{"id":7803,"date":"2013-07-25T14:50:55","date_gmt":"2013-07-25T14:50:55","guid":{"rendered":"http:\/\/praag.org\/?p=7803"},"modified":"2013-07-25T14:50:55","modified_gmt":"2013-07-25T14:50:55","slug":"biggest-oil-discovery-in-50-years","status":"publish","type":"post","link":"https:\/\/praag.org\/?p=7803","title":{"rendered":"Biggest oil discovery in 50 years"},"content":{"rendered":"

\"cooberpedy\"<\/a>In a virtually uninhabitable section of South Australia, a discovery has been made which could rock the world.\u00a0 Some are calling it the biggest discovery of oil in 50 years.\u00a0 Earlier this year, a company called Linc Energy announced that tests had revealed that there was a minimum of 3.5 billion barrels of oil equivalent sitting under more than 65,000 square kilometres of land that it owns in the Arckaringa Basin.\u00a0 But that is the minimum number.\u00a0 It has been projected that there could ultimately be\u00a0up to 233 billion barrels of recoverable oil\u00a0in the area.\u00a0 If that turns out to be accurate, the oil sitting under that land is worth approximately\u00a020 trillion dollars, and it would be roughly equivalent to the total amount of oil sitting under the sands of Saudi Arabia.\u00a0 In essence, it would be a massive game changer.<\/p>\n

If the 233 billion barrel figure is accurate (and some have even suggested that the true number could actually be 400 billion barrels), that would make it nearly 10 times larger than the Bakken formation, 17 times larger than the Marcellus discovery and 80 times larger than the Eagle Ford deposit down in Texas.<\/p>\n

It would also mean that Australia now has more \u201cblack gold\u201d than the nations of Iran, Iraq, Canada and Venezuela.<\/p>\n

The closest town to this oil discovery,\u00a0Coober Pedy, is in the process of being totally transformed.\u00a0 It normally only has about 1,700 inhabitants, but news of this discovery has drawn in 20,000 additional people already and real estate prices in the town are absolutely skyrocketing.<\/p>\n

So does all of this mean that gas prices will go down soon?<\/p>\n

Well, unfortunately that is not likely to be the case.<\/p>\n

First of all, the oil in this formation in Australia is going to be quite expensive to extract.\u00a0 It has been estimated that it is going to cost\u00a0up to 300 million dollars\u00a0just to get this site ready for production.<\/p>\n

In addition, many of our politicians are absolutely determined to greatly punish the use of oil because they believe that it is the primary cause of global warming.\u00a0 So they continue to raise taxes on gasoline consumption.<\/p>\n

Hopefully the price of gasoline will come down a bit over the next few years, but even if it does I would not expect it to come down too much.<\/p>\n

But what we can be sure of is that the world is not going to run out of oil any time soon.\u00a0 Those that have been predicting that we are are on the verge of an \u201cenergy doomsday\u201d can take a rest for a while.<\/p>\n

It is time that the American people were told the truth about our energy situation, and the truth is that we have plenty of energy resources.<\/p>\n

#1<\/strong>\u00a0Back in 1995, the U.S. Geological Survey told the American people that the Bakken Shale formation in western North Dakota and eastern Montana only held 151 million barrels of oil.\u00a0 Today, government officials are admitting that it holds\u00a07.4 billion barrels of recoverable oil, and some analysts believe that the actual number could be closer to\u00a024 billion\u00a0barrels of oil.<\/p>\n

#2<\/strong>\u00a0It is estimated that there are\u00a019 billion\u00a0barrels of recoverable oil in the tar sands of Utah.<\/p>\n

#3<\/strong>\u00a0It is estimated that there are\u00a086 billion\u00a0barrels of\u00a0recoverable oil in the Outer Continental Shelf.<\/p>\n

#4<\/strong>\u00a0It is believed that there are\u00a0800 billion\u00a0barrels of\u00a0recoverable oil in the Green River formation in Wyoming.<\/p>\n

#5<\/strong>\u00a0Overall, the United States is sitting on approximately\u00a01.442 trillion barrels of recoverable oil.<\/p>\n

#6<\/strong>\u00a0According to the Institute of Energy Research, the United States has an\u00a088 year supply\u00a0of natural gas.<\/p>\n

#7<\/strong>\u00a0According to the Institute of Energy Research, the United States has a\u00a0169 year supply\u00a0of oil.<\/p>\n

#8<\/strong>\u00a0According to the Institute of Energy Research, the United States has a\u00a0465 year supply\u00a0of coal.<\/p>\n

#9<\/strong>\u00a0Goldman Sachs is predicting that the United States will be the number one oil producing country in the world\u00a0by the year 2017.<\/p>\n

So the bottom line is that we have plenty of energy resources.\u00a0 We do not need to be importing oil from OPEC or anyone else.<\/p>\n

But just because we are not going to run out of oil, natural gas or coal any time soon does not mean that we should not be developing alternative energy resources.\u00a0 We should definitely be seeking ways to produce energy more cheaply, more cleanly and more efficiently.<\/p>\n

If America does not end up leading the world in developing new forms of energy, we should be ashamed of ourselves.\u00a0 And right now, the Chinese appear\u00a0to be way ahead of us\u00a0as far as thorium energy is concerned, and Italian scientists appear to be ahead of our own scientists\u00a0in developing \u201ccold fusion\u201d technology.<\/p>\n

So yes, let\u2019s be glad that we are not going to be facing a crippling energy crisis in this generation, but let\u2019s also not be complacent.\u00a0 There are lots of new technologies out there just waiting to be developed, and the rewards are going to go to those that are able to develop them first. – Economic Collapse<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

In a virtually uninhabitable section of South Australia, a discovery has been made which could rock the world.\u00a0 Some are calling it the biggest discovery of oil in 50 years.\u00a0 Earlier this year, a company called Linc Energy announced that tests had revealed that there was a minimum of 3.5 billion barrels of oil equivalent … Continue reading “Biggest oil discovery in 50 years”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":7806,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,3,123],"tags":[837,4309,4308],"class_list":["post-7803","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-and-finance","category-news","category-world","tag-australia","tag-coober-pedy","tag-oil-discovery"],"cc_featured_image_caption":{"caption_text":false,"source_text":false,"source_url":false},"jetpack_featured_media_url":"https:\/\/praag.org\/wp-content\/uploads\/2013\/07\/cooberpedy.jpeg","_links":{"self":[{"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/posts\/7803","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7803"}],"version-history":[{"count":1,"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/posts\/7803\/revisions"}],"predecessor-version":[{"id":7807,"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/posts\/7803\/revisions\/7807"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/media\/7806"}],"wp:attachment":[{"href":"https:\/\/praag.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}