I am tired of reporting that it could go to 200$ a barrel. Most of us have already given it up as obvious. But 30$ a barrel!? It could very well be if Shell get their way. Whats even more important is that this reserve of oil is right in the United States saving them billions of foreign exchange if all goes to plan. This discovery of oil is not new by any means but oil shale wasnt exactly known for its ease from which to extract oil.
The procedure has been so expensive and cumbersome that oil companies left the shale alone. This despite the fact that about 800 Billion barrels of oil lie in this oil shale. Thats about three times what Saudi Arabia have as their reserves.
Companies have tried and failed earlier to extract oil from this shale. This time around, a scientist has finally managed to crack the code to make oil cheap and plenty by being able to extract it from the shale at a economical and environmentally friendly process. Harold Vinegars name may very well go into text books if everything works out.
More on oil shale and how we could all be spared from these oil pains at CNN.
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2 Comments
You are overlooking the strategic advantage… While we burn through the fossil fuel resources of other countries, we will watch the value of our oil increase. As the world’s supplies run dry, we will have our own reserves to sell at perhaps $500 a barrel.
I totally agree with jwilliam, we will have the reserves to earn a ton of money. When it comes down to that we will have the main supply and saudi arabia will be out of luck and back to its 3rd world country.