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NALM '20 Seattle dreaming
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I found this very interesting makes you wonder why we do not hear about this on the news. I saw a brief story about it on msn money but that is it. Anyway if you find it interesting pass along to friends its time to trouble the waters a bit :

http://www.nextenergynews.com/news1/...news2.13s.html

Massive Oil Deposit Could Increase US reserves by 10x

America is sitting on top of a super massive 200 billion barrel Oil Field that could potentially make America Energy Independent and until now has largely gone unnoticed. Thanks to new technology the Bakken Formation in North Dakota could boost America's Oil reserves by an incredible 10 times, giving western economies the trump card against OPEC's short squeeze on oil supply and making Iranian and Venezuelan threats of disrupted supply irrelevant.

In the next 30 days the USGS (U.S. Geological Survey) will release a new report giving an accurate resource assessment of the Bakken Oil Formation that covers North Dakota and portions of South Dakota and Montana. With new horizontal drilling technology it is believed that from 175 to 500 billion barrels of recoverable oil are held in this 200,000 square mile reserve that was initially discovered in 1951. The USGS did an initial study back in 1999 that estimated 400 billion recoverable barrels were present but with prices bottoming out at $10 a barrel back then the report was dismissed because of the higher cost of horizontal drilling techniques that would be needed, estimated at $20-$40 a barrel.

It was not until 2007, when EOG Resources of Texas started a frenzy when they drilled a single well in Parshal N.D. that is expected to yield 700,000 barrels of oil that real excitement and money started to flow in North Dakota. Marathon Oil is investing $1.5 billion and drilling 300 new wells in what is expected to be one of the greatest booms in Oil discovery since Oil was discovered in Saudi Arabia in 1938.

The US imported about 14 million barrels of Oil per day in 2007 , which means US consumers sent about $340 Billion Dollars over seas building palaces in Dubai and propping up unfriendly regimes around the World, if 200 billion barrels of oil at $90 a barrel are recovered in the high plains the added wealth to the US economy would be $18 Trillion Dollars which would go a long way in stabilizing the US trade deficit and could cut the cost of oil in half in the long run.

WOW and my wife's Grandma owns 900+ acres in N. Dakota !!!!
 

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Now-G3Silver-
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335 Posts
interested in oil?

check out the theory of "abiotic oil"
 

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Rebuilding :(
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4,727 Posts
If you really want to see prices fall, write your legislator to demand that those speculating on oil be removed. Check out this NPR news story:

http://www.npr.org/templates/story/story.php?storyId=87991822

They reported that in the year 2000, on $9 billion were being traded for oil, this year, there is over $200 billion floating around the market. Remove the speculators and people investing, thus removing skyrocketing oil.
 

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SGM / Type F
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Yikes don't get me started:

a) If the govt. stands to make more tax revenue off our reserves later rather than sooner, the interests of the consumer take a back seat...which they do. I suspect the recoverable $ amount is somewhere between the 3.4bn low estimate an the 100bn sky high estimate. Even at 40bn the tax revenue (interest compensated) is worth a LOT more in 20 years, hence justifying our tax $'s being squandered on imports.

b) Stabilzing our trade deficit (although in the best interest of the avg. populace) is not in the interest if the hedge fund community (which is where politics is dictated). A larger trade deficit now means greater profits for the hedge funds that bet on lowering said deficit via slowly eliminating import via local oil recovery over the next 20 years.

Bottom line: Corporate investors/Capital managers are now calling the 'shots' as far as energy commodities hedging goes...further bottom line: the big money bets are controlling the energy policies of the near future. My .02.
 

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just because americans dont/cant invest in oil doesnt mean anyone else wont. and, if i remember correctly, its traded in USD anyway.

also, using everyone elses oil first leaves us in a position of power in the long run. if youre into oil that is =)
 

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kinda on this subject...

Check out "there will be blood" at your movie rental place. danial day lewis is a freaky actor. I'm sure that the land owner, where the oil is, WILL get jack for his property and just maybe killed for it's oil. Wish our society was built to be closer together. Would love to be able to ride a bike or even walk back and forth to work. No way i'm giving up my car though. Look for alternatives. The Govt. (I love the USA, where I was born and raised) is not gonna do anything to make oil cheaper. What would the Middle East do if there was no market for oil?
 
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