Saturday, December 20, 2008

Is this Why There's $37 Oil?

My neighbor, Clayton, has forwarded this email about the discovery of 3 to 4.3 billion of barrels of oil in North Dakota, 25 times a 1999 estimate. Note that the USGS says 3 to 4.3 billion barrels but the e-mail says 500 billion barrels. If someone called me an oil man, I would have to disagree, but 3 billion is a long way from 500 billion. The e-mail goes on to cite the Stansberry report that claims a 2 trillion barrel discovery in the Rocky Mountains:

"Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world — more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction. Three companies have been chosen to lead the way. Test drilling has already begun..."

This claim is based on the region's deposits of large amounts of oil shale, the extraction of which is still experimental. Stansberry states:

"Companies are coming up with ways to extract oil from the Green River Formation very cheaply."

However, the run-up in oil prices to $147/barrel occurred after this was known. Therefore, the markets don't seem to be taking it seriously. Or are they?

According to the USGS:

"The Bakken Formation estimate is larger than all other current USGS oil assessments of the lower 48 states and is the largest "continuous" oil accumulation ever assessed by the USGS. A "continuous" oil accumulation means that the oil resource is dispersed throughout a geologic formation rather than existing as discrete, localized occurrences. The next largest "continuous" oil accumulation in the U.S. is in the Austin Chalk of Texas and Louisiana, with an undiscovered estimate of 1.0 billions of barrels of technically recoverable oil."

Clayton's e-mail suggests that the Democrats have been blocking recovery of the shale oil, forcing up gasoline prices.


>You don't & won't see this on any of your nightly news casts. This IS news! Why do you think they won't report it?


>The U.S. Geological Service issued a report in April ('08) that only scientists and oilmen knew was coming, but man was it big. It was a revised report (hadn't been updated since '95) on how much oil was in this area of the western 2/3 of North Dakota; western South Dakota; and extreme eastern Montana ... check THIS out:

>The Bakken is the largest domestic oil discovery since Alaska's Prudhoe Bay, and has the potential to eliminate all America an dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable... at only $50 a barrel, we're looking at a resource base worth more than $2.5 trillion. Gasoline would be less than $2.00 a gallon for the rest of yur life.

>'When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea.' says Terry Johnson, the Montana Legislature's financial analyst.

>'This sizable find is now the highest-producing onshore oil field found in the past 56 years,' reports The Pittsburgh Post Gazette. It's a formation known as the Williston Basin, but is more commonly referred to as the 'Bakken.' And it stretches from Northern Montana, through North Dakota and into Canada. For years, U.S.oil exploration has been considered a dead end. Even the 'Big Oil' companies gave up searching for major oil wells decades ago. However, 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 41 years straight.

2. And if THAT didn't throw you on the floor, then this next one should because it's from TWO YEARS AGO, people!

U.S.Oil Discovery- Largest Reserve in the World! Stansberry Report Online - 4/20/2006Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world is more than 2 TRILLION barrels. On August 8, 2005President Bush mandated its extraction.

They reported this stunning news: We have more oil inside our borders, than all the other proven reserves on earth. Here are the official estimates:

-8-times as much oil as Saudi Arabia
-18-times as much oil a s Iraq
-21-times as much oil as Kuwait
-22-times as much oil as Iran
-500-times as much oil as Yemen - and it's all right here in the Western United States.

HOW can this BE? HOW can we NOT BE extracting this!? Because thedemocrats, environmentalists and left wing republicans have blocked all efforts to help America become independent of foreign oil.

James Bartis, lead researcher with the study says we've got more oil in this very compact area than the entire Middle East -more than 2 TRILLION barrels. Untapped. That's more than all the proven oil reserves of crude oil in the world today, reports The Denver Post.

Don't think 'OPEC' will drop its price - even with this find? Think again! It's all about the competitive marketplace, - it has to.

Got your attention/ire up yet? Hope so! Now, while you're thinking about it ... and hopefully P.O'd, do this:

Pass this along.. If you don't take a little time to do this, then you should stifle yourself the next time you want to complain about gas prices .. because by doing NOTHING, you've forfeited your right to complain.

And, which politicians were saying "...drilling for oil in the U.S. would just be a waste of time... "and "...why don't the oil companies start drilling on the land they already have under lease options..??"

Now I just wonder what would happen in this country if every one sent this to every one in your address book.

1 comment:

bvw said...

Bloomberg, December 24th.

Nymex Crude Future 35.35 -3.63 -9.31 17:14
Dated Brent Spot 34.04 -4.00 -10.51 14:00
WTI Cushing Spot 32.35 -1.13 -3.38 13:55

Nymex Heating Oil Future 119.83 -12.87 -9.70 17:00
Nymex RBOB Gasoline Future 79.27 -6.33 -7.39 17:11