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fisher

Beach Fanatic
Sep 19, 2005
822
76
I'm hip. In fact, I published part of the oil source list by country here before.

We buy enough oil from Venezuela that it could easily become a national security issue one day. If Hugo wanted to play havoc with the US, he could withhold oil from the world market. Who would we ask to supplant it? As China and India continue to grow, they could put a squeeze on oil supply.

Below is a table of countries ranked by oil reserves. Does a particular country jump off the list at you? Sooner or later, our williness to not drill domestically and not build more refineries will come home to roost. If we can decrease demand by a huge margin, we will have no problem except that oil is fungible and what we don't buy, China and India most likely will which could keep prices high and perhaps oil in short supply.


Table 3. World Oil Reserves by Country as of
January 1, 2007
(Billion Barrels)
Country Oil Reserves
Saudi Arabia . . . . . . . . . . . 262.3
Canada . . . . . . . . . . . . . . . 179.2
Iran. . . . . . . . . . . . . . . . . . . 136.3
Iraq. . . . . . . . . . . . . . . . . . . 115.0
Kuwait . . . . . . . . . . . . . . . . 101.5
United Arab Emirates. . . . . 97.8
Venezuela . . . . . . . . . . . . . 80.0
Russia . . . . . . . . . . . . . . . . 60.0
Libya . . . . . . . . . . . . . . . . . 41.5
Nigeria . . . . . . . . . . . . . . . . 36.2
Kazakhstan . . . . . . . . . . . . 30.0
United States . . . . . . . . . . . 21.8
China . . . . . . . . . . . . . . . . . 16.0
Qatar . . . . . . . . . . . . . . . . . 15.2
Mexico . . . . . . . . . . . . . . . . 12.4
Algeria . . . . . . . . . . . . . . . . 12.3
Brazil . . . . . . . . . . . . . . . . . 11.8
Angola . . . . . . . . . . . . . . . . 8.0
Norway. . . . . . . . . . . . . . . . 7.8
Azerbaijan . . . . . . . . . . . . . 7.0
Rest of World . . . . . . . . . . . 65.5
World Total . . . . . . . . . . . . 1,317.4
?Worldwide Look at Reserves and Production,? Oil & Gas
Journal, Vol. 104, No. 47 (December 18, 2006), pp. 24-25.

The oil shale reserves (not including reserves in the gulf, ANWAR, etc) in the US dwarf the oil reserves in any other country. I have seen estimates that range as high as 3 TRILLION barrels.

Here is a snippet from a study done regarding the reserves available in the basin area of Colorado, Wyoming and Utah.

The largest known oil shale deposits in the world are in the Green River Formation,
which covers portions of Colorado, Utah, and Wyoming. Estimates of the oil
resource in place within the Green River Formation range from 1.5 to 1.8 trillion
barrels. Not all resources in place are recoverable. For potentially recoverable oil shale
resources, we roughly derive an upper bound of 1.1 trillion barrels of oil and a lower
bound of about 500 billion barrels. For policy planning purposes, it is enough to
know that any amount in this range is very high. For example, the midpoint in our
estimate range, 800 billion barrels, is more than triple the proven oil reserves of Saudi
Arabia. Present U.S. demand for petroleum products is about 20 million barrels per
day. If oil shale could be used to meet a quarter of that demand, 800 billion barrels
of recoverable resources would last for more than 400 years.


I agree that we need to conserve, reduce emmissions, etc, etc. But, we also need to go after the oil reserves we have in our own back yard. We could become TOTALLY energy independent if we chose to. Use our own reserves and our own refineries for America first, then worry about the rest of the world. The politicians and environmentalists need to get off their arses and go after the reserves sitting right under our noses, refine it in our refineries and stop buying from the likes of Saudi Arabia, Iran, Venezuela, etc.

It can be done if our representatives in Washington have the intestinal fortitude to think strategically and globally versus politically covering their own worthless arses.
 

