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Old 03-04-2009, 07:34 PM   #1
Blownhotrodder

 
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How about a barrel of oil for around $16?

First off this info is from the usgs.gov website. I was sent this info and have looked over it. What do you guys/gals think?




The U. S. Geological Service issued a report in April ('08) that only scientists and oil men knew was coming, but man was it big. It was a revised report (hadn't been updated since '95) on how much oil was in this area of the western 2/3 of North Dakota; western South Dakota; and extreme eastern Montana ..... check THIS out:

The Bakken is the largest domestic oil discovery since Alaska 's Prudhoe Bay, and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable... at $107 a barrel, we're looking at a resource base worth more than $5.3 trillion.

'When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea.' says Terry Johnson, the Montana Legislature's financial analyst.

'This sizable find is now the highest-producing onshore oil field found in the past 56 years.' reports, The Pittsburgh Post Gazette. It's a formation known as the Williston Basin, but is more commonly referred to as the 'Bakken.' And it stretches from Northern Montana, through North Dakota and into Canada. For years, U. S. oil exploration has been considered a dead end. Even the 'Big Oil' companies gave up searching for major oil wells decades ago. However, a recent technological breakthrough has opened up the Bakken's massive reserves... and we now have access of up to 500 billion barrels. And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!

That's enough crude to fully fuel the American economy for 41 years straight.

2. And if THAT didn't throw you on the floor, then this next one should - because it's from TWO YEARS AGO!

U. S. Oil Discovery- Largest Reserve in the World!
Stansberry Report Online - 4/20/2006


Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world is more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction.

They reported this stunning news: We have more oil inside our borders, than all the other proven reserves on earth. Here are the official estimates:

- 8-times as much oil as Saudi Arabia
- 18-times as much oil as Iraq
- 21-times as much oil as Kuwait
- 22-times as much oil as Iran
- 500-times as much oil as Yemen
- and it's all right here in the Western United States .

HOW can this BE? HOW can we NOT BE extracting this? Because the environmentalists and others have blocked all efforts to help America become independent of foreign oil!

James Bartis, lead researcher with the study says we've got more oil in this very compact area than the entire Middle East -more than 2 TRILLION barrels untapped. That's more than all the proven oil reserves of crude oil in the world today, reports The Denver Post.

Don't think 'OPEC' will drop its price - even with this find? Think again! It's all about the competitive marketplace, - it has to.
Got your attention/ire up yet? Hope so! Now, while you're thinking about it .... and hopefully P.O'd, do this:

3. Pass this along. If you don't take a little time to do this, then you should stifle yourself the next time you want to complain about gas prices .. because by doing NOTHING, you've forfeited your right to complain.
--------
Now I just wonder what would happen in this country if every one of you sent this to every one in your address book.
GOOGLE it or follow this link. It will blow your mind.
http://www.usgs.gov/newsroom/article.asp?ID=1911











http://pubs.usgs.gov/fs/2008/3021/pdf/FS08-3021_508.pdf
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Old 03-04-2009, 07:43 PM   #2
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From:

http://minx.cc/?post=266946

also check out: http://www.snopes.com/politics/gasoline/bakken.asp




"400 Billion Barrel" Bakken Formation an Internet Myth

No, really; this isn't just the Democrats talking down the amount of recoverable oil. It's the actual USGS estimate.

Conservative bloggers, of course, are guilty of pushing this vicious smear.

The "400 billion barrel" figure came from a draft report posted on the internet which 1) has since been debunked and 2) wasn't even talking about what people usually talk about when they talk about the oil capacity of a field (that is, barrels that can actually be recovered with existing technology and at a profit).

Reports circulating on the Internet tell of an oil field spanning parts of western North Dakota and eastern Montana where 400 billion barrels of oil supposedly are just waiting to be tapped. However, the U.S. Geological Survey (USGS) tells Cybercast News Service that those huge estimates are "a myth."

A USGS report issued in April estimates that there are between 3 billion to 4.3 billion barrels of oil in what is referred to as "the Bakken Formation" -- well below the 400 billion barrels discussed on the Web, but up from the previous estimate of 151 million barrels made in 1995.

Richard Pollastro, Bakken Formation task leader at the USGS, said the myth stems from a 1999 draft report -- never published -- by a now-deceased USGS employee, Leigh Price. Price estimated that the Bakken Formation holds up to 400 billion barrels of oil. To put that in perspective, Saudi Arabia, the world's largest oil producer, has about 260 billion barrels of known oil reserves.

Price, however, died in 2000, before his study could be peer-reviewed and published, and the Bakken Formation became the fool's gold of the oil industry.

