US has more oil than OPEC

[chewyxrage]

"In the past 100 years — in all of human history -- we have consumed 1 trillion barrels of oil. There are several times that much here"


An American Oil Find That Holds More Oil Than All of OPEC - ABC News


This is huge.

1. Peak oil is and was complete bullshit. Science and technology always wins over hysterical paranoid conspiracy bullshit.

2. In 5-10 years, especially if the price per barrel remains high, we'll have China economically cornered in trade negotiations for at least several decades.


America FTW! And....I need to change jobs and get into gas & oil industry asap.

 

[youpissmeoff]

Nothing new here. Has been known since the 20's or 30's. Cost too much to extract it and the only reason it is even remotely marginal right now is due to the disconnect between oil prices and natural gas prices on an energy equivelant basis. Price of Natural gas trades at $22/bbl using natural gas to cook the rock. When oil and natural gas get back to normal spreads, cost of this process will triple.

Don't quit your job yet. This stuff won't be produced for another 30 or 40 yrs. industries are and will continue to just substitute natural gas for crude oil,