Venezuela oil 'may double Saudi Arabia'

Discussion in 'Wall St. News' started by tmarket, Jan 23, 2010.

  1. auspiv

    auspiv

    While this is indeed impressive, lets not forget the United States already has almost 3 times that amount in oil shales in Colorado, Utah and Wyoming.

    Its called the Green River Formation and current estimates range from 1T barrels to 1.4T barrels of "technically recoverable" oil.

    http://pubs.usgs.gov/sir/2005/5294/pdf/sir5294_508.pdf
    http://en.wikipedia.org/wiki/Green_River_Formation
     
    #11     Jan 23, 2010
  2. Pekelo

    Pekelo

    What probably will be never mined in decent quantities, due to lack of aviable water...

    Yes, but I raise you with peak water!
     
    #12     Jan 23, 2010
  3. ...touch a nerve?...eehhh?....
     
    #13     Jan 23, 2010
  4. I don't know whether to believe the email below. Would someone please give me their comments?



    THIS IS AMAZING AND THE BACKUP PROOF IS AT THE END!!!



    I was blown away after I read this. We must take our government back.





    Billy Don To: 912Project



    The Real Oil Fields of the U.S.A.



    The Bakken oil field - article checked through link at the end for authenticity.







    About 6 months ago I was watching a news program on oil

    and one of the Forbes Bros. was the guest. This is out of

    context, but this is the actual question as asked. The host said

    to Forbes, "I am going to ask you a direct question and I would

    like a direct answer, how much oil does the U.S. have in the

    ground." Forbes did not miss a beat, he said, "more than all the

    Middle East put together.."



    Please read below.





    The U. S. Geological Service issued a report in April ('08) that

    only scientists and oil men 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 American

    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 $107 a barrel, we're looking at a resource

    base worth more than $5.3 trillion.



    '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....

    2041 years straight, at the present rate of consumption.



    02.) And if THAT didn't throw you on the floor, then this next one

    should - because it's from.....



    TWO YEARS AGO!



    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. On August 8, 2005 President Bush

    mandated its extraction. In three and a half years of high oil prices

    none has been extracted. With this motherload of oil why are we

    still fighting over off-shore drilling?



    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 as 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 the environmentalists and others

    have blocked all efforts to help America

    become independent of foreign oil!



    Again, we are letting a small group of people

    dictate our lives and our economy.....



    WHY?





    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. Think

    OPEC just might be funding the environmentalists?



    Got your attention/ire up yet? Hope so! Now, while you're

    thinking about it .... and hopefully P.O'd, do this:



    03.) 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



    ----------------------------------------------------------------------------------



    Now I just wonder what would happen in this country

    if every one of you sent this to every one in your

    address book, "Bcc:" of course.



    By the way...this is all true.



    Check it out at the link below!!!



    GOOGLE it or follow this link.



    It will blow your mind.

    http://www.usgs.gov/newsroom/article.asp?ID=1911
     
    #14     Jan 23, 2010
  5. zdreg

    zdreg

    not really.

    just a reminder how uneducated americans are and just 1 more reason china is kicking american ass everyday although i think there is a small chance they might back off from google.
     
    #15     Jan 23, 2010
  6. SPAM


     
    #16     Jan 23, 2010
  7. What are you talking about? Everybody knows that Canada is the 48th state! Dumb ass!

    :D
     
    #17     Jan 23, 2010
  8. First, when XYZ company say's they discovered X amount of oil a few things one has to keep in mind.

    1. It's still in the ground. It has not been drilled, there is no Flow from the Sands.

    2. All those numbers mean nothing..as it is based on Volumetrics and thats it. It's a guess. Nobody really knows until the wells come on line as commerical production.

    3. Drilling to Deepth is a risky business. There are huge factors that could spin the drill bit into the mud and get it stuck...caseing collapse from to much pressure.....etc etc etc...a lot of risk.

    These are just three points, I can write a list of 100.

    So, as demand outstrips supply and the Saudis do not allow anyone to ck their Pumps and meters or even do any caculations.
    Be very aware.

    Ask yourself , why is China spending 17 billion to buy oil producing fields.

    and why is oil above the lows of 30?

    I am biased as I have made my wealth in oil the last 3 years. And I believe I will continue to climb the wealth ladder for the next decade...thanks to oil.
     
    #18     Jan 23, 2010
  9. #19     Jan 23, 2010
  10. Lots of hype in that email. Remember, whenever you hear big numbers being thrown around, you have to be a little discriminating - understand concepts such as potential, probable, and recoverable.

    Here's a good article on the Bakken Formation, written by a petroleum engineer:

    http://www.theoildrum.com/node/3868

    My opinion - it's still cheaper to have our military bases near oil wells (that spew oil practically on their own) halfway around the world then to grind up and bake rock in our own backyard to get at the stuff.

    By the way, snopes has this to say on the email's origins:

    http://www.snopes.com/politics/gasoline/bakken.asp
     
    #20     Jan 23, 2010