It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Originally posted by Mdv2
Its OPEC that controls the supply of oil, not the companies.
The Organization of Petroleum Exporting Countries (OPEC) is a large group of countries made up of Algeria, Angola, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, Venezuela, and Ecuador (which rejoined OPEC in November 2007). The organization has maintained its headquarters in Vienna since 1965, hosting regular meetings between the oil ministers of its member states.
OPEC's influence on the market has been called into question. Several members of OPEC alarmed the world and triggered high inflation across both the developing and developed world when they used oil embargoes in the 1973 oil crisis. OPEC's ability to control the price of oil has diminished somewhat since then, due to the subsequent discovery and development of large oil reserves in the Gulf of Mexico and the North Sea, the opening up of Russia, and market modernization.
Originally posted by Kr0n0s
I live in S. Texas and there are oil and natural gas wells popping up all over this region, add that to the fact that we occupy the country with one of the largest oil reserves in the world and the price of gas STILL keeps going up
We have oil
* "And surely the world is running out of oil, right? Wrong! The world has plenty of oil, enough says the US Geological Survey to last for at least the next several hundred years or longer. Worldwide, there are 14,000 billion barrels of crude oil reserves. In its World Petroleum Assessment 2000 report, the global reserves of crude oil were estimated to be some 3,000 billion barrels." --Alan Caruba, February 17, 2005.
* "As a shareholder I also know that of all the oil ever known to exist in the Texas and Oklahoma oil fields, only one-third has been removed from the ground, with the remaining two-thirds still in the ground. Why? Because it is cheaper to buy Saudi Arabian oil. When the world price of oil goes up, the oil industry will bring their Texas/Oklahoma oil out of the ground. So again, we do not need more oil in America. All we need is already here in capped oil wells." --Sam Booher, a shareholder in ExxonMobil, Phillips Petroleum Company and BP-Amoco Oil Companies and chairman of the Georgia Chapter of the Sierra Club. Oil and Gas Reporter, September 1, 2001.
* "Officials from Saudi Arabia’s oil industry and the international petroleum organizations shocked a gathering of foreign policy experts in Washington yesterday with an announcement that the Kingdom’s previous estimate of 261 billion barrels of recoverable petroleum has now more than tripled, to 1.2 trillion barrels. ... Additionally, Saudi Arabia’s key oil and finance ministers assured the audience — which included US Federal Reserve Chairman Alan Greenspan — that the Kingdom has the capability to quickly double its oil output and sustain such a production surge for as long as 50 years." Arab News, April 4, 2004.
A significant reservoir of crude oil was discovered nearby in the late '60s, and by 1970, a platform named Eugene 330 was busily producing about 15,000 barrels a day of high-quality crude oil.
By the late '80s, the platform's production had slipped to less than 4,000 barrels per day, and was considered pumped out. Done. Suddenly, in 1990, production soared back to 15,000 barrels a day, and the reserves which had been estimated at 60 million barrels in the '70s, were recalculated at 400 million barrels. Interestingly, the measured geological age of the new oil was quantifiably different than the oil pumped in the '70s.
Oh, did I mention that some of the oil fields that were thought to have been pumped dry are refilling slowly from below? Geologists are somewhat mystified by this development and there are a number of theories why this is happening. (Wallace Wattles would not have been surprised.) One of the most controversial theories was proposed by brilliant physicist Thomas Gold, who proposed that oil is not decaying dinosaurs. as we have been taught, but the product of a massive methane-based biosphere beneath the Earth's crust. If Gold is right, we've only scratched the surface of the oil supply.
Originally posted by rhombus24
I think this is way too weird, something just isn't right. Does anybody here really think that they didn't know about THAT MUCH oil.
Saskatchewan could be sitting on 25 billion to 100 billion barrels of sweet, light crude oil in the Bakken formation in the southeast part of the province, according to industry and government estimates.
By comparison, the heavy oil resource in west-central Saskatchewan, which is considered to have great potential for future production, is estimated to be 25 billion barrels of oil in place.
Massive Oil Deposit Could Increase US reserves by 10x
America is sitting on top of a super massive 200 billion barrel Oil Field that could potentially make America Energy Independent and until now has largely gone unnoticed. Thanks to new technology the Bakken Formation in North Dakota could boost America’s Oil reserves by an incredible 10 times, giving western economies the trump card against OPEC’s short squeeze on oil supply and making Iranian and Venezuelan threats of disrupted supply irrelevant.
In the next 30 days the USGS (U.S. Geological Survey) will release a new report giving an accurate resource assessment of the Bakken Oil Formation that covers North Dakota and portions of South Dakota and Montana. With new horizontal drilling technology it is believed that from 175 to 500 billion barrels of recoverable oil are held in this 200,000 square mile reserve that was initially discovered in 1951. The USGS did an initial study back in 1999 that estimated 400 billion recoverable barrels were present but with prices bottoming out at $10 a barrel back then the report was dismissed because of the higher cost of horizontal drilling techniques that would be needed, estimated at $20-$40 a barrel.
The Bakken Formation, initially described by geologist J.W. Nordquist in 1953, is an immense blanket of rock from the Late Devonian to Early Mississippian age occupying a substantial part of the subsurface of the Williston Basin, Montana, North Dakota, and Saskatchewan. Covering about 200,000 square miles (520,000 km²), Bakken serves as a significant oil reservoir, and until recently has long frustrated efforts to extract its oil, initially discovered in 1951.
The greatest Bakken oil production comes from Elm Coulee Oil Field, Richland County, Montana, where production began in 2000 and is expected to ultimately total 270 million barrels. In 2007, production from Elm Coulee averaged 53,000 barrels per day — more than the entire state of Montana a few years earlier.
