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Offlinelonestar2004
Live to party,work to affordit.
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Registered: 10/03/04
Posts: 8,978
Loc: South Texas
Last seen: 12 years, 10 months
Re: America Sitting On An Oil Bonanza? [Re: trendal]
    #8281204 - 04/14/08 08:42 AM (15 years, 10 months ago)

Quote:

trendal said:
So, lonestar, what do you think of this now that the report has come out and reported significantly less than "175 to 500" billion barrels of recoverable oil?

4.3 billion, was the actual number.





"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.

A U.S. Geological Survey assessment, released April 10, shows a 25-fold increase in the amount of oil that can be recovered compared to the agency's 1995 estimate of 151 million barrels of oil."


http://www.usgs.gov/newsroom/article.asp?ID=1911


still could be 500 billion barrels.


only about 1% is recoverable (now).

When oil hits $200 a barrel expect the recoverable barrels to rise.


--------------------
America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

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InvisibletrendalM
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Registered: 04/17/01
Posts: 20,815
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Re: America Sitting On An Oil Bonanza? [Re: lonestar2004]
    #8281226 - 04/14/08 08:53 AM (15 years, 10 months ago)

There is a reason they said 4.3 billion recoverable barrels of oil, that's because all the oil in a well is never recoverable (or at least it stops being a fuel source after a while). Look it up...

With todays technology they can get at 4.3 billion barrels of the oil that is in the ground.


--------------------
Once, men turned their thinking over to machines in the hope that this would set them free.
But that only permitted other men with machines to enslave them.

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Offlinelonestar2004
Live to party,work to affordit.
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Registered: 10/03/04
Posts: 8,978
Loc: South Texas
Last seen: 12 years, 10 months
Re: America Sitting On An Oil Bonanza? [Re: trendal]
    #8281257 - 04/14/08 09:05 AM (15 years, 10 months ago)

its still good news to me.

This number will do nothing but go UP over time!

The number of the estimated recoverable oil barrels have already increased 25x in the last 10 years!

Start drilling, and building refineries.


--------------------
America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

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InvisibletrendalM
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Registered: 04/17/01
Posts: 20,815
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Re: America Sitting On An Oil Bonanza? [Re: lonestar2004]
    #8281313 - 04/14/08 09:23 AM (15 years, 10 months ago)

Have you looked into the energy costs of drilling for oil in shale such as the Bakken Formation? It isn't as simple as sticking a pipe in the ground...

The oil is actually located in tiny bubbles inside the host rock. That isn't a problem (in most, if not all, oil reservoirs the oil is contained in a source rock) except the porosity of shale is very low for an oil reservoir. So the rock must first be stressed in such a way that the tiny bubbles rupture and the oil is free to flow (via freezing/heating, or explosives...I could be wrong but I think the US did some research using nuclear bombs to get the oil out).

I doubt that you will ever see much out of this formation...it's just too energy intensive.


--------------------
Once, men turned their thinking over to machines in the hope that this would set them free.
But that only permitted other men with machines to enslave them.

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InvisibleLuddite
I watch Fox News
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Registered: 03/23/06
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Re: America Sitting On An Oil Bonanza? [Re: trendal]
    #8283066 - 04/14/08 05:07 PM (15 years, 10 months ago)

But with breakthrough techniques such as horizontal drilling, the full potential of the Bakken play can now be developed. And it's well worth it given high oil prices and technological advancements.

And as we mentioned above, the discovery could be significant. Unlike Northern Canada's oil sands, the Bakken's oil can be extracted relatively cheap, without the use of energy intensive processes.

http://www.energyandcapital.com/articles/bakken-oil-trade/658

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OfflineScavengerType
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Registered: 01/24/08
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Re: America Sitting On An Oil Bonanza? [Re: Luddite]
    #8283524 - 04/14/08 06:47 PM (15 years, 10 months ago)

it will still be expensive. Correct me if I'm wrong (i may be) but horizontal drilling is simply the practice of using current extraction reservoirs as a mechanism to get at other surrounding reservoirs. Correct? The costs associated with shale will still be there it will just be a little cheaper with regards to start up capital.


