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Do we have OIL, Lots of Oil?

Doc

Bottoms Up
Staff member
GOLD Site Supporter
Friend on FB posted this. I hope it's true but have my doubts.

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Next time you have to fill up at $3.79/gallon, think of this!! OIL - You better be sitting down when you read this!

As you may know, Cruz Construction started a division in North Dakota just 6 months ago. They sent every Kenworth (9 trucks) we had here in Alaska to North Dakota and several drivers. They just bought two new Kenworth's to add to that fleet; one being a Tri Drive tractor and a new 65 ton lowboy to go with it. They also bought two new cranes (one crawler & one rubber tired) for that division.

Dave Cruz said they have moved more rigs in the last 6 months in ND than Cruz Construction moved in Alaska in the last 6 years. Williston is like a gold rush town; they moved one of our 40 man camps down there since there are no rooms available.

Unemployment in ND is the lowest in the nation at 3.4 percent last I checked.

See anything in the national news about how the oil industry is fueling North Dakota's economy?

Here's an astonishing read. Important and verifiable information:

About 6 months ago, this writer was watching a news program on oil and one of the Forbes Bros. was the guest. 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 sm(EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable( 5 billion barrels), at $107 a barrel, we're looking at a resource base worth more than $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.

However, a recent technological breakthrough has opened up the Bakken's massive reserves, and we now have access of up to 500 billion 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 two thousand years straight. And if THAT didn't throw you on the floor, then this next one should - because it's from 2006 !!!!!! 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. It is more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction. In the next three and a half years of high oil prices none had been extracted.

With this motherload of oil why are we still fighting over off-shore drilling? 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 the (including George Soros) environmentalists and others have blocked all efforts to help America become independent of foreign oil! Again, we are letting a small group of people dictate our lives and our economy. WHY?

James Bartis, lead researcher with the study says we've got more oil in this very compact area than the entire Middle East, more 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 'OPEC' will drop its price even with this find? Think again! It's all about the competitive marketplace, it has to.

Think OPEC just might be funding the environmentalists? Got your attention yet? Now, while you're thinking about it, do this: Pass this along. If you don't take a little time to do this, then you should stifle yourself the next time you complain about gas prices, by doing NOTHING, you forfeit your right to complain.

By the way, this can be verified. Check it out at the link below !!!!!!

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

Doc

Bottoms Up
Staff member
GOLD Site Supporter
This story has been around a long time. It's at least 5 or 6 years old.
Is the majority of the story true, or a big exaggeration? I've not heard of huge oil reserves found in the Rockies. Guess I missed it. :pat:
 

Leni

Active member
My husband worked for Mobil Oil for a time. He was told way back then (50 years ago) that we had more than enough oil within our borders. Makes you wonder who is keeping it under wraps and why.
 

Snowtrac Nome

member formerly known as dds
GOLD Site Supporter
I believe opec is behind it as we have lots of oil in the arctic national wild life refuge too and the oil company's aren't even allowed to side drill into it yet I have herd of Canadian company's doing just that from the other side of the border. as long as demand is high than the price of oil will be high. the one thing to remember is even though the price of oil goes down the price of the refined product will stay high because refinery's are working at full capacity here in the us and over seas there isn't enough capacity to refine more product unless more refinery's are built.
 

JimVT

Bronze Member
GOLD Site Supporter
oil companies are going out of the county because of the profits. Us is taxing them to much and not as much $$ here.
 

EastTexFrank

Well-known member
GOLD Site Supporter
Is the majority of the story true, or a big exaggeration? I've not heard of huge oil reserves found in the Rockies. Guess I missed it. :pat:

Doc, the Bakken Shale has been known about for at least 50 years. It's not new. There have always been a few wells drilled into it but shale, by it's very nature is very difficult if not impossible to produce from, much like limestones. They have very little permeabilty which means that although oil is trapped there it does not flow through the shale to the wellbore in order to be produced to surface.

Shales are always laid down in horizontal layers. Over geological time, those layers get lifted up, dropped down, moved sideways, etc. During all this movement the shale gets fractured and splintered and it's in these natural fractures that the oil accumulates. The trick is to drill the well, turn it horizontal and run for literally thousands of feet or miles through it. So the shale might only be a 100 or 200 feet thick but with the wellbore being horizontal, you have exposed thousands of feet of it which you can't do by drilling straight down through it. If you get lucky, you might hit several of the natural fractures while drilling and be able to produce oil. If not you have to fracture the rock in the hope of fracing through to some of the natural fractures and be able to produce oil that way. That's basically how it works.

When talking about oil there are several different ways to measure it. The first is OIP (oil in place) which is the geologist's and reservoir engineer's best guess of how much oil is actually there underground.

The second is RR (recoverable reserves). This is another guess, based on the first guess and taking in to account the technology of the day, of how much of that oil they can actually get out of the ground. The recovery rate of a good sandstone reservoir is only about 30% for primary recovery, ie letting it flow or be pumped to surface. The recovery rate for a shale will only be a fraction of that but it all depends on how fractured the formation is.

The last is STB (stock tank barrels) which is a measure of how much oil is actually produced.

So, while the original OIP numbers can be huge, if the recovery factor is low or very low, it might not be economical to produce but $100 a barrel oil makes a lot of things possible. :biggrin:

This is where you get caught in a Catch 22 situation. The Saudis produce their oil for something like $2.50 a barrel. If the price of oil drops to $50 a barrel, they are still making a healthy profit while it probably becomes uneconomical to drill and produce Bakken oil and the boom is over.
 
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Wee Willy

New member
I'm sure we're drilling it slowly but surely while we are dependent on foreign oil. Once we get off the foreign oil we will become super power country like they were.

I've read somewhere that we're sitting on it as a reserve. When they run out of oil we won't.
 
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