Vet67to82 (< 20)

Peak oil ?? and the USA crude supply

November 12, 2008 – Comments (3) | RELATED TICKERS: XOM , VLO , NS

IEA doesn't see peak oil by 2030 but warns of under-investment (5 minutes ago)

The IEA report is nice to know but reality is this: The USA. despite having a 200 mile economic coastal zone, as agreed upon and based on international law, has chosen to ban drilling. so, therefore, whatever's out there is as yet unknown. By the time drilling is authorised, it'll take 10 - 12 years to search out, test drill, and put into production. The US Energy Information Administration (US EIA), the US Department of Energy (US DOE), and the U.S. Geological Survey are aware, and have been aware for decades, of a huge USA land based crude field they call the Bakken. Go to the US EIA website amd check it out. It also has pictures and an estimate of the recoverable crude believed to be there. Years past technology wasn't able to recover that crude, except technology has caught up.

Oh yeah, while you're reading the US EIA weekly crude report, check out this page:

   http://tonto.eia.doe.gov/dnav/pet/pet_stoc_typ_c_nus_EP00_mbbl_m.htm

**  Here you'll see the total USA crude stocks, reported monthly, by type as of the release date 10/30/2008 covered through August 2008. By the numbers:

Total stocks: 1,710,375,000 brls
NON- SPR    1,003,163,000 brls
Refinery           353,560,000 brls

      and what was that worth  @ $147 per barrel, 

                                             now at $60/brl ???