Smore they don't want you to know

**Elgallo** · 07-11-2008, 06:44 PM

OIL!

Wednesday 05-14-2008

Just poking around the internet recently, I simply 'Googled' the search
Untapped U.S. Oil Reserves', and the result (like the current price of a
gallon of gas)-BLEW ME AWAY! Go ahead, take a minute and see for yourself!
Never mind, I'll share some of the highlights I found.

1. Ever heard of the Bakken Formation? GOOGLE it. I did, and again, BLEW
my mind. The U.S. Geological Service issued a report in April ('08) that
only scientists and oilmen/women knew was coming, but man was it big. It
was a revised report (hadn't been updated since '95) on how much oil was in
this area of the western 2/3 of North Dakota; western South Dakota; and
extreme eastern Montana... check THIS out:

The Bakken is the largest domestic oil discovery since Alaska's Prudhoe Bay,
and has the potential to eliminate all American dependence on foreign oil.
The Energy Information Administration (EIA) estmates it at 503 billion
barrels. Even if just 10% of the oil is recoverable... at $107 a barrel, we
re looking at a resource base worth more that $5.3 trillion.

'When I first briefed legislators on this, you could practically see their
jaws hit the floor.
They had no idea.' says Terry Johnson, the Montana Legislature's financial
analyst.

'This sizeable find is now the highest-producing onshore oil field found in
the past 56 years', reports The Pittsburgh Post Gazette. It's a formation
known as the Williston Basin, but is more commonly referred to as the
Bakken'. And it stretches from Northern Montana, through North Dakota and
into Canada. For years, U.S. oil exploration has been considered a dead end
Even the 'Big Oil' companies gave up searching for major oil wells decades
ago. However, a recent technological breakthrough has opened up the Bakken
s massive reserves... and we now have access of up to 500 million barrels.
And because this is light,sweet oil, those billions of barrels will cost
Americans just.. $16 PER BARREL!!

That's enough crude to fully fuel the American economy for 41 years straight

2. (And if THAT didn't throw you on the floor, then this next one should -
because it's from TWO YEARS AGO, people!)

U.S. Oil Discovery-Largest Reserve in the World!

Stansberry Report Online- 4/20/2006 Hidden 1,000 feet beneath the surface of
the Rocky Mountains lies the largest untapped oil reserve in the world with
more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated
its extraction. [(???) What the!??]

They reported this stunning news: We have more oil inside our borders than
all the other proven reserves on earth. Here are the official estimates:

-8-times as much oil as Saudi Arabia
-18-times as much oil as Iraq
-21-times as much oil as Kuwait
-22-times as much oil as Iran
-500-times as much oil as Yemen - and it's all right here in the
Western United States.

(HOW can this BE!?? HOW can we NOT BE extracting this!?
Because we've not D E M A N D E D Legislation to come out of Washington
allowing its extraction, THAT'S why!)

James Bartis, lead researcher with the study says we've got more oil in this
very compact area than the entire Middle East-mor than 2 TRILLION barrels.
Untapped. That's more than all the proven oil reserves of crude oil in the
world today, reports the Denver Post.
----
Don't think 'Big Oil' will drop its price-even with this find? Think
again!! It's all about the competitive marketplace, and if they can extract
it (here) for less, they can afford to sell it for less- and if they DON'T
others will. It will come down - it has to.
----
Got your attention/ire up yet? Hope so! Now, while you're thinking about
it.. and hopefully P.O'd, do this:

3. Take 5-10 minutes and compose an e-mail, fax, or good old-fashined
letter to our elected officials in Washington...and their respective leaders

**luv2read** · 07-11-2008, 07:08 PM

NOW do you understand why so-called "tree huggers" are up in arms about big oil trying to get ANWR and other pristine areas under lease? It's simply collusion between big oil and the government. That is public information and has been for years. There are more tapped, CAPPED, reserves sitting UNPRODUCED because the price of oil wasn't high enough. And don't believe that if and when they start producing those capped wells, that it's going to bring the price of oil or gasoline DOWN. Two major US Gulf of Mexico fields (Atlantis, Thunder Horse) were recently brought online to the tune of approx. 250,000 bbl/day and it's had absolutely NO effect. Thunder Horse alone has estimated recoverable reserves of 1 billion bbls. We don't belong to OPEC, but we EXPORT oil as well as IMPORT. What do you think they're doing with the current surplus that has developed since US demand has dropped due to the price of gasoline? Sitting on it? Hell no! They're exporting it, or refining it into DIESEL for export. That will continue until they balance the supply down to the demand. All of this information is at your fingertips.

good article:
http://www.financialsense.com/editor...2008/0521.html

**Elgallo** · 07-11-2008, 07:25 PM

With all these other more accessible source locations in the upper mid west already evaluated as to the amount of oil available, why are they so intent on drilling in ANWR?

Interesting art. on speculation, thanks for the link

**Silverbird** · 07-11-2008, 07:59 PM

It's cheaper to drill on Federal land, you just lease it. Plus they would use the existing Alaska pipeline to distribute it. Shows their lack of desperate need, however.

**Asylum** · 07-16-2008, 09:16 PM

Originally Posted by Elgallo

With all these other more accessible source locations in the upper mid west already evaluated as to the amount of oil available, why are they so intent on drilling in ANWR?

Three words:

Ice Road Truckers!

**Wrngway** · 07-17-2008, 11:15 AM

Wikipedia had some more information on the Bakken Formation. A USGS survey released this April estimated the amount of technically recoverable oil is 3 to 4.3 billion barrels. According to the article technically recoverable oil resources are those producible using currently available technology and industry practices.

http://www.usgs.gov/newsroom/article.asp?ID=1911

**Intrepid_Timer** · 07-17-2008, 02:19 PM

I'm guessing they are thinking why use ours up when we can use theirs first? Our great-children will thank us later.

**luv2read** · 07-17-2008, 04:04 PM

Hopefully our great-grandchildren won't be dependent on fossil fuels from ANY source. Their energy will be renewable.

**DCguy** · 07-17-2008, 04:35 PM

As you all have noticed, raising oil price always doesnt mean big profit for oil companies. oil companies do not care to extract oil in the US because companies like bp get paid for service they provide such as drilling, shipping, and selling oil. drilling in Saudi, shipping oil to the US, and selling in the US are more profitable.

**luv2read** · 07-17-2008, 05:03 PM

That's basically incorrect. Higher oil prices ALWAYS mean bigger profits for big oil companies. If it's too expensive to extract in the US, they just do it elsewhere; but they always do it at a profit. Check out the correlation between the fluctuations in the price of oil since November and compare it to industry stock prices and profits....they match up.

**Christopher** · 07-17-2008, 11:57 PM

With all due respect, is something being overlooked in the discussion on "bigger profits?" Business 101: if profits keep a business in business, employees employed, etc. (hence, profitability), who of a sound mind would bank on bankruptcy or hedge against profitability? Conspiracy theories aside...based on the law of supply & demand, how is it reasonable to expect that profits would be LOWER when sales are HIGHER? Or does it only apply here because the object of the discussion is a raw natural resource like crude oil? I can't understand what motivates and fuels subjective arguments against "bigger profits." Shouldn't the law of supply & demand be applied evenly, to all businesses?

Cheers.