--------------------
"Have you ever seen what happens when a grenade goes off in a school? Do you really know what you’re doing when you order shock and awe? Are you prepared to kneel beside a dying soldier and tell him why he went to Iraq, or why he went to any war?"
"The things that are done in the name of the shareholder are, to me, as terrifying as the things that are done—dare I say it—in the name of God. Montesquieu said, "There have never been so many civil wars as in the Kingdom of God." And I begin to feel that’s true. The shareholder is the excuse for everything."
- Author and former M6/M5 agent John le Carré on Democracy Now.
Conquer's Club

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Offlinedill705
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Re: America Sitting On An Oil Bonanza? [Re: ScavengerType]
    #8283649 - 04/14/08 07:12 PM (15 years, 10 months ago)

This happy thread has gone downhill pretty fast.


--------------------
My advice is to find those things that give pleasure and do them often without too much attachment and relax and wait for the show to end.

-Icelander-

I like free markets and all. Truly I do, at least in general, but there needs to be some kind of oversight in recognition of sustainability. Life works the same way, on a bunch of sustainable systems. Why not honor what made us what we are and take some lessons? Nature FTW!

~dill705~

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Invisiblezorbman
blarrr
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Registered: 06/04/04
Posts: 5,952
Re: America Sitting On An Oil Bonanza? [Re: dill705]
    #8286690 - 04/15/08 12:21 PM (15 years, 10 months ago)

Just as I suspected. Not much will come of this. You will see many stories like these over the next few years. This "great find" will do very little to wean us off of foreign oil - it will barely put a dent in the needed supply growth.

People need to get out of denial and get into conservation and alternative energy with a sense of urgency. Every day we put that off is another day of terrible times down the road.

We should have started preparing for the end of the oil age a decade ago.

Let's face it: People are going to keep doing what they're doing until they can't do it anymore.


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“The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought.”  -- Rudiger Dornbusch

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InvisibletrendalM
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Registered: 04/17/01
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Re: America Sitting On An Oil Bonanza? [Re: zorbman]
    #8286801 - 04/15/08 12:55 PM (15 years, 10 months ago)

Quote:

zorbman said:
Just as I suspected. Not much will come of this. You will see many stories like these over the next few years. This "great find" will do very little to wean us off of foreign oil - it will barely put a dent in the needed supply growth.

People need to get out of denial and get into conservation and alternative energy with a sense of urgency. Every day we put that off is another day of terrible times down the road.

We should have started preparing for the end of the oil age a decade ago.

Let's face it: People are going to keep doing what they're doing until they can't do it anymore.




:thumbup:

I think the message is clear: use this time wisely. We may not get another chance like this.


--------------------
Once, men turned their thinking over to machines in the hope that this would set them free.
But that only permitted other men with machines to enslave them.

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Offlinelonestar2004
Live to party,work to affordit.
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Registered: 10/03/04
Posts: 8,978
Loc: South Texas
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Re: America Sitting On An Oil Bonanza? [Re: trendal]
    #8286839 - 04/15/08 01:08 PM (15 years, 10 months ago)

Crude-oil futures accelerated their gains Tuesday and surged to a new record of $113.93 a barrel on the New York Mercantile Exchange. Crude oil for May delivery was last up $2.02 at $113.78 a barrel on the Nymex.


at what point will you guys stop buying gas?


$5.00 gallon?

$10.00 gallon?


you don't walk everywhere right?


--------------------
America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

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OfflineScavengerType
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Registered: 01/24/08
Posts: 5,784
Loc: The North
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Re: America Sitting On An Oil Bonanza? [Re: lonestar2004]
    #8286937 - 04/15/08 01:37 PM (15 years, 10 months ago)

I actually do ride a bike/walk a lot. Living in the rural north this is uncommon, but I do have a car and drive it in cases where I need to be somewhere right away or if I need to be across town quickly. Frankly though I think I pay more on insurance than gas in a month.


--------------------
"Have you ever seen what happens when a grenade goes off in a school? Do you really know what you’re doing when you order shock and awe? Are you prepared to kneel beside a dying soldier and tell him why he went to Iraq, or why he went to any war?"
"The things that are done in the name of the shareholder are, to me, as terrifying as the things that are done—dare I say it—in the name of God. Montesquieu said, "There have never been so many civil wars as in the Kingdom of God." And I begin to feel that’s true. The shareholder is the excuse for everything."
- Author and former M6/M5 agent John le Carré on Democracy Now.
Conquer's Club

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InvisibletrendalM
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Registered: 04/17/01
Posts: 20,815
Loc: Ontario, Canada Flag
Re: America Sitting On An Oil Bonanza? [Re: trendal]
    #8295284 - 04/17/08 08:24 AM (15 years, 10 months ago)

An unconventional play in the Bakken

Last week the U.S. Geological Survey (USGS) released its long-awaited reassessment of the undiscovered recoverable oil potential in the Bakken Formation of North Dakota and Montana. The USGS estimated "mean undiscovered volumes of 3.65 billion barrels of oil," which sounds like a lot. Senator Byron Dorgan (D-ND), who commissioned the study, was delighted with the result, saying "this is great news, this is 25 times the amount of the previous assessment."

