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Joined: Mar 2008
Posts: 15,648
Campfire Ranger
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Campfire Ranger
Joined: Mar 2008
Posts: 15,648 |
And yet there is an enormous amount of money added to cost of production by the mere fact that the oil is being transported an enormous distance from the site of extraction. Thank the EPA, no new refineries built since 1976. Still a lot closer than importing from the ME though.. i imagine at some point we are gonna be off ME oil, doubt we will truly independent though, i foresee us buying from Canada and other places closer to home for as long as we are heavily using oil...... but the other side of the coin is the oil they are talking about like the Bakken formation and the other two here and some of these shale deposits where fracking is needed is its not cheap to get the oil out of the ground, yeah its there, and there is alot of it but it doesnt mean we are gonna see $1.50 a gallon gas again cause if it drops that far and stays there drilling here will come to a quick halt cause they cant sell it for that and make money while paying to drill new wells.... last number i saw, and this is 10 years old, is that oil needs to stay at $60 a barrel or above or you cant make money drilling here on the Bakken cause it costs more to drill than you will get selling the oil out of it....im sure that number is higher now.... Once there is one well on every lease the frantic drilling will be over, as it already may be, and the costs are goin down. I believe it is below $60 now.
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Joined: Mar 2012
Posts: 6,519
Campfire Tracker
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Campfire Tracker
Joined: Mar 2012
Posts: 6,519 |
Steve,
Are there any estimates of the reserves of shale oil the US has? Is there any potential for oil independence from the ME?
Regards,
Peter 6 TRILLION barrels in West slope of Colorado - about 20X what they have in Saudi Arabia. And what was the first thing Obama did after he was re-elected? He banned all mineral exploration on federal lands - 1.6 million acres off limits.
Last edited by WyColoCowboy; 02/19/13.
"And for the support of this Declaration, with a firm reliance on the protection of divine Providence, we mutually pledge to each other our Lives, our Fortunes and our sacred Honor." ![[Linked Image]](http://www.rockymtnrefl.com/TetonFenceBarncd1985987.jpg)
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Joined: Nov 2003
Posts: 28,605
Campfire Ranger
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Campfire Ranger
Joined: Nov 2003
Posts: 28,605 |
And yet there is an enormous amount of money added to cost of production by the mere fact that the oil is being transported an enormous distance from the site of extraction. Thank the EPA, no new refineries built since 1976. Still a lot closer than importing from the ME though.. i imagine at some point we are gonna be off ME oil, doubt we will truly independent though, i foresee us buying from Canada and other places closer to home for as long as we are heavily using oil...... but the other side of the coin is the oil they are talking about like the Bakken formation and the other two here and some of these shale deposits where fracking is needed is its not cheap to get the oil out of the ground, yeah its there, and there is alot of it but it doesnt mean we are gonna see $1.50 a gallon gas again cause if it drops that far and stays there drilling here will come to a quick halt cause they cant sell it for that and make money while paying to drill new wells.... last number i saw, and this is 10 years old, is that oil needs to stay at $60 a barrel or above or you cant make money drilling here on the Bakken cause it costs more to drill than you will get selling the oil out of it....im sure that number is higher now.... Once there is one well on every lease the frantic drilling will be over, as it already may be, and the costs are goin down. I believe it is below $60 now. trading at around $95 ATM....and the $60 was it staying there for a good while, short term dips dont matter as much...
A serious student of the "Armchair Safari" always looking for Africa/Asia hunting books
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Joined: Aug 2005
Posts: 28,273 Likes: 9
Campfire Ranger
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Campfire Ranger
Joined: Aug 2005
Posts: 28,273 Likes: 9 |
Keystone is a red herring. The oil is coming to the Gulf Coast whether anybody likes it or not. Look at the Enbridge/Energy Transfer deal announced yesterday. There is more than one way to skin a cat. Look at the various pipeline companies asset maps available on-line. Overlay those maps. A couple of deals, interconnects and change of service and you can pump anything anywhere.
On another note, the only gas liqufaction that is going to happen in the US in the near future will be for export. Domestically gas isn't worth anything. Overseas is another story. Right on Jmac.
It is irrelevant what you think. What matters is the TRUTH.
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Joined: Nov 2002
Posts: 33,777 Likes: 9
Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2002
Posts: 33,777 Likes: 9 |
Keystone is a red herring. The oil is coming to the Gulf Coast whether anybody likes it or not. Look at the Enbridge/Energy Transfer deal announced yesterday. There is more than one way to skin a cat. Look at the various pipeline companies asset maps available on-line. Overlay those maps. A couple of deals, interconnects and change of service and you can pump anything anywhere.
On another note, the only gas liqufaction that is going to happen in the US in the near future will be for export. Domestically gas isn't worth anything. Overseas is another story. Exactly and we are in full development of an LNG export facility feed that very need.
Conduct is the best proof of character.
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