The Jaw-Dropping Potential in This American Oil Patch Could Change the World

It may not look like much, but this might be the biggest oil field in the world (Source: Devon Energy Media Resources).

The pride and joy of Saudi Arabia's oil industry has been the Ghawar oil field, which has been recognized as the largest in the world ever since its discovery in 1948. That is, perhaps, until now. A shale oil formation deep beneath the plains of West Texas has been sitting right under our noses for years, and Pioneer Natural Resources (NYSE: PXD  ) estimates that it could usurp the Ghawar field's 60-year reign. Let's look at what Pioneer has discovered, and what this find could mean for producers with heavy investments in the Permian, including Pioneer, Occidental Petroleum (NYSE: OXY  ) , EOG Resources (NYSE: EOG  ) , and Devon Energy (NYSE: DVN  ) .

Hiding in plain view
By the time the Ghawar field was discovered, commercial oil production had been taking place in the Permian Basin in Texas for more than 25 years. Estimates of the Permian's reserves were somewhere in the 10 billion-12 billion barrel range. That's nothing to scoff at, but it certainly didn't come close to the 71 billion barrels in that single formation under the Saudi desert. Apparently, those oilmen simply didn't look hard enough, because they missed the rest of the oil in the Permian.

All 75 billion barrels of it.

Source: Pioneer Natural Resources Investor Presentation.

To be fair to those wildcatters of old, they didn't know that oil trapped in shale would someday be commercially extractable. Now that hydraulic fracturing has made it possible, we are discovering increasing amounts of oil in the Permian. Pioneer Natural Resources -- one of the most prominent landholders in West Texas -- estimates that the recoverable resources in the field's different shale layers could make it the world's largest single source of recoverable oil ever found. 

This isn't just a lot of oil. This is a "completely change the dynamics of global production" amount of oil. This is an "enough to supply all of America by itself for more than a decade" amount of oil. If Pioneer's estimates are accurate, and this resource can be de-risked to be considered proved reserves, the U.S. could triple its proved reserves and vault from No. 11 in global reserves to sixth, right behind Iraq. Then there's the really crazy part of all this. Look at the last line of that slide above: Pioneer didn't even include several other potential shale formations that are found in the Permian.

Getting more bang from a previously spent buck
The Permian is not a newly discovered formation that could be subject to a land-grab rush like we saw five to 10 years ago. Most of the acreage in the region is already claimed by the players noted above, possibly placing these companies in an absolutely amazing growth position for the next several years. The potential of the Permian Basin is enough to profoundly impact the total reserves on the books for all four companies.

Company Proved Reserves (millions of barrels) Net Acreage in Permian Basin
Pioneer Natural Resources 845 717,000
Devon Energy 2,963 1,300,000
EOG Resources 2,119 413,000
Occidental Petroleum 3,483 1,900,000

Source: Company 10-Ks via sec.gov.

What a Fool believes
So what exactly does this mean for these companies? It's hard to say exactly because geologic formations aren't uniform. Pioneer believes that some of its acreage encompasses up to nine layers of technically extractable resources, but its peers might not find corresponding resources. As more and more data are collected from the Wolfcamp and Spraberry shale layers, we will get a much clearer picture for each company individually. 

Bottom line, though, there is a monumental potential in the Permian Basin that has yet to be accessed. Pioneer, Devon, EOG, and Occidental all have fantastic operations in the region today. Depending on how shale technology advances and the price of oil, these companies could be sitting on some of the most lucrative oil real estate in the world, which further solidifies their places among the best investments in the American shale boom today.

Get a piece of that 75 billion barrels yourself while the IRS gives you a free pass
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  • Report this Comment On May 25, 2014, at 4:34 AM, heybert17 wrote:

    I guess this is great news for Texas, The Oil Industry and Wall Street, but it doesn't appear that a single drop of American Oil has helped the American people one bit yet, so I don't really care.

