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Environment & Energy

earthside

(6,960 posts)

4. The oil industry is on a tear lately ...

Reply to NickB79 (Original post)

Thu May 2, 2013, 04:57 PM

May 2013

... to convince us that we are awash in oil.

Of course, oil production in other parts of the world is declining, ie., old fields are, well, old. This Nor'Dakota oil will not even come close to making up the difference we are losing from depreciating fields.

Furthermore, the easy to get shale oil is what they are extracting now, the Three Forks formation is deeper and will be even more expensive to pump.

Anyway, I'm not sure I believe these reserve estimates ... oil companies stock prices go up if it looks like they have product to sell in the future, they have a big interest in promoting the notion of big reserves.

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Highlight:

Shale oil estimates double: 7.4 billion barrels in N.D., Mont. [View all] NickB79 May 2013 OP

And they only have to sacrifice their drinking water........ thelordofhell May 2013 #1

maybe the tar sands oil pipeline won't be needed now riverbendviewgal May 2013 #2

Now we'll need a shale pipeline instead. NickB79 May 2013 #3

About 1/3 of the oil pumped through existing Keystone pipelines is from Bakken shale. wtmusic May 2013 #6

The oil industry is on a tear lately ... earthside May 2013 #4

Bingo! Champion Jack May 2013 #5

Yep! Nihil May 2013 #7