AHHHH!!! Time to PANIC $5.39 gas is here!!

[VTXrider]

Originally Posted by Mr_Draco

Actually this is a misleading statement.

This oil reserve is not in liquid form (it's really called Shale Oil if you want to look it up) and requires a special extraction method that currently is not economical which is the real reason why it hasn't been extracted yet. If you think $150 a barrel was high in 2008, the special extraction and extra processing just to turn it into liquid form would raise prices to almost double that amount.

There are many issues with the Bakken reserve. First these huge numbers for the size are from estimates of undiscovered oil. This means that nobody has proven the oil exists, basically from seismic reading they estimate what they think might be there then reduce that amount by the risk that a formation like this has no actual oil or less than the seismic data suggests. Acutally I think they have gotten pretty goos at this and adjusting this risk adjustment. We have proven some oil so the risk less.

Second this is a continuous deposit as opposed to a discrete deposit which means that it is held in many small pockets which each need to be discovered (exactly where each is and how deep) and developed separately. Then infrastructure build to extract each individual deposit. Most oil that gets drilled is in discrete deposits meaning all one pocket. Imagine a gas tank that has one big 19 gallon space for gas, insert one fuel line and one fuel pump and you suck out the gas. What if your tank was 38 half gallon spaces, now you need 38 fuel lines, and 38 fuel pumps to get the gas out. Taking the gas out of the tank may be just as easy but you needed 38 times as much equipment and 38x the equipment expense.

[TOBY J]

Originally Posted by ron10

political brain washing !!!!!!!! i think it is time for the american people to have their say in all this bull.
that station should be fined for price gouging.

I agree but they use to just BLAME it on Bush because his families in the oil bizz...... now what's the reason with the change in charge

[Mr_Draco]

Originally Posted by VTXrider

There are many issues with the Bakken reserve.

Yea I know. I was tired and ready for bed so I didn't feel like going to much in depth. Anybody who wanted to know more about the Bakken formation or the Green River Formation could google it and find out the real truth about it instead of just reading some chain mail filled with half truths and even more misinformation.

For example that chain mail states that Bakken Formations official estimations are over 500 billion barrels. This is 100% false. The USGS officially has it estimated at 3-4 billion barrels. The US currently imports 10 million a day or over 3.65 billion a year so if the whole formation was extracted at one time that would only last one year, much less then the 41 years that claims. Oh, and for anyone who cares, the Bakken Formation is currently being extracted and as of one month ago (February 2011) it's maximum daily yield is less then half a million barrels a day.

As for the Green River Formation, while the reports do say that it is estimated at having about 1.5 trillion barrels, the report continues to say that only about 800 billion barrels are retrievable however at our current technology they estimated that it would take us 20 years just to get production up to 1 million barrels a day.

[Synerbee]

Originally Posted by Blackhawk6

Super+ better mean super powers...

[2010_BumbleBee]

Originally Posted by Blackhawk6

:belly roll: