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      04-11-2008, 08:37 AM   #1
ganeil
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New Oil Find

I wonder what reason the environmental extremists will come up with to prevent getting at this oil?


3 to 4.3 Billion Barrels of Technically Recoverable Oil Assessed in North Dakota and Montana’s Bakken Formation—25 Times More Than 1995 Estimate—

Released: 4/10/2008 2:25:36 PM

Reston, VA - North Dakota and Montana have an estimated 3.0 to 4.3 billion barrels of undiscovered, technically recoverable oil in an area known as the Bakken Formation.

A U.S. Geological Survey assessment, released April 10, shows a 25-fold increase in the amount of oil that can be recovered compared to the agency's 1995 estimate of 151 million barrels of oil.

Read the rest...
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      04-11-2008, 09:09 AM   #2
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Oh they'll figure something out. Are you reading this e90im?
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      04-11-2008, 10:31 AM   #3
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I'm game. Let me do some reading...
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      04-11-2008, 10:41 AM   #4
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Seems questionable, just from the press release.

The last survey, in 2000, showed it wasn't feasible to get this oil.

So, a congressman from North Dakota asked them to check again.

Now that oil is 3 times as valuable, now it's feasible, and there is more oil there.

Question everything you read and hear. I'm not saying there is no merit to this new assessment, I'm just saying you shouldn't take everything at face value.

I'll read more.
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      04-11-2008, 11:05 AM   #5
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If there are loads of oil in Alberta there's gotta be some in Montana too.
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      04-11-2008, 11:30 AM   #6
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USGS hasn't published methodologies yet, of this region.

But they've got the press release! They're so they're excited about their new report!

The Energy Policy Act of 2005, passed by Congress and signed by Bush, states that the U.S. needs to increase domestic production. So, the USGS is under pressure to deliver.
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      04-11-2008, 11:51 AM   #7
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Skeptical but hopeful....
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      04-11-2008, 01:19 PM   #8
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Energy Policy Act of 2005 is an interesting read.

Page 215, an ammendment was made to change 'No person may' to 'In general, no person may', when referring to atomic waste disposal. Someone was looking for a loophole to exploit.

I'm still reading...
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      04-11-2008, 03:20 PM   #9
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Quote:
Originally Posted by Laszlo View Post
Check this out! Real stuff, buried from the public. We're talking more than 200 billion. Largest since Saudi 1938 discovery. But of course, keep it secret and quiet so we can pay 5 bucks a gallon by summer. Also, this site rocks and has great news from around the world when it comes to new energy.

http://www.nextenergynews.com/news1/...news2.13s.html
The term 'Oil Reserves' refers to oil in place, and historically doesn't include unconventional sources. At $100/barrel, we can now include those 'unconventional' sources (tar sands, oil shale, etc), I think. At least that's what this website is claiming.

I think that's the key to the new, revised evaluation of oil in the Bakken-Lodgepole formation. The previous estimates didn't include 'unconventional' sources that are more expensive to extract.

If you want gas prices to fall, this isn't the answer.

I presume you mean 200 billion dollars?

It's not really a new discovery, just a new evaluation of the existing data. We'll see when the methodologies are released.
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      04-11-2008, 03:27 PM   #10
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Quote:
Originally Posted by ganeil View Post
I wonder what reason the environmental extremists will come up with to prevent getting at this oil?
I'm not an environmental extremist, I'm a bullshit detector.

Am I there yet?

Everything is not as it seems, yet is exactly how it seems.
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      04-11-2008, 03:35 PM   #11
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Quote:
Originally Posted by flyinb501 View Post
Oh they'll figure something out. Are you reading this e90im?
I read the press release. One thing for sure is that no "liberal environmental extremist" is going to stop big oil companies to get this oil.

I hope that price drops to before-Dub-price (BWP®) $1.26/gal...
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      04-11-2008, 03:45 PM   #12
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My significant finding, from the US Geological Survey Lodgepole Bakken Fact Sheet:
Name:  Bakken 1.jpg
Views: 226
Size:  292.8 KB

'Total Continuous Resources' is a term used synonymously with 'unconventional' when referring to oil (shale oil and other sources of oil).

