US have increased their oil output by at least 900,000 barrels a day and done it in just a year.

Of topic, can one of you guys start a thread on how JP Morgan used customer deposits to make huge trades and lost 6 billion its front page everywhere except Fox news of course,,, I can't start a thread yet being a rookie here,, Sorry for the jack this is a good thread to...

Originally posted by bigfatfurrytexan

Originally posted by pheonix358
The US spent more that a decade pumping oil from Iraq, sending it home and pumping it into the ground. They didn't pay for it!

Suddenly they have found oil. Yea, right.

Join the dots!

P

So, you are suggesting that oil has been pumped in Iraq, then placed in US soil for us to extract? Again?

Are the dots you are connecting called "microdot" by any chance?

With the amount of oil they stole from Iraq there was never going to be enough tanks to put it in! That was a lot of stolen oil!

P

From my understanding fracking extracts natural gas, not oil.

Is it possible to convert natural gas to oil?

What gets me about these claims of The US now being the world leading producer of oil it that there is no hard data backing up those claims.

Not that I doubt that the US has retaken the lead, but the reason how and why is not given, which is most likely the decline in Saudi and Russian oil production.

The US production growth is tapping reserves they wouldn't have bothered with a decade ago.

It is great for those areas to be riding that boom, enjoy it while you can.

It all simply translates into the reality that the Earth is quickly running out of easy to get high grade oil.

reply to post by pheonix358


i think they put it all in barrels and used the barrels to fill the hole in your theory.

reply to post by bigfatfurrytexan


Is that the best you have because it had no substance. WTF do you think the US was doing with Iraqi Oil. Twelve years of pumping it out of the ground and no sales to speak of. Are you that dense!

P

reply to post by pheonix358


its the best you get because your story not only has no substance, it has nothing more than supposition. Show some proof. Because I know people who work on oil drilling units. And oil just doesn't get pumped. There is pressure in there. Lots of it. Its why new wells have a well head and blowout valves installed. You can't just randomly fill caverns full of oil and then say, "Eureka!!! We struck oil!!!". It just don't work like that.

Show some evidence. Please. Otherwise, I have every right to laugh.

Originally posted by Teye22
...and the price at the pumps keep rising! Geeeez....What's wrong with this picture?

Thanks for posting.

edit on 14-3-2013 by Teye22 because: (no reason given)

It always will. Domestic oil companies will just sell whatever oil they drilled at home overseas. They make more money selling it to foreign countries. That's why "drill baby drill" will never make gas prices go down at home.

www.reuters.com...

This is a short video showing where some of the oil goes from well to train in the Bakken.
I've never linked anything so have no idea if it works or not, from Reuters.
( a guy with a camera explaining very little, but it is short and gives the viewer a very good look at the moonscape of where the oil comes from in North Dakota)

Originally posted by pheonix358
The US spent more that a decade pumping oil from Iraq, sending it home and pumping it into the ground. They didn't pay for it!

Suddenly they have found oil. Yea, right.

Join the dots!

P

You are being sardonic right? You don't actually think this?
There is no suddenly found oil in the Bakken. They have been drilling wells there since the 1950's but they were cheap vertical wells and only targeted the Madison formation. 2006 is where I am saying the new era started since they figured out how to horizontally drill and frack where it was economical to do so.

The oil is in the rock...that is why they call it a "tight oil" play.....( I am talking Bakken and Eagle Ford)
You can't pour the oil into the holes!

Originally posted by Cancerwarrior

Originally posted by Teye22
...and the price at the pumps keep rising! Geeeez....What's wrong with this picture?

Thanks for posting.

edit on 14-3-2013 by Teye22 because: (no reason given)

It always will. Domestic oil companies will just sell whatever oil they drilled at home overseas. They make more money selling it to foreign countries. That's why "drill baby drill" will never make gas prices go down at home.

uh.....look that up.....the U.S. does not export oil.....that includes domestic companies.....that includes non-domestic companies drilling in the U.S.
------------------------
While we are on the topic of gas prices......do you people think that a barrel of oil equals a barrel of unleaded gas or gallon of oil equals gallon of gas? If you want cheaper fuel prices than you need more refineries. Nobody wants a friggin refinery being built where they live for starters......do a google search for a barrel of oil pie chart and see how much of each barrel of oil is used for what? See just how different Canadian heavy crude is to North Dakota Sweet crude......

People get a clue before thinking that the price of oil and the price at the pumps go hand in hand. We are rocking the ignorance on this bad boy thread.

reply to post by Res Ipsa


An article I read last year reported that refineries that only deal with light sweet crude are going out of business, because there isn't enough light sweet crude being produced to keep them in business.

Do you have any links that show world oil production by country and types of crude?

If refineries are going out of business, doesn't make much sense to build new refineries.

Means nothing to us if the people selling it choose not to lower the price...they can sell it at whatever price they want...

I was telling people that this was going to happen. maybe a bit off with the time

Originally posted by Bixxi3
...But the USA has 1 trick left up its sleeve and thats becoming energy independence. There is a general agreement that this can happen over the next decade.

Originally posted by Res Ipsa
reply to post by bigfatfurrytexan

 

We, the United States will be exporting natural gas in the not so distant future...mark my words.
We have sooooo much of it.

That is a good thing. We also have an abundance of hot air...mostly coming from the Washington, DC area. I wonder if we can package that up and sell it? I'm sure there is enough of it to power a few wind turbines till the cows come home.

reply to post by Jeremiah65


With all the a-holes in DC, all that hot air likely is rich in methane, offering increaed energy efficiency.

reply to post by poet1b


Refineries are not all the same.....meaning a refinery set up to refine heavy crude, can't also refine light crude, it is expensive to retrofit. It is helpful for a refinery to be located near the oil. East coast is not near.
The infrastructure is being built but not overnight.

I don't know if this is the best analogy but......if you build a McDonald's and then the people move out of that area, that Mc D's is going to suffer big....you need to build another where the people are.

"The Myth of 'Saudi America'"

www.slate.com...

Originally posted by monkeyluv
"The Myth of 'Saudi America'"

www.slate.com...

Ok...you got me to read the stupid article so you win...you got me to waste my time....that article is crap.

As soon as I read 1 to 2% recovery I should have just stopped dead. The article is almost void of any merit what so ever.......If you care to debate it, bring it on.

reply to post by monkeyluv


That article didn't talk about the current rush for shale oil. We have the Cline here. I hear that there is one even bigger in Colorado that is being fleshed out.