Discussion in 'Current Events' started by BIV, May 1, 2013.
Environmentalists in 3...2...1...
Think of the squirrels! Won't somebody think of the squirrels!
The caveat naturally is that this is "recoverable at a market price of about $100/barrel". This won't lower prices at all.
But increased technology and better recovery processes will. The most important thing is that it's there.
It's like the West Texas wells. Most of them were capped in the '80's when the $10/bbl oil was siphoned off and they because cost prohibitive compared to Saudi Arabia's $3/bbl oil. Doesn't mean they "dried up" per se other than the easy oil was acquired and it would cost more to recover the rest than it would sell for (at the time). Now with current oil prices, and technology, we have vast resources available. Doesn't mean they were just discovered, it just means that the pricepoint and technology is now available to milk additional crude out of those holes.
There's a graph floating around (Google sux) which shows the total amount of resources versus cost per bbl. If we are willing to spend $250/bbl, there are nearly limitless supplies of crude available. At $50/bbl, we'd better fire up those Priuses.
How much of that is actual cost, and how much is taxation and regulatory costs?
So I guess putting Americans to work isn't a big bonus huh?
The increase was probably due to OWB's roustaclowning productivity being factored into the equation.
Another 6 months of juice.