Thursday, July 21, 2011
The United States has (potentially) upwards of nearly 6 trillion barrels of oil under our soil. More oil than has been produced to date on planet earth and more than is known to currently exist in the Arab Middle East.
We have more oil than imaginable. Unfortunately, it is this point where I find myself against the oil companies. Approximately 8-10 years ago, I heard and read about this game-changing discovery and at that time, oil people talked about oil needing to be at $75 a barrel to make it feasible to extract. We have long since passed $75 and yet we are still not moving ahead on this. I am concerned the oil companies will now inform us oil needs to be $120 a barrel to make it feasible. That would be a lie and we would need to hold a hearing to catch them at the lie … why? Because they are now doing it in Israel and oil is not $120 a barrel.
Two links – one, a pdf file on shale oil in the US. The second a youtube clip, shale oil in Israel.
The outcome for either – they can drink their oil because once we stop buying their oil, they will dry up and become what they once were.