Good find, JJ!!!  The myth of oil scarcity suits a lot of political agendas, too.  The Sheeple think the neolibs and neocons are fighting over something real.  Keeps us distracted.


"The USGS estimate of 3.0 to 4.3 billion barrels of technically recoverable oil has a mean value of 3.65 billion barrels. Scientists conducted detailed studies in stratigraphy and structural geology and the modeling of petroleum geochemistry. They also combined their findings with historical exploration and production analyses to determine the undiscovered, technically recoverable oil estimates.

USGS worked with the North Dakota Geological Survey, a number of petroleum industry companies and independents, universities and other experts to develop a geological understanding of the Bakken Formation. These groups provided critical information and feedback on geological and engineering concepts important to building the geologic and production models used in the assessment."

One of the things I don't understand is the leases for oil that Congress is fond of telling us about. As I heard it, the Congress gave the oil companies leases to the land to explore for oil. But once the companies find oil, then they have to go back to Congress and get permission to drill to actually develop that oil and to be able to pipe it out of that area. When our Congresscritters tell us that the oil companies are choosing not to develop the leased lands, I think the critters are telling us a half-truth - that yes, there are leases and yes the companies explored for oil, but where it is found, Congress has helped exacerbate our dependence upon foreign oil by NOT approving development and production of oil from much of the leased lands. Half-truths. Some reportedly have actually explored and waited for permission and didn't get it and eventually gave back the lease.

The Glenn Beck show recently on both radio and on television was an eye opener about oil. He guested the former President of Shell Oil.

One of the other misconceptions that Congress has been busy telling us is that it will take 10 years for drilling to produce anything and thus we should not bother to do so here. That is an even bigger half-truth/lie based upon the former Shell President's comments. Here is why.

He says that the companies are often prohibited or inhibitied from new drilling in existing areas like off coast near California, Texas and Florida. Where there is refining capacity and pipelines already in existence to carry oil from the wells, we can quickly drill and develop new oil sources. He said that it would only take a few months to develop and produce more oil off the coast of California near existing wells. And in less than two years for off Florida and Texas. And since there is an Alaskan Pipeline, ANWAR would take less than 10 years. But if we try to explore and then develop oil wells say off other State's coasts where there is no refinery and no pipelines, then that could take 10 years. So when Congresscritters say 10 years, know they aren't telling the full truth as they advance their alternative energy agenda. And pumping air into our tires isn't going to bring down the prices of foreign oil nor will it reduce our dependence nor will it reduce the trade deficit we have when buying that oil nor will it diminish the amount of funding that goes to questionable regimes who then quietly fund radical groups that cause us trouble.

Another part of the inconvenient truth is that by Congress withholding permissions to develop oil domestically, they have forced us to become extremely dependent upon foreign oil and thus made foreign oil availability a national security issue since the country runs on it. Had Congress provided oil development permissions 10 years ago instead of withholding them, we'd have the domestic oil NOW. And if Congress had done a better job of funding research and development of alternative energies, we might now be switching off oil instead of being caught still using it.

I'd like to see our country do much more to develop and encourage development of alternative energy but I am also a realist. We need oil short term for years and we better develop that oil domestically. We need domestic oil, not foreign oil, and we better fix this oil problem which is hurting us economically. Alongside that oil development, we should be deciding which alternative energy will be used. Biofuels aren't a good choice. They drive up food prices and provide less energy than they cost to produce. What makes more sense is development of electrical vehicles or those based upon hydrogen. Electrical can be powered by multiple sources and should be - solar, turbine wind power, gas charging engine, and plug-in. Hydrogen burns cleanly to water vapor, condenses to water and can be converted in the vehicle back into hydrogen and oxygen if they choose to do so. There are already kits for cars that do this and add miles per gallon to gasoline engines which then partly burn hydrogen.

I recommend watching Glenn Beck on CNN. He is a rogue moderate conservative I'd say. He isn't fond of either Presidential candidate for example. And he has promised us he would would always tell us the facts as he sees them, not the spin. It will remain to be seen how well he does at this. He has busted myths about [edited] and the various rumors that aren't true about him as another example.

For the oil that is discovered on lands owned by companies I would have to do a lot of searching to find the site that stated that when any company found a good amount in a well they were capped immediately to keep the oil off the market and continue the price spiral. If anyone on here would know how many exactly that remain capped that are capable now of producing oil out of these wells please put that info out for the people to see. The only thing any oil company has in mind is their bottom line - MONEY and how much they can gouge the average person out of by inflating the price to tremendous amounts til we get to the point we are now with I believe I heard on the news today that we are driving here in this country 300,000 less miles every day. So is that the real reason the price is gradually coming down, no sales tax revenue being generated for roads, etc? Should have thought of that before spiking it so high in the first place by letting the speculators have their fun at our expense.

Sandi I live in the 'windy city' and I could have sworn I heard Mayor Daley talking about wind turbines being built way out in Lake Michigan - that would save a lot of money in electricity. I'm all for alternative energy sources being more developed and brought to market.

Bad news for those of us against more offshore drilling.  I knew the Dem's would never stick to their word.  Over and over they fail to legislate and are basically right in line with Republicans.  No matter what they say, they end up buckling in the end when it matters most.

http://www.latimes.com/news/custom/scimedemail/la-na-drilling14-2008aug14,0,1985775.story
Pelosi joins Democrats softening their stance against offshore drilling

One proposal under consideration would let states decide whether to permit new energy exploration off their coasts while possibly maintaining the drilling ban off the Pacific Coast, according to a House leadership aide who requested anonymity because of the sensitivity of ongoing negotiations.

Pelosi has long opposed lifting the drilling ban but has come under pressure from members of her own party -- including freshmen in tough reelection campaigns -- to allow a vote on offshore drilling. Adding to that, Democratic presidential candidate Barack [edited] recently said that he would be open to limited offshore drilling if it was part of a broader energy compromise.

A vote is likely to be held next month, after the House returns from its summer recess.