  • Report this Comment On May 25, 2014, at 5:39 AM, ospreycbk wrote:

    Why do the oil companies continue to look for new oil sources. They have any number of oil fields already located that they do not have a single drilling rig on. They already know where billions of barrels of crude oil are but are making no attempt to get it out of the ground

  • Report this Comment On May 25, 2014, at 6:18 AM, savage393 wrote:

    If and when new oil is brought to market, remember, the oil doesn't belong to the government. It belong to the big oil companies. They will send it anywhere they want, and can get the best price. Most likely none of it will stay here. Our oil prices, and the price of gasoline will continue to go up, as there is no incentive for them to give us Americans a break. It isn't about oil, or Americans welfare, it is about money. They get subsidies from American taxpayers, and then they crew us, just like they have been doing for a few decades now. Bend over, cause they ain't done with us yet.

  • Report this Comment On May 25, 2014, at 7:07 AM, Dahun wrote:

    A 2007 report prepared for the US Energy Department by the Rand Corporation estimates over one trillion barrels of recoverable shale oil in the Green River Wyoming Formation.

    The Obama has placed a moratorium on any development in the formation. There is no reason (except radical ideology) for the US not to be 100% energy independent with the capability to be a major if not the world's largest exporter of energy.

  • Report this Comment On May 25, 2014, at 8:31 AM, Morbian wrote:

    that land seems pretty fertile, why destroy it, because when big oil rolls through, after they have fracked it, i wouldnt want to eat anything that comes from the land. the price that would be paid for the oil, is not worth it!

  • Report this Comment On May 25, 2014, at 8:38 AM, rowlandw123 wrote:

    For this oil to benefit US consumers, start taxing imported oil at increasing rates each year and direct this revenue to deficit reduction. This will help our balance of trade and domestic production, and reduce oil's value as a political weapon for Russia and the middle-East.

  • Report this Comment On May 25, 2014, at 9:01 AM, bigoilbob wrote:

    If we can use state of the art frac water recycling technology, then this is great news. The scale of development should allow for quick associated gas hookups and the pipelining of the oil, with perhaps only some local trucking. Texas can actually grow a pair environmentally from time to time, so I hope that they outlaw post completion flaring not associated with sour gas treatment residuals (I admit to ignorance of current regs). Avoid the sellout North Dakota experience.

    Stray methane drilling emissions are also a problem, but the barrels WILL be produced somewhere, and Texas is the best place. Might even lower oil prices to the point that some climate changing Canadian road tar production will be delayed/deferred. And the scale might also allow the frac fleets to be kept up, which will have unintended benefits down the line.

    All told, reason to cheer up after hearing that we are finally coming to terms with the commerial unfrackabilty of the Monterey shale in California

  • Report this Comment On May 25, 2014, at 9:11 AM, savant wrote:

    The Democrats will fight this all the way. They have some fanatical aversion to oil, gas, and the Koch brothers,oh, and Walmart.....

  • Report this Comment On May 25, 2014, at 9:27 AM, joshuarayborn wrote:

    Wow, discovered just in time for $4 a gallon gas...I am sure they knew NOTHING about it until now! lol

  • Report this Comment On May 25, 2014, at 9:33 AM, gsphillips1 wrote:

    The same thing was said about the huge find in Monterey, California. It has since been downgraded to about a 10 day supply. The entire article is moot anyway, as the industry, Exxon in particular, is actively plying our politicians with bribes to get them to overturn the ban on the exportation of domestic crude. Not ONE drop of this oil, just as with that from the Keystone Pipeline, will be refined domestically.

  • Report this Comment On May 25, 2014, at 9:36 AM, pilotrod wrote:

    And with record unemployment, Obama is refusing to approve the keystone pipeline. 50,000 jobs and energy independence being ignored because his "green" cronies would be upset with him. lol

  • Report this Comment On May 25, 2014, at 9:38 AM, explorerruss wrote:

    Wasn't there a recent article reporting that the field content was overrated by 96%? It was reported that the so-called reserves were a miniscule of what was first thought and here we are being told again that it's huge. Didn't these folks get the memo?

