[Arthur75]

North America: The new energy kingdom
NEIL REYNOLDS
Includes correction


The American Petroleum Institute reports that the United States produced more crude oil in October than it has ever produced in a single month, “peak oil” or not.

This reversal of trend helps explain why U.S. domestic production for the year will be 140,000 barrels a day higher than last year (which was 410,000 barrels a day higher than 2008). Although the U.S. Energy Information Administration (EIA) says U.S. production will decline next year, who knows?
....

http://www.theglobeandmail.com/report-o ... le1828896/


With "fourtunately" a correction at the bottom of the page :

Correction: U.S. domestic crude oil production reached 5.5 million barrels a day in October, half the production of the U.S. “peak oil” high in 1970. Incorrect information was published in this online and in the print versions of this column.

Some comments also quite amazing such as :

All of 'creation' is actually an ocean of potential . We will not run out of energy so long as we are optimistic enough to get up in the morning . The Earth itself is a blazing hot heat sink 20 km under your feet. And just wait another century or so , until we begin harnessing the resources of the inner Solar system. The 10 X solar power at Mercury. The zero G mines of the Asteroid Belt.

But most of them correcting the info in fact

[GHung]

http://money.cnn.com/2016/07/05/investi ... oplead-dom

U.S. has more untapped oil than Saudi Arabia or Russia

Move over, Saudi Arabia and Russia. America now has more untapped oil than any other country on the planet.

That's according to a new report from Rystad Energy that estimates the U.S. is sitting on an incredible 264 billion barrels of oil reserves. It includes oil in existing fields, new projects, recent discoveries as well as projections in undiscovered fields.

More than half of America's untapped oil is unconventional shale oil, according to Rystad. Shale oil is the previously-unreachable crude that, thanks to fracking and new technology, has reshaped the global energy landscape and vaulted the U.S. into the upper echelon of global oil producers. ....

....But there are seas of oil just waiting to get tapped once oil prices rebound. Texas, home to the Eagle Ford, Permian and Barnett shale oil plays, holds more than 60 billion barrels of shale oil alone, Rystad estimates. That's more than the untapped oil in all of China. There are also vast sums of oil beneath the ground in North Dakota, where the Bakken shale oil play sits.

I guess Venezuela has been written off. Anyway, USA! USA! Be sure to burn your share folks!

[eugene]

And more untapped bullshit.

[Plantagenet]

More than half of America's untapped oil is unconventional shale oil, according to Rystad. Shale oil is the previously-unreachable crude that, thanks to fracking and new technology, has reshaped the global energy landscape and vaulted the U.S. into the upper echelon of global oil producers. ....

US oil prices down 5% today---there was more oil inventory buildup at the giant oil storage site in Cushing.

US oil production is inching back up, especially from shale oil producers, and global oil demand continues to slow

us-global-oil-prices-falling

Cheers!

[ennui2]

Hey PStarr and Whatever...



...it's still a glut.

[copious.abundance]

Abundance aplenty.

[ennui2]

Yes indeed! Saudi America will rise from its own peakoil ennui (that's a fancy word for being sad (: ) and rise up to a new day of Energy Independence! Whoopeee!

Thanks for finally admitting you are wrong

BTW, what century do you think you'll realize your avatar image is a broken image link and fix it? You do realize that kind of thing is sort of the internet equivalent of walking around with a piece of toilet-paper stuck to the bottom of your shoe. It does nothing to lend yourself credibility.

[vtsnowedin]

Now wait a minute! There isn't any more oil in the ground in the USA today then there was yesterday. Some bureaucratic weenie coming up with a new number doesn't make it so. A sixty billion barrel reserve would only last eight years if imports and old fields dried up. And could we extract that 60 billion barrels in those eight years?
It is nice that we have what we have but don't for a moment think that it is large enough to support "Business As Usual" once the countries that export oil to us today find they need to shut us off.

[sidzepp]

I was beginning to worry that the warming climate would be intolerable, but can rest comfortably knowing that there will be enough oil to fuel the power plants that produce the electricity to run my air-conditioning.

[AdamB]

And more untapped bullshit.

That's what they said about the shale revolution as well. Turns out it made the US into the world's largest natural gas producer, narly doubled our oil production and came within a whisker of repeaking it and turned it into the fastest growing production rate in our nation's history, and we are on path to be net energy independent by 2018 according to the EIA.

So all you industry folks...keep up the bullshit...it looks like it is working!!

[AdamB]

Abundance aplenty.