ASH

Beach Fanatic
Feb 4, 2008
2,153
443
Roosevelt, MN
I believe there are some big oil interests who are sitting on their heels while we buy up all the oil from Saudi Arabia and everywhere else in the world until it is gone and then you will see the US become the next Saudi Arabia.

Just imagine what the US would do to world policies if held all those countries hostage because we now had all the oil. :blink:
 

scooterbug44

SoWal Expert
May 8, 2007
16,706
3,339
Sowal
Was talking to someone yesterday who was quite PO'd because apparently the land all around ANWR is leased but not being drilled on - really made her question why we need to drill in ANWR when the entire surrounding area is available but unused. :dunno:

I personally think the whole ANWR and coastal drilling thing is a crock - they are just preying on the sheeple's hysteria to open up places to drilling.
 

Miss Critter

Beach Fanatic
Mar 8, 2008
3,397
2,125
My perfect beach
This today:


AP
Oil drops as China says it will raise fuel prices
Thursday June 19, 11:19 am ET
By John Wilen, AP Business Writer
Oil prices drop after China says it will raise fuel prices, which could dampen demand
NEW YORK (AP) -- Oil prices dropped Thursday after China said it will raise fuel prices, a move that could dampen the booming Asian nation's oil consumption. Retail gas prices slid overnight.
Light, sweet crude for July delivery fell $2.10 to $134.58 a barrel on the New York Mercantile Exchange, but dipped more than $3 at times.
China disclosed that it will raise the prices of gasoline, diesel, aviation kerosene and electricity. It was not immediately clear if those price hikes would be implemented by lowering fuel subsidies.
Growing Chinese demand for oil has underpinned the multiyear rally in oil prices. But higher prices could crimp that demand. Concerns about spiking Chinese demand for diesel due to cleanup operations in the aftermath of last month's earthquake contributed to oil's run-up in recent weeks.
"This could change the psychology of the market completely," said James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com.
Lower demand in China "would be a major factor in driving prices down," said Phil Flynn, an analyst at Alaron Trading Corp. in Chicago.
Also pressuring prices Thursday were the dollar's gains against the euro. Investors who buy commodities such as oil as a hedge against inflation when the dollar falls tend to sell when the greenback gains ground. Also, a stronger dollar makes oil more expensive to overseas investors.
Price declines were limited Thursday by news of an attack on a Nigerian oil field. A leader of the Movement for the Emancipation of the Niger Delta told The Associated Press that militant fighters traveled in boats through heavy seas to attack the Bonga oil field more than 65 miles from land. But they were not able to enter a computer control room that they had hoped to destroy.
A Royal Dutch Shell spokesman confirmed an attack, but gave no details. He said production had been stopped from the field, which normally produces about 200,000 barrels of crude per day.
The news added to concerns about the threat of a strike by Nigerian white-collar oil workers. Crude futures climbed more than $2 a barrel on Wednesday on reports that Nigerian oil workers were about to strike after talks between U.S. energy giant Chevron Corp. and the country's white-collar oil industry workers had broken down. A later news report said the walkout had been avoided.
At the pump, meanwhile, gas prices slipped 0.2 cent overnight to a national average of $4.073 a gallon, according to a survey of stations by AAA and the Oil Price Information Service. Gas prices have followed oil futures higher this year. But with oil prices stalled in a rough range between $132 and $139, gas prices appear to have topped out, for now.
In other Nymex trading, July gasoline futures fell 6.58 cents to $3.4009 a gallon, and July heating oil futures fell 7.28 cents to $3.7872 a gallon. July natural gas futures fell 7.6 cents to $13.134 per 1,000 cubic feet. The Energy Department said natural gas inventories rose by 57 billion cubic feet last week, toward the lower end of the range of analyst estimates. In London, August Brent crude futures fell $1.83 to $134.61 a barrel on the ICE Futures Exchange. Associated Press writers George Jahn in Vienna, Austria, and Gillian Wong in Singapore contributed to this report.

