THE US Strategic Petroleum Reserve (SPR) Thread (merged)

[Newbie]

Pressure mounts on US oil reserves This link no longer has the following story.
Some interesting information, plus a quote from the VP I hadn't seen:

"Vice-President Dick Cheney admitted last week at an under reported town hall meeting in Davenport, Iowa: "We've got a situation now where prices have gone up because worldwide demand has increased, and worldwide supply hasn't kept pace with that demand.""

[Sedona]

Great article!

"The market was expecting that OPEC and Saudi promises of increased production from July would have made it through into the US market by now, that is why they were expecting increases in inventories.

"Those increases in production take around 45 days to come through and so it is possible that we have yet to see them. But if there is no increase in the next month's reserve figures, well, then I think the market will be very disappointed."

Seems like next month's reserve report might tell a lot of things about the onset of "peak oil".

[AdzP]

Cheers.

For your reference here are VP Cheney's remarks: link

And Yamanis remarks link

[Soft_Landing]

Thanks Adam Porter, for your writing and for the links.

[stu]

Where is the best place to go to get good estimates of reserves, consumption and production?

I currently use the EIA website but I've read that they are way too optimistic with their figures.

[NTBKtrader]

I would find about 3-5 sources and find a mean (average) to their collective figures. I would wager that no one is spot on.

[DomusAlbion]

Since there is no independent international body that measures/estimates the amount or reserves, we can never be sure how much recoverable oil there is left. Most figures we have today are received from state owned oil companies and IMHO completely unreliable. The Gulf State and OPEC figures are particularly suspect.

[Permanently_Baffled]

I would find about 3-5 sources and find a mean (average) to their collective figures. I would wager that no one is spot on.

Agreed. Take SA for example, I have read estimates ranging from 160 billion barrels, right up to 1.2 trillion barrels !! How the f*** you can get an estimate wrong by these margins lord only knows!

PB

[Such]

Colin campbell's databases are about as detailed as you could hope for... which is essentially based off of the oil and gas journal... which keeps a running track of reserves...

However, Oil and Gas only reports what companies and governments tell it.

[Taskforce_Unity]

Oil and Gas journal are the ones that i use. I know no better source of information..

[jonny]

Very new to all this, just started to get involved and was interested in finding out more on the most up to date methods of extending the life of oil and gas reserves? Polymer injecting, Co2 reuse... (new techniques) ....

Sorry if its a bit old news but keen to learn

Thanks

[JayHMorrison]

Very new to all this, just started to get involved and was interested in finding out more on the most up to date methods of extending the life of oil and gas reserves? Polymer injecting, Co2 reuse... (new techniques) ....

Drive less. Walk more.
Choose paper instead of plastic.

[Zechs]

Kill more people than are born daily.

Oh, and really, I have no clue. Just thought I'd add that little tidbit.

[linlithgowoil]

i think the current methods have been known about for years - gas injection, co2 injection, chemical injection to soften oil, setting fire to it underground to heat it up and let it flow faster, horizontal drilling, seawater injection, steam injection, etc.

they are all good things and can get more oil out than you'd normally get but, of course, the processes require more and more energy just to keep pumping the same amount of oil and you'd get to a point where you'd be using the energy equivalent of 1 barrel of oil to pump 1 barrel of oil out of the ground. At that point, you have to give up as there is no point.

Im not sure whether the 1:1 ratio has ever been reached yet in reserves around the world. I bet it hasnt - its probably just fell so far that, at current prices, it doesnt make sense to keep pumping, so the field is abandoned. we might see more abandoned old fields being pumped again in the near future. this will likely allow us to keep oil production from falling too much but, of course, the oil will be a lot pricier.

[bentstrider]

Kill more people than are born daily. .

They should just create a free-for-all day for gun nuts and swordsmen.
Rules are that everyone caught outside will be shot up or cut up.
Can't enter peoples homes though.
As for expending the life of an oil field.
Government control of oil, oil resources only for public and mass transit entities and vital materials. Consumer good will only be released every once in a blue moon.
And good riddance to the ever constant monopolizing oil companies.
I would mind taking the bus and riding a bike/walking again.
Buses would be present at all hours and all days(as well as commuter rail).
And the only thing you would have to sweat(no pun) when riding a bike or walking is an out of control bus or your dumbass sitting on the railroad track.
Personal vehicles that aren't signed onto a "save-me" list will be scrapped and turned into useful materials like bus/train parts, bicycle/horse carriage parts.

[0mar]

Very new to all this, just started to get involved and was interested in finding out more on the most up to date methods of extending the life of oil and gas reserves? Polymer injecting, Co2 reuse... (new techniques) ....

Sorry if its a bit old news but keen to learn

Thanks

Standard resovuior actions for the last 30 years. I'd be very surprised if a major didn't do all of the above depending on the field.

[frankthetank]

The old or new? saying

"Desperate times call for desperate measures" applies here. They'll do anything short of nuclear explosion, oh wait, project gasbuggy, to get at the oil.

[kelee877]

Do the Americans have more oil in reserve then what they are saying and just buying up the Saudi,s and other countries oil first and using it up, so that these countries will eventually be at their mercy..as we know oil will not last forever well at least cheap easy oil.. just thought I would ask..

[RdSnt]

That's a very vague possibility in a centrally planned country but not likely even there. You're asking about the US where capitalism is the primary religion and greed rules.

[RonMN]

I agree...it is a possibility, but i can't imagine it would be so much oil it could make a real difference. If anything that (reserved) oil would go 100% to the military (if it exists at all).