There is enuf oil in the "Bakken" oil reserve to fuel the American economy for 2041 years straight!
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!
We are being robbed by the oil barons.
Now that the average price for a gallon of gas is 3 dollars who is at fault?
When gas prices were high in 2005 it was Bush who was at fault, but now???
The incompetent in chief has said that he would prefer the gas price to be 4 dollars a gallon.
How come Hussein isn't receiving any blame for high gas prices?
We the people are at fault Jim.
The damned conservationists weild too much power!
WE have more oil under "OUR" ground than all the middle eastern countries combined!
We the people are not at fault.
Liberals are at fault and they need to be eradicated.
They are the true global calamity.
hahaha....lol you are funny Jim!
Who are liberals? "We the people!"
With your attitude, Maybe you could take over when Gaddafi falls...eh?
Sumthin' to think about!
"We the people" are not liberals.
Liberals are a finite group who hold an unusually large amount of power.
"We the people" are the ones who check them.
Um, where are you getting the figure of 2041 years? The article you linked to said Bakken has 3.0 to 4.3 billion barrels. The US uses about 6.5-7 billion barrels per year, so that would be enough to cover about 1/2 to 3/4 of the US's oil consumption for one year. Even if your number of 500 billion barrels is correct (source?), that's still only about 70 years.
Terry Johnson, the Montana
'... 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!"
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.
Just posting what I read.
Regardless of whether the numbers are correct, there is no reason for us to be dependent upon foreign oil.
Should have thought to check here earlier:
500 billion barrels in Bakken is overstating it by well over 100x and the "more than 2 TRILLION" figure is based on the upper estimates (which are actually 1.5 - 1.8 trillion barrels) of shale oil in the Green River Formation. Shale oil has a very low EROEI compared to crude oil, uses a tremendous amount of water to produce (a serious financial and environmental problem in the arid Rockies), takes a long time to develop, and produces considerable quantities of toxic by-products that have to be disposed of, so in the absence of significant improvements in the technology used to extract it, most of the stuff is probably going to stay where it is.
Our proven oil reserves, excluding shale oil and the SPR, were about 21 billion barrels as of 2006. We're estimated to have up to ~50 billion undiscovered barrels onshore and up to ~115 billion offshore. That's less than 30 years at current levels of consumption even assuming the higher estimates are correct and it's all recoverable.
http://en.wikipedia.org/wiki/Oil_reserv … ted_States
I hadn't checked with "snopes."
There are so many other ways to create usable energy that it seems to me that to still use the product of dead organic materials is primitive as hell.
I will still contend, adamantly, that we are being snookered by greedy oil magnates who will fight to keep oil as the main source of world energy until the last drop is siphoned.
Rex W. Tillerson, CEO of Exxon made that comment several yrs ago.
Thanks for the "Snopes" reminder. :
"I will still contend, adamantly, that we are being snookered by greedy oil magnates who will fight to keep oil as the main source of world energy until the last drop is siphoned."
That goes without saying.
I'll second that!
Not only that, add the commodity exchanges to that list as well. They provide a vehicle for speculators to rape the consumer.
... when you go to the gas station, you willingly shell out $3.00 per gallon.
No one's getting robbed by anyone. You WILLINGLY hand over that money.
That's called a "price", and you voluntarily pay it.
On a side note, part of the reason why gas prices are rising is because they mandate that ethanol from corn be used in the gas. Not only that, but your tax dollars are being used to subsidize this stupid usage of corn. Now that corn is being used for fuel AND food, food prices (and gas) have been skyrocketing.
Notice how you VOLUNTARILY pay for gas at the station, but had NO choice to fork money over to farmers who turn food into gas.
Strange opinion. I thought especially in the US it is known that the story of the ending oil resopurces is an old hat. Americans universities found out that oilfields are refilling naturally and so it is believed that the theories how oil becomes produced by nature are wrong. Instead is now believed that geothermic reactions produce oil, a renewable energy.
http://www.google.de/search?hl=de&c … l=&oq=
I have no idea what that has to do with my forum comment.
WE are being scrooed, blooed, and tatooed by the oil industry, politicians and conservationists.
The only reason oil prices are this hi is "greed" and an inability for the common man to intercede in his behalf.
I think he is trying to strengthen your argument. The fact is that most of the oil speculation is based on data that may be incorrect. Soooo, along with HUGE reserves, OIL is created naturally more readily than originally expected.
Ok, I'll buy that.
But the BAkken oil reserve has been known about for a very long time as has been other fields in the USA.
Right, but as your link suggest the ammount of oil available has possibly been drastically underestimated. This can be not only attributed to advances in drilling and recovery technology but also in how the volume of an oil feild is estimated.
