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Re: Recovering Another 43 Billion Barrels of Oil from Six U.S. Areas (Score: 1)
by bobcousins on Saturday, April 30 @ 02:52:37 PDT
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Yes, but it depends on the oil field. Norways fields are all offshore I think. They concluded it would be economical at $40/bl but not at $18/bl. The numbers will be different for each field.

http://www.planetark.com/dailynewsstory.cfm/newsid/30582/story.htm

Its interesting they quote $18/bl as minimum price for economic recovery, as it puts the lie to people who say there are lots of unexploited reserves because the oil companies are waiting for price to rise. Its been above $18 for quite a while.

These things are not either/or though, as Henry Groppe puts it, we ran out of $2 oil, then $8 oil, then $15. Now we are on $40 oil, so many reserves may now become economic that weren't previously. But oil companies are unlikely to take the risk.


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