  • Report this Comment On May 25, 2014, at 9:48 AM, stockingshorts wrote:

    I'll have to echo 'heybert17' The Big Money people are probably peeing their pants in excitement while the rest of us AMERICANS, sitting on AMERICAN OIL, will only see our energy prices continue to rise most likely. There's always a convenient excuse to raise the gas prices anyway. If there IS that much oil (and Natural gas) under AMERICA then it SHOULD benefit AMERICANS before it benefits the oil companies by selling it off shore for quadruple the amount.

    And CONGRESS, instead of worrying about their constituents, are MORE worried, apparently, about the name of a professional football team.....

  • Report this Comment On May 25, 2014, at 9:52 AM, malloryrc wrote:

    A new massive source of oil will change the world, but not for the better. What is needed is clean alternatives to oil, not more climate changing pollution. Giant flow batteries are making headlines. Theses are a potential that could change the world for the better.

  • Report this Comment On May 25, 2014, at 10:00 AM, transmitterguy wrote:

    Don't even think gas prices will go down, If they did we would waste it. They will remain at the current prices so we don't piss it away.

  • Report this Comment On May 25, 2014, at 10:05 AM, stockingshorts wrote:

    Google "gas Prices" in the OPEC countries.

    Venezuela is around eighteen cents. Of course throw in Federal and State fuel taxes here, but still, we're paying WAY too much.......WHY?

  • Report this Comment On May 25, 2014, at 10:06 AM, SLTom992 wrote:

    So much for Tesla.

  • Report this Comment On May 25, 2014, at 10:08 AM, curmudgeonman wrote:

    I can remember stories about my grandfather's cousin AY. Every time he tried to drill a well out there to get water for his goats, he hit oil. He finally gave up and bought water and had it trucked in. The guy ended up fairly rich. He was probably using the goats to keep the weeds down.

    Your story does provide an explanation for some ridiculous offers we received for some oil rights that have only been paying us in the hundreds of dollars for many years now. Maybe someone knows something about the fields over by the Brazos that we have not heard about yet.

  • Report this Comment On May 25, 2014, at 10:17 AM, kcbus2 wrote:

    What you fail to realize is that Obama and his left wing Environmentalists will do everything they can to stop production.

  • Report this Comment On May 25, 2014, at 10:19 AM, rocsoe wrote:

    When this extraction technology reaches the rest of the globe, this find will not look so big after all.

  • Report this Comment On May 25, 2014, at 10:23 AM, agsb wrote:

    The problem is the Whitehouse as Obama doesn't like the US to be energy independent unless it is wind, solar power or converting food to gasohol! Violate these and federal regulators will be at your doorstep.

  • Report this Comment On May 25, 2014, at 10:28 AM, gwsjr425 wrote:

    First Law of Liberal Wacko Energy Policy:

    There is no source of energy, no matter how clean, that liberal nut jobs won’t oppose if it becomes cheap and abundant.

  • Report this Comment On May 25, 2014, at 10:34 AM, freddyfender wrote:

    This will increase exports of gasoline and natural gas. The section of the keystone pipe line in place now is owned by TransCanada. Completing it to the gulf will just help export the oil and gasoline at world prices.

  • Report this Comment On May 25, 2014, at 10:57 AM, Dodson1 wrote:

    Morbian, Looks can be deceiving. Most of what grows in the Permian Basin is cotton, not food crops. And big oil has been drilling and producing oil in the Permian Basin for over 50 years and it has not yet been destroyed.

  • Report this Comment On May 25, 2014, at 11:22 AM, 99perforchange wrote:

    Does this mean we're stuck with 19th century energy technology until the world is no longer inhabitable by humans. Time for a new energy policy - one that moves away from oil and gas technology and to whatever comes next. We (America) should lead the way instead of following blindly behind. All of this new gas and oil has done very little to make my life more affordable. Why destroy the environment to enrich a handful of oil companies and their executives.

  • Report this Comment On May 25, 2014, at 11:41 AM, Kmnoj wrote:

    Just finished reading ''The Seven Sisters'' by Anthony Sampson and I was struct by how oil was priced for the world market at the time the book was written, because shipping rates are something we never hear about. I wonder what's going on beyond WTI and Brent pricing and how that affects us today.

