9 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 (480×10^6 and 720×10^6 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.

Catawba · Mar 7, 2011

j-mac said:
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."

j-mac · Mar 7, 2011

Catawba said:
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."

Government should get out of the way and issue the permits. They are being artificially restricted from producing more than that.

Tell me what, or when do you think Obama will reopen the Gulf and restore the jobs he destroyed there?

j-mac

Catawba · Mar 7, 2011

Gill said:
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:

No where in there is my point disputed, that "U.S.crude production peaked in 1970 at 9.6 million barrels per day."

Catawba · Mar 7, 2011

j-mac said:
Government should get out of the way and issue the permits. They are being artificially restricted from producing more than that.

Tell me what, or when do you think Obama will reopen the Gulf and restore the jobs he destroyed there?

j-mac

They have issued permits, it is not as easy to get at as oil has been in the past, and the Gulf has been reopened to drilling. You are just going to have to wrap your head around the fact that the days of cheap gas are gone. Its only going to get more expensive from here on out, unless massive conservation practices are utilized.

Gill · Mar 7, 2011

Catawba said:
No where in there is my point disputed, that "U.S.crude production peaked in 1970 at 9.6 million barrels per day."

That was a very poor attempt to change the subject. We were discussing U.S. probable oil reserves, NOT peak oil.

Gill · Mar 7, 2011

Catawba said:
They have issued permits, it is not as easy to get at as oil has been in the past, and the Gulf has been reopened to drilling. You are just going to have to wrap your head around the fact that the days of cheap gas are gone. Its only going to get more expensive from here on out, unless massive conservation practices are utilized.

Ahhh, so it's a choice between conserving gas or massive price hikes on all food and other goods necessary to sustain life ??? Gotcha.

j-mac · Mar 7, 2011

Catawba said:
They have issued permits, it is not as easy to get at as oil has been in the past

No they haven't, prove it.

and the Gulf has been reopened to drilling.

The pace at which regulators grant drilling permits in water less than 500 feet deep has slowed sharply this summer, an Associated Press analysis of government data shows. Just four out of 10 shallow-water drilling applications have been approved from June through August; 15 applications were sought and approved in the same period last year.

New Rules Slow Gulf Drilling in Shallow Water | CNSnews.com

But no new permits for wells covered under the ban have been issued, according to a spokeswoman for the Interior Department's Bureau of Ocean Energy Management Regulation and Enforcement.

Offshore drilling still on hold - Nov. 12, 2010

This is such BS....If you libs don't know what you are talking about then just don't post anymore.

You are just going to have to wrap your head around the fact that the days of cheap gas are gone. Its only going to get more expensive from here on out, unless massive conservation practices are utilized.

Spoken like a true authoritarian....Tell you what....Why don't you wrap your head around this...The lies you have been perpetrating on the American people no longer are bought. And a new day is coming friend where we get our say and start drilling again. All this hand wringing over the North American polkadotted snail darter are over!

j-mac

Catawba · Mar 7, 2011

"WASHINGTON — The Interior Department said Monday that it had approved the first new deepwater drilling permit in the Gulf of Mexico since the BP explosion and spill last spring, a milestone after a period of intense uncertainty for industry and a wholesale remaking of the nation’s system of offshore oil and gas regulation."

http://www.nytimes.com/2011/03/01/business/energy-environment/01drill.html

liblady · Mar 7, 2011

j-mac said:
No they haven't, prove it.

This is such BS....If you libs don't know what you are talking about then just don't post anymore.

Spoken like a true authoritarian....Tell you what....Why don't you wrap your head around this...The lies you have been perpetrating on the American people no longer are bought. And a new day is coming friend where we get our say and start drilling again. All this hand wringing over the North American polkadotted snail darter are over!

j-mac

yeah.......florida politicians of all stripes don't want drilling here. funny thing, though, our governor doesn't want high speed rail, i guess he would rather we be dependent upon our cars.........and big oil. go figure.

j-mac · Mar 7, 2011

Catawba said:
"WASHINGTON — The Interior Department said Monday that it had approved the first new deepwater drilling permit in the Gulf of Mexico since the BP explosion and spill last spring, a milestone after a period of intense uncertainty for industry and a wholesale remaking of the nation’s system of offshore oil and gas regulation."

http://www.nytimes.com/2011/03/01/business/energy-environment/01drill.html

One new permit....Well **** man, stop the press, crack open that bottle of champaign and let the good times roll.....I am sure the platform will be crowded with the thousands of oil rig workers Obama put out of a job....Hell call them up and tell them that good times are here, a permit was issued.....

