November 14, 2012

Ellis Wyatt, Call Your Office!

If I read this right, did the world's "proven oil reserves" just double?

Drillers in Utah and Colorado are poking into a massive shale deposit trying to find a way to unlock oil reserves that are so vast they would swamp OPEC.

A recent report by the U.S. Government Accountability Office estimated that if half of the oil bound up in the rock of the Green River Formation could be recovered it would be "equal to the entire world's proven oil reserves."

Both the GAO and private industry estimate the amount of oil recoverable to be 3 trillion barrels.

How are we going to stop this?

Oil and Energy Posted by John Kranz at November 14, 2012 1:25 PM

"The amount of oil recoverable is estimated to be 3 trillion barrels -- three times more that the whole world has consumed in the past 100 years."

Drill, baby, drill.

Posted by: Keith Arnold at November 14, 2012 2:56 PM
"The technology for assessing oil reserves is pretty good," Rusco said. "I don't say there isn't a wide margin of error, but you can have great confidence that there is a very, very large amount of oil trapped down there that could be recovered. It's just that, so far, it can't be recovered at a profit."

That's not a problem. In this country the "new energy economy" is based on using taxpayer dollars to "stimulate" not-yet profitable technologies so they can then grow large enough to support themselves. Paging Dr. Steven Chu.

Posted by: johngalt at November 14, 2012 3:40 PM

"You have reached the voice mail of Ellis Wyatt. I'm sorry I can't take your call right now, but after the results of November 6, 2012 I will be vacationing in an undisclosed location until approximately the time your power goes off...for a couple of years. Feel free to leave a message. And if you think the Obama Administration will allow enough oil production to get you inexpensive gas, good luck."

Posted by: Ellis Wyatt at November 14, 2012 4:10 PM | What do you think? [3]