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originally posted by: loam
a reply to: enlightenedservant
Moreover, if we were energy independent, what would be the point?
Caelus Energy says it has discovered an estimated 6 billion barrels of oil under its current state leaseholds in Smith Bay, an area southeast of Barrow. The company says the wider Smith Bay area could contain as much as 10 billion barrels of oil.
"We drilled two wells this past winter and we're happy to announce today that we discovered some 6 billion barrels of oil in place and we think 2.5 billion barrels of oil are recoverable," Caelus chief executive and chairman Jim Musselman told KTUU.
Musselman described it as the largest oil find in Alaska over 40 years. The last big discovery was at Kuparuk River in 1969, he said. If all goes according to plan -- including raising between $8 billion and $10 billion in capital -- the field could start producing oil in late 2022, Musselman said.
originally posted by: TinfoilTP
originally posted by: LifeMode
Tracking on this as well. Very interesting, especially the 800 billion dollar motherload believed to be in West TX.
The issue with that potential prospect though is quality being shale mostly (fracking). The oil is likely there but the cost to extract it way more expensive. Probably best scenario is to find some balance but not sure how. That light crude is cheap. I do think we have the upper hand though on Saudi. We could really hurt them. All they have is oil. Maybe they could pay us not to drill. I don't know?
It is offset by not having to transport it halfway across the world with shipping, paying other countries fees etc.