 

scooterbug44

SoWal Expert
May 8, 2007
16,706
3,339
Sowal
Interesting how there is always SOMETHING to justify driving the prices up! China is being smart and taking measures to reduce demand, so rebels in Nigeria are today's oil crisis du jour! :angry:

Love the 2 different approaches - in the US we want to drill in protected areas when prices are high, in China, they RAISE the prices to reduce use and ultimately drive the price down with reduced demand.
 

30A Skunkape

Skunky
Jan 18, 2006
10,315
2,349
55
Backatown Seagrove
Interesting how there is always SOMETHING to justify driving the prices up! China is being smart and taking measures to reduce demand, so rebels in Nigeria are today's oil crisis du jour! :angry:

Love the 2 different approaches - in the US we want to drill in protected areas when prices are high, in China, they RAISE the prices to reduce use and ultimately drive the price down with reduced demand.

Like flowers on Valentine's Day. California seemingly has an unprecedented rain event or drought every February.:bang:
 

JOE who

Beach Lover
Drilling off the coast is putting a band-aid on a much bigger problem, our dependence on oil... We need to find an alternative but that isn't going to happen when we continue to dig for oil...

"Necessity is the mother of invention"

Not a lot of necessity when we continue to dig and find oil, it just pushes back the inevitable... The NEED to find an alternative source of fuel...

A side note: Does anyone know if there's been any research done on taking liquid/oil out of the Earth and it's repercussions??? Like more earthquakes, rotation problems, etc...
 

Matt J

SWGB
May 9, 2007
24,862
9,670
Drilling off the coast is putting a band-aid on a much bigger problem, our dependence on oil... We need to find an alternative but that isn't going to happen when we continue to dig for oil...

"Necessity is the mother of invention"

Not a lot of necessity when we continue to dig and find oil, it just pushes back the inevitable... The NEED to find an alternative source of fuel...

A side note: Does anyone know if there's been any research done on taking liquid/oil out of the Earth and it's repercussions??? Like more earthquakes, rotation problems, etc...

That'll be the latest goofy thing, it's not global warming, it's global slowing and the oil companies are still to blame! :funn: Actually that might not be a bad thing, things might get lighter due to lack of gravity.
 

JOE who

Beach Lover
That'll be the latest goofy thing, it's not global warming, it's global slowing and the oil companies are still to blame! :funn: Actually that might not be a bad thing, things might get lighter due to lack of gravity.

It does sound a little goofy, but before it was proven, people that thought the earth was 'round' were considered 'goofy'...

If you have a ball that is partially full of liquid and solid matter and spin it on a table top... Then take out half of the liquid, do you think it'll will rotate differently..?

Some scientist think the earth's 'wobble' causes tides, certain weather patterns... it's called the Chandler wobble... It's been hypothesized that it's due partially from the liquid matter of the world...

We've been keeping records for a short period of time when compared to the age of the Earth... So looking back and comparing information from today (such as temperatures, rainfall amounts, the chandler wobble, etc...) to records of the past and thinking we know what the effects or causes are or is going to be is like looking at the middle pages of a million page book and being able to tell what the beginning and the end is going to be... You can't...

Sorry for the long post...
 

traderx

Beach Fanatic
Mar 25, 2008
2,133
467
It does sound a little goofy, but before it was proven, people that thought the earth was 'round' were considered 'goofy'...

If you have a ball that is partially full of liquid and solid matter and spin it on a table top... Then take out half of the liquid, do you think it'll will rotate differently..?

Some scientist think the earth's 'wobble' causes tides, certain weather patterns... it's called the Chandler wobble... It's been hypothesized that it's due partially from the liquid matter of the world...

We've been keeping records for a short period of time when compared to the age of the Earth... So looking back and comparing information from today (such as temperatures, rainfall amounts, the chandler wobble, etc...) to records of the past and thinking we know what the effects or causes are or is going to be is like looking at the middle pages of a million page book and being able to tell what the beginning and the end is going to be... You can't...

Sorry for the long post...


I personally blame Einstein. He redefined Newtonian gravity and the world hasn't been the same since.
 
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