The Bakken Oil Field The Oil Find That Trumps Saudi's Biggest Oil Field

[beermantm]

Once again you are losing sight of the fact that the much of the oil production is not controlled by "industry" but by nations... GL telling Russia to stop manipulating the price of oil... or Venezuala (who just kicked Exxon out).

People can cry manipulation all they want... bottom line... compare a chart of the price of oil over the past 10 years with a chart of the economic output from China... eerily similar.

Opec is not industry (although they all benefit from Opec) and I would venture to say that between their members holds the bulk of the worlds oil. As the single largest purchaser of oil I would like to think we would have some influence on where they set their prices and have some say in production control also. Matter of fact if it wasn't for us they would still be riding around on camels instead of riding in Mercedes Benz s.


OPEC's mission is to coordinate and unify the petroleum policies of Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital to those investing in the petroleum industry.

<table border="1" width="100%"><tbody><tr><td>Algeria</td> <td>1969</td> <td>Africa</td> </tr> <tr> <td>Angola</td> <td>2007</td> <td>Africa</td> </tr> <tr> <td>Ecuador(**)</td> <td>rejoined 2007</td> <td>South America</td> </tr> <tr> <td>Indonesia</td> <td>1962</td> <td>Asia</td> </tr> <tr> <td>IR Iran*</td> <td>1960</td> <td>Middle East</td> </tr> <tr> <td>Iraq*</td> <td>1960</td> <td>Middle East</td> </tr> <tr> <td>Kuwait*</td> <td>1960</td> <td>Middle East</td> </tr> <tr> <td>SP Libyan AJ</td> <td>1962</td> <td>Africa</td> </tr> <tr> <td>Nigeria</td> <td>1971</td> <td>Africa</td> </tr> <tr> <td>Qatar</td> <td>1961</td> <td>Middle East</td> </tr> <tr> <td>Saudi Arabia*</td> <td>1960</td> <td>Middle East</td> </tr> <tr> <td>United Arab Emirates</td> <td>1967</td> <td>Middle East</td> </tr> <tr> <td>Venezuela*</td> <td>1960</td> <td>South America</td></tr></tbody></table>
Also I'm not denying the growth of China. I understand that the resources are being used faster because of their growth. Still you can not deny the record profits and the ridiculous prices for a gallon of gas when Gas started as a byproduct that would be discarded............ next post I have some info for you so you see where I'm coming from. Mind you I'm a pipefitter and work in Refineries...... Of course that doesn't make me an expert by any means but it does open your eyes to the truth's about gasoline.

[beermantm]

"What are the products and uses of petroleum?<!-- Inline yahoo from default --> <script showbranding="1" src="http://d.yimg.com/ds/badge.js" badgetype="small">huffington_post:http%3A%2F%2Fwww .huffingtonpost.com%2Fsheldon-drobny%2Fthe-real-economics-of-oil_b_24108.html</script>


There are many ways that petroleum (oil) is used. Oil is refined into useable petroleum products. Most of the petroleum products are used to produce energy. Other products made from petroleum include: ink, crayons, bubble gum, dishwashing liquids, deodorant, eyeglasses, records, tires, ammonia, and heart valves. From a barrel of oil, 47% is refined to gasoline for use in automobiles, 23% is refined to heating oil and diesel fuel, 18% is refined to other products, which includes petrochemical feedstock such as polypropylene, 4% is refined to propane, 10% is refined to jet fuel, and 3% is refined to asphalt. (Percentages sum to over 100 because there is approximately a 5% processing gain in refining.)
How many gallons of gasoline does one barrel of oil make?
One barrel (42 gallons) of crude oil, when refined, produces approximately 19.6 gallons of finished motor gasoline, as well as other petroleum products." (actually this info is a bit older now and that number has gone up)

Approximately 20 gallons of gasoline is produced per barrel of oil. If the retail price of gasoline is about $3/gallon, the oil companies are getting $60 of revenue from a barrel of oil that costs $70. Somehow the economics do not make sense if gasoline is the major economic output of refined oil. The fact is that gasoline is a hazardous waste product that is a natural output of the oil refining process. Some of the other products that come from the refining process are asphalt, lubricating oils, paraffin wax, heating oil, tar, and other parts of industrial products.

While gasoline at most yields $60/barrel of crude oil, the remaining products yield thousands of dollars of retail value to the oil companies. Accordingly, the real money in refined oil is not gasoline. So why do the oil companies insist upon marketing gasoline so much and resisting the idea of alternative energy for automobiles? The answer is that gasoline is a hazardous waste in the oil refining process and if not consumed by the driving public would have to be disposed as a hazardous waste at a cost that would be prohibitive.
Essentially, gasoline is a waste product of the oil refining process and the oil companies get rid of their hazardous waste and charge the public to do that. It actually reduces the cost of the oil refining process and at the same time contributes greatly to the greenhouse effect of global warming. If the oil companies were not so greedy, they would give it away to the public. The fact is that these oil companies have the "chutzpah" to charge us for their garbage even though at most it only yields them $60/barrel of refined oil while the other refined products yield them thousands of dollars per barrel. (again the price per barrel is a bit older here but the concept remains the same.)

