Oil surpasses $135 on new SUPPLY fears

And why is Alaska trying to cancel some drilling leases on oil cos because they have not started drilling on ancient leases ? And they oil cos are fighting the leases being reassigned to someone who wants to drill ?
 
inventory, this is a daily issue in the gulf as well.
you prioritize your leases and drill what you like best, you pay rentals on those not drilled and may even file plans to extent past 10yrs in cases.
 
Wrong...BAC

The TMV on crude is between $50.-$80 per barrel...The high of $135.we are now seeing is based on Futures/Speculation...This could be anything from the ME conflict to Green initiatives not allowing drilling in 'protected' areas.
Or it could be projected hurricanes,earthquakes,some idiot CEO at Exxon/Mobile stubbing his toe..or the classic Wall Street Investors being greedy as usual!

The worlds oil supply is in no danger of running out for the next 100-200 years...and this does not even include coal and sand oil..The US has large reserves of coal oil...and Canada is producing sand oil with large reserves!
 
Battleborne said:
The TMV on crude is between $50.-$80 per barrel...The high of $135.we are now seeing is based on Futures/Speculation...This could be anything from the ME conflict to Green initiatives not allowing drilling in 'protected' areas.
Or it could be projected hurricanes,earthquakes,some idiot CEO at Exxon/Mobile stubbing his toe..or the classic Wall Street Investors being greedy as usual!

The worlds oil supply is in no danger of running out for the next 100-200 years...and this does not even include coal and sand oil..The US has large reserves of coal oil...and Canada is producing sand oil with large reserves!
Click to expand...

Post your evidence that oil is endless.
 
nobody said endless, and on behalf of the energy folks thanks for the false outrage blackass. Even democratic congressman agree there are billions of bbls off limits.
 
Topspin said:
nobody said endless, and on behalf of the energy folks thanks for the false outrage blackass. Even democratic congressman agree there are billions of bbls off limits.
Click to expand...


If it isn't endless, then SUPPLY is most definately a consideration.

Billions of barrels?

The US alone consumes about 146 BILLION gallons of gasoline every year.
http://auto.howstuffworks.com/frame...rl=http://www.eia.doe.gov/emeu/mer/petro.html

How long do you think "billions of barrels" will last?
 
blackascoal said:
If it isn't endless, then SUPPLY is most definately a consideration.

Billions of barrels?

The US alone consumes about 146 BILLION gallons of gasoline every year.
http://auto.howstuffworks.com/frame...rl=http://www.eia.doe.gov/emeu/mer/petro.html

How long do you think "billions of barrels" will last?
Click to expand...

Why did you shift from billions of brls of oil to "billion GALLONS of gas"?

Currently there is an estimated 120 billion brls of oil (not counting ANWR) in the US that is untapped and recoverable. We currently consume about 7.6 billion brls per year. Assume that only half of that estimated 120 billion brls is actually recovered. That alone would satisfy our demand for 7.5 years. Which is not counting our current oil production.

No question we need to develop alt energy sources. But to continue sending our money to other countries simply because we refuse to tap our own resources is ridiculous.
 
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