Texas Shale formation Oil could be biggest ever

[MolaKule]

Quote:

...Although the Cline formation is smaller in area than Texas' other primary shale plays-Barnett and Eagle Ford-its hydrocarbons are denser, potentially containing an incredible 3.6 million barrels of recoverable oil per square mile. That gives the Cline Shale an estimated 30 billion recoverable barrels, making it 50 percent larger than the nation's top two shale plays, Eagle Ford and North Dakota's Bakken, combined...

Texas - Oil in Shale Formation

 

[901Memphis]

Not bad, we only use about 9 billion barrels per year for the USA alone.

 

[dave1251]

This is really great news. This would make this the largest recoverable oil find in North America.

 

[tenderloin]

"In 2013, the United States consumed a total of 6.89 billion barrels of petroleum products, an average of 18.89 million barrels per day.1 This total includes about 0.32 billion barrels of biofuels." That is great news Gives us more time to develop real energy alternatives...not wishful thinking.

 

[Danno]

Originally Posted By: dave1251

This is really great news. This would make this the largest recoverable oil find in North America.

Alberta oil sand dwarfs this find with 170.4 billion barrels of recoverable oil http://www.energy.gov.ab.ca/OilSands/1715.asp

 

[Propflux01]

And with all this "recoverable oil " I can't help but wonder why fuel prices don't reflect this like it does in other oil rich countries.

 

[Danno]

This type of oil is significantly more expensive to produce than conventional oil finds. As well, what incentive is there for oil companies to reduce margins on fuel? US gasoline consumption is flat to declining, yet shareholders demand higher profits annually. The methods to get higher profits on zero gallon growth is raise prices or reduce costs. With higher crude oil cost, that means the choice narrows down to higher prices.

 

[tenderloin]

The world oil price still controls most of what our oil costs (Bakken oil is cheaper than West Texas crude...more oil than can be transported so pricing is lower) If and when we just use mostly our oil set at our prices (not likely) then prices are what they are. OIl Bakken One of my best friends is from North Dakota. They moved to Southern California about 45 years ago. Hid dad died about 20 years ago, his mom about 5. Anyway....a few years ago he received a call from an attorney representing Hess Oil Company. It seems his dad bought 25 acres north of Williston in the 20's..and did not tell my friend about it. His mother never mentioned it either. The money this past year has been really flowing in. Happy for him. He is visiting the area as I write this So many people getting wealthy up there. Also paying good money for people in need of work. Interesting blog I read Bakken

 

[dave1251]

Originally Posted By: Danno

Originally Posted By: dave1251

This is really great news. This would make this the largest recoverable oil find in North America.

Alberta oil sand dwarfs this find with 170.4 billion barrels of recoverable oil http://www.energy.gov.ab.ca/OilSands/1715.asp

Thank you for the correction.

 

[Win]

Hooray for Texas.

 

[WTJackalope]

I live in the Permian Basin and the local talk is that some of the first Cline Shale test wells did not perform as expected. The Cline has been a buzz word here in the Permian Basin for the last 3 years or so. The first estimates were 1 million barrels per acre.

 

[Samilcar]

Originally Posted By: Propflux01

And with all this "recoverable oil " I can't help but wonder why fuel prices don't reflect this like it does in other oil rich countries.

Because those oil rich countries (Iran, Saudi Arabia, Venezuela etc) heavily subsidize fuel prices for their citizens. This is done mainly as a bribe to prevent a popular revolt against those in power.

 

[BMWTurboDzl]

Originally Posted By: Danno

Originally Posted By: dave1251

This is really great news. This would make this the largest recoverable oil find in North America.

Alberta oil sand dwarfs this find with 170.4 billion barrels of recoverable oil http://www.energy.gov.ab.ca/OilSands/1715.asp

Is there enough freshwater in NA to boil out that oil?