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Gasoline could hit $7 a gallon in four years: CIBC

Discussion in 'Political Discussion' started by weswelker#83, Apr 24, 2008.

  1. weswelker#83

    weswelker#83 Rookie

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  2. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    How can this be ? Bush will only be President for about 9 more months and I thought gas prices were all his fault ?

    :confused:
  3. PressCoverage

    PressCoverage Banned

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    Been saying this since 2004.

    But no, ... oil's not running out.

    It's just the markets, and India/China, and OPEC playing hardball, and liberals blocking ANWAR, and every other in-denial explanation the average human has eaten up as gospel.
  4. wistahpatsfan

    wistahpatsfan Rookie

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    Clinton...Bush...whatever.
    How did CLinton get along with the Saudis? Pretty well, I bet.

    Saudis DO NOT want an Obama presidency. No way.
    Last edited: Apr 24, 2008
  5. MrBigglesWorth

    MrBigglesWorth Rookie

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    at what point does it run out? the day is gonna come in our generation where demand surpasses supply
  6. Terry Glenn is a cowgirl

    Terry Glenn is a cowgirl Banned

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    Oil ISN'T running out.

    A false scarcity along with massive greed is building up more than ever though...



    Massive Oil Deposit Could Increase US reserves by 10x[​IMG]

    [FONT=Verdana, Arial, Helvetica, sans-serif][/FONT]
    [FONT=Verdana, Arial, Helvetica, sans-serif][SIZE=-1]America is sitting on top of a super massive 200 billion barrel Oil Field that could potentially make America Energy Independent and until now has largely gone unnoticed. Thanks to new technology the Bakken Formation in North Dakota could boost America’s Oil reserves by an incredible 10 times, giving western economies the trump card against OPEC’s short squeeze on oil supply and making Iranian and Venezuelan threats of disrupted supply irrelevant.[/SIZE][/FONT]

    [FONT=Verdana, Arial, Helvetica, sans-serif][SIZE=-1]In the next 30 days the USGS (U.S. Geological Survey) will release a new report giving an accurate resource assessment of the Bakken Oil Formation that covers North Dakota and portions of South Dakota and Montana. With new horizontal drilling technology it is believed that from 175 to 500 billion barrels of recoverable oil are held in this 200,000 square mile reserve that was initially discovered in 1951. The USGS did an initial study back in 1999 that estimated 400 billion recoverable barrels were present but with prices bottoming out at $10 a barrel back then the report was dismissed because of the higher cost of horizontal drilling techniques that would be needed, estimated at $20-$40 a barrel. [/SIZE][/FONT]

    [FONT=Verdana, Arial, Helvetica, sans-serif][SIZE=-1]It was not until 2007, when EOG Resources of Texas started a frenzy when they drilled a single well in Parshal N.D. that is expected to yield 700,000 barrels of oil that real excitement and money started to flow in North Dakota. Marathon Oil is investing $1.5 billion and drilling 300 new wells in what is expected to be one of the greatest booms in Oil discovery since Oil was discovered in Saudi Arabia in 1938. [/SIZE][/FONT]

    [FONT=Verdana, Arial, Helvetica, sans-serif][SIZE=-1]The US imported about 14 million barrels of Oil per day in 2007 , which means US consumers sent about $340 Billion Dollars over seas building palaces in Dubai and propping up unfriendly regimes around the World, if 200 billion barrels of oil at $90 a barrel are recovered in the high plains the added wealth to the US economy would be $18 Trillion Dollars which would go a long way in stabilizing the US trade deficit and could cut the cost of oil in half in the long run. [/SIZE][/FONT]

    [​IMG]

    [​IMG]
    [FONT=Verdana, Arial, Helvetica, sans-serif][SIZE=-1][/SIZE][/FONT]
  7. PressCoverage

    PressCoverage Banned

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    Either way, whether its running out quickly, or whether demand passes supply, it doesn't really matter... There's going to be a shortage unlike mankind has ever seen. ... It's still going to lead to the clashing of civilizations and famine on a biblical scale.

    Unfortunately, our "elected" leaders the past 30 years are too pig-headed and beholden to corporate masters to ever truly do anything about softening the blow. The best they can think of is invading other countries who don't cater to our needs.
    Last edited: Apr 25, 2008
  8. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    This is a raisin and grapefruit comparison, but the guy across the street got propane yesterday and paid $7.00 a gallon.. holy crap.

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