Like the illusion of Wall Street, with its vast and powerful investment banks, now shuttered, China too is an illusion perpetuated by the Globalists that gave us the 15,000 mile Caesar salad, poisoned cat food and lead based paint on babies' pacifiers. Like the illusion that money would come from thin air to always push housing prices higher, China has spent a generation pursuing its illusion. Pursuing an unattainable dream to be like the West, while 6000 years of its carefully shepherded top soil blows into the sea.
Posted: Mon Jul 14, 2008 11:39 am Post subject: Bush says OCS has 18 billion barrels of oil
Just now. CNBC, Bush says the OCS has the equivalent of 10 years of America's annual oil production or 18 billion barrels.
Edit: Originally I had posted 77 billion. My bad. See my last post in the thread for an explanation. _________________ A Saudi saying, "My father rode a camel. I drive a car. My son flies a jet-plane. His son will ride a camel."
Live in Arizona? Check out: http://sustainablearizona.org and read my blog.
Last edited by MonteQuest on Mon Jul 14, 2008 4:01 pm; edited 1 time in total
The MMS has completed an assessment of the undiscovered technically recoverable resources (UTRR) underlying offshore waters on the Outer Continental Shelf (OCS). This assessment was based on information available as of January 1, 2003, including information obtained from new exploration activities.
The MMS estimates that the quantity of undiscovered technically recoverable resources ranges from 66.6 to 115.3 billion barrels of oil and 326.4 to 565.9 trillion cubic feet of natural gas.
Of course that is an estimate of the undiscoveredtechnically recoverable reserves.
Posted: Mon Jul 14, 2008 12:10 pm Post subject: Re: Bush says OCS has 77 billion barrels of oil
I'm sorry.....OCS? _________________ "Battle not with monsters, lest ye become a monster, and if you gaze into the
Abyss, the Abyss gazes also into you."
Ammo at a gunfight is like bubblegum in grade school: If you havent brought enough for everyone, you're in trouble
Posted: Mon Jul 14, 2008 12:29 pm Post subject: Re: Bush says OCS has 77 billion barrels of oil
Specop_007 wrote:
I'm sorry.....OCS?
Outer Continental Shelf _________________ A Saudi saying, "My father rode a camel. I drive a car. My son flies a jet-plane. His son will ride a camel."
Live in Arizona? Check out: http://sustainablearizona.org and read my blog.
Joined: May 13, 2005 Posts: 3055 Location: The Urban Village
Posted: Mon Jul 14, 2008 12:30 pm Post subject: Re: Bush says OCS has 77 billion barrels of oil
Specop_007 wrote:
I'm sorry.....OCS?
Outer Continental Shelf
The Atlantic doesn't look like so much, even by their estimates of what might be discovered some day and what might be technically recoverable some day.
Posted: Mon Jul 14, 2008 1:00 pm Post subject: Re: Bush says OCS has 77 billion barrels of oil
aahala2 wrote:
You've already shown how they got it. Multiplication.
If you want to claim say 10 years of oil supply, take the
daily useage and multiply by the number of days.
If they wanted to claim 20 years, then twice as much.
That's how they came up with the figure, I am NOT
kidding you. If you don't believe me, review the WMD issue.
Same method.
Is that the WMD issue involving 550 TONS of yellow cake, among other nifty little items? Geeting a biiiit off topic I think. _________________ "Battle not with monsters, lest ye become a monster, and if you gaze into the
Abyss, the Abyss gazes also into you."
Ammo at a gunfight is like bubblegum in grade school: If you havent brought enough for everyone, you're in trouble
Posted: Mon Jul 14, 2008 1:01 pm Post subject: Re: Bush says OCS has 77 billion barrels of oil
MonteQuest wrote:
Specop_007 wrote:
I'm sorry.....OCS?
Outer Continental Shelf
Ahhh, outer. Thanks. Figured it was Continental Shelf something but wasnt sure what. _________________ "Battle not with monsters, lest ye become a monster, and if you gaze into the
Abyss, the Abyss gazes also into you."
Ammo at a gunfight is like bubblegum in grade school: If you havent brought enough for everyone, you're in trouble
Posted: Mon Jul 14, 2008 1:13 pm Post subject: Re: Bush says OCS has 77 billion barrels of oil
dinopello wrote:
Of course that is an estimate of the undiscoveredtechnically recoverable reserves.
There's gold in them thar hills!
Betting on the come?
That's our energy policy? _________________ A Saudi saying, "My father rode a camel. I drive a car. My son flies a jet-plane. His son will ride a camel."
Live in Arizona? Check out: http://sustainablearizona.org and read my blog.
Posted: Mon Jul 14, 2008 1:19 pm Post subject: Re: Bush says OCS has 77 billion barrels of oil
the market doesn't think much of his announcement. Oil is up. _________________ A Saudi saying, "My father rode a camel. I drive a car. My son flies a jet-plane. His son will ride a camel."
Live in Arizona? Check out: http://sustainablearizona.org and read my blog.
Mr. Bush called on Congress Wednesday to end a longstanding federal ban on offshore drilling and open the Arctic National Wildlife Refuge for oil exploration, arguing that the steps were needed to lower gasoline prices and bolster national security. But even as oil trades at more than $135 a barrel — up from $68 a year ago — the world’s existing drill-ships are booked solid for the next five years. Some oil companies have been forced to postpone exploration while waiting for a drilling rig, executives and analysts said.
Demand is so high that shipbuilders, the biggest of whom are in Asia, have raised prices since last year by as much as $100 million a vessel to about half a billion dollars.
“The crunch on rigs is everywhere,” said Alberto Guimaraes, a senior executive at Petrobras, the Brazilian oil company that has discovered some of the most promising offshore oil but has been unable to get at it.
“Almost 100 percent of the oil companies are constrained in their investment program because there is no rig available,” he said.
As a result, drilling costs for some of the newest deepwater rigs in the Gulf of Mexico — the nation’s top source of domestic oil and natural gas supplies — have reached about $600,000 a day, compared with $150,000 a day in 2002.
_________________ It's a cold cold world when a man has to pawn his shoes.
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Then stop driving to work, duh..... 
