We've used up all of our recoverable oil? Really??.....
There are billions of barrels yet to be discovered. One example is the Niobrara that is currently being explored in the Denver Julesburg Basin and Powder River Basin. Current changes in geologic paradigms and new technology will probably make it possible to produce billions of barrels from this area of new exploration. The Niobrara has produced oil in the past, but few companies understood the key changes they needed to make to actually recover the oil. This play has billions of barrels of potential. http://oilshalegas.com/niobrarashale.htm…
The Bakken is another example that now has estimates of 5 to 300 billion barrels of oil in place. The Bakken covers parts of North Dakota, South Dakota, and Montana. The Bakken was drilled through for 40 years, yet until some companies began to understand how to get oil out of this shale it was believed to have no potential. Even the USGS did not understand the potential, and now that the independent oil companies have proven the play, the USGS has been forced to revise their numbers. http://www.usgs.gov/corecast/details.asp…
The Eagle Ford in South Texas is currently being estimated by some at near 5 billion barrels. Only two years ago no one was drilling in this rock, but hundreds of wells had been drilled through it. No one understood how much oil was there or how to get it out. http://investorshub.advfn.com/boards/rea…
The Barnett in parts of north Texas may hold huge reserves of oil. The Barnett became the largest gas field in the United States in only the past decade, and has much unexplored potential. http://seekingalpha.com/article/188403-b…
The naysayers that thought the US was running out of areas to explore are being proven wrong by independent oil and gas operators in the US. US independents are currently leading the way in drilling technology and geologic exploration concepts and are far ahead of the majors and international operators in this respect. The majors are currently trying to play catch-up and are spending billions of dollars to buy into plays built by small independent companies in the US. http://blogs.forbes.com/energysource/201…
Even in California a large new reservoir was discovered in only the past couple of years. The company that found it estimates 150 million barrels recoverable, and that is only on their acreage. The potential covers much more area and is still being explored. http://www.oxy.com/News_Room/Pages/News_…
The idea that oil is no longer going to be needed in 20 or 30 years is simply ludricrous. People who say things like this have never understood the scale of energy usage and supply. For example, with current solar technology, it would take solar panels covering 16 MILLION acres of land just to replace the amount of electricity generated solely by natural gas today. That is still a small portion of the total electricity demand. Sixteen million acres is larger than the largest county in the contiguous United States, which is San Bernardino County California. That acreage is 20 times larger than the entire state of Rhode Island. Then consider that it only produces electricity during the day. Alternative energy is good, but the laws of physics will ensure that it is a small source of our energy supply for many decades to come. The laws of economics will be even harder on most alternative energy, because as natural gas begins to replace many of the uses of oil, there will be less pressure on oil prices to rise, making it very hard to compete with economically on a world scale.
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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