  • Report this Comment On May 25, 2014, at 11:46 AM, nobama4me wrote:

    Has Obama and Algore filed a suit to stop production yet? lol

  • Report this Comment On May 25, 2014, at 12:16 PM, Gypsy1949 wrote:

    The oil and gas companies do not set the prices on oil and gas. The speculators here in the US and OPEC do. Natural gas is one of the cleanest fuels we could use for heating and vehicles.

    Electricity is not produced naturally except in lightning, so you have to use water (dams), coal, oil or natural gas to make it. So it is not as green as the left would have everyone believe.

  • Report this Comment On May 25, 2014, at 12:18 PM, fritzjoerg wrote:

    Very interesting comments. I am just wondering why the Canadians want to bring their oil accross our country, get it refined here, and then shipped to the highest bidder overseas...while we pay for everything

    never mind the unavoiding spills and not getting a drop for ourselves.

    Canadians know one thing that we don't; we have politician for sale!

    Anybody watching C-Span lately? Doesn't it make you wonder why we have those people in Washington in the first place?

  • Report this Comment On May 25, 2014, at 12:20 PM, curtusn78 wrote:

    we could hold the biggest oil reserve on earth and it will only serve the interest of the already wealthy oil companies and furnish the greedy with untold wealth for future oil and energy moguls. It will be time to fleece the sheep. 5-6 dollar a gallon gas in the USA.

  • Report this Comment On May 25, 2014, at 12:46 PM, JFkaminski wrote:

    shale oil extraction requires 5 barrels of water for every barrel of oil. Water that lost forever in the process. They are trading a limited life giving water for deadly oil. How simple of a foolish mistake is that?

  • Report this Comment On May 25, 2014, at 12:55 PM, Jefe1 wrote:

    OH BOY, I guess gas prices will plummet now, huh?

  • Report this Comment On May 25, 2014, at 1:09 PM, biffula wrote:

    EOG Resources. Anyone? Anyone? That's what's left of Enron. Its how Enron started, then when they went crazy they spun it off. It actually produced and made something so it survived after Enron bit the dust. EOG....Enron OIl and Gas. Now you know the rest of the story.

  • Report this Comment On May 25, 2014, at 1:10 PM, biffula wrote:

    Not true JFkaminski. They recycle it now. Becoming more and more common. Brush up.

  • Report this Comment On May 25, 2014, at 1:11 PM, caveman101 wrote:

    Unbelievable number of ignorant comments, from confusing California with Texas, absolutely no understanding of fracking or oil field depletion nor even basic economics. Conspiracy theories and blaming the Canadians does not make up an energy policy. Most of you need to read a little and not the NY Times.

  • Report this Comment On May 25, 2014, at 1:18 PM, PDaustin wrote:

    Chevron has 1,500,000 acres in the Permian Basis.

  • Report this Comment On May 25, 2014, at 1:30 PM, chetsky44 wrote:

    Fracking in Texas, that has one of the worst droughts in the US, save California which is reeling from its own water restrictions. Imagine ruining clean safe water to extract oil. It makes no sense. And then what do you do with the left over polluted water? No one has the answer to this problem, they just keep drilling for this non renewable resource.

  • Report this Comment On May 25, 2014, at 1:38 PM, kkrimmer wrote:

    CHOICES:

    1. Fracking for oil.

    2. Drinkable non-poisonous water.

    -----------------------

    Like big tobacco says smoking is OK, big oil says fracking is OK.

  • Report this Comment On May 25, 2014, at 2:29 PM, tlpmidland wrote:

    The water used in Fracking is re-used, over and over in West Texas.

    The reason that there isn't more drilling, is due to a shortage of drilling rigs, plus available trained personnel to do the work safely and environmentally correct.

    As a retail consumer in West Texas, I am eager to see a drop in gasoline prices. But as long as Wall Street and the major banks run amuck & unchecked, we will pay through the butt.

    Remember To Vote Folks, that is how real "hope & change" will happen.

  • Report this Comment On May 25, 2014, at 2:30 PM, Squatch wrote:

    Well, this ought to insure the polar ice cap melt for my great grandchildren when I am long gone.

