OIL NEWS! - you better sit down on this one!!!‏


GTNJ

GT Owner
Mark IV Lifetime
Sep 21, 2006
1,611
State of Confusion
Here's an interesting read: and some important and verifiable information :


About 6 months ago, the writer was watching a news program on oil and one of the Forbes brothers was the guest. The host said to Forbes, "I am going to ask you a direct question and I would like a direct answer; how much oil does the U.S. have in the ground?" Forbes did not miss a beat, he said, "More than all the Middle East put together."

Please read below:

The U. S. Geological Service issued a report in April 2008 that only scientists and oil men knew was coming, but man was it big! It was a revised report (which had not been updated since 1995) 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.' 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. 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 2041 years straight. And if THAT didn't throw you on the floor, then this next one should - because the information is from 2006!

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. It is more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction. In three and a half years of high oil prices none has been extracted.. With this 'mother lode' of oil why are we still fighting over off-shore drilling?

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! Again, we are letting a small group of people dictate our lives and our economy.

WHY?

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.

Do ya' think OPEC just might be funding the environmentalists?

Got your attention yet? Now, while you're thinking about it, do this:

Pass this along. If you don't take a little time to do this, then you should stifle yourself the next time you complain about gas prices -

By doing NOTHING, you forfeit 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.

By the way...this is all true. Check it out at the link below!!!

GOOGLE it, or follow this link. It will blow your mind.

http://www.usgs.gov/newsroom/article.asp?ID=1911
 

Kingman

GT Owner
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Aug 11, 2006
4,072
Surf City, USA
Environmentalists & OPEC: So what. They make for good theater.

Tactics: Reagan's firm resolve was to only negotiate from a position of strength.

Wouldn't you rather have the other guys deplete their stores of energy that run our military than have to go hat-in-hand to keep our planes, tanks, and ships at the ready?
 
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Infantryman

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Jan 28, 2011
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Ohio
As long as others will sell their oil at prices our economy can support, the "long game" is to have ours left when others' supplies have run low. It's nice when the strategic long game aligns along the current-day preferences of business people, the government, and environmentalists.

Of course, that "long game" presupposes that there isn't a viable alternate energy source that's going to make oil unnecessary between now and then. THAT'S not particularly encouraging, either.
 

Kingman

GT Owner
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Aug 11, 2006
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Surf City, USA
Well, the playing field still slopes in the US's favor as far as I can tell.:biggrin
 

RALPHIE

GT Owner
Mar 1, 2007
7,278
It's not just the Baaken - also the recently discovered Sanish-Three Forks shale underneath the Baaken

http://www.fordgtforum.com/forums/showthread.php?21443-Update-on-the-Bakken
 

HiloDave

GT Obsessed
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Dec 7, 2005
928
Hilo, Hawaii
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! Again, we are letting a small group of people dictate our lives and our economy.

This idea comes around about every six months. Yes, there is lots of oil there but it hasn't been extracted, not because of some conspiracy between OPEC and environmentalists, but because it costs more to extract than it is presently worth.

Dave Trumbo is a geologist who worked in the oil industry for decades. What does he say about it?
 

fjpikul

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Jan 4, 2006
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Belleville, IL
Dave says "kaching, kaching, kaching."
 

Kayvan

GT Owner
Jul 13, 2006
4,782
Price to extract is the #

In ME it shoots out of ground for free
 

AJB

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Jun 28, 2006
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Bloomfield Hills, Michigan
This is good to know. ALSO on the Natural Gas front, in Western New York, Western Pa and West Va, there is a play called the Marcellus Shale. (Named after the small town in NY.) Current estimates are that it holds enough Natural Gas to power all the United States needs for 20 years for the whole country. It resides at between 6000 and 7000 feet below the surface. There are several companies from Texas now in the area doing seismic testing. A process call 'fracing' is used to extract. I am just a novice at this but am trying to learn more.
andy (AJB)
 

Joe Dozzo

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May 22, 2006
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Canon City, CO
I'm no apologist for either the environmentalists, "big oil" or foreign interests... I just happen to be a reservoir engineer with 30+ in the business...

If it were a simple matter to drill a well and this new oil would come gushing to the surface, "big oil", "little oil" and "independent oil" would have done it years ago. As technology evolves, so does our ability to extract oil in a cost effective manner; the industry is only now at a point where these reserves can be tapped economically (and it still requires $80/bbl oil). Same as when oil prices increase (but that makes the public furious at high pump prices).

We have vast hydrocarbon resources in the US - conventional oil and gas, "tight gas", "shale gas" , coal-bed methane, coal and don't forget oil-shale. All but the conventional stuff are expensive to produce in either pure $'s or environmental costs / trade-off's - like do we really want to deprive Las Vegas of all it's water to produce Western Colorado oil shale (saying nothing of the water / rock disposal issues)?