A BILLION barrels of oil under Utah!

[blakeatwork]

Originally posted by: 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.

Bre-X anyone???

It's nice that some more oil reserves have been found, but 45 days worth (at current consumption rates I assume), seems like a lot of trouble to go through. Sure, there would be some immediate economic kickbacks, as the labour required would be substantial.

 

[JDub02]

hear that?

that's the sound of 25 people getting very, very wealthy.

 

[Scarpozzi]

Originally posted by: 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.

That's exactly why they shouldn't print stories like this.

 

[Kenazo]

Originally posted by: blakeatwork

Originally posted by: 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.

Bre-X anyone???

It's nice that some more oil reserves have been found, but 45 days worth (at current consumption rates I assume), seems like a lot of trouble to go through. Sure, there would be some immediate economic kickbacks, as the labour required would be substantial.

Don't make fun of our Canadian scam artists. 🙂 Bre-X was legit... yes..........

 

[meltdown75]

Originally posted by: JDub02
hear that?

that's the sound of 25 people getting very, very wealthy.

Yep. I bet they all have season tickets for Wolverines home games too. Bastards!

 

[HardcoreRobot]

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.

Yup, emptied pockets are refilling with oil seeping up from lower than we can currently explore. Really, Im pretty sure we should have run out years ago based on predictions from the 70s and 80s.

 

[rh71]

45 days ? Yay. Joy.

 

[broon]

Originally posted by: JDub02
hear that?

that's the sound of 25 people getting very, very wealthy.

Is there something wrong with that?

 

[smc13]

Originally posted by: rh71
45 days ? Yay. Joy.

That's 45 days if we didn't buy oil from anywhere else during that time. That actually is a nice chunk of oil. Of course, it also says a lot about how much oil we use in a day.

 

[nakedfrog]

I just hope it's not in one of their national parks.

 

[nakedfrog]

Originally posted by: meltdown75
Someone must have been shootin' at some food, and up through the ground came some bubblin' crude.

LOL

 

[cerebusPu]

Originally posted by: 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.

okay..so its alot of speculation when it comes to the size of the oil field. damn...some Michigan company with just 25 employees find an oil field in Utah. If utah gets $5.6billion in royalties then the 25 people must make like $50billion or more!

damn....i should start buying up land in the ocean and hope thers oil underneathe it.

 

[Aharami]

IMHO, this wont bring down gas prices at all. if anything, the buck will get stored in oil companies' pockets

 

[cain]

please, the US government will just sit on it for the next decade or so while the arab nations use up everything. the most the gov't will do is put in the infrastructure for mining and just let it sit. maybe they will mine a barrel or two when the next oil shock hits to soften the fall, that's about it.

 

[Calin]

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

And more refining capacity is needed

 

[daniel49]

Originally posted by: cerebusPu

Originally posted by: 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.

okay..so its alot of speculation when it comes to the size of the oil field. damn...some Michigan company with just 25 employees find an oil field in Utah. If utah gets $5.6billion in royalties then the 25 people must make like $50billion or more!

damn....i should start buying up land in the ocean and hope thers oil underneathe it.

standard procedure when you buy property that you don't get mineral rights with it

 

[Horus]

According to the 45 day projection, the United States goes through...


*calculator typie-typie*

22 million barrels a day?!?

 

[Ilmater]

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.

Right... because oil is infinite.

 

[mobobuff]

Woot for Michigan!

 

[digitalsm]

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)?

Because we stopped onshore oil exploration 30 or so years ago in the United States.

We also have newer technology and better exploration options avalible. Its quite possible we can find quite a few oil deposits now that exploration has resumed. You just know this find will set off other oil companies to start poking around again.

 

[digitalsm]

Originally posted by: 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.

There hasnt been much on shore oil exploration in the past 30 years.

 

[sonambulo]

Originally posted by: daniel49
standard procedure when you buy property that you don't get mineral rights with it

so then how do you get the mineral rights?

 

[Dubb]

was this actually a new discovery or just a case of sources that weren't profitable at $1.40 a gallon becoming profitable at $2.40?

I've been told that canada has one of the largest oil sources on the planet....it's just all trapped in clay, which is hard to mine efficiently and expensive to refine. As prices keep going up, however, it will eventually become profitable to do so.







Invade Canada!

 

[conjur]

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.

The biggest problem with high crude oil prices is the collapse of the dollar against the Euro.

 

[SarcasticDwarf]

Originally posted by: digitalsm

Originally posted by: 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.

There hasnt been much on shore oil exploration in the past 30 years.

Bullshit. The two people that I have talked to in the past 5 years that work in the oil industry (including one who ownes wells throughout the midwest) have said that on shore oil exploration has been entensive. The continental US has been extensively surveyed. Sure, there are pockets that are bound to be missed unless you survey every squqare mile. Other countries lave larger unexplored areas including parts of South America.