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The 1 trillion dollar bail out is just another liar loan. Let them eat cake. Paulson now wants to also buy up bad credit card debt. TK says: idiotic. The time has come to save capitalism from the capitalists." Obama Surges McCains, 'Country First'. Apply it to the petro industry. Nationalize them! Why isn't America's life style for it's people. Too Big To Fail? TK's energy story. TK's want list... Cityranch, Too bad you didn't read the blog I re-posted below. Sarah Palin Has Failed in Her Primary Role as Commander-in-Chief of the Alaska National Guard Palin's Pay Cut as Mayor Followed by a Raise September 06 October 06 November 06 December 06 January 07 February 07 March 07 April 07 May 07 June 07 July 07 August 07 September 07 October 07 November 07 December 07 January 08 February 08 March 08 April 08 May 08 June 08 July 08 August 08 September 08 October 08 "Ideas are more dangerous than guns. We don't let our people have guns. Why should we let them have ideas?" --Josef Stalin
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Massive Oil Deposit Could Increase US reserves by 10x
Massive Oil Deposit Could Increase US reserves by 10x
Feb,13 2008
America is sitting on top of a super massive 200 billion barrel Oil Field that could potentially make America Energy Independent and until now has largely gone unnoticed. Thanks to new technology the Bakken Formation in North Dakota could boost America’s Oil reserves by an incredible 10 times, giving western economies the trump card against OPEC’s short squeeze on oil supply and making Iranian and Venezuelan threats of disrupted supply irrelevant. In the next 30 days the USGS (U.S. Geological Survey) will release a new report giving an accurate resource assessment of the Bakken Oil Formation that covers North Dakota and portions of South Dakota and Montana. With new horizontal drilling technology it is believed that from 175 to 500 billion barrels of recoverable oil are held in this 200,000 square mile reserve that was initially discovered in 1951. The USGS did an initial study back in 1999 that estimated 400 billion recoverable barrels were present but with prices bottoming out at $10 a barrel back then the report was dismissed because of the higher cost of horizontal drilling techniques that would be needed, estimated at $20-$40 a barrel. It was not until 2007, when EOG Resources of Texas started a frenzy when they drilled a single well in Parshal N.D. that is expected to yield 700,000 barrels of oil that real excitement and money started to flow in North Dakota. Marathon Oil is investing $1.5 billion and drilling 300 new wells in what is expected to be one of the greatest booms in Oil discovery since Oil was discovered in Saudi Arabia in 1938. The US imported about 14 million barrels of Oil per day in 2007 , which means US consumers sent about $340 Billion Dollars over seas building palaces in Dubai and propping up unfriendly regimes around the World, if 200 billion barrels of oil at $90 a barrel are recovered in the high plains the added wealth to the US economy would be $18 Trillion Dollars which would go a long way in stabilizing the US trade deficit and could cut the cost of oil in half in the long run
23 comments from 7 users
1
posted by
tkozy
on Feb 23, 2008 at 08:00 AM
According to a recent study, the petroleum industry in North Dakota needs to hire nearly 12,000 new employees by 2010 to keep pace with the industry’s rapid growth and to replace workers scheduled to retire over the next few years. The industry expects to need an additional 3,300 new workers in 2007 alone to keep up with growth, replacements, and retirements. Industry leaders say this is good news for people looking for a job or a higher paying job in North Dakota. According to Job Service, the average yearly wage in the oil and gas industry in 2005 was $60,330. Jobs in demand include everything from equipment operators and truck drivers, to engineers and geologists. For more information on the need for workers, see the “oil industry jobs” section on this web site. The Bakken Formation in North Dakota is attracting attention as one of the most exciting oil plays across the United States. The Bakken Formation has the potential to vastly increase North Dakota’s oil production with its enormous reserves. To find out more about the North Dakota Bakken Formation, read the Oil and Gas Tidbits Issue II, and see a map of the Bakken Formation by looking under the “News” section on this web site. posted by
tkozy
on Feb 23, 2008 at 08:03 AM
The overall industry success rate for new wells in North Dakota for 2006 was 98%. From: TAX REVENUES HIGH IN 2006
North Dakota was 15,220 feet. The average depth for a North Dakota well in 2006 was 13,621 feet compared to 5,782 feet nationwide. The longest horizontal well drilled last year in North Dakota was 20,362 feet. North Dakota was approximately $4.1 million during 2006 The average cost of completing a well in the U.S. in 2005 was nearly $3.1 million
Approximately 308 wells were completed during the year. There were 348 drilling permits issued during 2006, the same number as last year.
Horizontal, or directional, drilling accounted for 76% of the new wells drilled in 2006 and accounted for 63% of the state’s total oil production. The success ratio for new wells in existing fields in 2006 was 99% and for wildcat wells it was 94%. A wildcat well is a new well drilled at least one mile from existing production. The overall industry success rate for new wells in North Dakota for 2006 was 98%. posted by
tkozy
on Feb 23, 2008 at 08:46 AM
Horizontal, or directional, drilling accounted for 76% of the new wells drilled in 2006 and accounted for 63% of the state’s total oil production.
