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Oil shortage scam

3 to 4.3 Billion Barrels of Technically Recoverable Oil Assessed in North Dakota and Montana’s Bakken Formation—25 Times More Than 1995 Estimate—
Reston, VA - North Dakota and Montana have an estimated 3.0 to 4.3 billion barrels of undiscovered, technically recoverable oil in an area known as the Bakken Formation.

A U.S. Geological Survey assessment, released April 10, shows a 25-fold increase in the amount of oil that can be recovered compared to the agency's 1995 estimate of 151 million barrels of oil.

Technically recoverable oil resources are those producible using currently available technology and industry practices. USGS is the only provider of publicly available estimates of undiscovered technically recoverable oil and gas resources.

New geologic models applied to the Bakken Formation, advances in drilling and production technologies, and recent oil discoveries have resulted in these substantially larger technically recoverable oil volumes. About 105 million barrels of oil were produced from the Bakken Formation by the end of 2007.

The USGS Bakken study was undertaken as part of a nationwide project assessing domestic petroleum basins using standardized methodology and protocol as required by the Energy Policy and Conservation Act of 2000.

The Bakken Formation estimate is larger than all other current USGS oil assessments of the lower 48 states and is the largest "continuous" oil accumulation ever assessed by the USGS. A "continuous" oil accumulation means that the oil resource is dispersed throughout a geologic formation rather than existing as discrete, localized occurrences. The next largest "continuous" oil accumulation in the U.S. is in the Austin Chalk of Texas and Louisiana, with an undiscovered estimate of 1.0 billions of barrels of technically recoverable oil.

"It is clear that the Bakken formation contains a significant amount of oil - the question is how much of that oil is recoverable using today's technology?" said Senator Byron Dorgan, of North Dakota. "To get an answer to this important question, I requested that the U.S. Geological Survey complete this study, which will provide an up-to-date estimate on the amount of technically recoverable oil resources in the Bakken Shale formation."

rest of the story

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



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The scam is from guys who mislead the public with stories

like this one.

Bakken is a drop in the bucket compared to the 7.7 billion barrels a year we use in the US alone. And the 4.3 billion barrels the USGS optimistically says are recoverable will be recovered over 20 years, which makes this story an even bigger scam. Where the other assertion of trillions of barrels of recoverable western oil comes from is a mystery because it is not supported by anything. If fact, that story was the wild speculation from some quarters before the USGS did their study.

If you want to understand the seemingly wild ride in oil prices, check out this little video explanation:

http://www.youtube.com/watch?v=T7vGDwGLU7s

This little video could have been titled, "Why the depression will never end".

For a more detailed explanation of the price mechanism:

http://anz.theoildrum.com/node/5110

The actual cause of our economic problems is lack of energy to fuel the industrial age. The fraudulent, predatory, unstable, unsustainable monetary system was an accident waiting to happen and this accident was triggered by the high energy prices which preceded the panic, so it looks like the cause of our current economic contraction was the monetary system. Most people do not understand the underlying forces at work and do not see the long term pain that is coming.

Once oil production begins to decline, it could easily be cut in half in 15 to 20 years and there is no way out. All of the alternatives are inadequate and would take resources, including energy resources that we don't have. This is too huge for most minds to comprehend. We face economic contraction for as long into the future that one can see. Before we began exploiting oil, the world population was under 1 billion, but the expansion of the economy fueled by oil allowed it to grow to 6.5 billion. Now we go into a great contraction of oil production which will cause a great contraction of industrial production, which in turn will cause a great contraction in the population hopelessly dependent on that production to survive.

"Bend over and grab your ankles" should be etched in stone at the entrance to every government building and every government office.

I believe the plan might be

I believe the plan might be to make our oil available on the world market after the rest of the world has oil shortages. That way the US would be able to command the highest ever prices, earn all our money back + more.

By the way, how is it that they know there are 3 to 4.3 billion barrels (and trillions elsewhere as you mentioned in another message), yet it is still "undiscovered"? Which is it? Is the oil there or not?

I find it interesting that the USGS is the only source for the estimates. Sounds just like the OPEC countries that have increased their stated reserves while not having the required level of new discoveries to justify the increases.

...

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

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 is more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction.

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 democrats, environmentalists and left wing republicans have blocked all efforts to help America become independent of foreign oil.

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.

