Thread: New oil in North Dakota

The oil reserves in North Dakota have been recently expanded. Vast reserves have been discovered. Granted it is shale oil and expensive to extract but if you want to talk about running completly out of oil in the near future this makes that look much more distant.


MPR: North Dakota oil patch is booming


...."Finding that additional supply is equivalent to finding five and a half Saudi Arabias," says Guidry.....

.....North Dakota officials estimate they will approve permits for 500 new oil wells this year. All that activity means more oil revenue, which means a healthy surplus for state government. The oil tax brought in $170 million last year. Oil revenue is expected to be at least $300 million next year.

Originally Posted by justoneman

The oil reserves in North Dakota have been recently expanded. Vast reserves have been discovered. Granted it is shale oil and expensive to extract but if you want to talk about running completly out of oil in the near future this makes that look much more distant.


MPR: North Dakota oil patch is booming


...."Finding that additional supply is equivalent to finding five and a half Saudi Arabias," says Guidry.....

.....North Dakota officials estimate they will approve permits for 500 new oil wells this year. All that activity means more oil revenue, which means a healthy surplus for state government. The oil tax brought in $170 million last year. Oil revenue is expected to be at least $300 million next year.

Would the developed shale oil be designated for domestic use, or would it be sold on the global market.

see, if only there were a method that would allow the cheap extraction of shale oil.
Then we would be able to essentially consume oil to our hearts content, 'made in america!'
PLus, that would give enough money to properly invest in infrastructure/science.

Originally Posted by janielou

Would the developed shale oil be designated for domestic use, or would it be sold on the global market.

America is not a Communist state. Sorry.

Originally Posted by justoneman

America is not a Communist state. Sorry.

You can still capitalize on domestic oil without putting it on a global market. I also suppose all those right wing shooters at the local gun range are commies as well since a lot only allow American made bullets fired in their range.

Originally Posted by Vitiate

You can still capitalize on domestic oil without putting it on a global market. I also suppose all those right wing shooters at the local gun range are commies as well since a lot only allow American made bullets fired in their range.

What a local gun club wants to do is their business. As far as my country it was never communist before and i do not want it to be so now. if you want government take over of private industry go join Chavez or Castro.

Good as the Lakota's have declared their independence from the USA. They wish to sucede from the US and will need all the resources they can muster.

Lakota Indians Break Away From U.S.

Lakota Indians Secede from United States, Taking Five States Back

Originally Posted by justoneman

What a local gun club wants to do is their business. As far as my country it was never communist before and i do not want it to be so now. if you want government take over of private industry go join Chavez or Castro.

Why does government have to control it? Aren't there Americans who truly believe in America and would love to strengthen the economy of the states? I find it hard to believe that you'd want to allow corporate America to screw its own country in the ass. Seriously, what the hell is the point of identifying yourself as an American if your own countrymen are out to screw you over?

Originally Posted by Vitiate

Why does government have to control it? Aren't there Americans who truly believe in America and would love to strengthen the economy of the states? I find it hard to believe that you'd want to allow corporate America to screw its own country in the ass. Seriously, what the hell is the point of identifying yourself as an American if your own countrymen are out to screw you over?

Paleeeease! Selling a product is not screwing the country. If you use commone sense you will realize that the oil will naturally go to the USA or Canada. Because it is not in the nature of business to move oil thousands of miles in order to sell it. Do you really think that the oil is going to be paid for to be transported out of the country to be sold?

Originally Posted by justoneman

Paleeeease! Selling a product is not screwing the country. If you use commone sense you will realize that the oil will naturally go to the USA or Canada. Because it is not in the nature of business to move oil thousands of miles in order to sell it. Do you really think that the oil is going to be paid for to be transported out of the country to be sold?

So why even post a silly 'we're no commie' response if the petroleum is to be domesticated anyway. In fact, the question was posed regarding domestication vs. global market. To add, oil would be placed on a global market because it's how commodities work. Based on futures contracts, it would be the buyer paying the margin and whatever fees necessary for transportation.