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United states becomes world's number-one oil supplier

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[h=1]UNITED STATES BECOMES WORLD'S NUMBER-ONE OIL SUPPLIER[/h]
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by WILLIAM BIGELOW 17 Oct 2013, 1:50 AM PDT 54POST A COMMENT
[h=2][/h]In a watershed moment for the United States, it has now surpassed Saudi Arabia as the world?s largest supplier of oil.
According to PIRA, an energy analysis firm, the skyrocketing oil output over the last four years is the most dizzying ascent since Saudi Arabia?s from 1970-1974. Since 2009, U.S. oil output has climbed 3.2 million barrels per day (bpd). The total includes natural gas liquids and biofuels.
The trigger for the huge expansion is the shale revolution, which has seen areas such as the Bakken in North Dakota and Eagle Ford in Texas lead the way as U.S. supplies jumped 1 million bpd in 2012 and repeated that jump in 2013.
Because of the huge jump in supplies, the U.S. is no longer the number one importer of crude oil; that spot now belongs to China. PIRA Energy Group noted, ?The U.S. growth rate is greater than the sum of the growth of the next nine fastest growing countries combined and has covered most of the world's net demand growth over the past two years... The U.S. position as the largest oil supplier in the world looks to be secure for many years.?
In 2013, total liquids that are produced by the U.S.?comprised of crude oil, condensate, biofuels, and natural gas liquids?are expected to average 12.1 million bpd, ahead of Saudi Arabia. Even though Saudi Arabia?s output grew last year, the growth in U.S. output was greater.

 
And numb-nutz think that drilling in Alaska or the Keystone XL will cause a decrease in American gasoline prices - but this oil goes to the world spot market to the highest bidder.

US will still import Saudi Oil because of the early 1970s Petro-dollar deal. The US has to.
 
We need to get this socialist tree hugger out of office.
 
Great news. Happy to see the private land owners making some serious coin.
 
Swiper said:
one reason is the govt makes more in taxes off a gallon gas than the oil company makes in profit.
Click to expand...

I was being sarcastic, I know it's our lovely government and slime ball politicians banking all of the $ while this country goes to complete shit.


www.IronMagLabs.com
 
Anyone ever read any studies where oil may in fact be a "renewable" resource? I will see if I can find them again....
 
