US has more oil than all of the middle east

[ga66mopar]

OPEC just might be funding the environmentalists

http://www.usgs.gov/newsroom/article.asp?ID=1911


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

America's largest oil discovery since Alaska's Prudohe Bay has more oil than the entire Middle East put together. The U.S. Geological Service issued a report in April 2008 on how much oil was in the Williston Basin area of North Dakota, South Dakota, and Montana. The area is more commonly known as the Bakken, and gives us access to up to 500 billion barrels of light sweet crude. That is enough oil to fuel the U.S. economy at current levels for another 2,041 years!
"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.' 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. And if THAT didn't throw you on the floor, then this next one
should - because it's from 2006!

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?

http://thomasjeffersonclub.org/inde...c-oil-reserves&catid=10:cap-a-trade&Itemid=16

 

[marlabuck]

Wow thank you for your research,tis true what you say,maybe Bakken can save our bacon. Marla

 

[70rr-brian]

I am resisiting the urge to comment on this. Political comments are a no, no....so I will just move along.....moving along now....

 

[Propwash]

That's it!.....where did I put that big *** straw?

http://www.youtube.com/watch?v=IjVzmIV8gwk

 

[marlabuck]

:ufo:

I am resisiting the urge to comment on this. Political comments are a no, no....so I will just move along.....moving along now....

LOL...Marla

 

[Budnicks]

Good to here that news, thanks for posting it... Drill baby drill... I think this very informative oil supply thread will soon be locked, it will end up with some political garb sooner or latter...

 

[67 B-body]

The US would never tap in to her own resources of oil like that. If the third world countries are slowly depleted of its oil reserves, that shuts down financial commerce of the oil countries and also places the US in a position to have all the oil! They would then be in charge and now the seller or hoarder of the worlds oil supplies.

 

[Pops1967GTX]

MMMMmmm this might be a good idea...:hello2:


http://www.howcast.com/videos/421398-How-to-Find-Oil-on-Your-Land

 

[Endangered Species]

OPEC funding the environmentalist is something I've never thought of, that would make sense. You know they are not even talk about the fact that Shell, BP, and Hillcorp has just starting buy leases for the Utica formation here in Western Pa, Eastern Ohio, West Virginia and Western NY.
It's funny to read this from the USGS yet the regime (BHO) is flying around the country on our nickel touting that we only have 2% of the world oil reserves.

Hummm would the regime be suffering from truth deficiency?

 

[Ron 73]

Very informative stuff.

 

[Bruzilla]

Hate to break it to you folks, but having all the oil in the World doesn't mean anything anymore. As evidence, I give you Canada.

Canada produces enough oil to meet 100% of their domestic needs AND enough to be our largest supplier (about 43% if I recall the numbers correctly). On top of that, they are developing oil sands in Alberta that'll dramatically increase the amount they produce even more. In short, Canada is exactly where we want to be. They meet 100% of their needs without importing a drop, and they have an excess they can export. Now, Google the retail price of a gallon of gas in Alberta, Canada, and see how much it costs. You'll find that corrected for exchange rate and taxes, the Canadians are paying +/- 10 cents per gallon of what we are paying!

The reason for this is all that oil being pumped in Canada is sold and bought on the same international energy markets as everyone else's oil. Their oil gets pumped, sold on the market for market price, then is refined just as if the oil had been shipped in from Saudi Arabia. There is no "hey, our oil costs $20 a barrel to produce, so refiners can buy it at $20 a barrel and make gas that can sell at $1 a gallon." Their oil costs $20 or so to produce, but it is sold on the markets for $100+ right now, and the resulting gas is priced based on that cost, just like ours.

So it's a pipe dream (no pun intended) to think that more pumping or supply is going to result in lower costs. They could drill and pump right down the street from you, and the oil coming out of the ground will cost just as much as Saudi oil. And the price of oil futures isn't being impacted at all by increases in supply because everyday, more and more speculators are buying into the market because it's one of the only safe places to invest these days.

 

[ga66mopar]

Here's the reality. Natural gas prices have fallen to a fraction of what they were 10 years ago due to more available natural gas.

http://www.energyandcapital.com/articles/natural-gas-prices-hit-10-year-low/2142

Natural gas prices have been falling ever since new drilling methods were discovered to release the glut of shale gas in the United States.