"Unfortunately, in many instances, we are still trying to explain and defend our assessment versus the inappropriate and irresponsible posting of Dr. Price's 'draft report,'" Pollastro told Cybercast News Service.

According to Jonathon Kolak, a USGS scientist and information specialist, the discrepancy between Price's 1999 estimates and the agency's 2008 findings arises from the fact that Price was trying to assess the "oil generation potential" of the oil found in the pores of rocks and shale in the Bakken field, as well as the total content of how much oil might be pooling up - or "oil in place."

"What Dr. Price was looking at was 'oil generation potential,' and then, from that, trying to make an estimate of 'oil in place,'" said Kolak. "Those terms are very distinct from 'undiscovered technically recoverable resources.'"

Further, if you read on, you'll see the formation actually is already being drilled -- so while we could see more drilling and more oil, the idea that this is some untapped resource is also wrong.

We do have a lot of untapped oil. Not enough to be nearly self-sufficient, but certainly enough to reduce our dependency on foreign oil (and foreign blackmail) and reduce prices substantially. But there is unfortunately no silver bullet lurking under the Dakotas.

Of course we should drill more in Bakken -- the Democrats always claim that any individual site doesn't have enough oil to solve all of our energy problems. Which is a very strange criterion. Goalposts being moved to the next stadium over.

Via Hot Air.

Meanwhile, Dick Morris discusses the "speculation tax" on oil.

It's an informative read, but his conclusions are wrong. He suggests (without quite advocating) that if only speculators were restrained from speculating, oil prices would come down.

That's... sort of true, and that sort of bureaucratic response may be useful. (Increasing margins for speculation up from the piddling 5% currently demanded would reduce a lot of this.)

But the main reason future oil prices keep getting bid up to the heavens is that there is nothing, nothing but upward pressures on prices visible on the horizon. If there were a more equitable mix of upward and downward pressures (the latter coming from, say, expanding US production, or something patently insane like that), prices would be restrained.

You can lose a lot speculating. It's just that, at the moment, there's so little risk of prices actually falling that no one is much afraid of the downside.
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Old 03-04-2009, 07:46 PM   #3
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if this was found in 2006 what is taking so long to dig in? i dont think i approve of "environmentalist" keeping us from obtaining this liquid gold.

after actually reading the article and camaro scotty's post idk what to think......
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Old 03-04-2009, 07:54 PM   #4
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Yay North Dakota...I think?
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Old 03-04-2009, 08:06 PM   #5
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Thanks for adding that Scott. Alot of info there to read over. Interesting to say the least.
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Old 03-04-2009, 08:12 PM   #6
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US Oil

The enviromentalists do control the party in charge now. During the campaign, the Dems, under extreme pressure, said they would consider drilling offshore for oil, but immediately after securing their power in Congress and the White House, changed their minds. No off shore drilling.

Alternate fuels are going to be forced on us, one way or another, and whether they are available or not, oil and gas production will be kept low, to force up prices. Then people will be forced to go with alternate fuels. Make no mistake about it folks, those in charge, in Washington want our V8's off the road! They want to put an end to fossil fuels sooner than later, and whether or not we have oil in great supply or little. Hopefully mid term elections will be the first sign of revolt against these enviromental lunatics, and we can throw them out on their butts! Get some reasonable people in office to do what is right for the country.
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Old 03-04-2009, 08:46 PM   #7
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I will start off by making this very clear:

Party politics are not to be discussed. The left is no more controlled by environmentalists than the right is controlled by the oil companies. If the discussion turns political, the thread will be closed or deleted. We will not waste our time cleaning it up or giving multiple reminders. This is the first, and last, reminder.

Moving on

Governments are not stupid enough to force things like alternative fuels as a replacement for conventional sources if they're not available. But hey, if you'd rather fuel your car with dino juice sucked out of the ground a few thousand miles away instead of from corn stalks grown by farmers in your own country, I guess thats your choice. Personally, I find it an interesting co-incidence that once alternative fuels were being considered viable, the price of oil drops below the break even point for developing these fuels.

You are right on one thing though, sorta, Washington does want wasteful gas guzzlers off the roads. Why? The environment? They could care less (well, maybe not California). Mainly its about security, thats what CAFE was intended for. The middle east has money because of oil. The less you buy from them, the less money they have. And there's a bit of a concentration of people who wish bad things upon the United States from that part of the world. So the less money they have, the less harm they can do to you.
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Old 03-04-2009, 09:03 PM   #8
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Originally Posted by DGthe3 View Post

Governments are not stupid enough to force things like alternative fuels as a replacement for conventional sources if they're not available.
......
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Old 03-04-2009, 09:13 PM   #9
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So the guy who died...??? WHAT HIT BY A BUS ? Found like Marilyn Munroe?