4 Million barrels of conventional, 3.6 billion 'unconventional'.

Wiki on 'Oil Reserves' states that 'unconventional' shouldn't be counted, as it's too expensive to extract. But at $100/barrel, now it can be counted.
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      04-11-2008, 04:16 PM   #13
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You guys just don't seem to understand. Sure there may be more oil reserves that as of today have not been found and some in large quantities. However EVERYONE has to agree that oil is a finite resource. We have to find a way to get ourselves OFF of oil for our cars. We are going through it fairly quickly and it is hurting our environment. The thing is that no one ever stops to think about what we get from oil. Our cars do eat it up pretty quick but a LARGE majority of products we use do use some sort of oil product. Think about it. We use oil to drive our vehicles. We use oil to drive trucks that move our products. Increased oil prices results in increase in good. But even further. Plastic is a patroleum product! Think what would happen if we didn't have plastic! The plastic in your car, your bumpers, the grocery bags, the milk container, the yogurt container, the plastic bags you use for storage and sandwiches, the plastic that is on the meat at costco, the plastic in toys for your kids, the list goes on and on. If we don't figure out a way to stop our increased worldwide consumption of oil prices for just about EVERYTHING will go up substantially! We are just WAY too dependent on the stuff!
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      04-11-2008, 04:51 PM   #14
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Quote:
Originally Posted by Neurorad View Post
My significant finding, from the US Geological Survey Lodgepole Bakken Fact Sheet:
Attachment 145030

'Total Continuous Resources' is a term used synonymously with 'unconventional' when referring to oil (shale oil and other sources of oil).

4 Million barrels of conventional, 3.6 billion 'unconventional'.

Wiki on 'Oil Reserves' states that 'unconventional' shouldn't be counted, as it's too expensive to extract. But at $100/barrel, now it can be counted.
I believe you maybe confusing different assessments that are made by the USGS. The report that came out today deals with technically recoverable reserves which does not take into account the economics of recovery. The question of the amount of oil that can be economically recovered will, I believe be the subject of a future USGS assessment.
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      04-11-2008, 05:35 PM   #15
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THURSDAY, FEBRUARY 28, 2008

House Dems Pass Massive Tax Hike on Oil Companies
to Bring Down Price of Fuel

This latest move by the Pelosi-Reid Congress is not surprising.
Democrats have always been against oil drilling and exploration.
And, they have been wanting to increase taxes on oil companies since forever. Their policies have caused our reliance on foreign oil to grow significantly.

For decades, the Democratic party has blocked one effort after another to responsibly develop the energy resources our country possesses, transforming vast areas of opportunity into "The No Zone."

House Democrats passed legislation again yesterday to place $18 billion in new taxes on the largest oil companies, an industry that is already overtaxed by government.

Here are the final vote results. The bill passed 236-182 largely along party lines.

The AP reported:

Hoyer acknowledged "this legislation alone will not bring down gas prices." But he said the measure will provide a needed boost to alternative energy industries — solar, wind, biofuels, and geothermal — and help promote energy conservation. "That may bring down gas prices three years from now, 10 years from now," he said.

The bill would roll back two lucrative tax breaks for the five largest U.S. oil companies. One helps manufacturers compete against foreign companies; the other gives American companies a tax credit related to oil and gas extraction outside the country. Democrats estimated that those current breaks would save the oil companies $17.65 billion in taxes over the next 10 years.

The House-passed bill would use that money to promote renewable energy industries — such to promote renewable energy industries — such as wind, solar and cellulosic ethanol plants — by extending tax credits that recently expired or are scheduled to end at year's end...

The oil industry has lobbied intensely against the House tax legislation, calling it a "discriminatory bill" that targets companies that already pay considerable taxes. "New taxes ... will even further reduce our energy security by discouraging new domestic oil and natural gas production and refinery capacity expansions," the American Petroleum Institute said in a statement.
http://gatewaypundit.blogspot.com/20...-us-is-in.html
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      04-11-2008, 06:30 PM   #16
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Quote:
Originally Posted by ganeil View Post
I wonder what reason the environmental extremists will come up with to prevent getting at this oil?


