Shale Boom in Texas Could Increase U.S. Oil Output

kokonut

kokonut

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http://www.nytimes.com/2011/05/28/business/energy-environment/28shale.html?_r=1

Good news!
Based on the industry’s plans, shale and other “tight rock” fields that now produce about half a million barrels of oil a day will produce up to three million barrels daily by 2020, according to IHS CERA, an energy research firm. Oil companies are investing an estimated $25 billion this year to drill 5,000 new oil wells in tight rock fields, according to Raoul LeBlanc, a senior director at PFC Energy, a consulting firm.

“This is very big and it’s coming on very fast,” said Daniel Yergin, the chairman of IHS CERA. “This is like adding another Venezuela or Kuwait by 2020, except these tight oil fields are in the United States.”

In the most developed shale field, the Bakken field in North Dakota, production has leaped to 400,000 barrels a day today from a trickle four years ago. Experts say it could produce as much as a million barrels a day by the end of the decade.
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We simply have to move away from oil imported from outside of the United States (sans Canada which is our number 1 oil importer for the U.S.). Time to reinvest in ourselves and use our own resources for a change, which btw, the amount of oil and gas we have in the U.S. is much larger than the Middle East.
 
Shale oil is just another word for fracking and it's extremely destructive to the environment not to mention more costly than crude oil production. America has already contributed far too much to environmental destruction at home and abroad. We need to move away from such destruction and find greener methods.
 
DeafCaroline said:
Shale oil is just another word for fracking and it's extremely destructive to the environment not to mention more costly than crude oil production. America has already contributed far too much to environmental destruction at home and abroad. We need to move away from such destruction and find greener methods.
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The oil companies have the means and technology to greatly reduce the environmental impacts, but they will never implement them, since the bottom line is the almighty dollar in profit. They make almost $400 million a day in profits and of course want to increase it. Guess where that will go. :roll:
 
DeafCaroline said:
Shale oil is just another word for fracking and it's extremely destructive to the environment not to mention more costly than crude oil production. America has already contributed far too much to environmental destruction at home and abroad. We need to move away from such destruction and find greener methods.
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Yup, I'm favor in reduce of dependence on oil and many developed countries, especially European countries and Japan uses so much less oil. I don't mind about oil drilling to increase the oil output to replace the import oil but there are some requirement that I want to meet before support the oil drilling is better regulation/safety to avoid the oil spilling, end of oil subsidies and oil companies will be in full liability for oil spilling. If all of 3 are not met so I will not support the oil drilling and stuck with over $4 per gal so hopefully more Americans will start realize and break their habit to make use less oil.
 
Personally I would rather not drill more.... I think we can get the price where we want it just by threatening to drill more. But it's nice to have it in the ground just in case.
 
TXgolfer said:
Personally I would rather not drill more.... I think we can get the price where we want it just by threatening to drill more. But it's nice to have it in the ground just in case.
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I'm not happy with high gas price because it does affect me too, despite about being no longer to be safe to drive and just do in very limited time. When gas price is getting higher so fly, city bus, commuter train/passenger train (if use diesel) and taxi will become more expensive. I'm sure that cost for everything, even UPS/Fedex shipping will going up too.

It does affect everyone, even if they use subway only as transportation source for commute and pleasure.
 
Foxrac said:
I'm not happy with high gas price because it does affect me too, despite about being no longer to be safe to drive and just do in very limited time. When gas price is getting higher so fly, city bus, commuter train/passenger train (if use diesel) and taxi will become more expensive. I'm sure that cost for everything, even UPS/Fedex shipping will going up too.

It does affect everyone, even if they use subway only as transportation source for commute and pleasure.
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No doubt.....as far as public transit SFs is all electric 67% of which is derived from hydro.....at least that is what they say. :dunno:
 
If you think that drilling here will make the oil price go down, you're so wrong.

The oil price should be around $70 - all the oil prices being so high is speculation, not actual supply or demand. There's no issues with oil itself. We have plenty of it. It's the speculative market.

"Also this month, Rex Tillerson, chairman of ExxonMobil, told a congressional committee that supplies of crude oil and refined gasoline were adequate and that the supply-and-demand price of crude probably should be around $70 a barrel."

Who's to blame when gas costs $1 more than last year? - USATODAY.com
 
netrox said:
If you think that drilling here will make the oil price go down, you're so wrong.

The oil price should be around $70 - all the oil prices being so high is speculation, not actual supply or demand. There's no issues with oil itself. We have plenty of it. It's the speculative market.

"Also this month, Rex Tillerson, chairman of ExxonMobil, told a congressional committee that supplies of crude oil and refined gasoline were adequate and that the supply-and-demand price of crude probably should be around $70 a barrel."

Who's to blame when gas costs $1 more than last year? - USATODAY.com
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drilling would fuel speculation.

Yes I just said that. :)
 
TXgolfer said:
drilling would fuel speculation.

Yes I just said that. :)
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Oil should be socialized, just like Sarah Palin did with her state's socialist policy with oil. The higher the price of oil, the more money we should get from oil companies.
 
I want to know if Emily from Chevron would say "we agree" to that. :lol:
 
DeafCaroline said:
Shale oil is just another word for fracking and it's extremely destructive to the environment not to mention more costly than crude oil production. America has already contributed far too much to environmental destruction at home and abroad. We need to move away from such destruction and find greener methods.
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Extremely destructive? How so? Certainly better than shipping in oil from across the pond from unstable and unfriendly countries who lack little or no stringent environmental laws to follow. Keeping the oil here provide the U.S. the means to be more independent by keeping the money and jobs here, and help with the economy while on a path to "greener methods" (which btw is an conundrum when one says it).
 
BTW, how many are willing to pay $8 a gallon of gas? I like to see hands in the air please.
 
kokonut said:
Extremely destructive? How so? Certainly better than shipping in oil from across the pond from unstable and unfriendly countries who lack little or no stringent environmental laws to follow. Keeping the oil here provide the U.S. the means to be more independent by keeping the money and jobs here, and help with the economy while on a path to "greener methods" (which btw is an conundrum when one says it).
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ever seen what coal mining did to our environment?
 
TXgolfer said:
No doubt.....as far as public transit SFs is all electric 67% of which is derived from hydro.....at least that is what they say. :dunno:
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There's the problem. "Electricity" doesn't mean "green," even if the city gets its electricity from hydro.
 
TXgolfer said:
Personally I would rather not drill more.... I think we can get the price where we want it just by threatening to drill more. But it's nice to have it in the ground just in case.
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Yes, it's a nice feeling knowing that the U.S. has more oil than the Middle East. Yet we import 75 to 80% of the oil to the U.S. while the rest is domestic oil. Quite a switch from 30 or 40 years ago when it was the reverse.
 
netrox said:
Oil should be socialized, just like Sarah Palin did with her state's socialist policy with oil. The higher the price of oil, the more money we should get from oil companies.
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We should do the same with pharmaceutical companies. The make way more money when profit margins are taken into account. Oil companies make on average about 6.5% profit. Pharma about 16%.The soft drink market is even more lucrative.

Oil companies make about 7 cents per gallon but the all benovolent government takes in more than 48 cents, on average, per gallon of gas. That's taxes for you and me. So, hey, why not go after pharma and soft drinks instead?
 
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