posted on Nov, 15 2012 @ 02:19 PM
OMG do many of you just make stuff up?
Let's take North Dakota, which is the number 2 oil producer in the U.S. now, behind only Texas.
fracking tech has been around for a long time but it has improved dramatically in the last 6 or 7 years,
that made it economically practical to get to the oil that they have known about for over 50 years. We are talking about the Bakken.
Private oil companies, private mineral owners for the most part.
fracking a tight oil play does ZERO harm to the environment, maybe because they go down 1 to 2 miles.
(ok, getting the sand and properly disposing or cleaning up the frack water is something that can go wrong)
Bottom line is that there is no conspiracy here. North Dakota will keep increasing the number of wells and thus production will continue to increase.
Gas production in the U.S. is slowing down because it is so cheap and plentiful but it still requires an expensive well, so the economics don't
motivate operators. In fact if oil dropped below $60 a barrel, you would see operators slowing way way way down in North Dakota.....good for us is
that the Saudi's need around $100 a barrel because of the enormous cost of their social welfare obligations. ( I mean good for me and those that
have mineral or royalty interests)
But the point is, operators are in the business to make money, not to break even or out of their interest to fuel God and Country. The break even
price is very near $60 a barrel like I said for North Dakota oil. There would be no oil produced in this Country if prices went to $20 a barrel.