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Silver
07-23-2008, 09:15 PM
http://www.bloomberg.com/apps/news?pid=20601082&sid=aqEDMhrCvp28

Arctic May Hold 90 Billion Barrels of Oil, U.S. Says (Update2)

By Joe Carroll

July 23 (Bloomberg) -- The Arctic may hold 90 billion barrels of oil, more than all the known reserves of Nigeria, Kazakhstan and Mexico combined, and enough to supply U.S. demand for 12 years, the U.S. Geological Survey said.

One-third of the undiscovered oil is in Alaskan territory, the agency found in a study released today. By contrast, a geologic formation beneath the North Pole claimed by Russian scientists last year probably holds just 1.2 percent of the Arctic's crude, the U.S. report showed.

Energy producers such as Royal Dutch Shell Plc and Chevron Corp. have accelerated exploration of the northernmost regions for untapped reserves amid record prices and receding access to deposits in more hospitable climates. Russia's move to scrap a United Nations convention and carve out an exclusive Arctic zone sparked protests from Canada, the U.S., Norway and Denmark.

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While the dim Dems have this country standing still, doing nothing, Russia plans on grabbing a big chunk of oil right from under our noses.....

Instead of slowing killing the United States, the Democrats might just as well sign the country over to the Russians or the Muslims and save valuable time....

Dilloduck
07-23-2008, 09:26 PM
http://www.bloomberg.com/apps/news?pid=20601082&sid=aqEDMhrCvp28

Arctic May Hold 90 Billion Barrels of Oil, U.S. Says (Update2)

By Joe Carroll

July 23 (Bloomberg) -- The Arctic may hold 90 billion barrels of oil, more than all the known reserves of Nigeria, Kazakhstan and Mexico combined, and enough to supply U.S. demand for 12 years, the U.S. Geological Survey said.

One-third of the undiscovered oil is in Alaskan territory, the agency found in a study released today. By contrast, a geologic formation beneath the North Pole claimed by Russian scientists last year probably holds just 1.2 percent of the Arctic's crude, the U.S. report showed.

Energy producers such as Royal Dutch Shell Plc and Chevron Corp. have accelerated exploration of the northernmost regions for untapped reserves amid record prices and receding access to deposits in more hospitable climates. Russia's move to scrap a United Nations convention and carve out an exclusive Arctic zone sparked protests from Canada, the U.S., Norway and Denmark.

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While the dim Dems have this country standing still, doing nothing, Russia plans on grabbing a big chunk of oil right from under our noses.....

Instead of slowing killing the United States, the Democrats might just as well sign the country over to the Russians or the Muslims and save valuable time....

Who cares who drills it ? It all gets sold on the global market where price is determined by supply and demand, right ?

Silver
07-23-2008, 09:38 PM
Who cares who drills it ? It all gets sold on the global market where price is determined by supply and demand, right ?

Guess thats why gas is 12 cents a gal. in Venezuela and 78 cents a gal. in Kuwait....

Dilloduck
07-23-2008, 09:43 PM
Guess thats why gas is 12 cents a gal. in Venezuela and 78 cents a gal. in Kuwait....

You mean they actually sell gas to their own people --at a discount ???:laugh2:

Dilloduck
07-23-2008, 09:48 PM
The location of refineries plays another role in exports: Not all refineries in the United States are U.S.-owned. For example, Venezuela owns the three CITGO refineries in the United States. Most of the 750,000 barrels a day of fuel produced at those refineries is sold at the nation's 14,000 CITGO gas stations, but about 30,000 barrels a day is shipped back to Venezuela, where you can fill up for the government-subsidized price of 19 cents a gallon.


http://www.msnbc.msn.com/id/24881660/

MtnBiker
07-23-2008, 10:00 PM
July 23 (Bloomberg) -- The Arctic may hold 90 billion barrels of oil, more than all the known reserves of Nigeria, Kazakhstan and Mexico combined, and enough to supply U.S. demand for 12 years, the U.S. Geological Survey said.

One-third of the undiscovered oil is in Alaskan territory, the agency found in a study released today. By contrast, a geologic formation beneath the North Pole claimed by Russian scientists last year probably holds just 1.2 percent of the Arctic's crude, the U.S. report showed.

Impossible! we reached peak oil years ago! oh wait a minute.......