Before the piston engine was developed in the late 19th Century, gasoline was a major problem for the oil companies. Today it is a legal way for them to dump their hazardous garbage on us and yield enormous profits to them and the oil producing countries. On the other hand, there are lots of garbage waste products that can be used to lessen our dependency on oil including bio-diesel and other recycled waste products. And the Bush Administration knows the economics of oil better that any past administration and of course in their usual tradition have not been willing to tell us the truth about oil refining.
Since most members of Congress are not aware of the economics of oil refining, we should all inform them that the oil companies are fleecing the nation by charging us such high prices for gasoline when in fact the major revenue from crude oil comes from other products. The price increase of gasoline is absolutely unjustified in light of the real economics. If the oil companies had to dispose of this garbage gasoline coming from the refining process, they would not be able to make the other refined oil products economically feasible. My proposal would be to at least take the garbage gasoline off their hands for nothing so they can continue to make their billions of dollars from the other oil products. That is conditioned upon the oil companies seriously funding technology for alternative energy.

[CuseFan10]

:nice:

[Skinsfan]

China | The new colonialists | Economist.com

[Skinsfan]

By the way, it doesn't matter whether gas was at one point considered a waste or not.... there is a huge market for it, and for anyone to suggest that anyone should just give it away as a public good is just wishful thinking, at best. Water (which we pay for) and air are necessary to human life... oil is not.

It still doesn't account for this: Less than 10% of the world's oil production is handled by "Western" companies (i.e. companies that can be regulated/restricted by developed democratic nations such as the USA). The rest is run by state-controlled companies (such as Gazprom in russia). What is your plan for getting Russia, Venezuala, Saudi Arabia, and Iran to jump on the "gas should be free" bandwagon?

Now, I am all for reducing the amount of oil we import (and thus exporting our debt)... but let's not forget that all that oil money that's flowing into the middle east just rescued the American banking system.

The problem is the not the price of oil... the problem is oil. We must accelerate the program/plan to elminate our dependance on oil.

[beermantm]

NASA scientists are about to publish conclusive studies showing abundant methane of a non-biologic nature is found on Saturn's giant moon Titan, a finding that validates a new book's contention that oil is not a fossil fuel.
"We have determined that Titan's methane is not of biologic origin," reports Hasso Niemann of the Goddard Space Flight Center, a principal NASA investigator responsible for the Gas Chromatograph Mass Spectrometer aboard the Cassini-Huygens probe that landed on Titan Jan. 14.








Experts estimate that Americans consume more than 25 percent of the world's oil but have control over less than 3 percent of its proven oil supply. This unbalanced pattern of consumption makes it possible for foreign governments, corrupt political leaders, terrorist organizations, and oil conglomerates to hold the economy and the citizens of the United States in a virtual stranglehold. There is no greater proof of this than the direct relationship between skyrocketing gas prices and the explosion of wealth among those who control the world's supply of oil.
In "Black Gold Stranglehold," Jerome Corsi and Craig Smith expose the fraudulent science that has made America so vulnerable: the belief that oil is a fossil fuel and that it is a finite resource. This book reveals the conclusions reached by Dr. Thomas Gold, a professor at Cornell University, in his seminal book "The Deep Hot Biosphere: The Myth of Fossil Fuels" (Copernicus Books, 1998) and accepted by many in the scientific community that oil is not a product of fossils and prehistoric forests but rather the bio-product of a continuing biochemical reaction below the earth's surface that is brought to attainable depths by the centrifugal forces of the earth's rotation.
Jerome Corsi explores the international and domestic politics of oil production and consumption, including the wealth and power of major oil conglomerates, the manipulation of world economies by oil-producing nations and rogue terrorist regimes, and the shortsightedness of those who endorse expensive conservation efforts while rejecting the use of the oil reserves currently controlled by the U.S. government.

[beermantm]

I'll reply to you when I have the strength........ I'm tired and posted the last post for interesting reading. I know my reply will be something about paying 70+ dollars of the 115 dollar price per barrel when less than 50% of the barrel is used to produce Gasoline. Why aren't the other products paying off their fare share into this oil mess?? Also I want to know why the estimates of foreign oil in reserve never seem to drop off?? Some how the Saudi's have managed to uncover new oil year after year and their supply never shrinks. This happens more than people know and in a lot of the oil producing areas of the world.

Anyway it been fun arguing but I'm tired. Good night.:thumbs:

[Skinsfan]

take your time... I'm catching a flight to st. louis in a couple hours and won't be back until sunday

[Billy Barooooooo]

****.........I didn't know taking your time ment 3 months! Skins you still in St. Louis???:laughing:

[Skinsfan]

yes