An overlooked corner of West Texas is believed to contain billions of bls of new oil

Onkel Neal · 09-08-16, 03:38 PM

http://money.cnn.com/2016/09/08/inve...ery/index.html

Quote:

Apache (APA) revealed the huge find this week after more than two years of stealthily buying up land, extensive geological research and rigorous testing.
The Houston company estimates the discovery, dubbed "Alpine High," could be worth at least $8 billion.

Apache believes the new shale play spans at least five formations, contains over three billion barrels of oil and 75 trillion cubic feet of rich natural gas.

Peak oil gets farther away.

vienna · 09-08-16, 04:02 PM

The main problem is the tendency for Texas-based oil concerns to just sit on their finds within Texas rather than exploit; part of the reason is the very, very high depletion charges and fees levied by Texas for pumping out petroleum products; another is the widely suspected, but never acknowledged desire by Texas oil concerns to exploit any and all oil in other states and areas while hoarding their own stores; by doing so, the belief is the Texas companies will be "the last men standing" if, or when, other oil sources are depleted. They will, in fact, become a US version of the Saudis and be able to dictate terms by meting out the remaining oil as leverage. As of 2008, Texas oil depletion charges and fees were the highest, by far, in the US and Texas oil interests have spent millions in an effort to prevent other oil producing states from raising their fees to anywhere near those of Texas. In 2006, here in California, where the state charges and fees are rather low, there was a ballot initiative to raise the state fees to a level near Texas' rates; the Koch brothers financed a counter campaign, providing a fund of US$19,000,000 to defeat the initiative. The initiative didn't pass, preserving cheap oil exploitation for Texas concerns. It seems "Drill, baby, drill!" to achieve US energy independence only applies if the drilling is done outside of Texas...

However, the ever increasing rise of alternate energy (solar power, more electric vehicles, etc.) are putting a strain on the ambitions of Texas oil, in particular, and the world oil market, in general. I wonder what it would be like to be sitting on a vast pool of oil and having no place to sell it for the price one anticipated?...

<O>

Rockstar · 09-08-16, 05:01 PM

Granted transportation consumes the vast majority of oil. But even if all cars went electric in twenty years. Oil will still be needed to make the batteries, plastics, paints, insulation, real faux leather interiors, tires and lubricants. In otherwords pretty much everthing needed to build and maintain the wonder car.

Oil is always going to be around therefore we will always find a use for it, if you ask me Texas knows this and is preparing for the future.

edit: lets not forget the rockets and propulsion systems required to send gps satellites into space for the cars navigation system. Oh ya with public and private transportation nolonger consuming oil think of all that fuel we'll now have to propell our tanks and fighter jets into battle.

Aktungbby · 09-08-16, 06:37 PM

Quote:

Originally Posted by vienna

The main problem is the tendency for Texas-based oil....<O>

Not exactly Texas based,

Founded in Mpls, Minnesota where the heart still is; I can't believe he's still at it at age 94! http://trib.com/honor/wwii/they-served-with-honor-st-lt-raymond-plank-ucross/article_06a68d1f-d195-5ae2-afa7-ebf52534efa7.html

https://en.wikipedia.org/wiki/Raymond_Plank

Quote:

Under Plank’s leadership Apache expanded its oil and gas operations internationally and built the company from its original $250,000 capitalization to a market capitalization of over $30 billion. Plank invented the Master Limited Partnership and made it a personal and company mission to expose corruption at Enron and within the energy merchant trading sector. Plank attended the Blake School in Minneapolis and credits his Latin instructor Noah Foss and other Blake teachers with providing the educational basis and academic discipline necessary for a successful life. Upon graduation from Yale, Plank returned to his hometown of Minneapolis and with two partners formed Northwest Business Service, an accounting, tax and small business advisory firm. Through this enterprise, he became familiar with the types of investments then being offered in oil and gas exploration and production. Recognizing that investors’ interests in this field could be better served through a different concept, Plank and two childhood friends, formed Apache Corporation in 1954 with $250,000 in investor capital. Apache offered its first oil and gas investment program in 1956.

One tough Blake School '39 grad

vienna · 09-08-16, 08:43 PM

I wasn't referring to Apache, specifically, just the Texas-based oil industry, in general. The fact Texas-based oil companies are very actively exploiting in, it seems, any other state but Texas has been used to bolster the belief in Texan oil hoarding. Added to the hoarding is the heavy expenditure by those companies to lobby against any of the other states levying fees anywhere near those levied in Texas; California was only one example...

(BTW: The main reason I know as much as I do about the CA situation is I worked on the anti-fee increase project for a CA GOP consultant firm; very eye-opening, in may ways...)...

True, there will always be a need for oil products, but, as car mileage performance goes up, alternate fuels are developed (hydrogen is most likely to be the next big push), and US consumer taste and awareness of environmental issues increase, the market for oil products as it stands now will be radically changed. Added to the mix is the growing recycling industry; if a previously manufactured petroleum product can be easily recycled, the market for the manufacture of items made from oil will reduce. Where before oil products, and many other products, were seen as fully disposable, the trend is to recycle and reuse rather than continue building up bigger landfills...

<O>

Aktungbby · 09-08-16, 08:59 PM

Quote:

(hydrogen is most likely to be the next big push),

Why I'm seriously considering turning in my '86 Camry and '05 Corolla, each with 240,000 miles, on a new Mirai this very week. I'll still have be careful about the fuel stops as the only stations are 40 miles in either direction. The refuel 'infrastructure' is admittedly slim. The hydrogen tanks are pressurized and get 300 mi to the tank. The rebate from CA & Toyota, the fed tax credit together with a 15K fuel debit card made it a 'good deal'. And!!! I can ride the diamond lanes w/o any problem!

em2nought · 09-08-16, 09:11 PM

Quote:

Originally Posted by Onkel Neal

http://money.cnn.com/2016/09/08/inve...ery/index.html

Peak oil gets farther away.

