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03-28-2017, 11:02 PM
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#2
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Registered User
Join Date: Jan 2015
Posts: 1,957
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Quote:
Originally Posted by davew
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Quote:
The 10.4 billion barrels of oil and 8.6 trillion cubic feet of natural gas in the Arctic National Wildlife Refuge
The 86 billion barrels of oil and 420 trillion cubic feet of natural gas in the outer continental shelf of the lower 48 states
The 896 million barrels of oil and 53 trillion cubic feet of natural gas in the Naval Petroleum Reserve-Alaska
The 25 billion barrels of oil in the outer continental shelf of Alaska
The 90 billion barrels of oil and 1,669 trillion cubic feet of natural gas in the geologic provinces north of the Arctic circle
The 982 billion barrels of oil shale in the Green River Formation in Colorado, Utah, and Wyoming.
These technically recoverable resources total 1,194 billion barrels of oil and 2,150 trillion cubic feet of natural gas that is owned by the federal taxpayer. At $100.00 per barrel of oil and $4.00 per thousand cubic feet of natural gas, the oil resources are worth $119.4 trillion and the natural gas resources are worth $8.6 trillion for a grand total of $128 trillion, or about 8 times the U.S. national debt.[iii]
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$100 per barrel of oil? Over twice today's going rate?
Even at $100 per barrel, the kerogen of the Green River Formation (82% of reserves mentioned here) is not economically viable to extract.
These calculations seem ambitious - perhaps brought to us by the same folks who assure us that Social Security is viable.
Today the U.S. burns through approximately 19.5 million barrels of oil per day, which 9.5 million is imported. The demand will be there for years to come, as the pain of weaning off fossil fuels is too much right now, so the idea of selling of mineral rights to pay down the debt has some merit, but I'm not sure these numbers are an accurate picture of the benefits.
And then there would be the political opposition - let's not forget to toss the cost of numerous environmental studies and court costs on top of all this....
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03-29-2017, 12:53 AM
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#3
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Librocubicularist
Join Date: Jun 2010
Location: Ohio
Posts: 10,466
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Let’s focus on a giant part of this: Mineral rights for oil and gas reserves. The IER report said they’re worth $128 trillion.
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With that kind of collateral we can borrow even more! 
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Sapere aude
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03-29-2017, 08:12 AM
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#4
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Registered User
Join Date: Mar 2015
Location: Diez meses en Port St. Lucie, FL; two months in the Dominican Republic
Posts: 4,355
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Quote:
Originally Posted by Actor
With that kind of collateral we can borrow even more! |
 Hey, don't give Congress any ideas!
__________________
"But don't ask me what I think of you, I might not give the answer that you want me to. "
Fleetwood Mac, Oh Well, Part 1 (1969)
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03-29-2017, 11:43 AM
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#5
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Registered User
Join Date: Mar 2005
Location: Queens, NY
Posts: 20,612
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I think this is a good idea in theory. If he can find some marketable assets and get congress to agree, go for it.
__________________
"Unlearning is the highest form of learning"
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03-29-2017, 01:26 PM
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#6
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Registered User
Join Date: Mar 2013
Posts: 5,414
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Quote:
Originally Posted by Parkview_Pirate
$100 per barrel of oil? Over twice today's going rate?
Even at $100 per barrel, the kerogen of the Green River Formation (82% of reserves mentioned here) is not economically viable to extract.
These calculations seem ambitious - perhaps brought to us by the same folks who assure us that Social Security is viable.
Today the U.S. burns through approximately 19.5 million barrels of oil per day, which 9.5 million is imported. The demand will be there for years to come, as the pain of weaning off fossil fuels is too much right now, so the idea of selling of mineral rights to pay down the debt has some merit, but I'm not sure these numbers are an accurate picture of the benefits.
And then there would be the political opposition - let's not forget to toss the cost of numerous environmental studies and court costs on top of all this....
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nearly every estimate that the U.S. geological survey puts out ends up being blown out of the water when reality comes to fruition. Those numbers are probably very conservative. Extraction methods change/improve constantly in this industry. We will be exploring in ANWR very soon.
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03-29-2017, 09:55 PM
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#7
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The Voice of Reason!
Join Date: Mar 2001
Location: Canandaigua, New york
Posts: 112,866
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Quote:
Originally Posted by classhandicapper
I think this is a good idea in theory. If he can find some marketable assets and get congress to agree, go for it.
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California, NY - buy one, get one free.
All sales FINAL!
__________________
Who does the Racing Form Detective like in this one?
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03-29-2017, 10:06 PM
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#8
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Veteran
Join Date: May 2014
Location: Lincoln, NE
Posts: 11,474
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Not that I don't believe the article, but if the problem is Baby Boomers, then why don't we eliminate the problem?
They have lived off the greatest generation of all time, and then raised the worst generation of all time behind them. What the heck good are they anymore? 
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03-29-2017, 10:14 PM
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#9
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The Voice of Reason!
Join Date: Mar 2001
Location: Canandaigua, New york
Posts: 112,866
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You can look at the miserable crop of Millennials and find fault with the boomers?? A 60 year old is as good as three 20 year olds.
__________________
Who does the Racing Form Detective like in this one?
Last edited by Tom; 03-29-2017 at 10:15 PM.
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03-29-2017, 10:19 PM
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#10
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Veteran
Join Date: May 2014
Location: Lincoln, NE
Posts: 11,474
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Quote:
Originally Posted by Tom
You can look at the miserable crop of Millennials and find fault with the boomers??
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It isn't like they are a horse, and "pumped" and left. Or a Mare and watched the foal for a few months.
They actually raised these people. For 18 to 35 years. 
Who else are we to blame?
Chuck Schumer?
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03-29-2017, 10:29 PM
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#11
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The Voice of Reason!
Join Date: Mar 2001
Location: Canandaigua, New york
Posts: 112,866
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Not our fault - the government said we couldn't beat them.
I always thought twice about the belt before I did crap.
__________________
Who does the Racing Form Detective like in this one?
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03-30-2017, 09:57 AM
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#12
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Traded By Cubs
Join Date: Feb 2003
Location: 2 miles north of Wrigley Field
Posts: 5,339
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Quote:
Originally Posted by Lemon Drop Husker
Not that I don't believe the article, but if the problem is Baby Boomers, then why don't we eliminate the problem?
They have lived off the greatest generation of all time, and then raised the worst generation of all time behind them. What the heck good are they anymore? |
I know a few of us Boomers that never had kids, and we didn't go around agreeing with the crappy ways that society and social expectations changed.
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03-30-2017, 05:39 PM
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#13
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Registered User
Join Date: Jan 2015
Location: Beaverdam Virginia
Posts: 12,700
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Quote:
Originally Posted by Tom
Not our fault - the government said we couldn't beat them.
I always thought twice about the belt before I did crap.
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I was way more afraid of being caught by my dad than the police when I was a kid.
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04-16-2017, 06:55 AM
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#14
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Registered User
Join Date: Jan 2006
Location: Audubon, PA
Posts: 427
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Trump's concept of asset sales; "I bought Park Place for $350 when I was a kid, and I improved the lot several times so how much could I sell it for now?"
If he was alive, Milton Bradley would have been appointed our Chief Economist.
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04-16-2017, 07:30 AM
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#15
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Registered User
Join Date: May 2011
Posts: 22,649
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Quote:
Originally Posted by Elliott Sidewater
Trump's concept of asset sales; "I bought Park Place for $350 when I was a kid, and I improved the lot several times so how much could I sell it for now?"
If he was alive, Milton Bradley would have been appointed our Chief Economist.
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Would he do something about the people who pass go on every turn - here's your $200?
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