Oil...Trillion (with a "T") Barrels

[roadracer247]

This new technology for extracting oil sounds promising. Sadly, I think greed will take over and prices will remain high. Call it glass half empty if you will...I just don’t have much faith in the oil industry doing anything other than continuing to maximize profits for themselves. Obviously that’s their right and so on and so forth. Anyway, I said my piece...carry on...

 

[jmsa540]

I remember well since I'd hit $100 and it'd stop.
I'd have to put up the handle, run my card again and add another $15-20 of gas to finish filling up my Lightning.

Goodness..

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[Deceptive]

Funny price per barrel is now at close to an all time high at about $75 a barrel not seen since about 4 years ago, so where is the Republicans at saying that the oil speculators are causing public panic and hardship? *crickets this is what I hate most about the Republicans as they really do allow scum like them to get away with stuff.

Obvious Troll and Democratic Lemming is obvious.

Since when does history only take into account the years that support your BS? Oh when you want to hide the fact that Odumbo was on record saying he wanted gas over $5/gallon.

BS blinders like this is why I hate political sheep.


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[HillbillyHotRod]

Open up ANWAR. All the doom and gloom the said was coming when they started at Prudoe Bay came to nothing. There are more caribou now then there ever has been up there.

 

[Smooth]

I remember spending $25 to fill up my Hayabusa.

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I filled the Excursion a few times for $240.

 

[Revvv]

I filled the Excursion a few times for $240.

My Ram didn't move until fuel prices dropped. I rode my bike daily.

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[Deceptive]

My Ram didn't move until fuel prices dropped. I rode my bike daily.

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Did said bike have a banana seat?

 

[utlong31]

I live in West Texas and work in the oilfield and things around here are crazy. The states average gas price is $2.65 and we are paying around $3.10. The price of living here is sky rocketing. There are a lot of people here that are struggling if you don't work in the oil field. Don't get me wrong I make a very good living but I wish oil would stay in the lower $60 a barrel range. That would keep people still working but not be as crazy as they are now. For the population we have I think our traffic fatalities are ahead of anywhere in the U.S.


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[Smooth]

I rode my bike daily.

 

[CompOrange04GT]

Ill play. As someone with a few years in the industry.. drilled, fracked, transported.. etc..

I now work for one of the largest companies in america in oil, that price of oil plays a huge part in. I'll play I guess

This is just tar sand oil. Greenie heads exploding all over the world.

BREAKING: New Tech Just Unlocked A Trillion Barrels Of Oil :: The Market Oracle ::

They are starting at 1000 bpd.. that aint shit.

Me just one man, looks over 100k a day. A whole company saying they can do this with 1000 a day... is nothing, and wont make an impact for years to come

Funny price per barrel is now at close to an all time high at about $75 a barrel not seen since about 4 years ago, so where is the Republicans at saying that the oil speculators are causing public panic and hardship? *crickets this is what I hate most about the Republicans as they really do allow scum like them to get away with stuff.

What public panic is there?

Yep...2008, when gas was over $4.05 a gallon...

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I remember paying 6.50 in North Dakota

Interesting. I don't have the time to research (truth is I'm lazy), what's the cost per barrel for extraction in the middle East?

Exagerration, but its said you can get a spoon to get oil from the ground there.

Less than $15 a bbl basically.. well that was a few years back but yeah

Good question. Refining the oil is an added cost as well. I remember reading years ago when oil was on the cheap side that extractors said it wasn't worth drilling due to no profit. I'll guess anything below 20 or so bucks a barrel makes it a waste of time/money.

Yes and no. Less than 20 a bbl is a waste if you're a Halliburton, but some smaller companies can sign contracts at a lower price which they did when oil plummeted to 19.

"We found more oil, YEA! Now we can raise oil prices and make even more money!"

ks

They didn't find shit. They found a way to do shit. Please read.

I live in West Texas and work in the oilfield and things around here are crazy. The states average gas price is $2.65 and we are paying around $3.10. The price of living here is sky rocketing. There are a lot of people here that are struggling if you don't work in the oil field. Don't get me wrong I make a very good living but I wish oil would stay in the lower $60 a barrel range. That would keep people still working but not be as crazy as they are now. For the population we have I think our traffic fatalities are ahead of anywhere in the U.S.


