Gas prices

Bama Believer said:
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?
Click to expand...
from an earlier link:

"The USGS estimates that there may be 1.3 to 7.3 billion barrels of undiscovered, technically recoverable oil in the Bakken"

this is a big number, but USGS frames it as undiscovered,
which puts a low probability on it
(well below 10%) -

the fb post rachets that up
that we have access to 500 billion,
and then thru new math,
says 10% is 5 billion -
200 (1) (2).gif
 
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?
Click to expand...
No. Just because new refineries haven't been built does not mean that technologies and new processes haven't been incorporated into the existing refineries that have drastically increased refining capacity. New refinery plants have been built but since they are on the same property (repurposing buildings and equipment saves a lot of time and money and requires far less regulatory/permitting costs than a fresh new refining plant built elsewhere) as the old, they are not considered as a new refinery being built.
 
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