$1.2 Trillion Value Oil found in West Texas..

[stazza]

[jaydee]

Beauty, can keep driving the 351 for a while longer then.

[DJR-351]

Originally Posted by jaydee

Beauty, can keep driving the 351 for a while longer then.

US doesn't export oil to Australia, means f all to us.....

[jaydee]

Originally Posted by DJR-351

US doesn't export oil to Australia, means f all to us.....

Just a joke, geez.

[DJR-351]

Originally Posted by jaydee

Just a joke, geez.

Sorry mate, I realised that I should have put a smiley face in it later

[Yellow_Festiva]

Hopefully we don't end up like Praxis...

If we keep hollowing out the earth to such an extent would it be plausible that something globally catastrophic could eventually happen?

I just picture all this pumping out of oil as causing huge voids below the earth's surface just waiting to cave in / implode some day.

[PooDog]

Originally Posted by Yellow_Festiva

Hopefully we don't end up like Praxis...

If we keep hollowing out the earth to such an extent would it be plausible that something globally catastrophic could eventually happen?

I just picture all this pumping out of oil as causing huge voids below the earth's surface just waiting to cave in / implode some day.

I wonder this too .they reckon they pump water back down the hole ? Really in the desert ? .... guess the next generation will pay the price ?

[Blue Roo]

Originally Posted by csv8

"An estimated 20 billion barrels of oil valued at up to $US900 billion ($1.2 trillion) has been discovered in a West Texan shale formation, the US Geological Survey announced this week. Three times the size of the Bakken oilfields in North Dakota, it could be the largest such deposit ever assessed in the United States.
The USGS has released a new assessment of oil reserves located in the Wolfcamp shale in West Texas' Permian Basin, one of the most productive areas for oil and gas extraction in the United States. In addition to a whopping 20 billion barrels of oil, the shale is steeped in an estimated 453 billion cubic metres of natural gas and another 1.6 billion barrels of natural gas liquids.
The estimate consists of "undiscovered and technically recoverable" resources of "continuous" oil and gas. Understanding all of this jargon is key. Undiscovered resources are estimated based on existing geologic knowledge and theory, meaning the exact amount of oil and gas in the Wolfcamp shale could be larger or smaller. Technically recoverable resources are those that can in theory be produced using current technology and industry standard practices. Finally, continuous resources are dispersed in small amounts throughout a basin rather than large, discrete deposits. "Because of that, continuous resources commonly require special technical drilling and recovery methods, such as hydraulic fracturing," the USGS writes. (According to The Guardian, fracking is already common practice at the more than 3000 horizontal oil wells located in the Wolfcamp region.)
Importantly, the USGS has not determined whether it is profitable to exploit all or even most of this vast new oil reserve. But given the numbers and dollar signs attached to its discovery, it is difficult to imagine that America's incoming, oil-friendly administration will not try. In the disturbingly prescient words Sarah Palin, get ready to drill, baby, drill."
http://www.msn.com/en-au/money/marke...cid=spartandhp

It's like the beginning of an episode of the Beverly Hill Billy's.

[Trump]

Originally Posted by Blue Roo

It's like the beginning of an episode of the Beverly Hill Billy's.

Come and listen to a story 'bout a man named Jed...