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I live an hour from you... my old apartment two years ago was $800... it's now $1300

My house value has gone up over 30k in 6 months. Thanks oil

 

[Weather Man]

They are starting at 1000 bpd.. that aint shit.

Me just one man, looks over 100k a day. A whole company saying they can do this with 1000 a day... is nothing, and wont make an impact for years to come.

I understand, the point is that the we will run out of oil crowd is wrong, again. The company that developed the tech won't produce much, the companies they license the tech to will produce a lot. They will probably make more off the tech royalties than the oil they produce.

 

[KEVINS]

They didn't find shit. They found a way to do shit. Please read.

I did read maybe you should practice what you preach.

Snippet:
"At their Asphalt Ridge property in Utah, Petroteq is sitting on a contingent deposit of 86 million barrels…and their extraction facility is now fully operational."

I was mostly insinuating that they can now retrieve even more oil and charge more for it instead of oil prices going down.

ks

 

[Weather Man]

I did read maybe you should practice what you preach.

Snippet:
"At their Asphalt Ridge property in Utah, Petroteq is sitting on a contingent deposit of 86 million barrels…and their extraction facility is now fully operational."

I was mostly insinuating that they can now retrieve even more oil and charge more for it instead of oil prices going down.

ks

If they produce more, the price drops. This is just one more supplier the middle east isn't happy to see producing.

 

[CompOrange04GT]

I understand, the point is that the we will run out of oil crowd is wrong, again. The company that developed the tech won't produce much, the companies they license the tech to will produce a lot. They will probably make more off the tech royalties than the oil they produce.

Oh no way. In South west texas they found the largest deposit of oil in america a year or two ago

I did read maybe you should practice what you preach.

Snippet:
"At their Asphalt Ridge property in Utah, Petroteq is sitting on a contingent deposit of 86 million barrels…and their extraction facility is now fully operational."

I was mostly insinuating that they can now retrieve even more oil and charge more for it instead of oil prices going down.

ks

They found that a while back. They didn't " Just find it" they built it on the deposit in hopes of 86 million.. For all they know it could be 6 million.

Sure their geologists and engineers may be making a bold prediction of 86 million. But it happens a lot where companies spend millions of dollars to drill, and hit a dead well.

And nobody is to say they will charge more... They cant just say " Oh we are going to charge more "

What it means is, if oil is " so and so amount per bbl. We can do it at this price which means when we sell at the going rate we will make so and so profit"

They can't just "charge more " than other companies, for Crude Oil, they can sign a contract at a certain amount. ( which is what screwed companies)

Also, I don't truly believe they can do all this work at 28, thats just a prediction. Epecially since they havent even done it. Hell the third sentence of the article " could change"

Honestly I'd love to know more about it since they claim no high temps or pressures. I'd love to really see how

 

[CompOrange04GT]

If they produce more, the price drops. This is just one more supplier the middle east isn't happy to see producing.

Hit the nail on the head.

More oil from us = less dependence on others

 

[KEVINS]

If they produce more, the price drops. This is just one more supplier the middle east isn't happy to see producing.

I was being sarcastic b/c we all know that prices should drop but somebody will find a way to keep prices up and make excuses why they are still high just so others will keep getting richer.
Insurance was supposed to go down once helmet laws were passed but did that ever happen? Not around here.. Prices for anything never go down for long.

ks

 

[96 cobra]

I had my cobra back in 2008 and was spending $100/week for gas...

 

[Smooth]

I worked at a gas station from 1977 until 1985. Fun times.

 

[HillbillyHotRod]

I worked at a gas station from 1977 until 1985. Fun times.

Did you clean windows and check Oil?

 

[tones_RS3]

I filled the Excursion a few times for $240.

My Ram didn't move until fuel prices dropped. I rode my bike daily.

Yeah,...those were crazy times. I hope we don't ever experience that again. Highly unlikely though. I remember paying a lot to gas up my Ram truck as well. But, I was laid off for almost 2 years during the recession, so it wasn't so bad, but gas prices were still high for a while after that fallout. I only went out when I really needed to.

****Correct me if I'm wrong someone, but isn't the U.S.A. the biggest producer of oil these days? I believe they drill up right next to Canada in North Dakota?
Why do we sell our oil overseas, if the prices are high here? Let's keep most to keep prices at bay and then sell off some. Maybe it's not that easy?? lol