The day after WikiLeaks releases documents showing the Saudi's can't pump enough oil

[DietDrThunder]

The US fears that Saudi Arabia, the world's largest crude oil exporter, may not have enough reserves to prevent oil prices escalating, confidential cables from its embassy in Riyadh show.

http://www.guardian.co.uk/business/2011/feb/08/saudi-oil-reserves-overstated-wikileaks

Come to find out we've got a nice little stash that can reduce our imports by 50%.

A new drilling technique is opening up vast fields of previously out-of-reach oil in the western United States, helping reverse a two-decade decline in domestic production of crude.

This new drilling is expected to raise U.S. production by at least 20 percent over the next five years. And within 10 years, it could help reduce oil imports by more than half, advancing a goal that has long eluded policymakers.

http://news.yahoo.com/s/ap/20110209/ap_on_re_us/us_shale_oil

Makes you wonder what the real stories are.

 

[JSt0rm]

The real story is we will consume the worlds oil first then nationalize our oil companies and pump oil for American industry while we figure out wtf to do next.

 

[herm0016]

we have been producing shale oil for quite a time... it is just more expensive to produce because of more expensive drilling and completions.

 

[Hacp]

The real story is we will consume the worlds oil first then nationalize our oil companies and pump oil for American industry while we figure out wtf to do next.

After we run out of oil, we can always convert other sources of energy into oil to run our cars. Basically, our supply of oil is not limited by the actual amount of oil in the ground.

 

[manimal]

Half of the worlds entire known oil reserves were consumed by the mid seventies. While technological advances and new discovery may have advanced that date the end result is we already have used well over more than half the entire worlds oil supply. The middle east's power and influence has probably already peaked since they had begun to regulate output with the advent of Opec.....

 

[Zebo]

What happened to that firm who could turn lakes into oil? Anyway I and others have been saying for years Saudi is our best friend by lying about their reserves to keep oil prices low. Oil is everything, the whole economy is a derivative of oil, the GDP and everything in it, best to get it cheap.

 

[Zebo]

After we run out of oil, we can always convert other sources of energy into oil to run our cars. Basically, our supply of oil is not limited by the actual amount of oil in the ground.

Yeah sure what are they? Every alt is a derivative of oil. Even uranium (past it's peak) which takes millions of barrels oil to mine. The silos which take oil to mine for concrete ingredients the oil to build them with Cats.

 

[Wreckage]

We don't even need oil.

Cars can run on horse poop if we want them to.

 

[DucatiMonster696]

The Saudi's are ruining out of easy to tap oil which is predictable. They are slowly begining to face the same problems which took the US out the oil market.

Now we in the US are pushing out new technology to tap the harder to reach oil resources which have been there all along but of which were to difficult and costly to extract to make it worth drilling.

404 - No major news found.

 

[wuliheron]

The question isn't whether the US has enough access to oil or alternatives, but whether or not we can maintain the current rate of economic growth worldwide. If the rest of the world goes down the tubes because of rising energy costs the US economy will follow suit even if we can supply our own needs. Forget about your cheap Chinese toys and Mexican produce, last time I checked there were roughly 500 imported raw materials besides oil considered vital to the national defense and you can bet they depend on cheap oil to extract and import.

 

[bfdd]

Saudi cut back their production a few years ago. If you do research you will see it's not that they CAN'T it's that they don't want to.

 

[charrison]

Come to find out we've got a nice little stash that can reduce our imports by 50%.



http://news.yahoo.com/s/ap/20110209/ap_on_re_us/us_shale_oil

Makes you wonder what the real stories are.

That is only news if you have not been paying attention. The new techniques are huge for natural gas.

 

[Hayabusa Rider]

This is a great opportunity for us to get off of fossil fuels that we'll waste. We did it before and we'll do it again.

 

[Londo_Jowo]

This is old news from 2007 that's based on a previous Saudi oil ministers opinion and has been argued since. This news hasn't affect oil prices, in fact WTI is $86.24/barrel in trading this morning.

 

[spidey07]

We don't even need oil.

Cars can run on horse poop if we want them to.

Not pig poop, Energy!

Who run bartertown?

 

[Strk]

That's nothing new. It has been known for a long time that OPEC members have questionable numbers. They work on quotas that are based off of their reserves. When they switched to that systems years ago, billions of barrels "appeared."