New Oil Find!! In Indiana...........

[JustRalph]

http://www.foxnews.com/story/0,2933,356606,00.html

http://www.foxnews.com/images/371180/1_61_051908_oilwell_backyard1.jpg


He's a mini Jed Clampett

[chickenhead]

I had a similiar thought...we have some family land up where oil was first discovered in California, they stopped pumping decades ago, I'm sure there is a little bit left. I'd be happy with 3 barrels a day...

[Snag]

I've often wondered why the current price does not justify our pumping our own oil.

Is it the refining operations we don't have?

Is it the pipelines we don't have?

Something is wrong with this picture.

[DJofSD]

I seem to recall watching something earlier this year -- probably on CNBC or the History channel -- about the small time oil producers. Literally, small time operations that are pumping a couple of barrels a day. I think it was in PA.

[JustRalph]

I've often wondered why the current price does not justify our pumping our own oil.

Is it the refining operations we don't have?

Is it the pipelines we don't have?

Something is wrong with this picture.

It is something we have.....................











Namely, an idiot Congress!!!!

[Dick Schmidt]

There is a family here in LA that owns 28 oil wells scattered around the city. None of them pump much oil (they can pick it all up in a tanker truck) but every little bit helps. I have a cousin in the "ol bidness" and he tells me that no field has ever been pumped dry, or ever will be. There is always a little more oil, it just gets more and more expensive to get at it. His company has bought several old fields here in CA and in Florida and used modern technology to recover more oil. They pay a lot to do it, but the current high prices make it worth while. As the price goes up, I think you'll see more and more old wells put back into service. Drilling new wells is expensive, as the article says, but there are thousands of older wells that are closed in that can be brought back on line. As always, it's all about the money.


Dick

Most of the time it is always true.
– Y. Berra

[Tom]

OPEC has declined to increase productin until at least after their September meeting. Why should they? WE are not willing to help ourselves by increasing our on drilling, why should they care?

Our congress should be hung or shot.:mad:

[MONEY]

Our congress should be hung or shot.:mad:
Shouldn't that be hung & shot.

[russowen77]

There is nothing new about the INd field. They are revisiting all the old ones now that the prices are so high. It has been great for me. We have a little piece of wasteland in TX that nothing pumped for over 30 years but is now going again.

[ElKabong]

http://www.star-telegram.com/ed_wallace/story/651928.html

Never let Ms.Hcap or Sec say I never post left leaning links....

The author is a former car salesman, turned radio host on weekends, turned guest writer for a newspaper. Very liberal, and all of a sudden very full of himself after winning some media award.

I listen to his show when a diff show on 1310am has commercials on Saturday mornings. He makes some good points when it comes to the oil industry. Many are slanted, but some he hits on the head.

[PaceAdvantage]

Well then, if that is true, we should expect to see a massive drop in the price of oil sometime soon....the last time we headed towards a Presidential election, the price of oil dropped markedly....all signs are pointing to a serious correction.

All of a sudden, I'm starting to sound like a goon! :lol:

[Suppositionist]

Check this out if you want some good news about oil, the question becomes, why hasn't it been exploited.

http://en.wikipedia.org/wiki/Bakken_Formation

The answer is it is too expensive to get out at $50/ barrel. At seventy it's worth it but there was too much worry that it wouldn't stay at seventy. Now its really worth it and they are starting to take advantage but their is still the worry its (the price) a bubble, which it probably is, but will it go back to ninety of fifty when the bubble bursts, that is the question.

This latest run up is all hedge fund driven. When the hedge funds dumped oil a year and a half ago gas went back to reasonable prices but the weak dollar made oil attractive as a hedge against the weak dollar. As the dollar begins to show some real strength oil will come down. They may play the game the other way and see how far they can make it go down, who knows.

I read an article back in 1999 that said that the oil industry was really pissed that the government was instituting the new air standards at that time and that they were saying we wouldn't like what would happen because of them. Makes you wonder. 2000 is when gas first went above $2 a gallon and its been rising ever since.

S