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One of the major factors driving up the price of a barrel of oil is the declining dollar. I don't expect that to turn around anytime soon and personelly I cannot see how we will see $50.00 dollar oil for at least the next several years.Teague, nice job putting this all in one location, Thanks
Thanks for putting this website together. The video is especially interesting when you know the people being interviewed.
Thanks for the info, if people did not know where ND. , or the williston basin was before they should now..
If this is only 5 billion barrels, isn't this less than a years worth of oil? That is a lot, but hardly seems like a long term solution or even much of a short term solution.tks
On this planet we use 80 million barrels of oil per day - give or take a few million, which is almost 1000 barrels of oil per second. So 5 billion barrels would be around 60 days worth according to my calculations. I think it is part of the short term solution. There will be an oil shortage long term and some experts are predicting $200 - $250 barrel of oil maybe as soon as 2012.
To get 4 billion barrels, 10,000+ wells would have to be drilled. On a world scale it is not very much. Looking at the USA only, it does start make a dent in lowering our imports. With Canadian imports increasing an even larger dent is made in the US imports from OPEC. As far as ND is concerned there will be no employment or tax dollar worries for a long time.
This OIL is just about Gasoline out of the ground. Not sure why they call it OIL.
WebcastQ1 2008 Nabors Industries Earnings Conference Call (Live)04/22/08 at 10:00 a.m. CT
i always thought we consume oil in millions. i am surprised we actually takes in billions. oh boy! $200-250/barrel by 2012 not good.
Someone mentioned solution above, it's not a solution it's business.
Thank you captain obvious! Where have you been?
Continental Resources CEO Hamm on Bakken recovery rates:“We won’t recover all of the deposit, but we will probably recover 20 percent, which will be high,” Hamm said speaking for the industry.http://www.enidnews.com/progress2008/local_story_112115508.html?keyword=secondarystory
So, the industry average is 20% recovery for conventional reservoirs after secondary recovery, and he is going to get the same from a rock that has some of the worst reservoir characteristics in the world. hahaha. That's one that I will have to see to believe type of things. I say I can get 40% from my Bakken wells. There, I said it, now go buy my stock.
State oil production taxes are only 4.6% (calculate AFTER costs) in Texas. Why are they so high in ND? This needs to change.
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