The success ratio for new wells in existing fields in 2006 was 99% and for wildcat wells it was 94%. A wildcat well is a new well drilled at least one mile from existing production. posted by
NancyII
on Feb 23, 2008 at 09:01 AM
Wildcatter: Function: noun I'd never heard your definition before Tk. Just clarifying....is it a new one? I'm an old oilfield brat. (easy on the "old") posted by
tkozy
on Feb 23, 2008 at 09:15 AM
Nancy, Old money oil folks got to get used to us New money N.D. folks. U'ses are old hat now. <:) That info comes from: http://www.ndoil.org/images... Also: An oil well is a term for any perforation through the Earth's surface designed to find and release both petroleum oil and gas hydrocarbons.
posted by
drilnliftcrude
on Feb 23, 2008 at 09:47 AM
Those had better be good paying oil jobs. 7 months of the year, the average low temperature is below freezing and the average high is less than 60 degrees. And how long a drive is it to the beach or the mountains? posted by
NancyII
on Feb 23, 2008 at 09:51 AM
"Wildcat oil wells drill in new areas, where oil has not been found before." yup..that's what I said. And what John Wayne said. And what James Dean said. posted by
NancyII
on Feb 23, 2008 at 09:53 AM
My ex went up to Wyoming once to check on a job for his boss and came back saying he'd never been so cold in his life. LOL. N. Dakota isn't any warmer. posted by
tkozy
on Feb 23, 2008 at 09:54 AM
Drill, Unemployment in North Dakota in the dead of winter is 3%, OIL PATCH EMPLOYMENT The state averaged more than 5,700 North Dakotans at work in the oil patch in fiscal year 2004-2005. Peak oil field employment occurred in late 1981, when more than 10,000 people were working in the oil patch. Each drilling rig results in approximately 120 direct and indirect jobs. Other sectors of the petroleum industry include refineries, gas plants, pipelines, retail gasoline stations, wholesalers, and transporters. The industry altogether employed approximately 12,900 people in North Dakota in 2006. Job Service North Dakota reports that in 2005 the average yearly wage in the oil and gas extraction industry was $60,330. That wage is 101% above the statewide average wage of $29,955!
TK continues:
By Lear Jet. Hawaii is about 6 hours. <:)
Brand new homes sell for 140 grand. Cost of living otherwise is about the same as Bakersfield. posted by
tkozy
on Feb 23, 2008 at 09:59 AM
Drill,According to a recent study, the petroleum industry in North Dakota needs to hire nearly 12,000 new employees by 2010 to keep pace with the industry’s rapid growth and to replace workers scheduled to retire over the next few years. The industry expects to need an additional 3,300 new workers in 2007 alone to keep up with growth, replacements, and retirements. Industry leaders say this is good news for people looking for a job or a higher paying job in North Dakota. According to Job Service, the average yearly wage in the oil and gas industry in 2005 was $60,330. Jobs in demand include everything from equipment operators and truck drivers, to engineers and geologists. For more information on the need for workers, see the “oil industry jobs” section on this web site. The Bakken Formation in North Dakota is attracting attention as one of the most exciting oil plays across the United States. The Bakken Formation has the potential to vastly increase North Dakota’s oil production with its enormous reserves. To find out more about the North Dakota Bakken Formation, read the Oil and Gas Tidbits Issue II, and see a map of the Bakken Formation by looking under the “News” section on this web site.
posted by
tkozy
on Feb 23, 2008 at 10:00 AM
posted by
NancyII
on Feb 23, 2008 at 10:04 AM
Either place is too cold for me. I'm sure they wrap the rigs and heat them just like they do in Alaska. When the money is good..they will come. Days of the big fast money in the patch around here are about gone. New frontiers open, and the work goes on. posted by
tkozy
on Feb 23, 2008 at 10:55 AM
Only truly cold months are Dec., Jan and Feb. And the weather is mitigated in part because there is no thaw during that time. So you stay dry which keeps you warmer. Rapid city S.D. Is considered the Banana Belt. It doesn't get the extreme lows. But there is mud or muddy snow for much of the winter. That makes it cold. I spent lots of time in Germany It had much the same problem with mud and wet. Temperatures constantly around freezing day and night. You stayed cold and wet 9 months out of the year.
A foggy winter day in Bakersfield, is cold to a North Dakotan. posted by
PawnThyself
on Feb 23, 2008 at 11:14 AM
North Dakota is frequently warmer than Bakersfield in March-May in years when we are below normal. It's just how the weather patterns lay across the US during cold-West years. While we're freezing 15 below normal in late March, ND can have surprise soars to 80. posted by
tkozy
on Feb 23, 2008 at 11:47 AM
posted by
woofwoof
on Feb 23, 2008 at 12:26 PM
I'm sure people who already live up there, like in Minnesota or Wisconsin, will be happy to take those jobs. Heck they're use to it. It's like my Auntie Marilyn who's living in Minnesota says, "it may be cold here, but it heeps out the riff raff. posted by
tkozy
on Feb 23, 2008 at 12:49 PM
posted by
NancyII
on Feb 23, 2008 at 12:53 PM
Last summer on the farm. Not mentioning humidity and such. I have a friend who is from South Dakota and she says they have two seasons...cold and hot. All a matter of taste or perspective I guess. posted by
tkozy
on Feb 23, 2008 at 01:10 PM
This is a live Minot web cam of today. It is hazy and 41 degrees, The July Photos it was low humidity and in the low 70's. Had beautiful days with thunderstorms at night. The hottest days for June and July were below 85 degrees. Humidity can get high. And it can reach the 100's on occasion. But a 100 degree day means there is a storm coming. Luckily Minot is far enough north that Tornado's are no more common there than here.
Storms that come through Bakersfield from the south. Usually end up in Minot in the next 2 days.
posted by
tkozy
on Feb 24, 2008 at 10:23 AM
posted by
sfinboston52
on Feb 24, 2008 at 10:54 AM
posted by
tkozy
on Feb 24, 2008 at 01:18 PM
It's not the answer to the energy problem. But We do have oil. And there is enough for 110 years. The lies have to stop. The greed has to stop.
And the exposing of the lies is the beginning of the journey toward renewable resources.
posted by
ronmexico
on Feb 26, 2008 at 08:32 PM
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