LDS Freedom Forum

Certainly 3.65 billion barrels of recoverable oil is nothing to sneeze at, but a little perspective is in order. The U.S. currently imports an average of about 10 million barrels of oil per day (for a total of about 3.65 billion barrels of oil per year), so even if all the estimated undiscovered oil in the Bakken formation were extracted today, it would only be enough to wean the U.S. off of crude oil imports for one year. That's still a good thing, but it's not nearly "enough crude to fully fuel the American economy for 41 years straight" as claimed above.

As for the second part of the article, a 2005 study co-authored by James T. Bartis for the RAND Corporation (a nonprofit research organization) noted that estimates had placed upper range of shale oil resources to be found within the Green River Formation range of Colorado, Utah, and Wyoming at between 1.5 and 1.8 trillion barrels. However, the report also stated that not all of that oil was recoverable and offered a midpoint estimate of about 800 billion barrels of recoverable oil shale resources. Moreover, the report also noted that even under "high growth assumptions," an oil shale production level of 1 million barrels per day (about 10% of the amount of oil the U.S. currently imports daily) is "probably more than 20 years in the future," and depends upon scientists overcoming some substantial obstacles first

Proven oil reserves in Saudi Arabia are the largest in the world, estimated to be 267 billion barrels (42×10^9 m3) including 2.5 billion barrels in the Saudi-Kuwaiti neutral zone. This is about one-fifth of the world's total conventional oil reserves.

Although Saudi Arabia has around 100 major oil and gas fields, over half of its oil reserves are contained in only eight giant oil fields, including the Ghawar Field, the biggest oil field in the world with an estimated 70 billion barrels (11×10^9 m3) of remaining reserves.

Oil reserves in Iraq will be the largest in the world according to recent geological surveys and seismic data.[1] The Iraqi government has stated that new exploration showed Iraq has the world’s largest proven oil reserves, with more than 500 billion barrels.[1] Officially confirmed reserves rank third largest in the world at approximately 115 billion barrels (18.3×10^9 m3).

pritchet1 wrote:You quoted Snopes?!? The oil under Amerika will last 500 years at current consumption rates without any imports.

pritchet1 wrote:When I did the research listed above in 2008, oil could be extracted for $14 per barrel in the continental US, northwest of the Mississippi. That was shale-based oil. It cost $16 per barrel back then to extract it in Alaska.

The various attempts to develop oil shale deposits have succeeded only when the cost of shale-oil production in a given region comes in below the price of crude oil or its other substitutes. According to a survey conducted by the RAND Corporation, the cost of producing a barrel of oil at a surface retorting complex in the United States (comprising a mine, retorting plant, upgrading plant, supporting utilities, and spent shale reclamation), would range between US$70–95 ($440–600/m3, adjusted to 2005 values). This estimate considers varying levels of kerogen quality and extraction efficiency. In order for the operation to be profitable, the price of crude oil would need to remain above these levels. The analysis also discusses the expectation that processing costs would drop after the complex was established. The hypothetical unit would see a cost reduction of 35–70% after its first 500 million barrels (79×10^6 m3) were produced. Assuming an increase in output of 25 thousand barrels per day (4.0×10^3 m3/d) during each year after the start of commercial production, the costs would then be expected to decline to $35–48 per barrel ($220–300/m3) within 12 years. After achieving the milestone of 1 billion barrels (160×10^6 m3), its costs would decline further to $30–40 per barrel ($190–250/m3).[5][6] A comparison of the proposed American oil shale industry to the Alberta oil-sands industry has been drawn (the latter enterprise generated over one million barrels of oil per day in late 2007), stating that "the first-generation facility is the hardest, both technically and economically".[7][8]

In 2005, Royal Dutch Shell has announced that its in situ extraction technology in Colorado could become competitive at prices over $30 per barrel ($190/m3).[9] However, it is possible that the real competitive price level will be higher as the costs for building an underground wall of frozen water to contain melted shale have significantly escalated. [10]

At full-scale production, the production costs for one barrel of light crude oil of the Australia's Stuart plant were projected to be in the range of US$11.3 to $12.4 per barrel, including capital costs and operation costs over a projected 30-year lifetime. However, the project has been suspended due to environmental concerns.[6][11] Israel's AFSK Hom Tov process, which produces oil from a mixture of oil refinery residue (in the form of bitumen) and oil shale, claims to be profitable at US$16-US$17 per barrel. This technology is still being tested.

The project of a new Alberta Taciuk Processor, planned by VKG Oil, is estimated to achieve break-even financial feasibility operating at 30% capacity, assuming a crude oil price of US$21 per barrel or higher. At 50% utilization, the project is economic at a price of US$18 per barrel, while at full capacity, it could be economic at a price of US$13 per barrel.[12]

pritchet1 wrote:That article is missing information I have on the page I created, showing the technology to drill sideways between the layers of shale to extract the crude. That is the $14 per barrel oil. And that is what they have been extracting since 2006.

This isn't the oil sand fields of Canada.

Chip45 wrote:Aren't we forgetting what the creator has told us about this wonderful creation of His .... "there is enough and more" ..... I'll take Him at His word!