Predictions on gas prices

If the idiots running this shitshow thought it was a National Security issue, we'd still be pumping it at $27/barrel in the US.

Yep. Wasn't it just a a year or 2 ago we weren't dependent on any foreign oil? And our Commander in Chief (not the current rotting vegetable) was warning Europe about this very thing happening?

Yup, saw that video just a couple of days ago of him ripping the Euro leaders over that very issue. The media don't seem to be very keen on airing it.

3/8/22

Today saw 40c/gal increase... (so far)

Local Costco (Regular)...
3/2Wednesday AM: $4.49
Wednesday evening: $4.54
3/3Thursday AM: $4.59
Thursday evening: $4.69
3/4 Friday: $4.69
3/5 Saturday AM: $4.99
Saturday Noon: $4.78 ( I guess they had second thoughts about the 30c/gal jump, for 24 hours...)
Saturday evening: $4.88
3/6 Sunday AM: $4.98
Sunday Evening: $5.03
3/7 Monday: $5.03
3/8 Tuesday AM: $5.13
Tuesday afternoon: $5.15
Tuesday PM: $5.23
3/9 Wednesday AM: $5.13
Wednesday Afternoon: $5.29
3/10 Thursday AM: $5.69

U.S. OIL SUPPLY.....INCREDIBLE..!! About 6 months ago, there was a news program on oil and one of The Forbes Bros. was the guest. The host said to Forbes, "I am going to ask you a direct question and I would like a direct answer; how much oil does the U.S. Have in the ground?" Forbes did not miss a beat, he said, "More than all the Middle East put Together." The U.S. Geological Service issued a report in April 2008 that only Scientists and oil men knew was coming, but man was it big. It was a revised report (hadn't been updated since 1995) on how much oil was in this area of the western 2/3 of North Dakota, western South Dakota, and Extreme eastern Montana. Check THIS out: The Bakken is the largest domestic oil discovery since Alaska's Prudhoe Bay and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable (5 Billion barrels), at $107 a barrel, we're looking at a resource base worth more than $5.3 trillion. "When I first briefed legislators on this, you could practically see their Jaws hit the floor. They had no idea." says Terry Johnson, the Montana Legislature's financial analyzer. "This sizable find is now the highest-producing onshore oil field found in the past 56 years,” reports The Pittsburgh Post Gazette. It's a formation known as the Williston Basin but is more commonly referred to as the 'Bakken.' It stretches from Northern Montana, through North Dakota and into Canada. For years, U.S. Oil exploration has been considered a dead end. Even the 'Big Oil' companies gave up searching for major oil wells decades ago. However, a recent technological breakthrough has opened up the Bakken's Massive reserves, And, we now have access of up to 500 billion barrels. And because this is Light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!!!!! That's enough crude to fully fuel the American economy for 2041 years Straight. And if THAT didn't throw you on the floor, then this next one should - Because it's from 2006 !!!!!! U.S. Oil Discovery - Largest Reserve in the World Stansberry Report Online - 4/20/2006. Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the Largest untapped oil reserve in the world. It is more than 2 TRILLION barrels. On August 8, 2005 President Bush Mandated its extraction. In many recent years of high oil prices none has been extracted. With this mother lode of oil why are we still fighting over off-shore Drilling? They reported this stunning news: We have more oil inside our borders, than all the other proven reserves on Earth. Here are the official estimates: 8 times as much oil as Saudi Arabia 18 times as much oil as Iraq 21 times as much oil as Kuwait 22 times as much oil as Iran 500 times as much oil as Yemen And it's all right here in the Western United States !!!! HOW can this BE? HOW can we NOT BE extracting this? Because the Environmentalists and others have blocked all efforts to help America become Independent of foreign oil! Again, we are letting a small group of people Dictate our lives and our economy. WHY? James Bartis, lead researcher with the study says we've got more oil in this very compact area than the entire Middle East, more than 2 TRILLION barrels Untapped. That's more than all the proven oil reserves of crude oil in the World today, reports The Denver Post. Don't think 'OPEC' will drop its price even with this find? Think again! It's all about the competitive marketplace, it has to. Think OPEC just might be funding the environmentalists? Got your attention yet? Now, while you're thinking about it, do this: Pass this along. If you don't take a little time to do this, then you should stifle yourself the next time you complain about gas prices, by doing NOTHING, you forfeit your right to complain. Now I just wonder what would happen in this country if every one of you sent this to everyone in your address book.

