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Old 03-04-2009, 07:34 PM   #1

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How about a barrel of oil for around $16?

First off this info is from the 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.

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Old 03-04-2009, 07:43 PM   #2
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also check out:

"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.
Note, if I've gotten any facts wrong in the above, just ignore any points I made with them
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My sister's dentist's brother's cousin's housekeeper's dog-breeder's nephew sells coffee filters to the company that provides coffee to General Motors......
........and HE WOULD KNOW!!!!

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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?
CAMARO.. 2010 The Heart Beat is back in CHEVROLET
Now let's put it back in America
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Old 03-04-2009, 09:21 PM   #10

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Originally Posted by OUR72GTO View Post
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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Originally Posted by Georgie View Post
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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