Quote:
Originally Posted by spd2918
Another reason for us to be energy independent (like we were a few years ago). Drill here, now. Continue the Keystone Pipeline.
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It's statements like this that demonstrate just how little people know about oil.
The Saudi Ghawar field is a conventional reservoir, while the west Texas Permian and Alberta's Athabasca oil sands are unconventional shale formations. Extracting oil from shale formations is significantly more expensive than pulling it out of conventional oil reservoirs like they have in the Middle East. This has always been the case! The only way it becomes profitable to drill here is if the price of oil per barrel increases. I know that's not what you want to hear but that is the truth.
If you really want to reduce the dependence on Middle East oil the only and I repeat ONLY way you're going to do that is to require less of it. Again that's not what you wanna hear.....but that is the truth.
Less Than 2 Percent of Permian Basin Commercial at $30 Oil