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The largest single discovery of petroleum in the past 20 years was in the North Sea and it provides enough petroleum to provide for the entire world for about a month. Yet America just sits upon its MASSIVE HUGE seas of petroleum... ok whatever.
In my post I wasn't referencing conventional oil but coal to liquid fuels and oil shale technology. As I mentioned before rough estimates are we have about a centuries worth of coal if we were to meet the demands for power, diesel, jet fuel and kerosene applications.
The reason this tech has never made it to the forefront is that conventional oil has been cheaper and it's a very volatile market. To be feasible a barrel of oil needs to stay above the $40 to $50 range. Right now using this process it would be substantially cheaper than conventional supplies. This isn't a pie in the sky idea, it's a proven process and what is even more interesting is it can be used in co-gen type plant producing both power and fuel.
While oil shale is found in many places worldwide, by far the largest deposits in the world are found in the United States in the Green River Formation, which covers portions of Colorado, Utah, and Wyoming. Estimates of the oil resource in place within the Green River Formation range from 1.2 to 1.8 trillion barrels. Not all resources in place are recoverable; however, even a moderate estimate of 800 billion barrels of recoverable oil from oil shale in the Green River Formation is three times greater than the proven oil reserves of Saudi Arabia. Present U.S. demand for petroleum products is about 20 million barrels per day. If oil shale could be used to meet a quarter of that demand, the estimated 800 billion barrels of recoverable oil from the Green River Formation would last for more than 400 years
These two resources firmly put the US in a position with largest reserves of fossil fuels. The coal alone is more than 25% of the worlds known reserves, this is as much as Russia and China combined.
He could start by releasing oil from our strategic oil reserve. That has historically lowered prices during turbulent times. Then drill baby drill.
The problem is he doesn't want to control oil prices. He wants them to sky rocket.
Why do you think that it is the President's responsibility to control pricing of commodities? Is it one of the powers enumerated in the constitution? Regardless, on one hand you want him to control pricing, on the other... complaining about him wanting higher prices. What have previous presidents done to control pricing? As recently as summer 2008, gas prices were higher than they are today. What measures were taken that you think should be done today as well?
As for strategic oil reserves, do you really think that an 8% increase in gasoline prices warrants tapping into extremely limited supply that is the oil reserve? How much dent do you think THAT is going to make? Got real numbers, or just fantasies?
In addition to that there is an estimate of 800 billion barrels in the Green River Formation, 3X the proven Saudi reserves...
Oil shale extraction is not a new idea but tried and determined to suffer with issues similar to those with other alternative energy sources: expensive. And that is just monetary expense, what about environmental impacts?
I understand many people couldn’t care less about environmental problems as long as it doesn’t happen to be in their backyard (if they are smart enough and have a clue about implications, is an assumption as well). But oil shale extraction demands massive amount of water usage, a premium in arid areas, and that is besides pollutants making through to the water supply system. Then there is the well understood emissions issue, of chemicals that result in acidic rain. In other words, not only will oil shale extraction compete with a high value resource in water for farming, it will also be killing farms from above.
One trick ponies may have an appeal, but I don’t think we should stop looking beyond them.
Quote:
Originally Posted by texdav
I hopr-e he doesn't listen to democrats who wanted Bush to tap to the reserve last time;that is not its purpose . Its not to control prices.
Actually, democrats didn't ask for tapping into strategic oil reserves (something many of you are hoping for), but asked him to stop buying oil for strategic oil reserve and instead direct the oil to consumers directly.
His plan is to keep us from drilling for our own. He wants chaos here like in the ME.
Why would he want this? Really, why? It could be argued that maybe after 30 years (Egypt) or 42 years (Libya) it might be considered a "good run" for a dictator in office. To imagine that an individual, no matter how flawed, would deliberately set his government on fire for the expressed purpose of immolating his personal legacy after just a couple of years... ... this says more about the person making such a statement than it does anything about Obama.
And what makes you think drilling our own would lower prices? Oil goes to the highest bidder.
Indeed. To say nothing of the fact that every square inch of the U.S. has been surveyed and surveyed again for oil production potential. Texas has the lock on high grade crude production. In the 1800's you could ladle the oil pooling on the sand into buckets and carry it away. Now they have to steam pressurize some wells to force oil to the surface.
The oil offshore the Gulf States is under tremendous pressure but the trick is getting to it. When the cost of extraction start to rise to a significant fraction of the price yield you have a problem. The oil in the shale fields in Alaska is not worth the going after... ... yet. When and if it is, worry. GAME OVER! Neither you, nor I will be getting any of that Alaskan Molasses. It will all be consigned to the DOD.
If the usual suspects want to make impotent talking points on C-D to sound tough and make people think you know what you are talking about, who am I to try and stop them. But, I ask, would it really hurt to try discussing alternative sources of energy.... ... what a concept. Go against type for once and stop trying to roll the rock uphill. The scenario is NEVER going to play out in a way that makes oil lovers happy. It can't. Oil is played. Maybe its me but I like to back a winner.
H
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