I do get your drift and do agree that the oil industry has take advantage of the "green lobby". They have used enviromental wacko's scare tactics to their financial advantage. The government is going to go along because it's a cash cow for them. Huge revenues are generated on gasoline alone.
theres more oil in alaska then the middle east. the thing that makes gas so expensive is it gets taxed 14-17 times before it gets to our cars.
check this pls.
Listen to #38
I have said this before many times. The sooner they threaten to take all oil products off the stock market, thew sooner you will watch oil prices drop like a rock.
People are buying stock in oil, and putting pressure on companies to keep the price of oil high, so that they continue to make a profit. So, there could be someone sitting on their ass doing nothing, who is cashing in on how much money each of us is spending on a gallon of gas.
The sooner you take all those hundreds and thousands of investors out of the picture. The sooner there will be more control on the price. Deregulation, and splitting up the oil Monopolies might help as well. But, with a republican governement with the oil companies in their back pocket. This isn't ever going to happen.
say it with me now:
"As prices go up, alternatives become more economical!"
And with that -- basically the first 20 minutes of ANY economics course -- your entire argument goes up in smoke.
Remember, you can always VOLUNTARILY give them less money by riding a bike, or building alternatives. The problem is, however, those alternatives cost MUCH MUCH MUCH MUCH more than simply buying a car and driving with gas up towards $3.00/gallon.
Sure, gas prices are high. But compare that to buying an electric car!! LOLOLOLOLOL
"The problem is, however, those alternatives cost MUCH MUCH MUCH MUCH more than simply buying a car and driving with gas up towards $3.00/gallon."
Um, since when does a bike cost more than a car? As far as renewables go, that's mostly because renewables get a fraction of the subsidies given to oil and gas.
http://www.bloomberg.com/news/2010-07-2 … shows.html
http://www.grist.org/article/2009-09-22 … bama-wants
The article repeatedly used the term "technically recoverable" in reference to the Bakken field.
Does that mean that we can get it out of the ground, but that it is cheaper to buy it on the open market because of the difficulty of extraction? That would surely put a damper on the $16 a barrel cost (that I didn't spot in the article)...
One thing not being mentioned here is the unrest in the middle east here recent. These prices are direct derivatives of the actions we have seen taking place over there. The Suez Canal is having concerns with the demonstrations going on. This gets speculators worried so the price go's up as the Suez Canal supports over 80% of exported oil to the word. If these riots continue we can count on it going up even more, but if the Suez Canal closes we will see 8 to 10 dollars a gallon prices.
Ty for making my point...powerfully!
If we weren't dependent upon foreign oil, the troubles in N Africa and the Middle East would not be worrisome!
We have the inherent potential to supply our own "energy" but it seems that conservationists, political greed and lack of aggressive drive by American citizens will result in contuining robbery by big oil!
You all know me as a pessemist when it comes to human future.
The current world economy is bouys my pessimism!
by qwark 9 years ago
Energy money RULES!Those who are dedicated to destroying the American economy KNOW that this is the way to bring us down...and they are doing it!The economy, being as it is today, if a barrel of "crude" rises to $180.00 - $190.00's, and gas rises to $5.00's a gallon, the cost of living...
by cindi h 8 years ago
Check out this link regarding the 4.3 billion barrels of oil discovered in the U.S but what are we doing about it? What are your thoughts?http://www.usgs.gov/newsroom/article.asp?ID=1911
by Scott Belford 14 months ago
After oil prices came down to record lows after the Great 2008 Recession during the Obama administration, they have skyrocketed since Trump took office. Around the beginning of 2016, Brent Oil prices were around $30/bbl. Today, they are north of $80/bbl.Why?
by Research Analyst 8 years ago
Will Bakken Oil have a global impact on oil production?
by KStro18 7 years ago
Do you think the American economy would be boosted if gas and oil prices were lowered?I know I would have extra spending money every week if I wasn't putting it into my gas tank. Would you contribute to the economy too?
by OLYHOOCH 8 years ago
As I write this, the price of gasoline is about $4 per gallon. While you and your family may not be happy with these high gas prices, the Obama administration is pleased — after all, higher gas and energy prices have been its goal from the outset.Steven Chu, Obama's energy secretary, has called for...
Copyright © 2020 HubPages Inc. and respective owners. Other product and company names shown may be trademarks of their respective owners. HubPages® is a registered Service Mark of HubPages, Inc. HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.
HubPages Inc, a part of Maven Inc.
|HubPages Device ID||This is used to identify particular browsers or devices when the access the service, and is used for security reasons.|
|Login||This is necessary to sign in to the HubPages Service.|
|HubPages Traffic Pixel||This is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.|
|Remarketing Pixels||We may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.|
|Conversion Tracking Pixels||We may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.|