Author Topic: U.S. Oil Production Tops 10 Million Barrels A Day for First Time Since 1970  (Read 3637 times)

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Online Smokin Joe

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Re: U.S. Oil Production Tops 10 Million Barrels A Day for First Time Since 1970
« Reply #25 on: February 05, 2018, 11:00:27 pm »
Nope, go look it up at the SEC, among other places.

An oil company exec would go to jail if it used words like 'reserves' so cavalierly. 

Think of it this way:  A bank who says it has 'reserves' of cash in the bank when in fact it had nothing but IOUs in the vault would similarly have a serious issue.
You mean like the Federal Reserve?
How God must weep at humans' folly! Stand fast! God knows what he is doing!
Seventeen Techniques for Truth Suppression

Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience.

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Offline Joe Wooten

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Re: U.S. Oil Production Tops 10 Million Barrels A Day for First Time Since 1970
« Reply #26 on: February 06, 2018, 12:08:16 am »
Oil shale has been produced, so it can be put down as 'reserves' (Unocal at Parachute Creek, CO had that kiln setup). However, those reserves only become economic at ridiculous prices, so until someone comes up with something better, they are not practical to consider. http://articles.latimes.com/1991-03-27/business/fi-898_1_shale-oil

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

Unfortunately, in times where writers don't know fraccing from drilling, or a pump jack from an oil rig, the difference between oil shale and shale oil is lost...

There was a proposal back in the mid 1970's to build a twin unit 1200 MW nuke plant there to supply steam and electricity to start tapping the green mountain shale. Alas, the economics made it totally unfeasible.

Offline thackney

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Re: U.S. Oil Production Tops 10 Million Barrels A Day for First Time Since 1970
« Reply #27 on: February 06, 2018, 02:08:39 am »
Pedantics.

It is a hydrocarbon reserve. Whether or not it's feasible energy depends on a lot of factors. But there are jourles of energy there.

No, Reserves have a legal meaning, regardless if you chose to ignore it.  For a company to list barrels as reserves, it has to be drilled, flow tested and economic under current conditions with existing technology.

You are talking about possible or maybe probable reserves.
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Offline thackney

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Re: U.S. Oil Production Tops 10 Million Barrels A Day for First Time Since 1970
« Reply #28 on: February 06, 2018, 02:12:15 am »
Oil shale has been produced, so it can be put down as 'reserves' (Unocal at Parachute Creek, CO had that kiln setup). However, those reserves only become economic at ridiculous prices, so until someone comes up with something better, they are not practical to consider. http://articles.latimes.com/1991-03-27/business/fi-898_1_shale-oil

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

Unfortunately, in times where writers don't know fraccing from drilling, or a pump jack from an oil rig, the difference between oil shale and shale oil is lost...

That piece is known is a known reservoir, but they are not proved reserves unless commercially recoverable and under current economic conditions, operating methods, and government regulations.
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Online Smokin Joe

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Re: U.S. Oil Production Tops 10 Million Barrels A Day for First Time Since 1970
« Reply #29 on: February 06, 2018, 02:52:46 am »
That piece is known is a known reservoir, but they are not proved reserves unless commercially recoverable and under current economic conditions, operating methods, and government regulations.
A LOT has changed since the Arab Oil Embargo.
How God must weep at humans' folly! Stand fast! God knows what he is doing!
Seventeen Techniques for Truth Suppression

Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience.

C S Lewis

Offline IsailedawayfromFR

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Offline Weird Tolkienish Figure

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Re: U.S. Oil Production Tops 10 Million Barrels A Day for First Time Since 1970
« Reply #31 on: February 06, 2018, 10:56:57 am »
Nope, go look it up at the SEC, among other places.

An oil company exec would go to jail if it used words like 'reserves' so cavalierly. 

Think of it this way:  A bank who says it has 'reserves' of cash in the bank when in fact it had nothing but IOUs in the vault would similarly have a serious issue.

 *****rollingeyes*****