Remember the Peak oil fairly tale?

[Manonthestreet]

The Bakken gets bigger - likely a LOT bigger
Friday, June 13, 2014
Oil producers are now “cracking the code” on the Torquay, or Three Forks formation below the Bakken, and coming up with incredible economics—these wells are paying back in only seven months.

This news has completely re-invigorated the Canadian side of the Bakken. And on the US side, the Three Forks is causing industry to leap-frog estimates of the amount of recoverable oil available–by about 57%! OilVoice | The Bakken gets bigger - likely a LOT bigger - Page 1

 

[Mr. H.]

I've heard all sorts of crazy shit in my 37 years as an oil baron (as I've been called).

As far back as the ought-70's folks would tell me that we should stop producing hydrocarbons in the U.S., and save them for later while importing from overseas.

 

[Mr. H.]

Which makes me wonder... is there such a thing as "Peak SPR"?

 

[mamooth]

So a minor oil discovery means there no peak oil?

That's very peculiar logic.

 

[RGR]

The Bakken gets bigger - likely a LOT bigger
Friday, June 13, 2014
Oil producers are now “cracking the code” on the Torquay, or Three Forks formation below the Bakken, and coming up with incredible economics—these wells are paying back in only seven months.

Sure, but then some Bakken wells do as well. Plus they have learned how to drill all these things faster, therefore cheaper. Once upon a time I would spend a month drilling 5000' of lateral section in a horizontal well. In the Marcellus they are now accomplishing these sorts of things in days, I can't imagine they are much slower in the Bakken and Three Forks formations of North Dakota.

This news has completely re-invigorated the Canadian side of the Bakken.

Maybe. But it hasn't changed the amount of water produced per unit of oil now has it?

And on the US side, the Three Forks is causing industry to leap-frog estimates of the amount of recoverable oil available–by about 57%! OilVoice | The Bakken gets bigger - likely a LOT bigger - Page 1

Industry ALWAYS claims things are bigger, the current USGS estimates for both Bakken and Three Forks run about 7+ billion at the mean. I believe the EIA numbers calculated from their most recently released assumptions documents is close to 8 or 9 maybe?

 

[RGR]

So a minor oil discovery means there no peak oil?

That's very peculiar logic.

The Bakken/Three Forks producing area is one of the largest producing oil fields in the western hemisphere as of late.

And peak oil is a religion, the acolytes of whom really don't know anything about oil. Or the engineering of creating oil production. Or economics. Or math. Or geology. Or energy. They pretty much don't know anything, and as with all religious organizations, they are hell on wheels when it comes to pimping their favorite fear.

 

[CrusaderFrank]

So a minor oil discovery means there no peak oil?

That's very peculiar logic.

minor

lol

Sent from my XT1080 using Tapatalk

 

[Mr. H.]

A game-changer on the horizon?


White House Opens Door to Exploring Atlantic for Oil

Remember- we are the only nation on the planet that does not allow coastal OCS exploration.

 

[whitehall]

Lost in the argument is the inconvenient fact that the freaking world depends on oil. Solar energy is nothing but a hobby while windmills kill migratory birds and produce about 2% of the energy grid. Why do liberals keep shooting themselves in the foot by pretending that oil companies are the enemy?

 

[CrusaderFrank]

Peak oil is just another way of saying "I'll believe anything!"

 

[Manonthestreet]

A game-changer on the horizon?


White House Opens Door to Exploring Atlantic for Oil

Remember- we are the only nation on the planet that does not allow coastal OCS exploration.

Wonder what prompted this when they have been trying to throttle energy production.

 

[Mr. H.]

A game-changer on the horizon?


White House Opens Door to Exploring Atlantic for Oil

Remember- we are the only nation on the planet that does not allow coastal OCS exploration.

Wonder what prompted this when they have been trying to throttle energy production.

All they are doing is allowing for further seismic assessment. Since the last surveys were done, technology has improved exponentially.

 

[Manonthestreet]

but still if it turns out there are huge pools of oil there and dont let it be developed ......still doesnt make sense judging by their past actions

 

[Mr. H.]

but still if it turns out there are huge pools of oil there and dont let it be developed ......still doesnt make sense judging by their past actions

There are large reserves in ANWR, yet they have sat untouched for decades.

Arctic Power - Arctic National Wildlife Refuge - Home

 

[Manonthestreet]

gee didnt know that.......come on......Obama wants to find more to put them off limit.....whats your point.......timing of this still puzzles

 

[orogenicman]

The U.S. is now the second largest fossil fuel producer in the world. So why are gasoline and diesel prices still out of this world? Because it isn't being sold here. It is being sent overseas.

 

[orogenicman]

Lost in the argument is the inconvenient fact that the freaking world depends on oil. Solar energy is nothing but a hobby while windmills kill migratory birds and produce about 2% of the energy grid. Why do liberals keep shooting themselves in the foot by pretending that oil companies are the enemy?

I spent 13 years pulling their corroded and leaking underground storage tanks out of the ground. If you think they are your friend, you are deluding yourself.

 

[RGR]

Peak oil is just another way of saying "I'll believe anything!"

Not ALL of them are ignorant fools lost in a religious mantra of their own making.....well....I might be wrong on this one....

 

[RGR]

The U.S. is now the second largest fossil fuel producer in the world. So why are gasoline and diesel prices still out of this world? Because it isn't being sold here. It is being sent overseas.

Yeah...that tricky fungible commodity problem. The good news being that on an energy security level, we are far less vulnerable to energy shocks most other folks on the planet.

 

[orogenicman]

Peak oil is just another way of saying "I'll believe anything!"

Not ALL of them are ignorant fools lost in a religious mantra of their own making.....well....I might be wrong on this one....

Do you believe that fossil fuels are an unlimited resource?