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The largest untapped oil reserve in the world is more than 2 TRILLION barrels.

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posted on Mar, 15 2009 @ 08:13 AM
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If that report is true then the worst thing to do is drill now. Why not wait till everyone elses oil is used up, then drill and export? Maybe that's whats happening? How much will a barrel cost if the profit is going straight back to the US economy?




posted on Mar, 15 2009 @ 12:08 PM
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Yes, that would be he major basis the current usage of storage for later dominance.

Why bring it up and put it in containers. It is perfectly stored where it is. As a matter of fact, there are reserves that are pumped BACK into geologically isolated lithologies to store it. These are called gas storage wells.



posted on May, 3 2009 @ 02:35 PM
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The difference between the oil shale in colorado and the oil shale in the bakken oil play is that the bakken play has cooked to the point that it is liquid. The type of rock does not lend to big gushers or thousand of barrel a day wells, but 600 to 1000 a day is not uncommon. The wells have to be drilled horizontal in the play and then high pressure water is injected to fracture the rock so the oil will flow. There’s upwards of 500 billion barrels recoverable this way. Take a look at some of the oil companies drilling there, northern oil and gas is just one and they are just about to the point where they do not need partners in wells. Their stock has been a good one to play with when oil is low then high. If price holds true, when oil gets around 100 again their stock will again be around 16 or more. Good thing I got in at 4



posted on May, 8 2009 @ 12:59 PM
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Nasdaqreply to post by Now_Then
 


Shale oil can be drilled, like Bluto said normally using horizontal drillinig and fracturing. A Company here in Texas is using triple laterals and multiple fractures on each of the well bores in shale field causing huge increases in production of Oil and Natural Gas from Shale prospects. Being an investor in Domestic Drilling Programs gives huge tax benfits on top of the fact that recovered domestic oil sellss as soon as it is delivered not when it can be recieved. Therefore while other product waits in ships to go into the reserves domestic oil goes directly into the reserves. While drilling is expensive gains have been good for alot of companies due to the price of oil products and the tax benifits related to Intangable Drilling Costs.

Where I foresee there being a serious problem for Domestic Drilling in the future is not technology to get it out of the ground it is the leglislation in the works attempting to eliminate the tax benifits that make Domestic Drilling Programs so attractive to investors.


The comment came after the White House released new details of a budget that showed it is also sticking with other plans to eliminate $26 billion in tax breaks for oil and gas companies. Half of that would come from eliminating a tax break for domestic oil and gas production. Companies say the tax measure keeps jobs in the U.S.

"Oil and, to a large extent, gas are internationally traded commodities and their prices are determined on the world market," the White House said in justifying the tax plans. "As a result, domestic oil and gas production subsidies do not significantly reduce the prices that consumers pay for products such as gasoline and home heating oil, resulting primarily in higher returns to the oil industry."


I didn't get the link right but the news articl is above where it says "Nasdaq" sorry

[edit on 8-5-2009 by wastedown]

[edit on 8-5-2009 by wastedown]



posted on May, 8 2009 @ 02:08 PM
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I've always though about going to work in the oil fields, have family that did (company went belly up last year.) He made some great cash. Never realy dug into it to see what there was. Good pay would be nice with a little one at home. Extra cash never hurts, and i like physical work. Keeps me in shape.
Although with things like they are i would think it would be a risky move, not knowing if we will recover or hit full depression.




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