Mr Abundance, I've seen plenty of your posts amongst the archives, tracking the surge in US and global production, and never faltering in your knowledge that the world was indeed blowing through peak oil fears with a tidal wave of oil. I think I shall now add you to the list of folks with precognitive abilities when it came to peak oil, Mr reserve for knowing that the unconventionals were the wave of the future, Mr Rockman for knowing that price matters, and you for knowing that scarcity wasn't what was happening.

[AdamB]

Looks who is back! Whoopee! Howdy Oilfinder, you old cornie you.

Oilfinder being right, means he isn't a corner, but a clear eyed realist. He knew, as the sky was falling according to the world of peakers, that it really wasn't.

Makes his credibility right up there with the other folks who didn't fall for it, like the EIA. Puts him in a pretty elite group of realists in the eyes of any objective analysis.

Yes indeed! Saudi America will rise from its own peakoil ennui (that's a fancy word for being sad (: ) and rise up to a new day of Energy Independence! Whoopeee!

According to the EIA, net energy balance in 2018. So yes, you are right pstarr. The first time you have made ANY claim where I believe it was possible to say this. Good for you!! Do it 100 more times, and you'll be a flip a coin accurate kind of poster!

[tita]

US oil production is inching back up, especially from shale oil producers, and global oil demand continues to slow
Cheers!

Wow! Such a statment. First, how can global oil demand CONTINUE to slow while EIA was continuously revising up it's demand forecast for the last two years?

And what do you mean by US oil production inching back up? Falling less is not growing up. And there is no trend for just one month event. Last year, MSM were continuously bashing about how US production was standing up against the evil KSA strategy. In the end, US prod fell by 1 mmbbl/d since april 2015.

And if US has so much oil in reserve, why aren't they producing it to satisfy their own needs instead of importing it? Ow! It's not economically recoverable? But then, it can't be classified as reserve! What exactly do these 264 billions means? At which price are they economically recoverable, and what is the demand for this price? Can they sustain any economic growth?

[ROCKMAN]

tita - "What exactly do these 264 billions means?" Easy answer: if you drill down thru THE ACTUAL DATA THEY PRESENT, that number includes all probability sets of reserves (such as the lowest probability) AND undiscovered reserves which actually don't even reach the value of RESOURCES. They clearly post their highest probability reserve number at less then 30 billion bbls. Which itself doesn't actually mean a 100%' probability of being correct.

And why post so many different probability sets of "reserves"? Because actually mapping in detail is beyond their capabilities. Hell, it's beyond XOM's capability. LOL.

[radon1]

tita - "What exactly do these 264 billions means?" Easy answer: if you drill down thru THE ACTUAL DATA THEY PRESENT, that number includes all probability sets of reserves (such as the lowest probability) AND undiscovered reserves which actually don't even reach the value of RESOURCES. LOL.

By that measure Russia has 2trln and more. Looks like.

https://en.wikipedia.org/wiki/Oil_reserves_in_Russia

Tight oil[edit]
Significant reserves of tight oil such as contained in the Bazhenov Formation are believed to exist in western Siberia. An estimate by Wood Mackenzie of the Bazhenov Formation was that it contained 2 trillion barrels of oil in place; achievable recovery factors are unknown.[10]

[ennui2]

You never know what's recoverable until you try to recover it. Until then, this stuff is just an inkblot test. Doomers discount these resources completely. Cornies overstate them. But the reality is somewhere inbetween, that some of it WILL be recoverable.

[efarmer]

Cowboys sat around fires and threw in oil shale rocks as a conversation starter.
"Hey Clem, did you ever see a rock that burns?" The buffalo chip fire was the
preferred fuel for cowboy cuisine though, those burning rocks made everything
taste like crap. Sweet light crude is the stuff that made this big burn we are
riding on get going good, sour crude came in when sweet light got expensive,
and now the idiots are acting like oil shale is the next wave instead of the last
crap to thrown into the big burn to keep it running. I suppose this is like the cowboys
deciding to have a wing ding and roast their horses on them burning oil shale rocks.

[rockdoc123]

Sweet light crude is the stuff that made this big burn we are
riding on get going good, sour crude came in when sweet light got expensive,
and now the idiots are acting like oil shale is the next wave instead of the last
crap to thrown into the big burn to keep it running.

You are confusing oil shales (solid kerogen such as is mined in the Green River Formation) with oil from unconventional tight reservoirs which can be siltstones with microdarcies of permeability or shales with nanodarcies of permeability.

The oil that comes from the unconventional shale reservoirs following fracking is generally very light, low sulphur and high quality. The Bakken as an example is anywhere from 36 to 44 API and low viscosity....almost identical to West Texas Intermediate.