A BILLION barrels of oil under Utah!

[Analog]

(Salt Lake City-AP, May 5, 2005, 9:45 a.m.) A tiny Michigan oil company has leasing rights to half a million acres of central Utah land it says could yield a billion or more barrels of oil.

Wolverine Gas and Oil is a privately held Grand Rapids business with just 25 employees. The company says found what is being called the largest onshore discovery in at least 30 years.

The land is reported to contain high-quality oil that already is commanding a premium at refineries.

The land is located 130 miles south of Salt Lake City and 100 miles from any of Utah's other major oil fields.

With news of the discovery, a bidding war is expected to break out at the next Utah leasing auction May 17.

http://www.woodtv.com/Global/story.asp?S=3304576&nav=0RceZUZW

CHEAP GAS --- YAY!

 

[AdamSnow]

Buy some stock

 

[HardcoreRobot]

how can we find any oil when it is supposed to all vanish in 20/25/40 years (depending on your FUD)?

 

[radioouman]

woodtv?

 

[Anubis]

it really wont make a difference in gas prices

and itll be at least 5 years before it starts produceing anything

 

[Spikesoldier]

Originally posted by: HardcoreRobot
how can we find any oil when it is supposed to all vanish in 20/25/40 years (depending on your FUD)?

those are for known oil stashes, this is a new discovery.

 

[Analog]

Originally posted by: Anubis
it really wont make a difference in gas prices

and itll be at least 5 years before it starts produceing anything

Gas prices are influenced by speculation. Everytime a bomb goes off in Bagdad, the price jumps. This may have the opposite effect.

 

[iamwiz82]

Originally posted by: HardcoreRobot
how can we find any oil when it is supposed to all vanish in 20/25/40 years (depending on your FUD)?

Not to worry because some donkey predicted the earth would implode in the year 2017, February 14th, to be exact.



Fearmongering sucks

 

[SarcasticDwarf]

Originally posted by: HardcoreRobot
how can we find any oil when it is supposed to all vanish in 20/25/40 years (depending on your FUD)?

Keep in mind that both the frequency and size of oil deposit discoveries has been dwindling for ~40 years. Therefore, it is common sense to figure that either a) We are somehow going to find a dozen more of these deposites every year or b) We will find fewer and fewer and continue that trend.

 

[Lucky]

yay for grand rapids / michigan economy.

 

[huesmann]

Is this legit? Any independent confirmation?

 

[ahurtt]

US Government imposes martial law on the state of Utah! Bombing to commence! Marines are being deployed! Bush cites state of Utah has A$$hole governor! The story at 11!

 

[PingSpike]

Damn, it had to be Utah didn't it?

 

[Conky]

Originally posted by: HardcoreRobot
how can we find any oil when it is supposed to all vanish in 20/25/40 years (depending on your FUD)?

That's the thing... you never know where you are gonna find oil.

Anyone who says we are gonna run out in X years simply doesn't understand the oil business.

 

[imported_Reck]

is a billion barrels a lot? call me crazy but i think that's a bad thing...it's good that people have an incentive to not buy big ass polluting suvs and stuff. higher gas prices mean the auto industry will start producing more effecient automobiles.

 

[ahurtt]

Originally posted by: AdamSnow
Buy some stock

Wolverine Gas and Oil is a privately held Grand Rapids business with just 25 employees. The company says found what is being called the largest onshore discovery in at least 30 years.

 

[mcvickj]

Thats cool. I pass by this building every day on my way into work. This could be great news for the Michigan economy. Living in a state with the highest unemployment rate makes you appreciate having a job.

 

[Codewiz]

Originally posted by: Crazyfool

Originally posted by: HardcoreRobot
how can we find any oil when it is supposed to all vanish in 20/25/40 years (depending on your FUD)?

That's the thing... you never know where you are gonna find oil.

Anyone who says we are gonna run out in X years simply doesn't understand the oil business.

And the fact that old "used" up oil fields are suddenly coming back to life. The whole oil running out is nonsense.

 

[Toasthead]

Originally posted by: yellowfiero

Originally posted by: Anubis
it really wont make a difference in gas prices

and itll be at least 5 years before it starts produceing anything

Gas prices are influenced by speculation. Everytime a bomb goes off in Bagdad, the price jumps. This may have the opposite effect.

haha but only when the speculation makes prices go UP. They never really come down Ive noticed.

 

[Crazee]

Take a look at the title of the report - "Small Michigan oil company touts potentially huge discovery"

I think the key words are touts and potentially. Until I see some independent confirmation, I wouldn't be surprised if someone wasn't trying to manipulate the stock.

 

[meltdown75]

Someone must have been shootin' at some food, and up through the ground came some bubblin' crude.

 

[Howard]

Originally posted by: Crazee
Take a look at the title of the report - "Small Michigan oil company touts potentially huge discovery"

I think the key words are touts and potentially. Until I see some independent confirmation, I wouldn't be surprised if someone wasn't trying to manipulate the stock.

As somebody else mentioned, it's a privately held company.

 

[imported_Reck]

Originally posted by: Codewiz

Originally posted by: Crazyfool

Originally posted by: HardcoreRobot
how can we find any oil when it is supposed to all vanish in 20/25/40 years (depending on your FUD)?

That's the thing... you never know where you are gonna find oil.

Anyone who says we are gonna run out in X years simply doesn't understand the oil business.

And the fact that old "used" up oil fields are suddenly coming back to life. The whole oil running out is nonsense.

how is running out of oil nonsense? An oil bed takes millions and millions of years to form. It doesn't just miraculously appear out of thin air. Once the bed is gone it's not coming back and there are only so many places with oil.

 

[dmcowen674]

Originally posted by: huesmann
Is this legit? Any independent confirmation?

Lots of News Media Outlets carrying this now but it is being downplayed as a very small find.

5-5-2005 Small oil company strikes it big

At current prices, the oil reserve could bring Utah $5.6 billion in royalties, state auditors conservatively estimate.

If produced at once, it could satisfy the nation's demand for about 45 days.

Although the discovery is still playing out, the oil will take years to recover and some skeptics question the company's projections for a region yet to be fully surveyed.

"It's just very highly unlikely because the U.S. onshore has been picked clean, if you will," said Fadel Gheit, senior oil analyst at Oppenheimer & Co. in New York.

"That's like finding a wallet in the subway after all the cleaners went through it. It's possible, but very highly unlikely," he said.

 

[CPA]

Originally posted by: Anubis
it really wont make a difference in gas prices

and itll be at least 5 years before it starts produceing anything

It will be a lot longer than that once the envirowackos start putting their voice in this issue.