• If you enjoy the forum please consider supporting it by signing up for a NES Membership  The benefits pay for the membership many times over.

Oil in United States.. Are we getting screwed or what?

Rating - 100%
43   0   0
Joined
Jan 24, 2008
Messages
1,355
Likes
235
Location
Gloucester, MA.
Just got this email from a friend. It blew my mind. enjoy

Oil . . . . True Story


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 that 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. 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 motherload 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. Think OPEC just might be funding the environmentalists?





Got your attention 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.

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
 

M1911

Moderator
NES Member
Rating - 100%
26   0   0
Joined
Apr 1, 2005
Messages
39,477
Likes
7,475
Location
Near Framingham
MattyB: if you follow the link, you'll see that it says:

North Dakota and Montana have an estimated 3.0 to 4.3 billion barrels of undiscovered, technically recoverable oil in an area known as the Bakken Formation.
Billion with a B, not Trillion with a T. As snopes points out, we import that much oil in a year.
 
Rating - 0%
0   0   0
Joined
Aug 26, 2005
Messages
113
Likes
1
Location
Fargo North Dakota
Here is a fact or two. 1. A great deal of that oil is located on private land. The enviromentalists can't do a da*n thing to stop utilization of these petroleum reserves. 2. The area in question in North Dakota is larger in sq. miles than Massachusettes and has less than the population of Springfield. 3. There is no infrastructure to support the new oil patch. Motels, restaurants, stores etc. are few and far between. Basically you can work but you can't eat and sleeping in a tent for a good part of the year here is " interesting ". 4. The lower cost of crude has slowed exploitation of this oil BUT that will not last and that oil is coming out one way or the other. 5. Virtually EVERYONE that owns land in this part of my State is going to be Jed Clampet rich. Unfortuanately I ain't one of them. The Snopes refutation of the " myth " may provide some level of comfort to those who oppose domestic oil production, but it will not stop it.
 

M1911

Moderator
NES Member
Rating - 100%
26   0   0
Joined
Apr 1, 2005
Messages
39,477
Likes
7,475
Location
Near Framingham
Here is a fact or two. 1. A great deal of that oil is located on private land. The enviromentalists can't do a da*n thing to stop utilization of these petroleum reserves. 2. The area in question in North Dakota is larger in sq. miles than Massachusettes and has less than the population of Springfield. 3. There is no infrastructure to support the new oil patch. Motels, restaurants, stores etc. are few and far between. Basically you can work but you can't eat and sleeping in a tent for a good part of the year here is " interesting ". 4. The lower cost of crude has slowed exploitation of this oil BUT that will not last and that oil is coming out one way or the other. 5. Virtually EVERYONE that owns land in this part of my State is going to be Jed Clampet rich. Unfortuanately I ain't one of them. The Snopes refutation of the " myth " may provide some level of comfort to those who oppose domestic oil production, but it will not stop it.
I don't oppose domestic oil production. Not in the least. I just think there isn't anywhere near as much oil there as the original post implied. The other issue, of course, is the cost to extract it. If it is far cheaper to extract and transport oil from Saudi Arabia, then there won't be as much incentive to drill in ND.
 

Grendel

Banned
Rating - 100%
12   0   0
Joined
Jan 27, 2007
Messages
539
Likes
46
Location
Chester, NH
I'd rather chew up other resources first... :)

Let them set the value of oil, then when depleted, we pull out ours, at double their value.

We'd own China, Russia, etc within 5 years.
 
Rating - 100%
1   0   0
Joined
Oct 27, 2008
Messages
807
Likes
66
I call BS.

It costs around $14 to extract a barrel from the oil sands in Canada
It costs around $5 to extract a barrel from the average straight well in Texas

They say it will cost $16 dollars to extract the oil from this location? Even if the quantity is correct that is an insanely high cost for extraction. Given that producing from the oil sands is one of the most pricey extraction processes- I think the article is a farse.

They are saying $16 for extraction and comparing it to delivered oil costing $60...it SOUNDS a lot cheaper. But when compared to the extraction costs for other oil- it is not!
 