The math on this is so far off it's incredble. First, 5 billion barrels at $107 a barrel is about $535 billion, not $5.3 trillion. Second, USGS and Williston show about 4.3 Billion barrels that would be recoverable. https://www.usgs.gov/faqs/how-much-oil-and-gas-are-actually-bakken-formation Especially egregious is the sentence that somehow there are 500 BILLION barrels in that area. The US alone uses 6.2 Billion barrels per year so even if there were 500 billion barrels, which is NOT the case, it might fuel us for 80 years, not 2041 years.

When an article makes fantastic claims and then errs on remedial addition to support their claims....well then it's not only not credible, it's propaganda.

For more fact checking- see this: https://www.factcheck.org/2009/03/us-offshore-oil-reserves/

Just noticed that my local Costco is selling Premium at 10c/gal cheaper than Regular...

This morning:




This afternoon:

3/10/22

$5.45/$5.75 now.

Unbelievable, This will surely kill the economy if it continues. I’ll put that money in home upkeep instead of my gas tank, and hang around the house. Watching Fox News as I’m posting this. No surprise, gas thefts are on the rise. Not siphoning, they’re drilling plastic tanks. Nice.

100LL at the airport: $5.32/gal.. so if you have something that doesn't have cat's, like an old muscle car or motorcycle etc you'll be fine.

In related news:

https://www.autoblog.com/2022/03/08/automakers-metals-russia-ukraine-war/?guccounter=1

I am going to copy a post I made on another forum

For those that keep saying we are behind on production because of the lack of federal permits, can any of you tell us the production #s tied to those permits if they are granted today or the split of federal production vs private?

I am in no way defending Biden but this shit is getting old quick, when he took office last year most operators had 4+ years of drilling on federal lands for permits they already held.

The rig count in the US declined because everyone stopped using O&G, most of the service companies laid off ~40% of their work force from office to field and the rig count dropped to 254 the week of 9/11/20, the rig count hit 1083 the week of 12/28/2018 and dropped all the way through the week of 9/11/20 mostly due to efficiency gains in drilling time and increased farcing efficiency and of course the Rona

The US alone has picked up 250 rigs from this time last year and we are currently sitting at 650 rigs as of a week ago. At this point unless someone has a couple hundred turn key ready rigs that can drill 5+ miles in all directions you might want to find something else to bitch about because the problem in the US is a lack of people and equipment.

The US simply cant ramp up fast enough in the short term to do anything about the current situation, you can also blame the asshats in wall street for punishing the operators that talked about increasing capital spend in Q1 and 2 for drilling and production by killing their stock prices....





The majority of our refineries are setup for the nasty tar shit like what Canada and Venezuela has, not the light sweet crude that most of our basins produce... Go figure right but when you export your good stuff and import the nasty shit I guess that's just how it worked out for us.

From what I have been told the cost to convert one of our refineries to process the lighter crude is stupid expensive.

My whole point with that post was to give some more detail to the bigger picture that is playing out, btw our production from federal land is ~25% given time operators could make that up if push comes to shove from private land.

If I’m not mistaken Russia (Soviet Union) produces more titanium than any other nation. The SR-71 is 90% plus titanium was built with Russian metal. The US bought through a third party or it wouldn’t have happened.

Looks like you are correct. The following is from Wikipedia.

Acquisition of titanium
Titanium was in short supply in the United States, so the Skunk Works team was forced to look elsewhere for the metal. Much of the needed material came from the Soviet Union. Colonel Rich Graham, SR-71 pilot, described the acquisition process:

Saw a documentary on that recently. Setup a bunch of scan corporations worldwide so they didn't know the US was buying a ton of Titanium. That plane was really an amazing engineering story. They actually designed a new jet fuel because it leaked fuel like a sieve on the ground. Once it got up to speed the skin heated up, expanded, and sealed all the leaks. Saw a demonstration where they threw a lit match on a puddle of jet fuel and NOTHING.

If you've never been to the Wright-Patterson Air & Space Museum in Dayton, Ohio, it's worth the trip. They Have a SR-71 and a XB-70 Valkyrie on display. Plan on spending at least a half a day here, lots of neat displays. Best of all, FREE ADMISSION!