Thread: Some thoughts about Crude Oil..

Might work in your country, but won't work in America, just a lot of people bullshitting the folks, vote for something and then lie about it to make em look good.
Just look at Hilderbeast, first back in 92 she was for NAFTA, now she saying she was again it, Voted to go into Iraq, now says she didn't. Kerry said he again the war, but he voted for it.
Thats the kind of shit that you do not find out from politicians, but have to go in a little deeper..

BG and CT have a lot of knowledge about the oil industry. Perhaps, Tex, also.

The OP article claims oil can hit $400 per barrel.

Do the posters above ever see oil going down below $100 again?

Do these posters see oil hitting $175?

200, 300, per barrel?

Well they have just discovered some nice new fields in Dakotas, also some up in Canada and over in Penn. and they are supposed to be in the 500 Bil Barrels class, better than the 60 bil barrels in the north slope fields huh, and they haven't sunk 1 hole in the Wildlife refuge yet either.
so there is still some hope that they will be able to add to the world overpopulation some more yet.

By Jon Markman
Western North Dakota and western Pennsylvania, by which I mean the middle of nowhere, are on track to become the center of the universe for energy companies over the next few years as geologists, speculators and attorneys battle for control of two of the most important and unusual oil and gas finds of the past three decades.
Before the battle is fully defined and winners are awarded the spoils, there's plenty of time for investors to make low-risk bets that could generate great returns over the next few years. There are even cheaper opportunities north of these two hot spots, in the Canadian tundra of Saskatchewan and New Brunswick, which share the same rich rock formations but have yet to attract as much interest.

It may be a little hard to believe that these forlorn areas -- far from the glamorously derrick-dotted plains of Texas, Oklahoma and California -- could yield the sort of riches that attract the diamond-studded-cowboy-hat crowd, but energy exploration has never exactly gone hand in hand with the tourist trade. So put on your mukluks and parka, get out your atlas and prepare for a visit to the Bakken and Marcellus shales. Going deep

Let's start with western North Dakota, which some in the energy business are now calling Persia on the Plains.

Ramshackle wheat and alfalfa farms up there happen to lie atop the juiciest zone of the underground Bakken Formation, which stretches across 200,000 square miles of Montana and Saskatchewan as well. The heart of the Bakken, which contains three layers of shale that formed when the area was covered with relatively deep ocean, is about 2 miles down.
The rock was initially discovered as an oil source in the mid-1950s, but with extremely low porosity and permeability, it was impossible to exploit fully with conventional drilling techniques when oil was going for less than $50 a barrel.
In recent years however, horizontal drilling and "fractionation" extraction techniques -- invented in U.S. labs and developed in fields from Russia to Argentina -- have opened the formation, and its output is expected to expand exponentially so long as oil prices remain above $60 a barrel. Experts figure it will yield 270 million to 500 billion barrels of oil over its lifetime, which could make the roughly 60 billion barrels of oil of the famed North Slope of Alaska look like a child's mud puddle.

Dakota oil: Persia on the Plains? - MSN Money

The Ruskies don't have a lot of oil reserves. Maybe enough for ten or twenty years the way they are exploiting the stuff. Then they are going to be one of worlds biggest oil IMPORTERS , (if they have the money to pay for it). A lot of people are getting rich on Russian oil at the moment, but some hard times ahead for the Russian people.

China used to be self sufficient a while back till they pumped their wells dry.

Perhaps the Russians have an ace up their sleeve with some undeveloped reserves?

There's lots of untapped reserves all around the world. Not the big fields of good quality, easy to recover stuff, but plenty all the same if the price goes high enough. Plus there's still a lot of gas around and you can even make liquid fuel out of coal if it ends up being cost effective.

Originally Posted by Panda

There's lots of untapped reserves all around the world.

Concur.
Finding more every day.
Offshore Brazil, W. Africa & the Gulf of Mexico look like parking lots (car parks) for oil rigs these days.

Originally Posted by Boon Mee

Originally Posted by Panda

There's lots of untapped reserves all around the world.

Concur.
Finding more every day.
Offshore Brazil, W. Africa & the Gulf of Mexico look like parking lots (car parks) for oil rigs these days.

Boon Me, I don't like it when you agree with me.
Could you please edit your post and say something negative about me?

Russia holds the world's largest natural gas reserves, the second largest coal reserves, and the eighth largest oil reserves. Russia is also the world's largest exporter of natural gas, the second largest oil exporter and the third largest energy consumer.

How large are Russia's oil reserves?

Like many things in post-Soviet Russia it is supposed to be a state secret. But that does not stop the world's oil majors from hotly debating exactly how big Russia's crude oil resrves are.
Estimates of proven reserves vary wildly, from the U.S. Oil and Gas Journal's 48.6 billion barrels to analyst estimates which are three times higher.
The experts agree on one thing. Russia's oil reserves are big enough to support booming oil exports for decades to come.
Oil output hit eight million barrels a day in November - some three billion barrels a year - for the first time in a decade. Russia exports half as crude oil and a quarter as products, making it the second exporter after Saudi Arabia.
But the Middle East producers still dwarf Russia in terms of reserves with Saudi Arabia holding some 261.8 billion barrels and Iraq 112.5 billion, according to BP estimates.
"Russia could get production to nine (million barrels a day) or perhaps higher by 2010," said Ian Woollen, an analyst from Wood Mackenzie, who puts Russia's proven reserves at 120 billion barrels


So they do have a few drops of the stuff...