But it’s recently become evident just how much natural gas potential the U.S. has.

And this has led to the lowest natural gas prices in ten years

It's as simple as more supply than demand.

Hate to break it to you folks, but having all the oil in the World doesn't mean anything anymore. As evidence, I give you Canada.

Canada produces enough oil to meet 100% of their domestic needs AND enough to be our largest supplier (about 43% if I recall the numbers correctly). On top of that, they are developing oil sands in Alberta that'll dramatically increase the amount they produce even more. In short, Canada is exactly where we want to be. They meet 100% of their needs without importing a drop, and they have an excess they can export. Now, Google the retail price of a gallon of gas in Alberta, Canada, and see how much it costs. You'll find that corrected for exchange rate and taxes, the Canadians are paying +/- 10 cents per gallon of what we are paying!

The reason for this is all that oil being pumped in Canada is sold and bought on the same international energy markets as everyone else's oil. Their oil gets pumped, sold on the market for market price, then is refined just as if the oil had been shipped in from Saudi Arabia. There is no "hey, our oil costs $20 a barrel to produce, so refiners can buy it at $20 a barrel and make gas that can sell at $1 a gallon." Their oil costs $20 or so to produce, but it is sold on the markets for $100+ right now, and the resulting gas is priced based on that cost, just like ours.

So it's a pipe dream (no pun intended) to think that more pumping or supply is going to result in lower costs. They could drill and pump right down the street from you, and the oil coming out of the ground will cost just as much as Saudi oil. And the price of oil futures isn't being impacted at all by increases in supply because everyday, more and more speculators are buying into the market because it's one of the only safe places to invest these days.

 

[Richard Cranium]

There's so much oil in this country, even a stooge can find it!

 

[Budnicks]

I think I would have to agree with ga66mopar if there is an abundance of oil supply you have an overstock or surplus, Retail 101, if you want to move the product it needs to be cheaper so people will use/buy more, than the supplies go down & the price goes up again, it is totally a supply & demand type thing, if it's in a free market society, if you have an abundance of anything, it becomes cheaper & drives the costs down, as long as you don't have the govt., taxes, price fixing or an other outside body like OPEC dictating world prices... Canada is not the best example {no offense}, with only something like 38 million people to supply, thats only roughly like 11%-12% of our U.S. population or just the population of the state of California, they have no were near our buying strength {no intentions of offending our great Canadian neighbors to the north}... A better example would be... Look at Brazil much larger population & they are totally self sufficient, oil & energy of all kinds & "I think", there gas prices are less than a dollar a gallon or a least was {they also produce an abundance of other available cheaper alteratives, sugar cane & corn based alcohol fuels, other bio-fuels, bio-diesel & natural gas also, that makes fuel an abundant energy resource, that they started at least over a decade ago, if I remember it correctly}

 

[Endangered Species]

Hate to break it to you folks, but having all the oil in the World doesn't mean anything anymore. As evidence, I give you Canada.

Canada produces enough oil to meet 100% of their domestic needs AND enough to be our largest supplier (about 43% if I recall the numbers correctly). On top of that, they are developing oil sands in Alberta that'll dramatically increase the amount they produce even more. In short, Canada is exactly where we want to be. They meet 100% of their needs without importing a drop, and they have an excess they can export. Now, Google the retail price of a gallon of gas in Alberta, Canada, and see how much it costs. You'll find that corrected for exchange rate and taxes, the Canadians are paying +/- 10 cents per gallon of what we are paying!

The reason for this is all that oil being pumped in Canada is sold and bought on the same international energy markets as everyone else's oil. Their oil gets pumped, sold on the market for market price, then is refined just as if the oil had been shipped in from Saudi Arabia. There is no "hey, our oil costs $20 a barrel to produce, so refiners can buy it at $20 a barrel and make gas that can sell at $1 a gallon." Their oil costs $20 or so to produce, but it is sold on the markets for $100+ right now, and the resulting gas is priced based on that cost, just like ours.

So it's a pipe dream (no pun intended) to think that more pumping or supply is going to result in lower costs. They could drill and pump right down the street from you, and the oil coming out of the ground will cost just as much as Saudi oil. And the price of oil futures isn't being impacted at all by increases in supply because everyday, more and more speculators are buying into the market because it's one of the only safe places to invest these days.