Oil is now being produced in the Elm Coulee section (graph left) of the Bakken and more oil will be produced there and elsewhere as the years go by. Although one can quibble about the USGS numbers—and we will—the more important question is what will the oil flows be from the Bakken?

A proper understanding of the likely conversion rate of Bakken recoverable oil to flows (measured in barrels per day) reveals that this unconventional play will have little effect on peak oil concerns or America's perilous oil dependency. This understanding comes from an examination of the geology and production practices in the Bakken.

(lots more at link)

http://www.energybulletin.net/42850.html


--------------------
Once, men turned their thinking over to machines in the hope that this would set them free.
But that only permitted other men with machines to enslave them.

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Offlinedill705
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Registered: 12/10/07
Posts: 3,779
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Re: America Sitting On An Oil Bonanza? [Re: trendal]
    #8295904 - 04/17/08 12:00 PM (15 years, 10 months ago)

So the point is that this doesn't mean shit really? Go fuckin' figure... :kingcrankey:


--------------------
My advice is to find those things that give pleasure and do them often without too much attachment and relax and wait for the show to end.

-Icelander-

I like free markets and all. Truly I do, at least in general, but there needs to be some kind of oversight in recognition of sustainability. Life works the same way, on a bunch of sustainable systems. Why not honor what made us what we are and take some lessons? Nature FTW!

~dill705~

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InvisibletrendalM
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Registered: 04/17/01
Posts: 20,815
Loc: Ontario, Canada Flag
Re: America Sitting On An Oil Bonanza? [Re: dill705]
    #8295953 - 04/17/08 12:13 PM (15 years, 10 months ago)

Yeah :smirk:


--------------------
Once, men turned their thinking over to machines in the hope that this would set them free.
But that only permitted other men with machines to enslave them.

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Offlinelonestar2004
Live to party,work to affordit.
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Registered: 10/03/04
Posts: 8,978
Loc: South Texas
Last seen: 12 years, 10 months
Re: America Sitting On An Oil Bonanza? [Re: dill705]
    #8296035 - 04/17/08 12:39 PM (15 years, 10 months ago)

Quote:

dill705 said:
So the point is that this doesn't mean shit really? Go fuckin' figure... :kingcrankey:




please don't let this good news for America get u angry....


--------------------
America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

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Offlinedill705
Amazed
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Registered: 12/10/07
Posts: 3,779
Loc: The Cat's Cradle
Last seen: 6 years, 5 months
Re: America Sitting On An Oil Bonanza? [Re: lonestar2004]
    #8296050 - 04/17/08 12:45 PM (15 years, 10 months ago)

I appreciate the kindness, but al this does is pollute our planet more and not solve the problem, nor apparently significantly impact the problem.

Sounds shitty to me.


--------------------
My advice is to find those things that give pleasure and do them often without too much attachment and relax and wait for the show to end.

-Icelander-

I like free markets and all. Truly I do, at least in general, but there needs to be some kind of oversight in recognition of sustainability. Life works the same way, on a bunch of sustainable systems. Why not honor what made us what we are and take some lessons? Nature FTW!

~dill705~

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Offlinedill705
Amazed
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Registered: 12/10/07
Posts: 3,779
Loc: The Cat's Cradle
Last seen: 6 years, 5 months
Re: America Sitting On An Oil Bonanza? [Re: dill705]
    #8296053 - 04/17/08 12:46 PM (15 years, 10 months ago)

Oh, and the only people who will benefit are the people that are selling the oil, and that's not me.


--------------------
My advice is to find those things that give pleasure and do them often without too much attachment and relax and wait for the show to end.

-Icelander-

I like free markets and all. Truly I do, at least in general, but there needs to be some kind of oversight in recognition of sustainability. Life works the same way, on a bunch of sustainable systems. Why not honor what made us what we are and take some lessons? Nature FTW!

~dill705~

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