Originally Posted by blackgang

Russia holds the world's largest natural gas reserves, the second largest coal reserves, and the eighth largest oil reserves. Russia is also the world's largest exporter of natural gas, the second largest oil exporter and the third largest energy consumer.

So, what are you trying to say there?

Their oil reserves ain't going to last much longer at the present rate. That's a fact.
The Russian economy is going to take a big hit when those oil export $s stop.
I hope their gas fields keep going for a longer time because half of Europe depends on it.

[quote=Panda]
So, what are you trying to say there?/quote]


Maybe the old bear ain't dead yet?

Originally Posted by blackgang

How large are Russia's oil reserves?

Like many things in post-Soviet Russia it is supposed to be a state secret. But that does not stop the world's oil majors from hotly debating exactly how big Russia's crude oil resrves are.
Estimates of proven reserves vary wildly, from the U.S. Oil and Gas Journal's 48.6 billion barrels to analyst estimates which are three times higher.
The experts agree on one thing. Russia's oil reserves are big enough to support booming oil exports for decades to come.
Oil output hit eight million barrels a day in November - some three billion barrels a year - for the first time in a decade. Russia exports half as crude oil and a quarter as products, making it the second exporter after Saudi Arabia.
But the Middle East producers still dwarf Russia in terms of reserves with Saudi Arabia holding some 261.8 billion barrels and Iraq 112.5 billion, according to BP estimates.
"Russia could get production to nine (million barrels a day) or perhaps higher by 2010," said Ian Woollen, an analyst from Wood Mackenzie, who puts Russia's proven reserves at 120 billion barrels


So they do have a few drops of the stuff...

Interesting article. The Ruskies may yet still have a few aces up thier sleeve.

Originally Posted by Plan B

Maybe the old bear ain't dead yet?

As bears do they are just in a period of hibernation. They have this other little item of interest in great supply. Fresh water!

I ain't really worried about it, just posted some more about Oil, everyone will be out one day. But most of us will not be here to see it.

Oil wont ever run out in the next thousand years. Just get priced out of the market for everyday use as we currently know it.

Wind, tidal, solar, nuclear, geothermal, hydrogen, natural gas, bio-fuels, and coal derivatives are all viable alternatives when the price is right. The world will go on.

Sure there will be some economic consequences to pay for all of us, especially developing countries. World economic growth may well stall for a while. But its not the end of civilization. Humans are pretty resourceful and if something don't work anymore they will find something new to replace it. That's the way the world works. Bottom line is that some of us may have to take a cut in living standards during the transitional period that appears to be looming.

Originally Posted by Panda

Bottom line is that some of us may have to take a cut in living standards during the transitional period that appears to be looming.

A cut in living standards (if I may interpret as consumption) might be one of the big benefits.

^For the planet certainly, for the human race think world population circa 1800.

Originally Posted by blackgang

Russia holds the world's largest natural gas reserves, the second largest coal reserves, and the eighth largest oil reserves. Russia is also the world's largest exporter of natural gas, the second largest oil exporter and the third largest energy consumer.

OK...which proves General George Patton correct.
We should have kept on going right thru Germany and taken over Russia at the end of WW2.

Heh...flame away there Panda!

[quote=Boon Mee;591403

We should have kept on going right thru Germany and taken over Russia at the end of WW2.

Heh...flame away there Panda![/quote]

Naw, that would have really fucked up the pretense of free enterprise and democracy.

Standards have been lowered a bit since then.

If you had, we'd all be speaking Russian.

I just started reading a book by Jim Rogers called "Hot Commodities."

Chapter 4 is about oil.

Rogers notes that demand has increased worldwide with China, Idia, the US, and other nations.

Yet production - barrels produced - has actually decreased.

He states that it is simply supply and demand.

Yes, new oil is found in Canada, and now the Dakotas but it's very expensive to extract it, and Jim Rogers sees oil going up and up and up.

He also believe that the Saude Oil Ministry is lying about how many reserves it actually has.

He cites numerous O & G research companies, geologists and oil people and government stastics.

My question to you guys is:

Do you see the price per gallon in the USA going to $4?

How about $5.


I think, from even what little I know, that gas in the USA will $4 and $5 and it will be within the next couple to few years.

You opinions?

Originally Posted by Milkman

I think, from even what little I know, that gas in the USA will $4 and $5 and it will be within the next couple to few years.

There you go again belittling your knowledge.

IMO, $5 per gallon within two years will be the case. Current prices in major European countries are all above $8 per gallon. Higher prices than the US are mostly due to taxation.