RENEWABLE CRUDE CRUDE OIL IS A RENEWABLE RESOURCE

IT MAY SEEM HARD TO BELIEVE, BUT CRUDE OIL ACTUALLY IS A RENEWABLE RESOURCE, AND IT IS BEING RENEWED RIGHT NOW QUITE NATURALLY.
FIRST WE NEED TO DISPENSE WITH THE MISBEGOTTEN IDEA MY 4TH GRADE TEACHER PROCLAIMED, "CRUDE OIL COMES FROM DINOSAURS". AT 9 YEARS OLD I KNEW SHE WAS OUT TO LUNCH. JUST HOW IS IT BILLIONS OF DINOSAURS WOULD COME TOGETHER AND BECOME BURIED BEFORE THEY HAD A CHANCE TO ROT, LEAVING BEHIND JUST THE OIL?
THE REAL SOURCE OF CRUDE OIL WAS ESTABLISHED THROUGH AN EXPERIMENT PERFORMED BY A COMPANY IN HOUSTON IN 2004. THEY DECIDED TO TEST A RUSSIAN THEORY DATING FROM THE 1960S THAT STATES THAT CRUDE OIL COMES FROM PLANKTON IN THE SEA. HERE IS THE THEORY:
PHYTOPLANKTON PERFORM PHOTOSYNTHESIS AND ABSORB CO2 FROM THE AIR. THE PHYTOPLANKTON ARE EATEN BY ZOOPLANKTON THAT PRODUCE TINY SHELLS. WHEN THE ZOOPLANKTON DIE, THEY FALL TO THE BOTTOM OF THE SEA. THEIR ORGANIC MATTER ROTS, BUT THEIR SHELLS LEAVE BEHIND CALCIUM CARBONATE, CaCO3, A DURABLE CARBON CONTAINING COMPOUND. OVER MILLIONS OF YEARS THE CALCIUM CARBONATE BECOMES BONDED TOGETHER INTO SOLID MARBLE OR LIMESTONE.
SOMETIMES THAT MARBLE IS THRUST UP OUT OF THE SEA AS IT IS IN PLACES LIKE VERMONT. IN OTHER AREAS, IT CAN BE THRUST DOWN INTO THE EARTH (SUBDUCTED). WHEN IT REACHES A DEPTH OF ABOUT 60 MILES, THE EXTREME PRESSURE AND HEAT CAUSES CALCIUM CARBONATE TO REACT WITH WATER AND IRON OXIDE TO PRODUCE NATURAL GAS (METHANE, CH4). WHEN IT REACHES A DEPTH OF ABOUT 100 MILES, CRUDE OIL IS PRODUCED.
NOTE THAT WHEN WE BURN CRUDE OIL, CO2 IS RELEASED TO FEED THE PLANKTON, TO PRODUCE MORE CALCIUM CARBONATE, TO PRODUCE MORE OIL... THUS CRUDE OIL IS A RENEWABLE RESOURCE.
SO HOW DOES THE RUSSIAN THEORY STAND UP? THE HOUSTON EXPERIMENT FOUND THAT CRUDE OIL WAS PRODUCED IN EXACTLY THE COMPOSITION AND PROPORTIONS WE FIND IN THE GROUND TODAY. IT MAKES PERFECT SENSE FROM A CHEMISTRY STANDPOINT. IT ALSO AGREES WITH EVERYTHING WE SEE IN THE DISTRIBUTION OF CRUDE OIL AND WHERE WE FIND IT IN THE EARTH.
THE CRUDE OIL WE FIND IS PERCOLATING UP FROM FAR BELOW WHERE WE DISCOVER IT TRAPPED IN THE EARTH. THE CRUDE WE SEE IS LIKE THE COFFEE IN THE SMALL GLASS BUBBLE ON THE TOP OF A PERCOLATOR - MOST OF IT IS DOWN BELOW.
THERE'S A VERY INTERESTING OIL WELL ON AN ISLAND OFF THE COAST OF LOUISIANA. A FEW YEARS AGO IT APPEARED TO BE REACHING THE END OF ITS PRODUCTIVE LIFE, ITS PRODUCTION WAS DECLINING.
SUDDENLY ITS OIL PRODUCTION WENT UP AND THE OIL CHANGED FROM A MEDIUM CRUDE TO A LIGHT CRUDE! THIS MEANS A YOUNGER SOURCE OF OIL WAS COMING UP FROM BELOW.
IT'S ALSO WORTH NOTING THAT IN THE 70S SAUDI ARABIAN CRUDE WAS PREDICTED TO HAVE RUN OUT BY NOW, YET THEIR RESERVES HAVE RISEN. IN ALL PROBABILITY, YOUNGER CRUDE IS COMING UP FROM BELOW.
SO WHAT IS THE PROBLEM WITH CRUDE OIL? LATELY THE SURGE IN DEMAND FROM CHINA AND INDIA HAS UPSET THE BALANCE AND NEW OIL PRODUCTION CANNOT BE RAMPED UP FAST ENOUGH TO MAINTAIN A HEALTHY MARGIN OF SUPPLY OVER DEMAND. WE ALSO HAVE A PROBLEM WITH HEDGE FUNDS SPECULATING BILLIONS AND DRIVING THE COST OF CRUDE TO UNREALISTIC LEVELS.
FUNDAMENTALLY THERE IS A GIGANTIC OBSTACLE TO PRICE STABILITY IN OIL, IT IS THE SIMPLE FACT THAT ARABIAN GULF STATES CAN PRODUCE OIL FOR $1/ BARREL AT LEVELS AS HIGH AS THEY WISH, IF THEY INSTALL MORE INFRASTRUCTURE.
ON THE OTHER HAND, PRODUCING THE OIL WE NEED IN THE US COULD COST $30 / BARREL. THAT MIGHT LOOK GOOD WHEN OIL IS $70 / BARREL, BUT WHO WOULD WANT TO RISK THE INVESTMENT IF THE SAUDIS COULD CUT THEM OFF AT THE KNEES AT ANY TIME?