    If we ever get off the greed boat, and decide to become stewards of possibly a one-of-kind planet before irreversible damage is sustained, then the only sustainable, unlimited and completely clean internal combustion fuel is hydrogen. You can drink the exhaust!

    I predict that one of the perpetual energy sources needed to produce hydrogen by 'cracking' water through hydrolysis, will come from hydroelectric plants utilizing wave and tide energy 24/7.

    During off hours, the electric energy can also be directed towards the national grid, eliminating coal and nuclear plants, and removing all carbon emissions and radioactive disposal sites for good.

    This is not a pipe dream, patents and intellectual property rights are being targeted by oil companies in order to control these sources, and to insure their monopoly of profits.

  • Report this Comment On May 25, 2014, at 2:52 PM, Txspecman wrote:

    That explains why every landman in TX is trying to buy up old mineral interests in the basin. Thanks, but I think we will keep them...

  • Report this Comment On May 25, 2014, at 2:58 PM, drummindeadfool wrote:

    If only you knew what a game changer these advances really are. The driver behind our need to reduce carbon emissions has always been a fear of running out. Study the three near identical exponential curves: carbon in our atmosphere, crop yields, population. The powers that be, were sure we would run out so they gave us a substitute argument - fear of carbon. Now we are no longer afraid of running out, and all my fellow liberals are doubling down on all their substitute arguments.

  • Report this Comment On May 25, 2014, at 4:06 PM, JohanStrauss wrote:

    Texas oil needs to stay in Texas. The rest of the country can go to Hell.

  • Report this Comment On May 25, 2014, at 4:11 PM, fpl1954 wrote:

    The sad thing about oil as a commodity is the last BBL produced sets the price for ALL oil, so as this resources is developed it won't reduce the cost of liquid fuel. The good thing is every dollar that goes to developing and selling this resource stays in the USA - it's like pumping capital out of the ground.

  • Report this Comment On May 25, 2014, at 5:06 PM, luckyagain wrote:

    The best thing for the American consumer is keep raising the MGP target on cars and trucks. The less oil that Americans use, the better for the average American. The only way gasoline is going down is by using less of it: Econ 101: lower demand equals lower price. So every hybrid and electric vehicle mean that oil consumption is decreased. So even if you do not own or drive a hybrid or EV, it helps the average American by lowering demand.

  • Report this Comment On May 25, 2014, at 5:50 PM, snowbot wrote:

    Oil gets taxed when it is extracted and gas gets taxed when it is sold. Recent oil developments are propping up Social Security and other entitlement programs. Thats why the price will never go down and your life will never improve - because all the money is propping up government dependents.

  • Report this Comment On May 25, 2014, at 6:57 PM, glass667 wrote:

    don't worry... we have the biggest oil reserve in history,.... we wont have to buy oil from our sworn enemies,.... we could employ thousands in a very lucrative business,.... and keep them employed for years,.... we could reduce the unemployment rolls while adding cash to the GDP,.... we could restore the strategic oil reserve,....

    and someone will pass a law that will keep us from doing it....

    And somehow, some people think the oil business is the one that is in government's pockets. LOL.

  • Report this Comment On May 25, 2014, at 9:43 PM, peterwolf wrote:

    How ironic ( well I guess not really) that we get this story of a newly discovered massive oil field in Texas while last week we learned that California's massive oil field turns out to be a mirage. It figures. Nothing in California is working anymore. Businesses and jobs are fleeing. Taxes and the cost of living are rising continually. Crime is up ( even without mass murder in Santa Barbara) . The water is gone. Sacramento continues to spend more and more. Etc, etc. I am SO glad I'm leaving this lunatic asylum in less than two months !!

  • Report this Comment On May 25, 2014, at 10:39 PM, Freddyfreebe1 wrote:

    As I keep saying, if the Atlantic Ocean was a ocean of oil you will still get the oil scam price at the pump. I remember when Saudi Arabia was in the lead, there people were getting gasoline for 49 cent a gallon, at that time it was costing us close to 5 bucks a gallon.. Between the market and big oil, they make China look like the good guys.

