In conclusion then - oil will o up further in price until it finds equilibrium then this means gas and electric will go up and means further that food prices will go up and China and India will up the tempo with their needs. America and Europe is fukd except for Germany which will export its cars and certain idyllic nations that will make money from tourism. UK is fukd.
For years, US oil exploration has been considered a dead end. Even the 'Big Oil' companies gave up searching for major oil wells decades ago. However, a recent technological breakthrough has opened up the Bakken's massive reserves.... and we now have access of up to 500 billion barrels. And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!
That's enough crude to fully fuel the American economy for 41 years straight.
While these numbers would appear to indicate a massive reserve in the Bakken formation, the percentage of this oil which might be extracted using current technology is another matter. Estimates of the Bakken's technically recoverable oil have ranged from as low as 1% — because the Bakken shale has generally low porosity and low permeability, making the oil difficult to extract
'When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea.' says Terry Johnson, the Montana Legislature' s financial analyst.
'This sizable find is now the highest-producing onshore oil field found in the past 56 years.' reports, The Pittsburgh Post Gazette. It's a formation known as theWilliston Basin , but is more commonly referred to as the 'Bakken.' And it stretches from Northern Montana, through North Dakota and into Canada .
The Bakken is the largest domestic oil discovery since Alaska 's Prudhoe Bay , and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels.. Even if just 10% of the oil is recoverable. .. at $107 a barrel, we're looking at a resource base worth more than $5.3 trillion.
The US Geological Service issued a report in April ('08) that only scientists and oil men knew was coming, but man was it big. It was a revised report (hadn't been updated since '95) on how much oil was in this area of the western 2/3 of North Dakota; western South Dakota; and extreme eastern Montana.
Jim....just to get you straight since I heard you on a couple of interviews say this.
Its production thats declining at 6-7%...conventional crude.
Not the reserves.
Reserves are very hard to determine since they can shrink and grow based off the price of oil.......but production or the rate of oil extraction will become more expensive to produce and at slower rates at the back half of peak oil production.
In conclusion then - oil will o up further in price until it finds equilibrium then this means gas and electric will go up and means further that food prices will go up and China and India will up the tempo with their needs. America and Europe is fukd except for Germany which will export its cars and certain idyllic nations that will make money from tourism. UK is fukd.
salahuddin786 2 years ago
For years, US oil exploration has been considered a dead end. Even the 'Big Oil' companies gave up searching for major oil wells decades ago. However, a recent technological breakthrough has opened up the Bakken's massive reserves.... and we now have access of up to 500 billion barrels. And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!
That's enough crude to fully fuel the American economy for 41 years straight.
Who's manipulating, people?
beancube2008 2 years ago
While these numbers would appear to indicate a massive reserve in the Bakken formation, the percentage of this oil which might be extracted using current technology is another matter. Estimates of the Bakken's technically recoverable oil have ranged from as low as 1% — because the Bakken shale has generally low porosity and low permeability, making the oil difficult to extract
drmodestoesq 2 years ago
'When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea.' says Terry Johnson, the Montana Legislature' s financial analyst.
'This sizable find is now the highest-producing onshore oil field found in the past 56 years.' reports, The Pittsburgh Post Gazette. It's a formation known as theWilliston Basin , but is more commonly referred to as the 'Bakken.' And it stretches from Northern Montana, through North Dakota and into Canada .
beancube2008 2 years ago
The Bakken is the largest domestic oil discovery since Alaska 's Prudhoe Bay , and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels.. Even if just 10% of the oil is recoverable. .. at $107 a barrel, we're looking at a resource base worth more than $5.3 trillion.
beancube2008 2 years ago
The US Geological Service issued a report in April ('08) that only scientists and oil men knew was coming, but man was it big. It was a revised report (hadn't been updated since '95) on how much oil was in this area of the western 2/3 of North Dakota; western South Dakota; and extreme eastern Montana.
Some one verifies this please.
beancube2008 2 years ago
Jim....just to get you straight since I heard you on a couple of interviews say this.
Its production thats declining at 6-7%...conventional crude.
Not the reserves.
Reserves are very hard to determine since they can shrink and grow based off the price of oil.......but production or the rate of oil extraction will become more expensive to produce and at slower rates at the back half of peak oil production.
ilikcagrls 3 years ago
This comment has received too many negative votes show
Rogers isn't interested in accuracy. He wants to pump up his own sad portfolio of deflated assets.
Zeldovich 3 years ago
Yes, I'm sure your portfolio puts Mr. Rogers' to shame.
pretorious700 3 years ago
cnbc asia is way better than us or european version. more informing and way less blah blah blah!
Xaineray 3 years ago 2
This has been flagged as spam show
You can kinda tell Rogers is a farter. He gets stressed and lets it go and you see the look of relief on his face. Disgusting!
Zeldovich 3 years ago
truly one of the dumbest comments on You Tube, and that's saying something.
DC950 3 years ago 4
lol
taubstumm 3 years ago
hahaha... This is definitely not a comment that i would expect to read on a channel like this.
rsamra 3 years ago