OF COURSE WE COULD ALL SUBJECT OURSELVES TO BATTERY POWERED CARS, BUT NOTE, NO ONE HAS COME UP WITH A PRACTICAL BATTERY. A LITHIUM BATTERY TYPICALLY LOSES 20% OF ITS CAPACITY PER YEAR. HOW MANY PEOPLE WOULD REALLY WANT A CAR THAT HAD A RANGE OF 250 MILES WHEN NEW, THAT DROPPED TO 200 / 150 / 100 / 50 / 0 MILES AS THE YEARS PASSED? AFTER 3 YEARS THEY WOULD LIKELY WANT A NEW BATTERY, BUT IT WOULD PROBABLY COST THEM $10,000 OR MORE.
I WOULD LOVE AN ELECTRIC CAR, BUT NOT WITH ANY BATTERIES THAT EXIST TODAY. IMAGINE ON A COLD DAY HAVING TO CHOOSE BETWEEN HEATING THE CAR WITH THE BATTERY AND HAVING A RANGE OF 50 MILES, OR WEARING A SNOWMOBILE SUIT SO YOU CAN DRIVE 150 MILES. AIR CONDITIONING? FORGET IT. IT WOULD STILL BE FUN TO DRIVE ON NICE DAYS - IF YOU CAN AFFORD IT.
SO IT ALL COMES DOWN TO COST. WE NEED CHEAP ENERGY AND OIL IS NEARLY PERFECT FOR TRANSPORTATION PURPOSES. IT PACKS A LOT OF ENERGY PER GALLON, IS EASILY PUMPED, AND PRODUCES A NICE CO2 FEEDSTOCK FOR PLANKTON.
CHINA IS MOVING TO CONVERT THEIR CHEAP COAL TO OIL. ITS NOT A PRACTICAL PROCESS AS YOU LOSE HALF THE ENERGY IN THE COAL DURING CONVERSION AND THE EQUIPMENT IS EXPENSIVE, BUT CHINA'S COSTS ARE SO LOW, THEY MAY MAKE IT WORK. IMPORTING OIL IS INCREDIBLY EXPENSIVE TO CHINA AT CURRENT EXCHANGE RATES.
THEN THERE'S IRAQ. IRAQ HAS A POTENTIAL FOR CHEAP OIL SECOND ONLY TO SAUDI ARABIA AND IT WILL BE VERY EASY TO DEVELOP. WHEN THEY DO, THE PRICE OF OIL WILL COME DOWN.
SO WHY IS IT VERY FEW PEOPLE HAVE HEARD ABOUT THE HOUSTON EXPERIMENT? IT HAS THE DISTINCT RING OF TRUTH, AND IT IS PROBABLY THE MOST IMPORTANT SCIENTIFIC EXPERIMENT PERFORMED SO FAR THIS CENTURY. IT MAY BE THAT JOURNALISTS JUST DON'T UNDERSTAND THE SIGNIFICANCE, OR THEY MAY STILL BELIEVE THAT CRUDE OIL COMES FROM DINOSAURS.
THE LONG TERM CHALLENGE IS TO FIND THE CHEAPEST WAY TO PRODUCE OIL AND NOT GET UNDERCUT BY THE SAUDIS. IT MEANS IMPROVED TECHNOLOGY TO GET TO THE DEEPER OIL THAT WE NEED.
KNOWING CRUDE OIL IS RENEWABLE, I JUST FEEL SO GREEN!
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September 19, 2012 by Alan Caruba, I suspect that most people think the Earth is running out of oil or that the U.S. and the rest of the world are ?addicted? to its use.
Both beliefs are wrong, but in different ways. First because the Earth produces oil in abundance deep within its mantel in ways that have nothing to do with dead dinosaurs and gives no indication of ever stopping this natural process and, second, because the use of oil for fuel and for thousands of other applications, not the least of which is plastics, is one of the great blessings of modern technology and life.
All this is made dazzlingly clear in Dr. Jerome R. Corsi?s new book, The Great Oil Conspiracy ($22.95, Skyhorse Publishing). By way of explaining why there is so much oil within the planet Dr. Corsi tells the story of the Nazi regimes development of synthetic oil after German scientists ?cracked the code God built into the heart of chemistry to form hydrocarbons in the first place.? Known as the ?Fischer-Tropsch? process, it permitted the Nazis to pursue war even though Germany had no oil fields of its own.
The widespread use of the term ?fossil fuels? is a deception created by anti-energy propagandists and earlier theorists to make people believe that oil is the result of countless dead dinosaurs and decaying vegetation. Oil, however, is ?abiotic?, a term that means it is a natural product of the earth itself ?manufactured at deep levels where there never were any plants or animals.?