A couple things here.

1st, Canada has a HUGE amount of tax built in to their gas, so there gas is always going to be high

2nd, Gas in Canada was $2.25 a gallon when it was $1.25 here so if they are with in .10 of us then that means there gas hasn't gone up near what ours has.

3rd, Does Canada have the refining capacity that we have? They can have all the oil in the world but if they can't refine it fast enough then the price is going to be high

GA66mopar is right, Natural Gas is a perfect example of supply and demand. Back in 08 Natural Gas was around 11.00 a BCF (I think that’s the right acronym)
After we discovered the Marcellus shale now it struggles to get above 3.50 a BCF.

Oil will do the same.

 

[696pack]

A couple things here.

1st, Canada has a HUGE amount of tax built in to their gas, so there gas is always going to be high

2nd, Gas in Canada was $2.25 a gallon when it was $1.25 here so if they are with in .10 of us then that means there gas hasn't gone up near what ours has.

3rd, Does Canada have the refining capacity that we have? They can have all the oil in the world but if they can't refine it fast enough then the price is going to be high

GA66mopar is right, Natural Gas is a perfect example of supply and demand. Back in 08 Natural Gas was around 11.00 a BCF (I think that’s the right acronym)
After we discovered the Marcellus shale now it struggles to get above 3.50 a BCF.

Oil will do the same.[/QUOTE]

No, it won't.
The difference is that natural gas is not imported. It is tapped and piped here in the US and is not subject to the OPEC pricing that is holding us hostage to that pricing table.

 

[Red63440]

The price is based on the open market so thinking that oil prices will be low because of who has it doesn't make any difference. I don't think that mentioning who mandated that the oil be recoved makes this a political thread but just in case......Snow White did it, there, I said it!:violent1:

 

[bigmanjbmopar]

That's it I'm flagging this post a political!

 

[Endangered Species]

Since when was politics off limits on FBBO?

 

[Endangered Species]

A couple things here.

1st, Canada has a HUGE amount of tax built in to their gas, so there gas is always going to be high

2nd, Gas in Canada was $2.25 a gallon when it was $1.25 here so if they are with in .10 of us then that means there gas hasn't gone up near what ours has.

3rd, Does Canada have the refining capacity that we have? They can have all the oil in the world but if they can't refine it fast enough then the price is going to be high

GA66mopar is right, Natural Gas is a perfect example of supply and demand. Back in 08 Natural Gas was around 11.00 a BCF (I think that’s the right acronym)
After we discovered the Marcellus shale now it struggles to get above 3.50 a BCF.

Oil will do the same.[/QUOTE]

No, it won't.
The difference is that natural gas is not imported. It is tapped and piped here in the US and is not subject to the OPEC pricing that is holding us hostage to that pricing table.

You're somewhat right.... OPEC is holding up hostage because at this time they're pumping most of the world’s oil.
Do you remember back in the late 80's early 90's when gas was over a $1.20 a gallon, then oil was discovered in South America, next thing you know oil dropped to $10.00 a barrel and gas went to .85-.90 cents a gallon.
Back in 2007 oil was $149.00 a barrel, and gas was $4.50 a gallon. President Bush announced that we were lifting the drilling ban and BANG in less than 6 months oil was $35.00 a barrel and gas was $1.90 a gallon. (We didn't start drilling and it dropped).
If 2 trillion barrels of oil in the US, then all we need to do is announce we are going to start tapping it and the price of oil will drop.
If we flood the market with oil or the capabilities of flooding the market with oil then everyone will get out of the oil stocks.

If we start tapping all the oil we have then we will have control of spigot not OPEC.

Now something that no one mentioned is the fact that our dollar is in the tank. Since oil is traded in Dollars our dollar doesn't buy as much.
This is a perfect example why Kanzian economics doesn't work. BHO feels the need to keep spending and driving our debt through the roof (all in the name of jump starting the economy). But the net result is very few jobs (created from government spending) and high inflation. (Oh yha that right, the regime doesn't include food and gas prices when it calculates inflation).
This in turn counter acts any growth in the economy.