Iceland and Iraq

[Charon]

Why don't we just uncap all those wels in Texas and Colorado? I forget the number but i seem to remember that there was an impressive amount in those two places.

Nope. Nothing about our oil reserves is impressive. Now coal, that's another story. And at $50/bbl and up crude prices approaches like Coal to Liquid become more viable.

Charon

[Charon]

I fail to see the urgency of USA having the oil from the middle east as a "must" or "urgent" right now.

You have to get your head around how commodities work with world markets. There is no US oil, or Europe oil, or Japan oil -- etc. There is demand, from global to sub regional, and then there is supply. Geography plays a role, but not necessarily a central role. And the price of oil in the US or Japan depend much more on the total amount of supply released into the world market than upon who is or isn't releasing that supply.


That is why, up until 2000 OPEC was only marginally successful at influencing higher oil prices. They would agree to restrict production to a point they felt would provide the maximum profits while not having them too high to where demand would slip. However, invariably a member company (or more than one), not unusually Venezuela, would sneak extra crude into the market to make more money, prices would drop and the agreement would begin to fall apart. They have had more success at resolve lately, but, this is still likely/generally a "naturally" demand driven market for now.

Charon

[Angus]

So yet, only 30% of the U.S. oil comes from the Arab countries. A lot of anti-US folks think that it's mostly from there, so it's good to have that point.
Any idea where the future fields will be? I'm hearing that Dubai for example will run dry in just 10 years.

[bj229r]

Quite a bit in Alaska I hear...quite a bit off FLA too, (which Congress forbids us to tap) which Cuba is happily drilling with China's help:rolleyes:

[Charon]

Quite a bit in Alaska I hear...quite a bit off FLA too, (which Congress forbids us to tap) which Cuba is happily drilling with China's help

Any links to the size of these neglected reserves? How do they compare to those of real oil producing nations? ANWR certainly isn't any kind of domestic reserves savior -- it's a blip.

Charon

[Angus]

I've heard new territories in Canadian waters mentioned. Yet mostly unuseable because of ice, but opening up.
BTW, what about Russian areas as well as former parts of the USSR?

[bj229r]

Originally posted by Charon
Any links to the size of these neglected reserves? How do they compare to those of real oil producing nations? ANWR certainly isn't any kind of domestic reserves savior -- it's a blip.

Charon

It's all speculative, as I can tell---moot point, as they won't even allow test drilling. But FWIW

Geologists say it could supply oil to the United States at a rate of 1 million barrels a day for 30 years. Environmentalists, however, say oil development in ANWR would upset the ecological balance of America’s last major wilderness.

link

The Gulf:

The U.S. Geological Survey (USGS) agrees. Two years ago, after reviewing available data on the subterranean structures in the region, the agency estimated Cuba can lay claim to 4.6 billion barrels of oil and 9.8 trillion cubic feet of natural gas

One day soon — possibly before the end of this year — an oil rig will maneuver into position in waters less than 100 miles from the coast of Florida. A drill will plunge into the inky sea and begin chewing its way into the ocean floor, hunting for oil.

But the drilling rig won't belong to an American company, and any petroleum it discovers won't do a thing to curb the USA's addiction to foreign oil. Instead, any new sub-sea gusher will belong to Cuba.

link

[Charon]

Geologists say it could supply oil to the United States at a rate of 1 million barrels a day for 30 years. Environmentalists, however, say oil development in ANWR would upset the ecological balance of America’s last major wilderness.

We currently consume 20.7 million barrels per day and ANWR represents about 5 percent of current demand (though when it comes on line in 10 years that may only be 2-3 percent). And, it will only last for 30 years. A common thought is that ANWR will simply replace under performing US wells that are more expensive to operate leading to more profit margin but really not much more actual oil in the marketplace. Personally, preserving what wildlife we have left for a bit longer is more valuable than this limited non solution -- at lest for now. YMMV. You can always tap it if needed when there really is no cheap, easy oil left in the world.

The U.S. Geological Survey (USGS) agrees. Two years ago, after reviewing available data on the subterranean structures in the region, the agency estimated Cuba can lay claim to 4.6 billion barrels of oil and 9.8 trillion cubic feet of natural gas

These reserves are also of the same size as ANWR. Now add them up and you see 10 percent of total US demand (today). Not bad. But, again, that's not how the oil market works.

Oil is a global commodity. We will likely directly use this oil, but prices are set by the total amount of oil released in the market. If these fields were fully developed and fully paid out to top end expectations, it just adds 1-2 million bbls to a global oil demand of about 84 million bbls. Some impact... yes. Noticable impact in real life terms at the pump? Probably not much.

There are some deep water reserves in the Gulf that may be worthwhile, but that is more of a technological issue today than a political issue. Still, not enough to solve the problem that we consume about 20 percent of the worlds oil while only being able to meet less than half of our needs domestically. Oil Sands and CTL are far more interesting.

Charon.

[Toad]

Eventually, 1 year, 10 years, 100 years, 1000 years, whatever, we have to find an alternative to oil energy.

Might as well start now. One obvious place for the US is nuclear. With France at about 70% and Japan at 34% of their electrical energy successfully using it in the US should be no big thing.

Solve all our problems? Not by a long shot. But you have to start somewhere.

After that, the biofuels and sunlight. They'll take longer but the sooner the better.

The sooner we relegate oil to a much smaller role, the sooner the economy will steady up and the sooner the Middle East will fade from the world stage.

[C(Sea)Bass]

Originally posted by Toad
Eventually, 1 year, 10 years, 100 years, 1000 years, whatever, we have to find an alternative to oil energy.

Might as well start now. One obvious place for the US is nuclear. With France at about 70% and Japan at 34% of their electrical energy successfully using it in the US should be no big thing.

Solve all our problems? Not by a long shot. But you have to start somewhere.

After that, the biofuels and sunlight. They'll take longer but the sooner the better.

The sooner we relegate oil to a much smaller role, the sooner the economy will steady up and the sooner the Middle East will fade from the world stage.

Even better solution is eco-friendly hydro. My entire school runs on 100% hydro generated power from an eco-friendly dam, meaning the damn does not affect the fish and what have you living in that river. Get the whole country doing this and we are golden.

[Toad]

Not every place in the US is blessed with strong flowing river.

Use hydro where you can but it isn't enough by a long shot. There will have to be nuclear as well for electricity, maybe some coal if we can get it to burn fairly clean.

Some sort of renewable bio fuel is going to be necessary for personal transportation, IMO.

[Angus]

Originally posted by Toad
Eventually, 1 year, 10 years, 100 years, 1000 years, whatever, we have to find an alternative to oil energy.

Might as well start now. One obvious place for the US is nuclear. With France at about 70% and Japan at 34% of their electrical energy successfully using it in the US should be no big thing.

Solve all our problems? Not by a long shot. But you have to start somewhere.

After that, the biofuels and sunlight. They'll take longer but the sooner the better.

The sooner we relegate oil to a much smaller role, the sooner the economy will steady up and the sooner the Middle East will fade from the world stage.

Hydro power is limited, and many of those rivers will not produce forever, since the dam areas get filled with segment.
The sea might give some energy though, although those plants are yet on a crude stage.
And nuclear energy? I wonder just how much material is available for it?
Anyway, the fight is not only about finding energy, but also saving it. You'd be baffled if you knew how much power is used in the production of aluminum cans, that mostly come to waste!

[fd ski]

Hilarious