Corsi writes of Thomas Gold, a professor of astronomy who taught at Cornell University. In 1998 he published a controversial book entitled The Deep Hot Biosphere: The Myth of Fossil Fuels, in which he applied his knowledge of the solar system, noting that carbon is the fourth more abundant element in the universe, right after hydrogen, helium, and oxygen. Gold pointed out that ?carbon is found mostly in compounds with hydrogen?hydrocarbons?which, at different temperatures and pressures, may be gaseous, liquid, or solid.?
Gold, who passed away in 2004, was way ahead of most other scientists with his assertion that the earth produces oil at very deep levels. While telling the story of how the U.S. went to great lengths to acquire the data regarding synthetic oil production as our military overran Germany and then took care not to let the public know about. It was, after all, our own oil industry that had provided the fuel that aided the war effort in both theatres.
Correspondingly, the oil industry had no reason to develop ?relatively expensive synthetic oil when billions of dollars in profits could be made annually bringing to market naturally produced and reasonably priced hydrocarbon fuels, including crude oil and natural gas.?
This mirrors the efforts of ?renewable? energy producers, wind, solar, and biofuels like ethanol, to profit at the cost of billions of dollars in subsidies and loan guarantees paid for by taxpayers along with higher electricity and gasoline bills paid for by consumers; all of which are mandated by the federal government. It is pure crony capitalism to enrich a few at the expense of all the rest of us. None of these alternative forms of power could exist or even compete without such government mandated support.
As Dr. Corsi points out, ?Eliminating the fear that the world is running out of oil eliminates an urgency to experiment with or to implement alternative fuels including biofuels, wind energy, and solar energy as long as these energies remain less energy-efficient, less reliable, and more costly than using oil and natural gas.?
There are, in fact, ?more proven petroleum reserves than ever before, despite the increasing rate at which we are consuming petroleum products worldwide? says Dr. Corsi, noting that the Energy Information Administration of the U.S. Department of Energy, in on record that ?there are more proven crude oil reserves worldwide than ever in recorded history, despite the fact that worldwide consumption of crude oil has doubled since the 1970s.?
So tell me why, since the Obama administration took over, have gas prices per gallon risen from $1.84 to $3.80 now, a rise of 105%? The American Energy Alliance compared costs between 2009 and 2012, publishing them to reveal that we are all paying more for energy. The average monthly residential electricity bill has increased 6% and annual household energy expenses have increased 31%.
At the same time, the Obama Department of Energy increased new rules whose implementation cost more than $100 million each 141%! The Environmental Protection Agency increase of such regulations increased 40%, the Department of the Interior, 13%.
Total regulatory costs (all sectors) went from $1,172 trillion in 2009 to $1,752 trillion today! If you were trying to bankrupt the energy sector and its consumers, this is a great way to do it.
You can access the AEA chart at http://www.americanenergyalliance.org/four-year-energy-chart
The Obama administration came into office declaring a war on coal, further restricting oil and natural gas exploration on federal lands and offshore, and wasting billions on solar, wind, and biofuel companies. That in itself would be reason enough to turn them out of office.
The Earth is not running out of oil and likely never will.