3 to 4.3 Billion Barrels of Technically Recoverable Oil Assessed in North Dakota and Montana’s Bakken Formation—25 Times More Than 1995 Estimate—
Released: 4/10/2008 2:25:36 PM
Reston, VA - North Dakota and Montana have an estimated 3.0 to 4.3 billion barrels of undiscovered, technically recoverable oil in an area known as the Bakken Formation.
A U.S. Geological Survey assessment, released April 10, shows a 25-fold increase in the amount of oil that can be recovered compared to the agency's 1995 estimate of 151 million barrels of oil.
Read the rest...
You forgot to put "liberal" before environmental extremists. You're welcome.
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      04-11-2008, 09:24 PM   #17
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Quote:
Originally Posted by ganeil View Post
I believe you maybe confusing different assessments that are made by the USGS. The report that came out today deals with technically recoverable reserves which does not take into account the economics of recovery. The question of the amount of oil that can be economically recovered will, I believe be the subject of a future USGS assessment.
I think you are incorrect. That is what they lead us to believe.

Anyone in power who has the opportunity will lie to you. Don't you get it yet?
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      04-12-2008, 11:38 AM   #18
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Quote:
Originally Posted by Neurorad View Post
I think you are incorrect. That is what they lead us to believe.

Anyone in power who has the opportunity will lie to you. Don't you get it yet?
I'm afraid I do not share your cynicism. Do you honestly believe the scientists and professionals at the USGS are lying? They may well be wrong but what motivation would they have to intentionally deceive?
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      04-12-2008, 02:04 PM   #19
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1. Pressure from the boss. It's a law that they have to come up with more oil reserves, and to document all 'alternative'/unconventional oil resources, per Clean Energy Act of 2005, Section 965, pp. 300-301.

2. Pressure from the boss. USGS led by Bush-appt'd Secretary of the Interior. "Find me s'more oil, boys, nyuck, nyuck, nyuck."

3. Pressure from the boss. U.S. Citizens are starting to conserve gas, and want 'alternative' fuels. George 'Oilman' Bush (and all other corporate oil interest$) are alarmed, and want to preserve the status quo.
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      04-12-2008, 07:13 PM   #20
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Quote:
Originally Posted by Neurorad View Post
1. Pressure from the boss. It's a law that they have to come up with more oil reserves, and to document all 'alternative'/unconventional oil resources, per Clean Energy Act of 2005, Section 965, pp. 300-301.

2. Pressure from the boss. USGS led by Bush-appt'd Secretary of the Interior. "Find me s'more oil, boys, nyuck, nyuck, nyuck."

3. Pressure from the boss. U.S. Citizens are starting to conserve gas, and want 'alternative' fuels. George 'Oilman' Bush (and all other corporate oil interest$) are alarmed, and want to preserve the status quo.
Are you telling me that because the law requires the USGS to document our domestic reserves, it is in their interest to make up new reserves?

If the boss wants you find more oil, he won't be upset when he drills and finds a dry well?

If anything false reporting in this case would be bad for those invested in oil companies, wouldn't it? Who would lose money if they drill and find nothing?
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      04-12-2008, 09:09 PM   #21
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Quote:
Originally Posted by ATG View Post
If there are loads of oil in Alberta there's gotta be some in Montana too.
There isn't anymore, hense the oil sands projects. Its a good call, to say that the easily retrievable oil has been recovered, once a given area has to resort to the environmentally disasterous oilsands, in the manner of recovering oil.

Yes there still is active drilling, but a good portion of the oil we now have is coming from the oil sands project(s) up in Fort McMurray.

You should watch the documentry called "A Crude awakening" that goes into detail about all this. The last half of the movie though is not worth watching, however the first half is QUITE the eye opener.
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      04-13-2008, 03:58 PM   #22
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Quote:
Originally Posted by ganeil View Post
Are you telling me that because the law requires the USGS to document our domestic reserves, it is in their interest to make up new reserves?

If the boss wants you find more oil, he won't be upset when he drills and finds a dry well?

If anything false reporting in this case would be bad for those invested in oil companies, wouldn't it? Who would lose money if they drill and find nothing?
There is oil in them thar hills!

I'm stating clearly that there is no 'new' oil find.

We've just changed our defininition of 'oil reserves' because the existing, known 'unconventional' oil sources can now be counted as 'economically accessible' with the high price of oil.

Edit - 'economically accessible' is what the USGS calls 'technically recoverable'.

Edit #2 - 'undiscovered oil' means calculated estimates of volumes, a misleading term

Last edited by Neurorad; 04-13-2008 at 04:20 PM.
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