nzsvz9 (< 20)

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Where is all the OIL?

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January 08, 2010 – Comments (5)

I remeber reading Atlas Shrugged and getting to the part about Ellis Wyatt and his "new methods" of reclaiming oil from shale ... by the trainload. And I came across an article from the U.S. Geological Service which claims there's a lot of oil out west. Where is the OIL?

Here's the link to the USGS article on the Bakken.

Here's a quick link on Wikipedia to the Bakken.

And the recent Deep Gulf oil discoveries.

There's lots of oil out there ... if it all were to come online, the price would drop quite a bit, so look for the dribbles to continue! Look for the environmental movement to find some prairie rat or something to stop drilling in Montana/North Dakota like near-offshore. We could be self-sufficient, but instead we're funding our enemies for the perpetual war we've involved ourselves in around the globe.

Ayn Rand was insightful and correct in so many ways. Life imitates art.

So OIL is today at $82 per barrel.

Known as Ayn Rand stamp collector nzsvz9

5 Comments – Post Your Own

#1) On January 08, 2010 at 2:33 PM, Aristedes (< 20) wrote:

You are totally misled in blaming the environmental movement for high oil prices. That is angry and twisted thinking and I'll tell you why. As ALTERNATE ENERGY sources come online, and as oil consumption begins to lessen, prices will drop. Not drilling is a side issue.

The U.S. government is moving slowly because those who control oil in the U.S. aka The Oil Lobby, (mainly big shot Republicans), are even at this late date fighting the concept of Global Warming and Alternate Energy development. But they're making BIG BUCKS!

In fact alternate energy (which includes Tidal, Geothermal and Slo Volcano in addition to Solar & Wind) can easily be set up as localized and smaller plants with minimal transmission distance.

China, Japan and India are revving up for alternate energy and as in so many other sectors, the people of the U.S. are paying the price for lagging behind in applying these innovations. Yes, and what about the job creation entailed in applying alternate energy. And the financial benefits of home & community DIY energy projects. Hey where's all the oil from Iraq gone??? I thought we were in control.

Even the Governator of Cali is pushing Alternate Energy to save face now that he is on the way out! So don't blame the Spotted Owl. Hope this answers your question. Oh, and as for Ayn Rand- I don't think she was into Alternate Energy, but everyone ought to be.

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#2) On January 11, 2010 at 4:14 PM, lucas1985 (< 20) wrote:

@nzsvz9,
"We could be self-sufficient"
A little fact-check:
"Certainly 3.65 billion barrels of recoverable oil is nothing to sneeze at, but a little perspective is in order. The U.S. currently imports an average of about 10 million barrels of oil per day (for a total of about 3.65 billion barrels of oil per year), so even if all the estimated undiscovered oil in the Bakken formation were extracted today, it would only be enough to wean the U.S. off of crude oil imports for one year. That's still a good thing, but it's not nearly "enough crude to fully fuel the American economy for 41 years straight" as claimed above."

@Aristedes,
"as for Ayn Rand- I don't think she was into Alternate Energy"
She was into alternate reality ;)

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#3) On January 19, 2010 at 1:07 PM, nzsvz9 (< 20) wrote:

Recoverable oil is an interesting term, since reserves tend to grow as technology improves our ability to get more from what we already discovered and get new sources on line. The Bakken reserves are large, new, and only growing in their estimates of size and amount recoverable.

Yes, only so much is recoverable with today's technology, but then again the Deep Gulf was not possible until now.

Many countries do not report their oil reserves for political reasons - so we don't know.

The peak of world oil production has been predicted over and over again ... the 70's oil crisis was such a "sign of doom".

The first gulf war with oil wells ablaze was supposed to be the beginning of the end for oil ... it still flows.

So, now that the price in the USA is almost $3 a gallon, there's lots and lots of gasoline around. There hasn't been a shortage since the 70's.

Where's all the oil? When the price goes up there'll be plenty.

Ayn Rand was into market forces, not forced markets.

Known as price-watcher nzsvz9

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#4) On January 26, 2010 at 10:42 AM, nzsvz9 (< 20) wrote:

And here is another article from Forbes on oil which is just being tapped now which amounts to millions of barrels a day ... lots and lots of oil. The big Saudi field is expected to go for another 40 years - and the Athabaska Tar Sands in Canada -- much longer despite the "environmentally dirty" oil it produces!

I am NOT blaming the environmental movement for oil prices - they are determined by a world market - muddied by various government and trading business interests. Environmentalists demonizing the western lifestyle (as wasteful, dirty, unethical etc.) can have some effect on price by changing the moods and habits of consumers in the market - but I don't blame them - I just trust the market to bring on "alternative energy" better than government who will use my tax dollars to reward friends and punish enemies to push green energy before it is economically viable.

Until that time, there'll be as much oil as can be produced for the price available in the market.

And if you don't think that's gonna work, maybe you'll think this alternative energy idea is pretty funny ... oils from Tobacco seeds. Maybe the progressives can tax the tobacco crop, the oil, and the farmers to subsidize alternative energy ideas?

Known as gas-consumer (and producer!) nzsvz9

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#5) On March 02, 2010 at 12:41 PM, nzsvz9 (< 20) wrote:

2010.03.02 on Yahoo! ...

Canada, Denmark, Norway, Russia and the United States are already at odds over how to divvy up the Arctic riches, claiming overlapping parts of the region -- estimated to hold 90 billion untapped barrels of oil -- and wrangling over who should control the still frozen shipping routes.

More oil oozes from the seafloor ...

Known as beach goer nzsvz9

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