- See more at: Is oil a renewable resource?
 
IML Gear Cream!
Well, I remember saying this about a year a year 1/2 ago......

These mutha phuqas are good at keeping secrets!
 
Oct 14 2013, 17:11

While companies like EOG Resources (EOG) and Continental Resources (CLR) get most of the headlines, Pioneer Natural Resources (PXD) could well be the best long-term investment in the entire US shale space. The stock could easily double over the next 3 years as drilling results in the massive Spraberry/Wolfcamp play unlock the value of the company's 800,000+ acreage position.

In an October presentation you can find here, Pioneer reported the Spraberry/Wolfcamp is the biggest oil field in the US and the second largest in the world after the Ghawar field in Saudi Arabia.

Pioneer Natural Resources Could Easily Double In 3 Years
 
G.Reaper said:
September 19, 2012 by Alan Caruba, I suspect that most people think the Earth is running out of oil or that the U.S. and the rest of the world are ?addicted? to its use.
Both beliefs are wrong, but in different ways. First because the Earth produces oil in abundance deep within its mantel in ways that have nothing to do with dead dinosaurs and gives no indication of ever stopping this natural process and, second, because the use of oil for fuel and for thousands of other applications, not the least of which is plastics, is one of the great blessings of modern technology and life.
All this is made dazzlingly clear in Dr. Jerome R. Corsi?s new book, The Great Oil Conspiracy ($22.95, Skyhorse Publishing). By way of explaining why there is so much oil within the planet Dr. Corsi tells the story of the Nazi regimes development of synthetic oil after German scientists ?cracked the code God built into the heart of chemistry to form hydrocarbons in the first place.? Known as the ?Fischer-Tropsch? process, it permitted the Nazis to pursue war even though Germany had no oil fields of its own.
The widespread use of the term ?fossil fuels? is a deception created by anti-energy propagandists and earlier theorists to make people believe that oil is the result of countless dead dinosaurs and decaying vegetation. Oil, however, is ?abiotic?, a term that means it is a natural product of the earth itself ?manufactured at deep levels where there never were any plants or animals.?
Corsi writes of Thomas Gold, a professor of astronomy who taught at Cornell University. In 1998 he published a controversial book entitled The Deep Hot Biosphere: The Myth of Fossil Fuels, in which he applied his knowledge of the solar system, noting that carbon is the fourth more abundant element in the universe, right after hydrogen, helium, and oxygen. Gold pointed out that ?carbon is found mostly in compounds with hydrogen?hydrocarbons?which, at different temperatures and pressures, may be gaseous, liquid, or solid.?
Gold, who passed away in 2004, was way ahead of most other scientists with his assertion that the earth produces oil at very deep levels. While telling the story of how the U.S. went to great lengths to acquire the data regarding synthetic oil production as our military overran Germany and then took care not to let the public know about. It was, after all, our own oil industry that had provided the fuel that aided the war effort in both theatres.
Correspondingly, the oil industry had no reason to develop ?relatively expensive synthetic oil when billions of dollars in profits could be made annually bringing to market naturally produced and reasonably priced hydrocarbon fuels, including crude oil and natural gas.?
This mirrors the efforts of ?renewable? energy producers, wind, solar, and biofuels like ethanol, to profit at the cost of billions of dollars in subsidies and loan guarantees paid for by taxpayers along with higher electricity and gasoline bills paid for by consumers; all of which are mandated by the federal government. It is pure crony capitalism to enrich a few at the expense of all the rest of us. None of these alternative forms of power could exist or even compete without such government mandated support.
As Dr. Corsi points out, ?Eliminating the fear that the world is running out of oil eliminates an urgency to experiment with or to implement alternative fuels including biofuels, wind energy, and solar energy as long as these energies remain less energy-efficient, less reliable, and more costly than using oil and natural gas.?
There are, in fact, ?more proven petroleum reserves than ever before, despite the increasing rate at which we are consuming petroleum products worldwide? says Dr. Corsi, noting that the Energy Information Administration of the U.S. Department of Energy, in on record that ?there are more proven crude oil reserves worldwide than ever in recorded history, despite the fact that worldwide consumption of crude oil has doubled since the 1970s.?
So tell me why, since the Obama administration took over, have gas prices per gallon risen from $1.84 to $3.80 now, a rise of 105%? The American Energy Alliance compared costs between 2009 and 2012, publishing them to reveal that we are all paying more for energy. The average monthly residential electricity bill has increased 6% and annual household energy expenses have increased 31%.
At the same time, the Obama Department of Energy increased new rules whose implementation cost more than $100 million each 141%! The Environmental Protection Agency increase of such regulations increased 40%, the Department of the Interior, 13%.
Total regulatory costs (all sectors) went from $1,172 trillion in 2009 to $1,752 trillion today! If you were trying to bankrupt the energy sector and its consumers, this is a great way to do it.
You can access the AEA chart at http://www.americanenergyalliance.org/four-year-energy-chart
The Obama administration came into office declaring a war on coal, further restricting oil and natural gas exploration on federal lands and offshore, and wasting billions on solar, wind, and biofuel companies. That in itself would be reason enough to turn them out of office.
The Earth is not running out of oil and likely never will.