  • Report this Comment On May 25, 2014, at 10:42 PM, madmilker wrote:

    Natural gas pump price in Okie City $1.70.....

    Over 2.5 million miles of pipelines under US and a few ignorant rich think another 1400 miles of pipe will be harmful...

    Go figure..!!

  • Report this Comment On May 25, 2014, at 11:39 PM, phillipzx3 wrote:

    "Electricity is not produced naturally except in lightning, so you have to use water (dams), coal, oil or natural gas to make it. So it is not as green as the left would have everyone believe."

    No...You don't HAVE to use coal, oil or natural gas to produce electricity. Did you not graduate from high school?

    We can produce more electricity than we could ever dream of using with one technology: closed loop geothermal. That, coupled with hydro, solar and wind would render the use of fossil fuels (to produce electricity) USELESS. Add modern nuclear power design, and the stake would be driven completely through the heart of the fossil fuel electrical industry.

    Fossil fuel is a weak-minded, easy answer. That's all its ever been.

  • Report this Comment On May 26, 2014, at 1:17 AM, NuhUh wrote:

    This is phenomenally great news, I just wonder where the water to frack is going to come from?

  • Report this Comment On May 26, 2014, at 1:51 AM, 8James38 wrote:

    It should be obvious by now that further burning of oil, coal, or natural gas will only add to the already devastating damage we have done to the climate of our planet.

    We simply must stop adding CO2 to the atmosphere.

    The best low carbon energy sources are geothermal and nuclear. The LFTR/MSR (Liquid Fluoride Thorium Reactor/Molten Salt Reactor is completely fail safe. These reactors have been tested and proven to work. They can use present stockpiles of "nuclear waste" as fuel, solving the storage problem. They cannot explode or leak radioactive material into the environment.

    Read the fascinating story of how these reactors were developed, and then shelved for the presently used solid fuel reactors because the military wanted a source of plutonium for weapons. The world now has a huge oversupply of plutonium, and no way to dispose of it. The LFTR/MSR can burn the plutonium as fuel, solving that problem also, and producing energy from it.

    "Super Fuel - Thorium, the Green Energy Source for the Future" by Richard Martin

    "Thorium - Energy Cheaper Than Coal" by Robert Hargraves

    See information from the Thorium Alliance

    Nuclear power (in spite of the confusions and fear caused by the accidents of Chernobyl and Fukushima, and in spite of the fact that present solid fuel reactors are expensive and older designs are less safe) has the best safety record of any electric generating method - including hydro.

    Wind and Solar are not nearly as usable for grid power. They have too large a CO2 footprint (cement and other materials) and use far too much land space. They also require major backup power and grid extensions that further add to costs, making the power too expensive.

  • Report this Comment On May 26, 2014, at 2:09 AM, wdking wrote:

    All this oil being found will do nothing to help American consumers price of energy. The price of oil is a set by world wide demand, which with the pressure on China and India to increase domestic consumption, will only increase.

    Reducing America's dependence on oil is the only way to decrease oil's price, which entails increasing the conversion to natural gas when appropriate and renewables.

  • Report this Comment On May 26, 2014, at 3:59 AM, mikeflores2000 wrote:

    A big lie. The US EIA was recently forced to write down 2/3 of reserves from fracking. California also overstated their reserves by 96%.

  • Report this Comment On May 26, 2014, at 6:00 AM, donlargo wrote:

    The writer should try living over a fracking operation or drinking water from his well after they've injected all that junk into the water table.

  • Report this Comment On May 26, 2014, at 8:51 AM, jackolantern wrote:

    I lived in the Permian basin for 4 years and the activity there was wild with oilfield workers after oil went over $100 a barrel and gas at the pump was over $4.00 a gallon. Right now with all the new activity there, you can't find a house to rent and houses for sale are double what you would pay for in other areas without all the oil activity. Some workers are living in storage units without windows!

