The oil & gas isn't just "waiting to be extracted".
USGS did find 1.6 billion barrels of technically recoverable oil in deep shale formations in West Texas and SE New Mexico, and 28.3 trillion cubic feet of natural gas. Extracting these is costly, not easy as its 20,000 feet below the surface, much deeper than normal drilling depth. The shale layer contains more clay, so extraction rates will be lower than normal.
Also, they haven't found the most productive areas yet that would make drilling economically worthwhile. Oil prices are low, so until oil rises to $100+ per barrel, I dont think we will see any serious efforts other than test wells.
Great that it was found, but don't expect any real extraction for at least a few years.
Guess I'll just sit on my family's oil and gas leases in West Texas and New Mexico. Our paternal great-grandfather, in his infinite wisdom, kept the mineral rights to every ranch he ever sold out there. Landmen come a-calling often, but seldom give us a reasonable price for exploration leases, so.... they sit idle. Fortunately my brother lives in TX and can negotiate all this stuff for us - I just collect my share when we get a "bite".... last contract garnered me about $5K.
When we first married after leaving the USAF, we lived in an apartment very close to Permian High School. They had just finished a $26M football field (think Friday Night Lights), and there was big $$ to be made in the area.
Pft, no one watching a show about business deals and extracting oil out of the ground actually wants to watch that though.
We’re going to instead show an angry old man stare at the sun, a bunch of annoying blondes who get old people drunk and spend $10,000 a day on nonsense, and a Mexican girl shack up with the nerdy white guy and then complain he works. We’re going to do this every single episode.
Hollywood gonna Hollywood but the show is almost exactly about this post as it was that nerdy white guy that discovered all the oil by going to old wells but digging deeper into them.
The find is 1.6 Billion Barrels of oil.
The US uses 22 Million Barrels of oil per day.
1.6 Billion Barrels of oil divided by 22 million barrels of oil per day = 72 days of oil available
The Texas site happens to be owned by a Somali Day Care company. Imagine that??
forgot the /sarc....... sorry
Sarcasm?
I know....its just a joke.
Ok, wasn’t sure; the way things are going lately :)
good one
The oil & gas isn't just "waiting to be extracted".
USGS did find 1.6 billion barrels of technically recoverable oil in deep shale formations in West Texas and SE New Mexico, and 28.3 trillion cubic feet of natural gas. Extracting these is costly, not easy as its 20,000 feet below the surface, much deeper than normal drilling depth. The shale layer contains more clay, so extraction rates will be lower than normal.
Also, they haven't found the most productive areas yet that would make drilling economically worthwhile. Oil prices are low, so until oil rises to $100+ per barrel, I dont think we will see any serious efforts other than test wells.
Great that it was found, but don't expect any real extraction for at least a few years.
ðŸ˜ðŸ˜®ðŸ˜ðŸ™„ðŸ˜It's a rainy nite in Ga!
Guess I'll just sit on my family's oil and gas leases in West Texas and New Mexico. Our paternal great-grandfather, in his infinite wisdom, kept the mineral rights to every ranch he ever sold out there. Landmen come a-calling often, but seldom give us a reasonable price for exploration leases, so.... they sit idle. Fortunately my brother lives in TX and can negotiate all this stuff for us - I just collect my share when we get a "bite".... last contract garnered me about $5K.
When we first married after leaving the USAF, we lived in an apartment very close to Permian High School. They had just finished a $26M football field (think Friday Night Lights), and there was big $$ to be made in the area.
It seems that the gas from Swalwell farts is just as abundant and much more accessible.
Literally just watched this on Landman today🤔
Landman will be thrilled.
Pft, no one watching a show about business deals and extracting oil out of the ground actually wants to watch that though.
We’re going to instead show an angry old man stare at the sun, a bunch of annoying blondes who get old people drunk and spend $10,000 a day on nonsense, and a Mexican girl shack up with the nerdy white guy and then complain he works. We’re going to do this every single episode.
Hollywood gonna Hollywood but the show is almost exactly about this post as it was that nerdy white guy that discovered all the oil by going to old wells but digging deeper into them.
Awesome. 72 day’s worth of oil at 22 MB/day the US uses.
22x22M is 484M, not 1.6B
The find is 1.6 Billion Barrels of oil. The US uses 22 Million Barrels of oil per day. 1.6 Billion Barrels of oil divided by 22 million barrels of oil per day = 72 days of oil available
Correct! Your original post may have been a typo, fren. You stated 22 days rather than 72.
Thanks -fixed
''magically'' refilling over time."
I've articles about that, Geothermal action creating new gas & oil.
Rockefeller created a marketing scheme of scarcity…just like Debeers did with diamonds.
And it’s all carbon. Like the lefties want to eliminate from everything. Including you.