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Oil

March 17, 2010

Here’s a goodie that’s been circulating the internet. So, here I am passing it along. I encourage you all to do this as well.

OIL – you better sit down.

Here’s an interesting read, important and verifiable information :

About 6 months ago, the writer was watching a news program on oil and one of the Forbes Bros. 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.

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 (hadn’t 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: http://bakkenshale.net/bakkenshalemap.html

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…. 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 2041 years straight. And if THAT didn’t throw you on the floor, then this next one should – because it’s 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 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 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.

**edited to add image:**

THE NO ZONE -- Senate Floor Chart -- Office of Senator Larry Craig. Click to enlarge.

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10 Comments leave one →
  1. March 17, 2010 5:03 pm

    To top it off Cuba will be exploring for oil offshore FL.

    http://boudicabpi.boudica.us/?p=1517

    Bob A.

    • March 17, 2010 10:02 pm

      God. Even Communist nations are above us in Oil exploration?!

      Figures. Anything’s possible with this massive man-vagina sitting in office.

  2. March 17, 2010 8:03 pm

    The Bakken formation has been known for quite a while, since 1951. There is very likely a huge amount of oil there, although the 2 trillion barrel estimate is an extremely optimistic total reserves value. Total oil reserves and recoverable oil reserves (what you can actually get out of the rock) are two different things. Recoverable oil reserves for the Bakken are estimated at 3 to 4 billion barrels. Still a good-sized field, about 2/3 the size of Prudhoe Bay. And the produced oil is a high quality sweet crude.
    But before you start circulating conspiracy theories that development of the Bakken has been blocked by environmentalists, a couple key points.
    It’s a shale formation. That means the oil is in shale bedrock, a close-grained, low porosity and low-permeability rock. Wells drilled into shale are low-production wells at best. Low-permeability means low flow rate to the well, limiting the pumping rate. Low porosity means the oil has limited pathways to the well, which means more wells must be drilled to get the oil out. Oil companies currently drilling in the formation are seeing recovery rates of 1% or less.
    It’s not cheap oil. Low-production wells are more expensive than higher producing wells, since much of the cost is in the drilling. Since more wells are needed compared to a sandstone formation like Prudhoe Bay or Texas (or the Middle East), the operating cost for the field is much higher. The actual break point of when Bakken wells are economically viable is closely guarded by the companies operating there, but looking at production figures (when are wells turned on and off, compared to oil price trends) it is likely well above $50/barrel.
    The Bakken formation is currently being drilled and produced by a number of companies. It is not “locked up” by any measure. The impediments to further production growth in the formation are technical and economic, not political.

    • March 17, 2010 9:45 pm

      I’m not sure I buy your “optimistic total reserves value” line. It’s our oil. It’s on our soil. This is something I’d prefer to look more into on my own. Certainly from a source more reliable than… haha… SNOPES!

      America having an abundance of our OWN oil is a lot more than “conspiracy theory”. The Bakken is just ONE of the several opportunities we have here in America to drill for our own oil. I think the environMENTALists need to step aside and get over it. Besides; many of those “environmentalists” believe in Darwinism. So, survival of the fittest and all that jazz, yes? Well Humans are far more “fit” than any other life form on the planet. Why should we lower our quality of life and destroy opportunities to get things nature provides to obtain a higher quality of life for ourselves?

      “Low-production” wells are better than NO production wells. Well, let me rephrase that. “Low-production” wells are much more productive than wells that have been blocked by – whoever. EnvironMENTALists play a huge part in making it impossible for us to drill on our own soil.

      Since your “argument” appears to be in favour of continuing to depend on foreign oil and against the idea of obtaining our own DOMESTIC oil; I can’t quite figure you out. You say that “low-production” wells are expensive. Sure – but so is depending on the fluctuating prices of foreign oil. Oil from the Middle East where it’s clear that we’re not looked at in a favourable light. The Bakken isn’t the only source of American oil. No, no. We have an abundance of our own oil and we don’t NEED to keep getting our oil from foreign sources. In fact, that’s part of the reason we purchased Alaska; and we got that state for a STEAL.

      Technical, economic, political… I can’t see any logical reason to prevent us from getting and USING America’s own resources. Forget the Bakken, for the sake of your argument. What about oil that’s located off the shores of Clifornia, Oregon, and Washington state? Or what about the MASSIVE amounts of oil located off of Alaska’s shores? Florida? Georgia? South Carolina? North Carolina? Virginia? Heck — all up and DOWN the Eastern Coast. Should we not attempt to drill for our own oil? It’s natural. It’s there. It’s ours. It would benefit our country.

      I’m going to edit this post after I respond to your comment. I won’t alter the information – I just want to add an image I left out.

      • March 22, 2010 10:34 pm

        Low production wells are more expensive to operate, that’s an inescapable fact. Another fact is that oil is a fungible commodity. Basic economics and capitalism dictate that raw materials will come from the lowest cost supplier. For oil, that lowest cost supplier is predominantly the Middle East, Venezuela, and Indonesia. Even with OPEC price manipulations, much (although not all) foreign oil is cheaper than U.S. sources. Oil companies will not produce from a well or oil field unless they can make a profit on it. It makes no business sense to pump shale oil that costs $50/barrel to produce if you can only get $45/barrel for the oil in the marketplace. Until the cheap oil is depleted, the Bakken deposit cannot compete on price. I suppose that if everyone was willing to pay $5 to $7 per gallon for gasoline, then we could slap some high import tariffs on imported oil and increase domestic production, but everybody seems to whine when gasoline prices go up.
        Your “No Zone” image is a bit of a lie. It shows total offshore area, not where the reserves are. Roughly 70% of the offshore oil reserves on the U.S. continental shelf lie in the green colored area off of Texas and Louisiana. The only oil along the east coast are a few small pockets off of Virgina (the lockout is for drilling, not seismic exploration, which has been done along most of both east and west coasts). Most of the east coast offshore is the wrong geology to trap oil. The west coast is open for exploration from shoreline out to 12 miles (go to Santa Barbara and look west – the horizon is all production platforms). If you look at the subsea topography, 12 miles out is deeper water than the Gulf of Mexico deepwater area.
        As far as Alaska, I do consulting work for several oil companies that are actively exploring in the Beaufort and Chukchi Sea areas. Both areas are likely to come online with the next decade, and the Chukchi has potential to have more recoverable oil than the Bakken. Bristol Bay is off limits, but the seismic work we did there indicated very little oil potential.

  3. March 17, 2010 8:08 pm

    Just found this at Snopes… looks a lot like what got sent to you.
    http://www.snopes.com/politics/gasoline/bakken.asp

    • March 17, 2010 9:25 pm

      HAHAHAHA SNOPES!! Oh my God. That’s as biased of a site as the Huffingfumes pots or MoveOn.org!! Ahaha. Really reliable source, bro!

  4. March 17, 2010 9:51 pm

    Snopes…good heavens…surely you jest?

  5. March 18, 2010 11:03 pm

    Just in case your not pissed off enough,
    the Russians are coming, the Russians are coming.
    http://boudicabpi.boudica.us/?p=1595
    Courtesy the Washington Times.
    Bob A.

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