Getting Oil From A Stone

Exxon Mobil's CEO Rex Tillerson says his energy company's "corporate social responsibility" is to produce more energy. While Congress wants to tax oil profits, he wants to spend them to find more oil.

Investor's Business Daily (IBD) says it is irresponsible to ignore the growing energy requirements of the U.S. and world economy, hoping they will be met solely by sources such as biofuels which actually harm the environment by leading to cutting down forests and disturbing the soil to plant crops destined for our gas tanks, releasing huge amounts of CO2 in the process. Instead, the United States should focus on developing its existing oil deposits, currently trapped in oil sands and shale rock. There are many such locations:

• Exxon is spending $8 billion of its profits on the Kearl oil sands project in Alberta, Canada, an area with an estimated 173 million barrels of crude oil; this project alone is aimed at recovering between 4.5 and 6.5 billion barrels of oil.
  
  
• Oil is also trapped in the shale in the Bakken Formation, straddling western North Dakota and Montana; the Bakken Formation holds an estimated 500 billion barrels of recoverable oil, according to Leigh Price, a scientist with the U.S. geological survey.
  
  
• A Rand Corporation study says the Green River Formation, which covers parts of Colorado, Utah and Wyoming, has the largest known oil shale deposits in the world, holding from 1.5 to 1.8 trillion barrels of crude; of that, some 800 billion barrels are recoverable with current technology -- roughly triple Saudi Arabia's current known reserves.
  
  
• According to the Institute for Energy Research, the United States has 2 trillion barrels of oil shale; this is more than 7 times the amount of crude oil reserves found in Saudi Arabia, and is enough to meet current U.S. demand for over 250 years.

If full-scale production begins within five years, the United States could completely end its dependence on OPEC by 2020, says Nick Loris of the Heritage Foundation. That's quite a forecast, given that nearly a half of our oil today comes from that monopoly. In fact, there is enough North American petroleum trapped in oil sands and shale rock to form our own OPEC, says IBD.

IBDeditorials.com: Editorials, Political Cartoons, and Polls from Investor's Business Daily -- Getting Oil From A Stone

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Coyote Blog


New Law Trashes Genetic Science

I had read a similar story about two weeks ago.
Notice, the mainstream media completely ignores it and keeps pushing for this Marxist agenda of climate change.

These two words "global warming" in legislation from Congress is more dangerous to Americans than any changes in the environment for the past 220 years.

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Victory in Iraq

they been talking about extracting oil from shale

it's been said that when oil hits (I think) $80.00 a barrel it would be profitable to do it ...

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one prob here. when the u.s. stops buying from opec, the price will plummet. are we ready to artificialy prop up this deemand for shale? if we develope the shale fields, and their quality of oil sells for less then it took to make the infrustruture, then look for alot of crying.

You should enlist too, HebeJebe.

It's yer fucking destiny, Dipshit.

good question!

I heard somewhere that the USA buys about 20% of OPEC oil

so if it doesn't get absorbed by China and India it shouldn't drop more that 20% which would mean oil is worth maybe $110.00 a barrel (that is 20% off)

... but isn't China and India wanting more oil anyway?
It seems as though their need would support the OPEC market to an extent.

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Well, oil is not the answer to having an independent energy supply.

We should replace it with multiple alternatives sooner, rather than later....for many reasons.

Close the Enron loophole and another 25 percent less per gallon. According to Senator Nelson friday the price per barrel of oil with global demand should be 55 dollars today. Everyone should call thier representative and demand the loophole be closed yesterday.

Ok, let's increase the taxes on extracted oil and then make investments in oil shale deductable as an expense. That means they can develop the oil shale using their profits, and if they don't then the profits go to the government which can give the cash to the American people to pay for the gas refined from the oil that probably belongs to the American people: the oil from Federal lands and from US waters.

Given the oil companies were happy to extract it at $35 a barrel, let's set the royalty at 90% of market price over $35 a barrel so the people who own it can afford to buy it at the gas stations.

usually I can research and THEN post

but the next few days are going to be nuts
got a lot of aquarium work to do (messed up and didn't do it this weekend )

what loophole are you talking about?

I'll say this ..

I am sick and tired of those BS hybrid commercials ... those things aren't all that ...

who doesn't know that the auto companies have the abiligty to make a non hybrid vehicle that can get over 40 mpg ...

basicly the batteries are just more junk to add to the landfill

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