Gas prices

Bama Believer said:
The USGS estimates that there may be 1.3 to 7.3 billion barrels of undiscovered, technically recoverable oil in the Bakken Formation (with a mean estimate of 4.3 billion barrels). These are estimates of oil that has yet to be found, but if found, could be produced using currently available technology and industry practices. Estimates are based on an assessment of the geologic data.
An additional 4.9 trillion cubic feet of associated/dissolved natural gas and 0.42 billion barrels of natural gas have been estimated. These are mean values for undiscovered volumes.
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keyword: undiscovered
 
Bama Believer said:
my point is that we have enough oil in the US to keep us going until a better energy source is found and implemented. I don't understand the heavy oil vs light oil referenced above,, it may be true that we have to import some oil.. but I wish we didn't have to depend on anybody for anything,, (fucking chips from china determining our manufacturing schedules.. ugh!!) as @RTR...USN (ret) alluded too, Philanthropy is great, and a thriving global economy is better for us,, but I'd rather have fuck you money if you will.. yeah, we'll spread the wealth but if you fuck with us, we can turn it off and not miss a beat. that's where Id like us to be.
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i don't disagree with yer sentiment -
 
TechRaiderRider said:
not sure what you mean by leverage -
can you expand?
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Market leverage. If we produce a butt load of light crude, but have to import some heavy crude to satisfy our needs, then don't the countries putting out the heavy stuff require lots of light crude for their needs? I got the impression that the ratio of light to heavy skews toward light?
 
Hard2Bluff said:
Maybe Im misunderstanding here, but if we cant get the products to the consumers we are gonna be in a tough position. I find it rdiculous that we have a supposed couple hundred of years of US reserve oil and we arent using it.
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Are you talking refining capacity or reserves still in the ground? Seems to me we have the capability to get what is refined to the consumer, no problem.
 
MarineUKFan said:
Market leverage. If we produce a butt load of light crude, but have to import some heavy crude to satisfy our needs, then don't the countries putting out the heavy stuff require lots of light crude for their needs? I got the impression that the ratio of light to heavy skews toward light?
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US crude exports have increased dramatically since '14 -
 
TechRaiderRider said:
US crude exports have increased dramatically since '14 -
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So, lemme guess here (probably sound like I'm as ignorant as I actually am), the problem with the price increases has everything to do with the heavy crude imports and where they come from? Is there any issue with our refining capabilities?
 
TechRaiderRider said:
last couple years, we've been operatin at capacity,
around 18 MMBOPD -
last major refinery in the US
was built in the 1970s -
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Yeah, I knew it had been a good while since a new refinery was built, but didn't realize it had been around 50 years!! So, we're talking about the fact that we're all tapped out on refining capacity then?
 
MarineUKFan said:
Yeah, I knew it had been a good while since a new refinery was built, but didn't realize it had been around 50 years!! So, we're talking about the fact that we're all tapped out on refining capacity then?
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important part of the equation,
but is that drivin the recent price increase?
 
ok, I found what I read earlier about the bakken oil reserves,, this has been making its rounds as a post on Facebook so consider the source, this may be entirely false, I don't know,, but it was very interesting reading....

This is an eye opening read....
Bidens policies make it hard to drill, from 37,000 drill sites a year ago to 9,000 ,taking years to get the permits
Found this on line thought I would share
U.S. OIL SUPPLY.....INCREDIBLE..!!
About 6 months ago, there was 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:
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 (5 Billion barrels), 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 analyzer. "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 many recent years of high oil prices none has been extracted. With this mother lode 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?
 
Toadman005 said:
If a train leaves Cleaveland heading south at 135 mph en route to Knoxville, and another train leaves Tallahassee traveling north at 85 mph, how bad does Auburn Cheat?
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About elevinty thousand......it's just simple math with that one.....

Only questionable thing about that scenario is why the hell would anyone intentionally travel to Knoxville??
 
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