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View Full Version : Price OF Oil Sets Another Record



brad541thb
07-11-2008, 07:25 AM
http://www.msnbc.msn.com/id/12400801

I hate to see what we will pay for a gallon of gas this time next year.

I think by we are headed for harder times. Just think what gas will be in just a few months. It will be over $4 a gallon even here in MO.

It's high time we go another route. The oil industry is killing America.

Phil Deese
07-11-2008, 07:53 AM
He's going to give each of us a caribou with a saddle!! Drill Here, Drill Now!!

Lynn
08-01-2008, 06:01 PM
We have the largest oil reserves of any country on the planet and not 11th place in the line up like we've been told for years now.
Go to Google.com and do a search for the Bakken Oil Formation.
We have more oil than all of the middle east combined in one large field.
Read what the USGS had to say.
Lynn

Jay, Idaho
08-01-2008, 08:10 PM
http://www.msnbc.msn.com/id/12400801


That is not a record, by any means. It was in the upper $140s a couple weeks ago.
I hope that gas goes to $6-$7 a gal., that might wake up some people that can push for or affect some meaningful changes.

RayfromTX
08-01-2008, 09:14 PM
You didn't read it very closely Lynn. This is all old news. The USGS has just issued a report that is somewhat misleading if not carefully interpreted and the full set of data that the report was based on will not be released until November.

The likely amount of recoverable oil is estimated to be in the range of 3.6 bbls of oil and petrochemical products. If the current production were tripled from today's level it would equal .4% of US consumption. Tripling production is not entirely likely due to the rapid production declines in these type of formations. More and more wells must be drilled just to keep up with the declines.

It matters very little how much hydrocarbon is locked up in oil shale if it is not economically feasible to produce it. Here is a fine link to read and then maybe you can stop claiming that there is a conspiracy that is hiding all our oil from us.

http://www.theoildrum.com/node/3868

Take the time to read the link please.

Conservation is the best strategy for combating oil dependence.

Sitting Duck
08-01-2008, 09:33 PM
Jay has a point. If we start making moves like we're going to do something about the situation (which we never do do something) the price of oil will come down. Dramatically.

We need to get behind new technology like hydrogen cells. Relying on fossil fuels for our future is self defeating. We need to get back in the driver's seat with technology not a primitive goo pumped from the earth.

We will whore our oil to the highest bidder. Increased production at home won't solve our pricing woes. It will just make more oil available for world consumption. Specifically, the third world nations that now lay claim to our manufacturing base.

Let's move forward and regain control of our destiny.

IMO.

Lynn
08-01-2008, 09:52 PM
Ray I wasn't proclaiming any vast conspiracy I was merely pointing out a April 10,2008 US Geoligical Survey.In the survey 4.3 billion barrels are easily recoverable at a cost of $14 a barrel at todays pricing.The Bakken Formation was left alone because oil was only $8.50 a barrel back then.It also listed the natural gas and other readily available fuels.The 503 billion barrel estimate was only for montana and north dakota and left out saskatchewan which would hold another 25% more.
I am all for running on water or butterfly farts if thats what it takes but the current pricing is not due to any shortages and the Saudi's have said this repeatadly on the national news.The current pricing came about when the speculators put it to us just like Enron did to california on electricity.
I pay $2.65 a gallon for propane so you guys can have at your oil.
Lynn