Crossing the street and shot by an umbrella?
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Old 03-04-2009, 09:21 PM   #10
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So the guy who died...??? WHAT HIT BY A BUS ? Found like Marilyn Munroe?

Crossing the street and shot by an umbrella?
My thoughts too. I never meant this to be about politics either. Surely atleast a few here can have a discussion like adults?
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Old 03-04-2009, 09:46 PM   #11
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drill baby drill, drill baby drill!!!!!!!!!11111oneoneeleven
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Old 03-04-2009, 10:19 PM   #12
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......
im thinking of the absurd mpg ratings CAFE is trying to impose WHILE cars are being forced to become heavier due to safety requirements....doesnt make much sense to me personally. idk im probably wrong in my thought process
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Old 03-04-2009, 10:28 PM   #13
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The Bakken formation requires horizontal drilling and fraccing to produce.
Average cost around $6 million per well.
Based on the flow rates they are seeing so far they need around $60-$70/bbl to make it economical.
I'm sure there will be plenty of activity exploiting this area when the price of oil goes back up to that range.
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Old 03-05-2009, 04:21 PM   #14
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Maddog, is the horizontal drilling required because of the terrain above the deposits or is it because of the environmental people not wanting to allow drilling above it?
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Old 03-05-2009, 11:18 PM   #15
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Quote:
Originally Posted by Blownhotrodder View Post
Maddog, is the horizontal drilling required because of the terrain above the deposits or is it because of the environmental people not wanting to allow drilling above it?
Probably both. One thing that people forget is that oil fields aren't just a gigantic lake of oil sitting underground. Most of the time they are pockets of oil and are traped in the rock. New horizontal drilling techniques link multiple fields with a single well head, reducing the impact on the area as well as reducing the investment that the companies need to make in setting up rigs and drilling down again and again. Win win in my books

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So is it true or not?
There is oil there, but not as much as some would like everyone to believe.
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Old 03-06-2009, 01:51 AM   #16
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Just want to point this out. While not buying foreign oil might decrease the damage they can do, it won't decrease their desparation. The people that hate us over there--most hate us because we do business with the regimes that control them. The people that hate us most never see that money. The ones that have the money that hate us...well they allready have enough that the damage is done.

Don't get me wrong though, I'm all for drilling here. The ideal thing for me would be to limit our use of these resources through things like the Volt to the point that our domestic oil would be enough for self sufficiency.

That would be such a boost to our economy...being able to sustain two very different kinds of businesses: oil and I guess you would call it the "green industry."

Then we wouldn't need CAFE. We could have our cake and eat it too. Drive the Energizer Bunny to work, and bring out the monster on the weekend.
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Old 03-06-2009, 02:51 AM   #17
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Maddog, is the horizontal drilling required because of the terrain above the deposits or is it because of the environmental people not wanting to allow drilling above it?
Neither, it is to increase the surface area of the layer of producing rocks to the borehole.

Think of drilling into, say a Big Mac. If you punch a bunch of holes vertically into the bun you are only exposing a small area of the meat in the borehole but if you drill down vertically into the bun and then curve the hole so that it goes along laterally (horizontal) all along the patty you have exposed a much large area of the meat in the borehole.


Kind of a weird analogy I suppose but that should help you get the general idea.
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Old 03-06-2009, 02:55 AM   #18
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Probably both. One thing that people forget is that oil fields aren't just a gigantic lake of oil sitting underground. Most of the time they are pockets of oil and are traped in the rock. New horizontal drilling techniques link multiple fields with a single well head, reducing the impact on the area as well as reducing the investment that the companies need to make in setting up rigs and drilling down again and again. Win win in my books


There is oil there, but not as much as some would like everyone to believe.


Not even really pockets. Think of the production zone rocks as a sponge.
The oil is in all the pores of the rock. These pores in this area are very small and the oil will not flow through them easily. That is where fraccing comes in.
Fraccing is essentially applying a high pressure to these production zones that basically crack them apart and allow the oil to flow into the borehole more easily.
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Old 03-06-2009, 04:09 PM   #19
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Good analogy there. So I guess thats kinda what they are saying about developing newer technology to possibly extract more product?
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Old 03-06-2009, 07:25 PM   #20
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Yes, although I'm not sure what the newer technology would be at this point.
We already know how to drill horizontally and frac a well so maybe just better methods of doing both.
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