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nissan
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Discussion Starter #1
America has huge untapped reserves.

Look at this:
About 6 months ago, the writer was watching a news program on oil and one of
the Forbes Bros. was the guest. The host said to Forbes, "I am going to ask
you a direct question and I would like a direct answer; how much oil does
the U.S. have in the ground?" Forbes did not miss a beat, he said, "more
than all the Middle East put together."


This is the link to the geological survey:
USGS Release: 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— (4/10/2008 2:25:36 PM)

If it is true then the Middle East stranglehold will be over.

Why are the Yanks waiting? Good question. Maybe until the Arabs have run out?

Worth a little research I think.

Sorry to lay this heavy **** on a Monday.
 

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Nissan
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I think you will find that technically recoverable will mean very costly.

There is lots of oil left but if it cost more to recover than you get paid for it why bother?

Middle east oil is still relatively cheap and easy to recover hence the global reliance on it.

As oil becomes more expensive, and it most likely will, these technically recoverable reserves will become more economically viable.

Cheers

Justin
 

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World Oil reserves are currently quite a bit higher than they where 10 years ago. peak oil was just another Y2K and global warming scam...easy suckers we are, there is so much cheaply recoverable oil out there and more new fields being found all the time, trick is how to stop the designer spin from pushing up prices past whats fairly due...that was peak oils design and application the GFC stuffed that con.... until we forget again.
 

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Part of the furniture
nissan
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the stoneage didn't end because of a lack of stone..
the oilage won't end because of a lack of oil..


yadda.. yaadda!
 

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Weekend Warrior
Nissan patrol
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The oil will be in the form of tar, same as Alberta Canada, they will dick around with it for a day or 2 before its oil.

Bit of a shame we need to dig everything up for oil, just to get through this century. :roll:
 

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nissan
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Yeah they would be referring to oil sands/shale extraction of oil from oil (or bituminous) sands is very cost prohibitive.
Difficult to transport and refine, and if your a 'warming' believer or just think we should reduce emissions...these methods have twice the amount of carbon output than conventional.

I could be duped as Glort points out, but I have long thought that conventional oil reserves are already on the decline, there are many grafts to depict this. I like this one as it shows 'discovery's':

World Oil Discovery.jpg

Then there is Polar oil.
But of course we have the non conventional's as mentioned above, and coal, the latter is the one that could be very beneficial to Australia, and we could well see commercial production in the not to distant future. We don't have much oil (so they say) but have thousands of years worth of coal.
BTW to folk concerned about the 'digging up every thing', our total land under mining is less than 1%.

We can't discount the emerging nations incline, especially China, it is mind boggling to see the vehicles they are now producing and consuming.

Re the yanks, they consume vast amounts of oil for home heating, if they could use conventional/unconventional gas, one would think it would allow for more reserves for transport.
 

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Enemy of Reality
nissan 09 gu patrol
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Agree 100% Bruza. One other thought to add to the pot though. America needs the oil price to be high so that they can viably extract oil. Should the oil price drop too much, American oil isn't economically viable and hence the industry would shut down, leaving all the oil sales to the Arabs. easily accessible and refined oil is running out, and I suppose it's a good thing that we're getting used to paying lots for our fuels.
 

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Autos are Superior
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Peak oil is analogous in politics to Australias housing crisis 6 years ago, we coasted fair and square then artificially drove the prices up based on nothing but a housing ponzi scheme. Still many are confused misunderstanding that the housing crisis was of human design for the profit of a few not a natural social event.

Peak oil is almost a dead duck today, the easy fields have been found, some are refilling!!!! so they say, how can that be true? Ever since the peak oil crisis in the 70s expect a cycle of 30 years before the next one, exploration and the finding of cheap and profitable fields is going bunta today, they are being found everywhere, the greens worldwide are the ones stopping easy extraction and low costs by denying large areas of stable 1st world parcels to low cost extraction, rightly or wrongly.

here is an interesting article/s, Russia has been drilling ultra deep wells for years, way past anything that churned over time like the biological oil fields are supposed to be composed of. Oil can be created in the lab without even a molecule of biological remains present, it takes forces massive in nature but forces of this magnitude are the status quo way way below us.

It is estimated that 4.7 billion barrels of oil exist in Eastern Siberia.
Russian waters in the arctic are estimated to contain 100,000,000,000 tons of oil and gas.

http://www.viewzone.com/abioticoilx.html

http://memes.org/abiotic-oil-nutshell

The Straight Dope: Did oil really come from dinosaurs?
 
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