AirlinePilot wrote:It matters because its important to compare apples to apples.The devil is always in the details.
Alfred Tennyson wrote:We are not now that strength which in old days
Moved earth and heaven, that which we are, we are;
One equal temper of heroic hearts,
Made weak by time and fate, but strong in will
To strive, to seek, to find, and not to yield.
AirlinePilot wrote:It matters because its important to compare apples to apples.The devil is always in the details.
asg70 wrote:The devil may be in the details but there's also seeing the forest through the trees. And the forest is that BAU continues apace.
I have a fairly long post with updates regarding all the hand-wringing about "decreased conventional discoveries" and how that will lead to a scarcity of oil in the "near future." Some refer to this as "peak oil." Richard Zeits has an incredibly good column today over at SeekingAlpha further suggesting that "peak oil" will be pushed further to the right. Archived. It's one thing to read "ten million bopd" but when one sees the graphic, it's absolutely stunning. It should be noted that the US is producing way below its potential. The Bakken has about 2,000 wells that are either DUCs or completed/shut in for operational reasons. I don't think 2,000 wells have ever been drilled in one year in North Dakota, even at the peak of the boom. In addition, there are less than 60 active rigs in North Dakota; at the
The Obama administration changed the legal definition of oil to include biofuels etc by issuing new regulations that lumped all liquid fuels together as oil.
Crude oil: A mixture of hydrocarbons that exists in liquid phase in natural underground reservoirs and remains liquid at atmospheric pressure after passing through surface separating facilities. Depending upon the characteristics of the crude stream, it may also include 1. Small amounts of hydrocarbons that exist in gaseous phase in natural underground reservoirs but are liquid at atmospheric pressure after being recovered from oil well (casing head) gas in lease separators and are subsequently comingled with the crude stream without being separately measured. Lease condensate recovered as a liquid from natural gas wells in lease or field separation facilities and later mixed into the crude stream is also included; 2. Small amounts of nonhydrocarbons produced with the oil, such as sulfur and various metals; 3. Drip gases, and liquid hydrocarbons produced from tar sands, oil sands, gilsonite, and oil shale.
Liquids produced at natural gas processing plants are excluded. Crude oil is refined to produce a wide array of petroleum products, including heating oils; gasoline, diesel and jet fuels; lubricants; asphalt; ethane, propane, and butane; and many other products used for their energy or chemical content
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