Gas prices could go down if??

[4Knights]

I just received this email and Wow!
> Subject: FW: FW: OIL---you better be sitting down when you read this
>
> *While the following is true as far as it goes
> (except I didn't know Steve Forbes had a brother), the new oil finds in
> North America go on and on.* Another big new field in East Central
> Texas is just starting serious redevelopment (more on that later) and
> another large field not developed yet has been found in southern
> Illinois and Indiana and into Pennsylvania, and another just found is
> in greater Los Angeles.* The ones in Texas and Pennsylvania are in
> areas that had been drilled previously, but were thought exhausted
> until recently re-evaluated in light of new drilling depths and
> techniques.* Bakken is probably larger than these three together, but
> they are large too, particularly the one in Texas.* Another really big
> new field is in the mountains Northeast of Vancouver.* They have known
> about it for quite awhile, but couldn't extract the oil because it
> (like Bakken) is in stratified shale.* They now know how to get it out
> almost as easily as the oil they've been pumping in Oklahoma and
> Texas.* Another thought to put the size of Bakken in perspective:* The
> pipeline bringing in oil from Prudhoe Bay in Alaska delivers about 15%
> of the oil presently used in the US.** Bill
>
> Here's an astonishing 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."* Please
> read below.
>
> 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:
>
> 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," reportsThe 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* (I subscribe to this.* Bill)
>
> 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?
>
>
> By the way...this is all true. Check it out at the link below!!!
> GOOGLE it, or follow this link.* It will blow your mind.
> *The page cannot be displayed

[Lindsay Richards]

Unfortunately, the Department of the Interior has stopped giving permits. Our dependence of foreign oil is political, not a shortage. Sad, but true. Great article.

[FleetMan]

Originally Posted by Lindsay Richards

Unfortunately, the Department of the Interior has stopped giving permits. Our dependence of foreign oil is political, not a shortage. Sad, but true. Great article.

To quote an old line, I think it was used on Laugh In - "And That's The Truth!"

[Hooligan]

But if we had our own cheap oil, then GE would not have a market for windmills and solar panels. (oh wait- is that politics too?)
Saw an article that windmills now account for 6/10th's of 1 % of our energy and solar panels almost 1/10th of 1%. We are on our way!!!

Seriously; 4Knights, good read, thanks

[Fred and Bonnie]

I am very skeptical of the article, it looks similiar this article on Snopes.

snopes.com: Bakken Formation

fred

[RustyJC]

An article in today's Houston Chronicle.

Rusty

[Wayne MD]

Now children, remember, if it sounds too good to be true, it probably is. I suppose Bush can be blamed for it too. China will own it, and we will pay off the national debt by supplying China all the free oil we can pump to them. We will still be paying over $5.00/gal when the barrels start flowing.

[Lindsay Richards]

That Snopes article was 3 years old and quoted a lot of information from 2006. I have read about these new oil sources and the fracturing method for years and am convinced they are true. We are paying about $700 billion per year to overseas countries for oil and this could reverse that as well as provide a huge number of high paying jobs. If we were allowed to get this natural resources, it would make a huge difference in this country. As a country, we need to do this right away. Building refineries and nuclear plants need to be permitted also.

[Wayne MD]

My Way News - Report: Hackers in China hit Western oil companies

Looks like China has already started to get into our so called oil supply. Next they will be backing up the trucks to our pumps and removing the oil for their needs. We of course will give it to them free.

[mythplaced]

Originally Posted by RustyJC

An article in today's Houston Chronicle.

Rusty

Excerpted from that article.....
"The country's (USA) shale oil resources aren't nearly as big as the country's shale gas resources. Drillers have unlocked decades' worth of natural gas, an abundance of supply that may keep prices low for years. U.S. shale oil on the other hand will only supply one to two percent of world consumption by 2015, not nearly enough to affect prices."

[Lindsay Richards]

I have read many times that the shale oil reserves in the three Western states were larger than the known reserves in the middle east and were over 1.5 trillion bbls. The recovery technology was still be developed though. I will look for the source and post it.

[Lindsay Richards]

See info and link below on shale oil:

Even testing on recovery methods is banned by the US government.

While oil shale is found in many places worldwide, by far the largest deposits in the world are found in the United States in the Green River Formation, which covers portions of Colorado, Utah, and Wyoming. Estimates of the oil resource in place within the Green River Formation range from 1.2 to 1.8 trillion barrels. Not all resources in place are recoverable; however, even a moderate estimate of 800 billion barrels of recoverable oil from oil shale in the Green River Formation is three times greater than the proven oil reserves of Saudi Arabia. Present U.S. demand for petroleum products is about 20 million barrels per day. If oil shale could be used to meet a quarter of that demand, the estimated 800 billion barrels of recoverable oil from the Green River Formation would last for more than 400 years1.

About Oil Shale


We could become an exporter of oil and have a positive balance of trade.

[Midniteoyl]

The Bakken Play: With up to 100 billion barrels of oil, the reserves locked under rocks buried a mile or more beneath Montana and Saskatchewan, Canada, are more than twice the size of Alaskan's entire oil cache. New drilling and oil recovery technologies are overcoming production obstacles and petroleum companies are rushing to stake their claims. Marathon Oil recently acquired about 200,000 acres in the area and will drill about 300 oil wells within five years. Brigham Exploration and Crescent Point Energy Trust also want a piece of the action. EOG Resources alone figures it can produce 80 million barrels of oil from its Bakken field. But It will take at least five years before the oil starts flowing in large volumes.

The outer continental shelf (OCS): Something in the neighborhood of 90 billion barrels of oil sit beneath the ocean bed 50 to 100 miles off the Atlantic, Pacific and Gulf coasts. Presidential bans and congressional prohibitions have put the tracts off-limits to oil company exploration at least until 2012, although there's a chance that Congress may lift the moratorium before then. In recent months, several key policymakers, including GOP presidential candidate John McCain and Florida Governor Charles Crist Jr. (R), have reversed their positions on drilling in the OCS. Crist's change of mind may signal a new trend. Concern about potential damage to his state's beaches and Florida's critical tourism industry had dictated his opposition to drilling off the state's coasts. But the state's growing budget woes -- and the prospect of capturing some cash from off-shore leasing -- is proving alluring.

Tar sands: Around 75 billion barrels of oil could come from tar sands, similar to Canadian fields, which now churn out a million barrels a day. The sands are located predominantly in Utah, Alaska, Texas and California, as well as in Alabama and Kentucky on federal and state lands that, by laws and administrative orders, are closed to mineral and petroleum development.

Of course, it isn't enough to simply get at the oil in these and other U.S. reserves. Providing major new supplies to U.S. consumers also requires a significant jump in refining capacity. But existing environmental regulations and community opposition make it tough to build new refineries. The last new domestic refinery was started up in 1976. And even if the technology and political will came together to allow oil companies access to the untapped reserves, they'll be reluctant to do so if the U.S. doesn't also have the capacity to refine the petroleum produced.

[Superslif]

So why would the US Government let "China" buy into OUR good old USA oil? Just don't get it

Just sock-it-to the American consumer. If we're willing to pay $4 or $5 a gallon, I guess there is a tipping point at which the average person will cut back on their way of life or lifestyle. I guess we'll have to see what $5+ gas feels like. Glad I live close to work.....and live debt-free