- See more at: Is oil a renewable resource?
Click to expand...

Did you even check your source on that? because Jerome Corsi is no scientist or geologist and he's pretty much the ONLY PERSON in world history to be making such claims, with no empirical data to support it.

all of the easily to get sweet crude is gone, it's why they are drilling further out in the ocean and extracting it from oil sands, etc.
 
I have read this from different sources. These were the first that I came across on Google. I would venture to say that additional studies have been suppressed to better fit the agenda. Look at global warming. One great hoax. If one find this hard to believe they probably think that the government and it's agencies are looking after your best interest. Then we can get into the big Parma and Monsanto... follow the money trail. I don't agree with the so called peer review and they typically follow the same agenda and fail to put forth an worthy effort if someone isn't on that same agenda. But these are my opinions that I will stick with but as always I am appreciative to hear differing view points.
 
Big Smoothy said:
And numb-nutz think that drilling in Alaska or the Keystone XL will cause a decrease in American gasoline prices - but this oil goes to the world spot market to the highest bidder.

US will still import Saudi Oil because of the early 1970s Petro-dollar deal. The US has to.
Click to expand...


Even if 100% of it got exported it would still decrease demand for the Saudi oil we import.
 
Thats right, we already have more oil than we can refine. Our refineries work 24hrs 7 days a week, so drilling in Alaska wont do dick.
 
Good question and I assume rhetorical .

Also how can it be that Exon/Mobil is generating more actual profit than ever while the rest of us struggle ? Think it might be time for a few new regulations on the oil companies, and stop subsidies ?
 
niviceaas said:
Good question and I assume rhetorical .

Also how can it be that Exon/Mobil is generating more actual profit than ever while the rest of us struggle ? Think it might be time for a few new regulations on the oil companies, and stop subsidies ?
Click to expand...


Of course it is, but it'll never happen because government is far too corrupt and greedy
 
LAM said:
Did you even check your source on that? because Jerome Corsi is no scientist or geologist and he's pretty much the ONLY PERSON in world history to be making such claims, with no empirical data to support it.

all of the easily to get sweet crude is gone, it's why they are drilling further out in the ocean and extracting it from oil sands, etc.
Click to expand...


