OPEC acknowledges shale oil supply may be significant

Discussion in 'Politics' started by Matthew, Nov 10, 2012.

  1. Matthew
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    Matthew Blue dog all the way!

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    OPEC acknowledges shale oil supply may be significant
    Reuters ^ | November 8, 2012 | Alex Lawler
    OPEC acknowledges shale oil supply may be significant | Reuters


     
  2. Matthew
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    Matthew Blue dog all the way!

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    We don't have to worry about an oil shortage anytime soon.
     
  3. chikenwing
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    chikenwing Guest

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    No but what we do have to worry about is the lack of brain power from the no drill crowd,they have already screwed over New York state with their lies.
     
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  4. lolhahaha
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    lolhahaha Member

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    "A recent announcement from the U.S. Geological Survey raised previous estimates of oil shale in the Piceance Basin by 50%. Previous U.S. shale oil resource estimates totaled 2.118 trillion barrels. The richest, most concentrated deposits in the U.S. are found in the Green River Formation in western Colorado, eastern Utah, and southern Wyoming

    For reference, 1 trillion barrels is nearly 4 times the amount of proven oil reserves in Saudi Arabia."

    Saudi has to be sweating losing their dominance. The US and Russia, maybe even China are the future. They aren't going to have any control for long.
     
  5. editec
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    editec Mr. Forgot-it-All

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    Yes of course it is.

    And as long as the price of oil stays high enough to support the greater cost of extraction, shale oil is going to be a viable resource for extraction, too.

    But consider this.....natural gas resources are being extracted now at amazing rates of extraction.

    As these go on line, and as people like me switch from heating oil to natural gas, this will depress the market for oil. (BTW, converting from oil to gas is not a very expensive proposition. A modern oil burner is about $15,000 installed. Putting propane gas heaters in can be done starting for about $700! So the cost of conversion can be more than paid off in savings on heating in LESS THAN ONE HEATING SEASON)

    I doubt we've really begun to see the full effects of natural gas coming on the market , yet, but I can assure you that it is coming.

    I suspect the longer term price of petroleum will be going down, and if it goes down enough shale oil will NOT be economic viable.
     
    Last edited: Nov 10, 2012
  6. there4eyeM
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    there4eyeM unlicensed metaphysician

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    Bad news for renewables and more intelligent use of our environment, though.
     

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