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#27 Jul 6, 2010
Ms Johnson didn't make clear whether the vast amounts of oil she refers to is "shale oil" or crude oil. As others have mentioned, shale oil is quite a different animal than crude. Shale oil is much more difficult to process, more difficult to extract from the ground and the net energy return may be less than crude oil, depending on the extraction process. Shale oil requires a lot of fresh water to process, and fresh water is a diminishing resource. Shale oil processing produces large quantities of toxic waste which requires an appropriate dump site to prevent environmental contamination. As already noted, shale oil development doesn't become economical until the price of crude exceeds prices we consider high. It follows that unless or until shale oil extraction/processing becomes much more efficient, shale oil isn't the much sought for affordable and abundant new energy source.
#28 Jul 6, 2010
#29 Jul 6, 2010
It makes a HUGE difference in whether or not someone is going to inverst in getting it, fool.
#30 Jul 7, 2010
Obviously the author knows nothing about what she is writing about. First, the formation is closer to about 10,000 feet below the surface, and not 1000 feet, and second there has been drilling going on there since at least the 50's. Only recently, however, they have been able to utilize a new technolgoy called 'fracking' and horizontal drilling which enable the wells to be nearly ten times more efficient than their predecessors. Because of that there has been a boom in the Bakken which started in early 2009 and is likely to surge well into the next decade. There are well over 250,000 barrels of crude oil daily pumped from the wells in North Dakota alone from this formation, and well over 100 active rigs daily drilling to boost production even higher, with plans for nearly 200 by the end of the year (I don't think they will reach that goal though).
#31 Jul 7, 2010
I'm pretty sure this post just gave me cancer.
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