Oil sands aren't that hard to extract the oil from any more. SAGD FTW!
 
The 2nd greatest story ever sold. If we here in the US simply just held onto our own oil, the U S would have no oil interest in Middle East at all. We could live in peace leaving those damn BC bass ackwards countries alone.

Imagine a country that could have self reliance again. Imagine a country whose political leaders don't lie just to gain control over other regions oil.

Yeah, imagine!... Cause that shit is never going to happen as long as this farce of a political system is in charge.
 
IML Gear Cream!
troubador said:
Even if 100% of it got exported it would still decrease demand for the Saudi oil we import.
Click to expand...

Importing Saudi oil is not about demand in the US.

The US made a deal with the Saud family in the early 1970s to make oil transactions in USD.

Importing Saudi oil is a part of that deal.

Interesting how the politicians never mention this 40+ year agreement.
 
IronAddict said:
The 2nd greatest story ever sold. If we here in the US simply just held onto our own oil, the U S would have no oil interest in Middle East at all. We could live in peace leaving those damn BC bass ackwards countries.
Click to expand...

But the US needs the Petro-dollar. The Petro-dollar allows the perpetual American war machine to continue throughout the world - without having to raise taxes. The US can run massive deficits because of the Petro-dollar.

"Self-Reliance" would destroy the American Empire.
 
OfficerFarva said:
Oil sands aren't that hard to extract the oil from any more. SAGD FTW!
Click to expand...

hard no but still costly, I was told that profit margins are razor thin by at least a handful of execs at Shell no less than 3 months ago when I was in Calgary.
 
Cancel gov't survival of the fittest. Those who can live suffeciently will survive and those that can not will die. Re-estabilish gov't in 100 years after purge is complete. I am curious of what the amount of people would be that could actually live with out depending on the gov't? How many people actually have basic survival skills or the intelligence to adapt to take care of them selves.
 
so we'll be pulling out of the middle east now? ( sarcasm )
 
SheriV said:
Of course it is, but it'll never happen because government is far too corrupt and greedy
Click to expand...

Hahaha well yes, that and perhaps Exxon Mobil is actually more in charge of our government than the politicians. Yes a country governed by corporations is what I always wanted !!
 
LAM said:
hard no but still costly, I was told that profit margins are razor thin by at least a handful of execs at Shell no less than 3 months ago when I was in Calgary.
Click to expand...


Did he specify which type of extraction method he was talking about? The two big ones in the oil sands are the open excavation pits and SAGD. All costs included to produce a barrel of oil using SAGD comes in around the $40 mark per barrel (that's a high estimation). WTI crude oil is priced at around $100/bbl, our oil is discounted by about $10 because it's heavier and has to be upgraded into lighter types. So that means these companies are making about $50 profit on each barrel. That hardly seems like razon thin margins to me but these guys will tell you anything to make you feel bad for them. The mining method is a different beast however.
 