Enough to reduce our foreign energy dependency, which would be good but then think about your world changing from these new conflicts.
This must be the first step...
Originally posted by Mdv2
Its OPEC that controls the supply of oil, not the companies.
Apart from that, what's so big about this news? Oil is sold on the world market where everyone has access to it, China included. They keep purchasing more and more.
We have to find a substitute for fossil fuels, and I would not be surprised if they've already found a solution, however, oil is too profitable to let go yet and it's also a political tool.
Originally posted by StellarX
Oh they were perfectly well aware of that oil formation and just how much oil could eventually be extracted from it.
America is sitting on top of a super massive 200 billion barrel Oil field...
The USGS did an initial study back in 1999 that estimated 400 billion recoverable barrels were present but with prices bottoming out at $10 a barrel back then ...
Bakken serves as a significant oil reservoir, and until recently has long frustrated efforts to extract its oil, initially discovered in 1951.
The greatest Bakken oil production comes from Elm Coulee Oil Field, Richland County, Montana, where production began in 2000 ...
Originally posted by Rockpuck
lol explain to me how you plan on "slant drilling" rocks? ..
Shale is a brittle rock that forms in layers, usually out of sediment from lakes, rivers and so forth. It can also be produce from lakes, seas and so on with the decay of animals mixed in, making it a biological rock formation .. which is what oil shale is.
The rock has to be extracted .. there is no "well" .. and the mining of these rocks will lead to SD being a environmental wasteland.
How short our memories are!
I worked at the U.S. Department of Energy's Laramie Energy Technology Center (LETC) as part of the Synthetic Fuels Corporation task force in the late 1970s & early 80s, & before that as a senior engineer for Talley Industries. Our goal was to prove that in-situ processing of oil shale & tar sand was both technologically & economically feasible. We proved both, based on the price of oil just above $35/barrel.
Hydraulically fracturing the oil shale was the trick, along with maintaining an adequate void volume using sand as a proppant so that in-situ combustion could occur. We were able to produce sufficient oil from even mid-grade shale to make the process easily viable, & were even working on a mine-mouth power-generation plant. The last problem we were working on was how to control the carbon-hydrogen stoichiometry while removing the trace heavy metals, when we were shut down by then-President Reagan.
It was the DOE's responsibility to prove that commercialization was a profitable idea, & we worked closely with Shell, Chevron, & several other oil producers. It was just a very bad decision on the part of the feds to close us down that keeps us from having a lot less problems with foreign oil today.
In 1995 Estonia's economy continued its upwards trend as the GDP is estimated to have increased by 4% compared with 1994,
a 14% decrease in 1992. By yearend 1995, almost three-fourth's of the country's large state enterprises had been privatized with
the next stage of privatization systems, and ports, including Estonslanets, the national oil shale producer, Esti Energia, Esti
Telekom, the Estonian Railways, and the Tallinn port.The Estonian mining law passed in 1994 establishes
requirements for environmental protection for mining as well as providing legislation regarding exploration and extraction. The
country has reclaimed over 80% of the more than 10,000 hectares of land disturbed by oil shale mining. Oil shale was a
major source of energy, but its use in powerplants was causing serious environmental problems. Almost all of the lan d
reclaimed from oil shale mining is in timber and only a very small amount returned to agricultural use, owing in part to
difficulties encountered in removing, handling, and replacing overburden horizons during the mining cycle. The potential
exists to reclaim larger areas for appropriate species of crop s and grasses.
Originally posted by Kr0n0s
Auto Manufacturers arent going to mass produce a hydrogen fueled car until there are stations that carry hydrogen fuel.
And as long as BIG OIL has the money and the power to slam down these alternative fuel companies, then they just dont stand a chance..
Shell Hydrogen opens two new refuelling stations in China and North America
Shell Hydrogen helps to open two more refuelling stations in Shanghai and the City of White Plains in New York to help create a global network of hydrogen stations to support the eventual introduction of fuel cell cars.
President Tours Hydrogen Fueling Station, Discusses Research
Shell Service Station
THE PRESIDENT: This is the beginning of some fantastic technology. And thanks for having us out here. We're going to look at some other vehicles here in a minute, but, you know, hydrogen is the wave of the future. And this country is going to have to use technology to diversify away from hydrocarbons. We're too dependent on foreign sources of energy today, and one way to diversify away from hydrocarbons is to use hydrogen, the byproduct of which will be water and not exhausts which pollute the air.
President George W. Bush is led by Rick Scott, Operations and Safety Coordinator, Shell Hydrogen, L.L.C., through the visitor center exhibit at a Washington D.C. Shell Service Station equipped with a hydrogen fueling station Wednesday, May 25, 2005. The station is the first integrated gasoline/hydrogen station in North America and will service a fleet of six GM fuel cell vehicles, which were developed in collaboration with the Department of Energy. White House photo by Paul Morse So I'm excited to be part of a technological revolution that's going to change the country. It won't happen overnight. It's going to take a fair amount of research and development to make sure hydrogen is attractive and reasonable -- is able to be manufactured at reasonable price, distributed in a wide way for consumer satisfaction.
But it's coming. We're spending about $1.2 billion on hydrogen research. America leads the world in hydrogen research. It's a part of our efforts to help diversify away from hydrocarbons. And the problem we face today at the gas pump is we're too dependent on foreign sources of energy.
So thanks for showing us this. It's exciting. It's the early stages of what will be available to a lot of Americans. Thank you.