Re: Oil and gas running out much faster than expected, says study

["dmschanoes" <dmschanoes@xxxxxxxxxxxxx>]

Here we go again:

Where are the reserves?  At the drill bit, where they've always been--

but referring to tar sands:  Production from the Athabasca tar sands and oil
shales has increased to the 800,000-1,000,000 bbl/day level since the 70s.

Price levels to make such production profitable were calculated  30 years
ago at the $12, or 15, or 20 or $25 barrel range-- now new development is
pretty much frozen despite prices over $25 and productions costs of $5-$7
per barrel.

Colorado School of Mines Petroleum Engineering Institute estimates possible
quantities from sands, shale, and heavy oil from Venezuela exceeding current
known reserves by a factor of ten-- with the problem being the immense
technical and cost problems of extracting the oil-- including the vast
quantities of natural gas used in the extraction process.

dms



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