Last edited:
G.Reaper said:
September 19, 2012by Alan Caruba, I suspect that most people think the Earth is running out of oil or that the U.S. and the rest of the world are ?addicted? to its use.
Both beliefs are wrong, but in different ways. First because the Earth produces oil in abundance deep within its mantel in ways that have nothing to do with dead dinosaurs and gives no indication of ever stopping this natural process and, second, because the use of oil for fuel and for thousands of other applications, not the least of which is plastics, is one of the great blessings of modern technology and life.
All this is made dazzlingly clear in Dr. Jerome R. Corsi?s new book, The Great Oil Conspiracy ($22.95, Skyhorse Publishing). By way of explaining why there is so much oil within the planet Dr. Corsi tells the story of the Nazi regimes development of synthetic oil after German scientists ?cracked the code God built into the heart of chemistry to form hydrocarbons in the first place.? Known as the ?Fischer-Tropsch? process, it permitted the Nazis to pursue war even though Germany had no oil fields of its own.
The widespread use of the term ?fossil fuels? is a deception created by anti-energy propagandists and earlier theorists to make people believe that oil is the result of countless dead dinosaurs and decaying vegetation. Oil, however, is ?abiotic?, a term that means it is a natural product of the earth itself ?manufactured at deep levels where there never were any plants or animals.?
Corsi writes of Thomas Gold, a professor of astronomy who taught at Cornell University. In 1998 he published a controversial book entitled The Deep Hot Biosphere: The Myth of Fossil Fuels, in which he applied his knowledge of the solar system, noting that carbon is the fourth more abundant element in the universe, right after hydrogen, helium, and oxygen. Gold pointed out that ?carbon is found mostly in compounds with hydrogen?hydrocarbons?which, at different temperatures and pressures, may be gaseous, liquid, or solid.?
Gold, who passed away in 2004, was way ahead of most other scientists with his assertion that the earth produces oil at very deep levels. While telling the story of how the U.S. went to great lengths to acquire the data regarding synthetic oil production as our military overran Germany and then took care not to let the public know about. It was, after all, our own oil industry that had provided the fuel that aided the war effort in both theatres.
Correspondingly, the oil industry had no reason to develop ?relatively expensive synthetic oil when billions of dollars in profits could be made annually bringing to market naturally produced and reasonably priced hydrocarbon fuels, including crude oil and natural gas.?
This mirrors the efforts of ?renewable? energy producers, wind, solar, and biofuels like ethanol, to profit at the cost of billions of dollars in subsidies and loan guarantees paid for by taxpayers along with higher electricity and gasoline bills paid for by consumers; all of which are mandated by the federal government. It is pure crony capitalism to enrich a few at the expense of all the rest of us. None of these alternative forms of power could exist or even compete without such government mandated support.
As Dr. Corsi points out, ?Eliminating the fear that the world is running out of oil eliminates an urgency to experiment with or to implement alternative fuels including biofuels, wind energy, and solar energy as long as these energies remain less energy-efficient, less reliable, and more costly than using oil and natural gas.?
There are, in fact, ?more proven petroleum reserves than ever before, despite the increasing rate at which we are consuming petroleum products worldwide? says Dr. Corsi, noting that the Energy Information Administration of the U.S. Department of Energy, in on record that ?there are more proven crude oil reserves worldwide than ever in recorded history, despite the fact that worldwide consumption of crude oil has doubled since the 1970s.?
So tell me why, since the Obama administration took over, have gas prices per gallon risen from $1.84 to $3.80 now, a rise of 105%? The American Energy Alliance compared costs between 2009 and 2012, publishing them to reveal that we are all paying more for energy. The average monthly residential electricity bill has increased 6% and annual household energy expenses have increased 31%.
At the same time, the Obama Department of Energy increased new rules whose implementation cost more than $100 million each 141%! The Environmental Protection Agency increase of such regulations increased 40%, the Department of the Interior, 13%.
Total regulatory costs (all sectors) went from $1,172 trillion in 2009 to $1,752 trillion today! If you were trying to bankrupt the energy sector and its consumers, this is a great way to do it.
You can access the AEA chart at http://www.americanenergyalliance.org/four-year-energy-chart
The Obama administration came into office declaring a war on coal, further restricting oil and natural gas exploration on federal lands and offshore, and wasting billions on solar, wind, and biofuel companies. That in itself would be reason enough to turn them out of office.
The Earth is not running out of oil and likely never will.

- See more at: Is oil a renewable resource?
Click to expand...
Thats a nice little fairy tale, but with people pollution growing at exponential rates, each newborn carbon footprint will eventually use more fossil fuels than we could ever hope to manufacture, and if you keep burning there will be no resources to convert to fossil fuels. The solution to all of this is to mix it up and use alternatives, fossil fuels sparingly and combinations of these known as hybrids...
 
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