See: US Geological Survey: 3 to 4.3 Billion Barrels of Technically Recoverable Oil Assessed in North Dakota and Montana’s Bakken Formation—25 Times More Than 1995 Estimate

If true, especially after the last summer of headache, there are many people who need be impeached for their obstruction of what is clearly a national security-energy independence dropped ball

"and the truth shall make you free"
John 8:32

NCMarc's picture

US Consumption

The US consumes like 20 Million Barrels a day, so that would be less than a year of oil for the entire US. It's just not a lot of oil.

The World will run out of oil probably in my lifetime and the cost will likely go up dramatically as supplies dwindle, unless another energy source is developed as a viable replacement.

CNG is probably the next best thing (currently), as with Electric Cars as a good runner up. Our cars should start having all 3 available sources so that it can be efficiently used. An electric only car is not viable for long distance driving, but excellent for around the town.

If they could make nuclear powered cars safe, that would be the bomb (literally).. haha. Cars would never need gas, ever.

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A great empire, like a great cake, is most easily diminished at the edges. - Ben Franklin

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A great empire, like a great cake, is most easily diminished at the edges. - Ben Franklin

No scam.

Why are they NOT building new oil refineries maybe because there's no oil.
Many fields require more energy to recover the oil than there is in the oil itself. Plan for the worst hope for the best.

Prepare & Share the Message of Freedom through Positive-Peaceful-Activism.

Scam?

We discussed this in depth a few weeks ago, but as a geologist in the oil industry I'm compelled to reply...

3 Billion barrels is not really that big of a field, when compared to America's consumption. The web site below-- just the first that showed up when I Googled-- shows that the US gobbled up 20 million bbls in 2007.

This is HALF of to YEAR for us, but remember that this would take a lot of drilling, lots of wells, not just one well to suck all that oil out.

Do you think they are ignoring this field just to keep our supplies low and the prices up? I just don't see that happening... surely some lies on private land and the owner would want to profit from this.

Why do you think there is an oil shortage scam?

thanks.

http://www.nationmaster.com/graph/ene_oil_con-energy-oil-con...

--------
Fossils Rock!

'Cause there's a monster on the loose

this is on top of the oil we

this is on top of the oil we found off gulf Coast
article cited
Massive oil field

found under Gulf
Reserves south of New Orleans could rival

North Slope, boosting U.S. supplies by 50%

--------------------------------------------------------------------------------
Posted: September 05, 2006
11:57 am Eastern

© 2009 WorldNetDaily.com

Oil-drilling platform in Gulf of Mexico
Chevron and two oil exploration companies announced the discovery of a giant oil reserve in the Gulf of Mexico that could boost the nation's supplies by as much as 50 percent and provide compelling evidence oil is a plentiful deep-earth product made naturally on a continuous basis.
Known as the Jack Field, the reserve – some 270 miles southwest of New Orleans – is estimated to hold as much as 15 billion barrels of oil.
http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=51837

and this is on top of the largest in wyoming, colorado and utah

Study reveals huge U.S. oil-shale field
By Jennifer Talhelm

The Associated Press

WASHINGTON — The United States has an oil reserve at least three times that of Saudi Arabia locked in oil-shale deposits beneath federal land in Colorado, Utah and Wyoming, according to a study released yesterday.

But the researchers at the RAND think tank caution the federal government to go carefully, balancing the environmental and economic impacts with development pressure to prevent an oil-shale bust later.

"We've got more oil in this very compact area than the entire Middle East," said James Bartis, RAND senior policy researcher and the report's lead author. He added, "If we go faster, there's a good chance we're going to end up at a dead end."
http://seattletimes.nwsource.com/html/nationworld/2002463368...

On top of what we know we have in alaska...yes, I am saying they are Ignoring these oil fields that are easily drilled with todays technology to keep up the lie, scam, that we are in an oil crisis....it's all bunk
have you heard about the deal kissinger struck with opec in the 1970's?
we won't drill and become self sufficient with oil if Opec sells their oil in US dollars? what do you think all these Bourses have been about? I do not believe that oil is a fossil fuel, I believe old wells replenish after time...
http://www.prouty.org/oil.html

"and the truth shall make you free"
John 8:32

Abiogenic

I'm a subscriber to the abiogenic origin of oil, so I've never believed in the shortage arguments although I do think we can at some point outpace what the earth produces.