U.S. Geological Survey reported that 3.65 billion barrels of oil were discovered.....Why no one talk about it?

Energy %26amp; Capital Newsletter





June 22nd, 2008





The U.S. Geological Survey just published its official results of a groundbreaking study.





Its report confirmed a massive oil reserve in an area the locals have nicknamed the "Bakken," which stretches across North Dakota, Montana and southeastern Saskatchewan.





The new USGS study estimates a whopping 3.65 billion barrels of oil in the Bakken...





The reported 3.65 billion barrels of oil mean estimate is for 'undiscovered' oil only, and doesn't include known oil, such as reserves.





Discovered over 50 years ago, the Bakken deposit--once impossible to extract--is now being hailed as the single largest oil find in US history.





That's because, today, thanks to breakthrough drilling techniques like horizontal drilling, the Bakken's oil shales can be extracted relatively cheaply.





just $16 per barrel! And trade for $140

U.S. Geological Survey reported that 3.65 billion barrels of oil were discovered.....Why no one talk about it?
Because oil companies would rather drill through the skull of a baby seal to get cheap oil than put any effort into R%26amp;D of more expensive solutions like oil shale or CTL.





The are just looking for gimmies from the federal government.
Reply:Come on now, you should already know the answer to that question.





The media is hellbent on the ruination of America, and the liberal socialist democrats are just behind them. If the media actually reported that, it would be in direct contradiction to their ultimate goal.





America must suffer!





America is evil and needs to be punished!





And high gas prices are the best way to do that.











A crying, embarrassing shame for a country founded on conservative values. Reporting that find and then actually using that oil would help make MADE IN AMERICA stronger and prouder than it is today. The media cannot have that.
Reply:How much crude does the US consume anually? A hell lot. Somewhere near billions of barrels.





Production costs=joke for small amounts of any commodity (Global crude reserves amount to 1 trillion+ barrels) If you talk about cost, the Middle East can produce for less than your $16/barrel if it is even existant in the US.


Think more about the capital gains for producers, levies, taxes, and inflation that goes into what is paid at the pump, how people are reacting to the current economic trouble, and how crude is traded globally with the US dollar.
Reply:we all know about the sand (or shale) deposits dude





many experts say (the majority for now) that oil would be expensive to extract


the equipment to go get it doesn't even exists yet





and.. when the Red State Conservatives who live there are asked if we can go and get it they say "NO FU*KING WAY !"


as they hold their guns in their hands.





also, some estimates are has high as ..$ 250 per barrel





and one last thing - that oil can't be drilled and pumped !!!


it must be dug up in huge open pit mines
Reply:If we said that we would drill anywhere and everywhere, it would automatically TANK the price of oil overnight regardless of whether or not we even did it.





Then again the popping of that bubble might not be such a good thing for American financial institutions. I think the foot dragging right now by politicians is them giving the signal and warning to those financial institutions that they had better get out of the speculation business now before they have to do something and the bubble POPS.
Reply:Horizontal drilling? How do you get rock through drill pipe? Oil shale is a rock, need to heat it up to extract the oil and it is certainly not as easy as you make it sound.
Reply:At our current consumption rate of over 20 million barrels a day that HUGE deposit would only last us 176 (give or take a few) days.





Then we would be right back where we are today, but with less of our own oil, leaving us even more dependent upon foreign oil.
Reply:Because the liberal news media and liberal politicians don't want you to know. "Energy shortages" are contrived by environmentalists to force up prices and to destroy our economy.





There are no energy shortages, only debilitating regulations.
Reply:This is about six months of oil for the U.S.





We use about 20 million barrels per day.





As such, this find is nothing more than a tiny bit of what the world consumes, and doesn't have any lasting impact on total supply.
Reply:It has been available for a long time but environmentalist are preventing the drilling, damn Libs.!!
Reply:Nothing can be gotten out of the ground for $16 a barrel and $140 a barrel is for the very best light crude that is easiest to refine, if anyone will let a refinery be built in their backyard. How about you?