tag:blogger.com,1999:blog-10249940.post4569650162155854062..comments2024-03-26T20:24:43.919-05:00Comments on Papamoka Straight Talk: US Oil Reserves Double WorldPapamokahttp://www.blogger.com/profile/14611162290397820224noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-10249940.post-69056204645205267532012-05-13T17:53:57.818-05:002012-05-13T17:53:57.818-05:00Even given enough time processing it the cost is n...Even given enough time processing it the cost is not likely to come down appreciably. We're basically using the same refining process for liquid oil that was used a hundred years ago. We're more efficient, but basically it's the same process. <br /><br />My only concern is that if there were a return to cheap oil, and I don't think there will be, then the need to conserve will disappear. We need to curb CO2 emissions before it's too late. Our civilization is caught between a rock and a hard place. Our lifestyle is built on cheap oil and our planet is being destroyed by it.Jim Gonyeahttps://www.blogger.com/profile/12206934272873686414noreply@blogger.comtag:blogger.com,1999:blog-10249940.post-48167169457248066852012-05-13T11:16:03.285-05:002012-05-13T11:16:03.285-05:00Have you read up about the goings on in North Dako...Have you read up about the goings on in North Dakota Jim? Now that is an interesting story right there. Maybe with all the practice they have there the technology will grow that much faster. Where there is a will there is a way to always do it cheaper and faster.<br /><br />If I were a long term investor then I would be buying up all the cheap land I could get my hands on in the Green River Basin.Papamokahttps://www.blogger.com/profile/14611162290397820224noreply@blogger.comtag:blogger.com,1999:blog-10249940.post-36685894204704185432012-05-13T08:32:51.939-05:002012-05-13T08:32:51.939-05:00The thing with the oil shale deposits is that it h...The thing with the oil shale deposits is that it has a high cost of extraction. Oil shale is very tacky and doesn't flow like a liquid. It's similar to tar and takes special processing. You don't drill it, but mine it. Oil shale is only profitable to extract at oil prices over $70 a barrel. That doesn't mean that oil in the US sells for $70 a barrel, because that goes on the international market. The international market is around $97 a barrel. So in the bidding war on the international market the price gets bid up. There is a speculation premium built in there too and the current supply versus demand situation doesn't really support $97 a barrel oil. It should be lower, but unless Congress is going to regulate the oil futures and derivatives markets we'll never know.Jim Gonyeahttps://www.blogger.com/profile/12206934272873686414noreply@blogger.com