What a joke.

j-mac

Catawba · Mar 7, 2011

j-mac said:
No they haven't, prove it.

I already have here. As of last month, "that region was yielding less than a half million barrels per day."

j-mac · Mar 7, 2011

liblady said:
yeah.......florida politicians of all stripes don't want drilling here. funny thing, though, our governor doesn't want high speed rail, i guess he would rather we be dependent upon our cars.........and big oil. go figure.

No, he just doesn't want the billions it will cost for that shinny toy after Obama says that the loser is all his.

Trust me, I lived in Maryland, Ocela is a loser.

j-mac

Catawba · Mar 7, 2011

Gill said:
That was a very poor attempt to change the subject. We were discussing U.S. probable oil reserves, NOT peak oil.

No, you interjected your self in a discussion about peak oil and attempted to change the subject.

Catawba · Mar 7, 2011

Gill said:
Ahhh, so it's a choice between conserving gas or massive price hikes on all food and other goods necessary to sustain life ??? Gotcha.

Given that we passed peak oil in this country in 1971, what other option do you see? 40 years of mismanagement of our energy resources is finally catching up with us.

Should have listened to President Carter.

j-mac · Mar 7, 2011

Catawba said:
I already have here. As of last month, "that region was yielding less than a half million barrels per day."

Snopes has long been speculated to be biased to the left, however seeing how much faith you put into it, even after you're earlier posting had been questioned, leaves me to conclude that they are indeed biased.....

j-mac

j-mac · Mar 7, 2011

Catawba said:
Given that we passed peak oil in this country in 1971, what other option do you see? 40 years of mismanagement of our energy resources is finally catching up with us.

Should have listened to President Carter.

And in the circle we go.....

j-mac

Catawba · Mar 7, 2011

j-mac said:
One new permit....Well **** man, stop the press, crack open that bottle of champaign and let the good times roll.....I am sure the platform will be crowded with the thousands of oil rig workers Obama put out of a job....Hell call them up and tell them that good times are here, a permit was issued.....

What a joke.

j-mac

Talk to BP, their shoddy work practices are what stopped it.

Catawba · Mar 7, 2011

j-mac said:
Snopes has long been speculated to be biased to the left, however seeing how much faith you put into it, even after you're earlier posting had been questioned, leaves me to conclude that they are indeed biased.....

j-mac

And the USGS, who's reports were referenced by SNOPES? Are they biased too? But your "facts," an editorial opinion, was not, is that it? You are embarrassing yourself.

liblady · Mar 7, 2011

Catawba said:
And the USGS, who's reports were referenced by SNOPES? Are they biased too? But your "facts," an editorial opinion, was not, is that it? You are embarrassing yourself.

don't worry about it........most of us KNOW that snopes doesn't do politics. this is just a person who can't accept facts.

Catawba · Mar 7, 2011

liblady said:
don't worry about it........most of us KNOW that snopes doesn't do politics. this is just a person who can't accept facts.

Apparently so!

Gill · Mar 7, 2011

Catawba said:
No, you interjected your self in a discussion about peak oil and attempted to change the subject.

Let me refresh your memory loss........

Gill said:
Quote Originally Posted by Catawba
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.

Click to expand...

Gill said:

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.

Click to expand...

Look familiar ????

I don't see anything about "peak oil" there..........do you???

I will wait for your apology, but based on your history, I won't be holding my breath.

Oil rises above $90 amid US crude supply drop

USA_1

Catawba

Disappointed Evolutionist

j-mac

Gill

Catawba

Disappointed Evolutionist

j-mac

Catawba

Disappointed Evolutionist

Catawba

Disappointed Evolutionist

Gill

Gill

j-mac

Catawba

Disappointed Evolutionist

liblady

pirate lover

j-mac

Catawba

Disappointed Evolutionist

j-mac

Catawba

Disappointed Evolutionist

Catawba

Disappointed Evolutionist

j-mac

j-mac

Catawba

Disappointed Evolutionist

Catawba

Disappointed Evolutionist

liblady

pirate lover

Catawba

Disappointed Evolutionist

Gill