  • Report this Comment On May 26, 2014, at 10:05 AM, maxout825 wrote:

    Don't people know that the oil companies knew this 50 years ago or longer. Wait till crude gets to $175 or higher and see how many more fields are found in North America..

  • Report this Comment On May 26, 2014, at 11:37 AM, delm31 wrote:

    Drill, baby, drill.

  • Report this Comment On May 26, 2014, at 11:38 AM, delm31 wrote:

    I'd say we take advantage and let the rest of the world fight over the Mideast oil fields.

  • Report this Comment On May 26, 2014, at 12:00 PM, kennyhobo wrote:

    The US could boost the middle class with massive numbers of jobs in manufacturing if US energy was cheap! Cheap energy would make the US more than competitive. The problem in the US is Obama and the Liberal Democrats who are destroying US Energy Production. Obama has done more to hurt the poor and middle class than any world leader in history. Even developing African countries are being destroyed by Obama energy policy. They can't use cheap coal to produce energy, so they have no electricity. Obama is committing genocide and the US news media loves him. Why?

  • Report this Comment On May 26, 2014, at 12:00 PM, VincentPaul wrote:

    I do not want to comment on burning fossil fuels and environmental concerns of fracking in this comment.

    I want to focus on the big myth that this will help the US. It will benefit the oil companies it will provide high paying jobs for the few who work the fields. The oil will go overseas. We will pay just as much as ever and it will not bring jobs back. As if all the companies who moved over seas will come back for cheaper energy. Really! They left because of cheap labor not high energy costs. Tell me what you think.

  • Report this Comment On May 26, 2014, at 12:44 PM, True411 wrote:

    A few inconvenient facts for the crackpots posting here:

    1) The US is producing about 8.3 million barrels of oil per day. We still import about 7.6 million barrels per day (source - this week in petroleum - Energy Information Administration).

    2) Every barrel we import costs Americans over $100. Importing oil hurts our economy, it hurts our quality of life, and our standard of living.

    3) The recent increase in domestic production has ALREADY helped American consumers. The price of domestic oil (Cushing price) is already about 8% cheaper than buying foreign oil.

    4) The increase in domestic oil production will displace imports - much of the added production WILL stay right here in the US. Why? It's cheaper to use domestically supplied oil than to pay the higher price for foreign oil and pay the cost of transporting that foreign oil in supertankers.

    I don't get paid by any oil company nor do I have any investments in oil or gas. I'm just a private citizen who has grown tired of being lied to by brain-dead liberals who clearly have a hidden agenda.

  • Report this Comment On May 29, 2014, at 9:53 AM, ifool100 wrote:

    Seriously? It's 2014 and we're excited about the ability to burn more fossil fuel than ever? From NASA: 97% of climate scientists worldwide say our weather systems are changing due to CO2 emissions, as a result of burning this stuff. As an investment It may pad your near term retirement fund, but our kids will pay the price. Long term investing, this is not!

  • Report this Comment On May 29, 2014, at 9:53 AM, stmmmd99 wrote:

    @True44, everybody had a hidden agenda, including you.

  • Report this Comment On May 29, 2014, at 4:53 PM, Pricha100 wrote:

    Lol, i like how they are excited that this massive oil well might last 10 WHOLE YEARS! The clock is ticking down, one way or another, and if its not this generation in denial which pays the price, it will be your children who will wonder why you did not think of their future instead of your own short term greed.

  • Report this Comment On May 30, 2014, at 7:14 AM, Deckster wrote:

    Such little minds! The easy oil is produced first. The more difficult oil is drilled and recovered with the higher prices. The Saudi can stick a straw into their sands and pump away. Our tighter shales must be treated prior to production. The world market for energy demands that it be a world price. Impose restrictions and the energy available at the higher prices goes away. The cheap oil in Venezuela is subsidized to the people and traded for Cuban doctors who work for $0.67/hr. Their production has fallen every year since Chavez took control of it. Before long a country with so much oil will be importing oil and living in worse conditions than they currently do. Climate change is not a man made event. It was happening prior to oil production. How else did the original peoples walk over the oceans to the Americas? Peoples once had vineyards in Greenland and Northern Europe.

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