Rockrivr1

NES Member
Rating - 100%
54   0   0
Joined
Jun 22, 2005
Messages
13,175
Likes
3,177
Location
South Central Mass
I'm trying to find the link, but wasn't there a post just recently that indicated that if we really wanted to lessen our amount of foriegn oil consumption, we needed to stop oil from the Alaskan pipeline from being shipped overseas for a greater profit.
 
Rating - 0%
0   0   0
Joined
Nov 26, 2007
Messages
45
Likes
1
I have a friend who is in the business of horizontal drilling. I asked him about it and this was his reply...

Currently there are about 35 rigs drilling the Bakken today. A year ago it was 60. The Bakken is very different than all other oil plays. First, it is a shale, nearly all big reservoirs are either sandstone (Prudhoe) or Limestone (Saudi). In those billion bbl reservoirs, the porosity (holes in the rock) are about 25% and the permeability (ability for fluid to move through the rock) are roughly 1 Darcy. *The Bakken, being shale, has a porosity of <5% and a perm or .05 millidarcy------several Orders of Magnitude less! *Huge differences. So you can’t just drill it then it comes out.

The chart below show what happens when the relatively new technique of “fracturing” is used to get this “Tight” oil out. This started about 10 years ago and the production went from 5,000bbl/day to 70,000 bbl/day. Fracturing is VERY expensive, effectively doubly the cost to drill the well. Plus, all these shale plays are drilled horizontal. Further, because of the poor porosity and perm, recoverable oil (the 4 billion bbl estimate is oil-in-place) is probably <10% of O.I.P or 400 million bbls, give or take 100 million, over the life of the field.

The US uses roughly 20 million barrels of oil---every day! **Or another way---7.5 BILLION barrels of oil every year! There are 40 rigs drilling every day, to keep up production of just $100,000bbl/day. So far, the CUMULATIVE production from the Bakken, over the history of the field, has been only 150 million barrels----one week of US usage! *Maybe, we can get another 300 million out of it over the next 10 years.

So, doing the math, yes there are billions of barrels there, but due to poor recovery and expensive extraction, the 36 million bbl per year from the Bakken is only a fraction of 7.5 BILLION bbl’s the US burns every year, so it ain’t going to free us from foreign oil.

Just another note:* Prudhoe was drilling 10 rigs every day for the past 30 years, now averages 250 thousand bbl’s a day, it was 1 million bbl’s a day when I was there. The Bakken, has 40 rigs drilling every day, and can barely make 100,000 bbl’s a day.* But, that is good news for guys like us who drill horizontal holes in the ground!!!
 
Rating - 0%
0   0   0
Joined
Aug 26, 2005
Messages
113
Likes
1
Location
Fargo North Dakota
M1911, no intention on my part to imply that you are against oil production. My beef is with Snopes.

Roadblock, the oil companies digging up the western half of North Dakota are really just a figment of our imagination out here. Please excuse my ignorance.
 

M1911

Moderator
NES Member
Rating - 100%
26   0   0
Joined
Apr 1, 2005
Messages
39,477
Likes
7,475
Location
Near Framingham
We don't doubt that there are rigs drilling in ND. What we're saying is that oil from ND, while good and necessary, will just amount to a drop in the bucket when compared with US demand.
 
Rating - 0%
0   0   0
Joined
Aug 26, 2005
Messages
113
Likes
1
Location
Fargo North Dakota
M1911, I agree with you in part. At present with the lack of basic services needed to sustain production workers and the shortage of sufficient drilling equipment, { if you build it they will come, especially when oil hits $147.00 a barrel and then some } we do indeed only have a drop in the bucket. The geographic area involved in this oil field is huge and Snopes is wrong to downplay the amount of oil available. Needs being the mother of invention and all that, I want every available resource used to provide us with domestic energy. Heck we do wind turbines out here. We'd be happy to send a bunch your way to stick offshore if Uncle Ted would quit worrying about destroying the view and seagulls running into them.
 
Top Bottom