Source: USGS Estimates 20 Billion Barrels of Oil in Texas’ Wolfcamp Shale Formation The Wolfcamp shale in the Midland Basin portion of Texas’ Permian Basin province contains an estimated mean of 20 billion barrels of oil, 16 trillion cubic feet of associated natural gas, and 1.6 billion barrels of natural gas liquids, according to an assessment by the U.S. Geological Survey. This estimate is for continuous (unconventional) oil, and consists of undiscovered, technically recoverable resources. The estimate of continuous oil in the Midland Basin Wolfcamp shale assessment is nearly three times larger than that of the 2013 USGS Bakken-Three Forks resource assessment, making this the largest estimated continuous oil accumulation that USGS has assessed in the United States to date. “The fact that this is the largest assessment of continuous oil we have ever done just goes to show that, even in areas that have produced billions of barrels of oil, there is still the potential to find billions more,” said Walter Guidroz, program coordinator for the USGS Energy Resources Program. “Changes in technology and industry practices can have significant effects on what resources are technically recoverable, and that’s why we continue to perform resource assessments throughout the United States and the world.” This assumes use of fracking technology to release the oil from the formation. Sad to say, some suspect this means: Does America Still Need Green Cars Now That It’s Swimming in Oil? The article had nothing I consider 'quotable' but read it for yourself. Personally, this article is nonsense because: (1) the amount discovered is only a temporary resource (the earth is not making any more fossil fuel, and (2) assumes rapid ramp up of fracking. But it has merit. In the past, oil exploration looked for salt domes and other structure that could accumulate oil and gas from lower, more diluted geological formations. Fracking is just a way to tap these diluted, harder to tap, resources. So it makes sense that legacy oil field would reside over such more dilute structures. I'm OK with this BUT we are not making fossil fuel faster than we can find and burn it up. What it really means is 'buyers market' for EV and PHEV vehicles. The illusion of cheaper fossil fuels will soften efficient cars even if they are not peaked out. So carpe diem. Bob Wilson
I think this is a HUGE story that, as evident from the lack of replies to this thread may prove, is going largely ignored. Holiday timing of the news release probably had something to do with that too.
What I've long believed is that regardless of how we feel about the ultimate non-renewable truth to fossil fuel, Mankind will continue to use these resources regardless. We will survey, evaluate, and create ways to obtain every single drop...as long as possible. Will we someday regret not putting as much energy and effort into researching and inventing alternatives to Fossil Fuel as we have put into developing technologies to extract more and more fossil fuel from existing sources? Probably. But I'm afraid there is too much convenience, apathy and flat out profit to be made by the ultimately doomed and toxic course humanity pursues in this regard. It's up to US to promote at least a simultaneous development of technologies. But in colloquial terms...I'm afraid mankind will squeeze that rock...until their isn't anything left to squeeze. Yep, and also in the simplest of terms, it becomes propaganda when headlines appear exclaiming the existence of huge and vast quantities of Oil, leaving out conveniently the challenges involved in actually obtaining it in a manner that both possible and financially viable. When it filters down to the guy sitting next to me at the bar, it becomes..."Why would I want a Prius? We've got PLENTY of Oil and Gas." And quite frankly...I've tired of trying to explain the "Why". The maintenance of a fossil fuel based economy is still apparently the most profitable and the path of least resistance. I don't expect mankind to overcome those enticements to continued usage of that resource.
Yeah..but I don't think idealistically the world improves until we move away from thinking in terms of YOUR gas money... We are all...even full electric vehicle drivers and Prius drivers...living in a fossil fuel based economy. I'm fooling myself if I don't think I'm paying a cost every time an big SUV driven by a single person fills up. Until we understand as a whole the need and benefit for promoting alternatives and moving away from what is ultimately a limited and finite reality we won't really make and significant moves in that direction. I'm cynical enough to believe this really won't happen until the guy at the bar, can't afford to get to the bar- because fuel is too expensive. But maybe...hopefully I'm wrong.
So why did gas go from 1.99 a gallon yesterday morning to 2.35 a gallon yesterday afternoon? Because they need to get as much profit as they can before the glut coming from this discovery drives prices down? Before they get sued for thousands of issues from fracking? Because a butterfly crashed into a truck window in Asia? Just because they can? Yes, I'm cynical. I've seen too many record breaking profits quarter after quarter going to these thieves. But then I'm cynical enough to wonder what the electrical companies will do when we're mostly driving BEVs?
Actually this made the news over the weekend. The bottom line: it's complicated but a combination of a slight rise in world crude and annual refinery winter maintenance were given as the main factors. It hasn't gone up here BTW.
I was coming back from town and noticed a $2.089 sign, then one further on for $1.999. Two stations, usually similar prices, but not today. Since I don't need fuel for another few weeks, I'll see what it is then.
The stone age did not end for lack of stones... The fossil fuel age will end because of free energy. Cold fusion and the like.
my father just got a .94/share extra dividend from national grid. 1500 bucks. not too shabby. now multiply that by the number of shares outstanding and ask yourself, why is a regulated utility not cutting price instead of enriching shareholders?
I think we already knew it was there, but didn't have the means of getting it. Fracking needs to be used, and that increases the cost to get it.
But some news sources are likely leaving that out. We aren't going to run out of oil, just reach a point where people can't afford to burn it in personal cars. Even if we have all switched to renewably powered cars, we'll still go after oil as it will likely remain a more economically viable feedstock for other goods.
A famous man once said oil is too valuable to burn. (Due to all its other more important uses) Whenever these "huge " 3 year discoveries are made they should immediately be put into context. Reality is we will never run out of oil, it will just get very expensive and likely much more promptly than we can react to.