Great! Work for us after we're done hauling blades.

Jimbuna · 09-09-16, 06:06 AM

So does this make it more probable Texas will now secede from the union

Wolferz · 09-09-16, 08:04 AM

Quote:

Originally Posted by Jimbuna

So does this make it more probable Texas will now secede from the union

Think bigger like a Texan. ..
They'll secede from the planet.

Mr Quatro · 09-09-16, 03:02 PM

Quote:

Originally Posted by vienna

I wasn't referring to Apache, specifically, just the Texas-based oil industry, in general. The fact Texas-based oil companies are very actively exploiting in, it seems, any other state but Texas has been used to bolster the belief in Texan oil hoarding. Added to the hoarding is the heavy expenditure by those companies to lobby against any of the other states levying fees anywhere near those levied in Texas; California was only one example...

(BTW: The main reason I know as much as I do about the CA situation is I worked on the anti-fee increase project for a CA GOP consultant firm; very eye-opening, in may ways...)...

True, there will always be a need for oil products, but, as car mileage performance goes up, alternate fuels are developed (hydrogen is most likely to be the next big push), and US consumer taste and awareness of environmental issues increase, the market for oil products as it stands now will be radically changed. Added to the mix is the growing recycling industry; if a previously manufactured petroleum product can be easily recycled, the market for the manufacture of items made from oil will reduce. Where before oil products, and many other products, were seen as fully disposable, the trend is to recycle and reuse rather than continue building up bigger landfills...

<O>

thank you for your knowledge and input vienna

I thought you were from California ... how does someone from California know so much about Texas?

Rockstar · 09-09-16, 08:26 PM

Well the U.S. may well be on its way to becoming the cleanest fuel burning, solar power producing, trash recycling, environmentalist tree hugging nation in the world. But the rest of the world is far from attaining environmental nirvana and will need oil to function well beyond the foreseeable future.

Id wager that once we become independent from foreign and domestic oil. We'll have cornered the market by continuing to produce oil, creating a glut that will keep prices down and other oil producing nations in the poor house.

The U.S. and Texas will have the world by the balls.

em2nought · 09-09-16, 08:49 PM

Quote:

Originally Posted by Rockstar

The U.S. and Texas will have the world by the balls.

...and just wait till we figure out what this guy understood

Commander Wallace · 09-10-16, 12:43 AM

Quote:

Originally Posted by em2nought

...and just wait till we figure out what this guy understood

Niolai Tesla really was ahead of his time. It will be interesting to see how this find pans out.

Buddahaid · 09-10-16, 01:50 AM

Quote:

Originally Posted by Commander Wallace

Niolai Tesla really was ahead of his time. It will be interesting to see how this find pans out.

I don't think he was ahead of his time at all. He was smart and made a name for himself with interesting, showy, phenomenom and more electro-motive power to him.

Catfish · 09-10-16, 06:22 AM

Quote:

Originally Posted by Aktungbby

Why I'm seriously considering turning in my '86 Camry and '05 Corolla, each with 240,000 miles, on a new Mirai this very week. I'll still have be careful about the fuel stops as the only stations are 40 miles in either direction. The refuel 'infrastructure' is admittedly slim. The hydrogen tanks are pressurized and get 300 mi to the tank. The rebate from CA & Toyota, the fed tax credit together with a 15K fuel debit card made it a 'good deal'. And!!! I can ride the diamond lanes w/o any problem!

That's really interesting.. didn't know they were this far. But after all the 100-year-old Otto engine can still be powered by hydrogen, instead of mineral-based fuel.
Only problems are tank and infrastructure, as mentioned. And the design

Seems a lot of (german) car manufacturers have been sleeping ..

09-08-16, 04:02 PM	#2
vienna Navy Seal Join Date: Jun 2005 Location: Anywhere but the here & now... Posts: 7,711 Downloads: 85 Uploads: 0	The main problem is the tendency for Texas-based oil concerns to just sit on their finds within Texas rather than exploit; part of the reason is the very, very high depletion charges and fees levied by Texas for pumping out petroleum products; another is the widely suspected, but never acknowledged desire by Texas oil concerns to exploit any and all oil in other states and areas while hoarding their own stores; by doing so, the belief is the Texas companies will be "the last men standing" if, or when, other oil sources are depleted. They will, in fact, become a US version of the Saudis and be able to dictate terms by meting out the remaining oil as leverage. As of 2008, Texas oil depletion charges and fees were the highest, by far, in the US and Texas oil interests have spent millions in an effort to prevent other oil producing states from raising their fees to anywhere near those of Texas. In 2006, here in California, where the state charges and fees are rather low, there was a ballot initiative to raise the state fees to a level near Texas' rates; the Koch brothers financed a counter campaign, providing a fund of US$19,000,000 to defeat the initiative. The initiative didn't pass, preserving cheap oil exploitation for Texas concerns. It seems "Drill, baby, drill!" to achieve US energy independence only applies if the drilling is done outside of Texas... However, the ever increasing rise of alternate energy (solar power, more electric vehicles, etc.) are putting a strain on the ambitions of Texas oil, in particular, and the world oil market, in general. I wonder what it would be like to be sitting on a vast pool of oil and having no place to sell it for the price one anticipated?... <O> __________________ __________________________________________________ __

09-08-16, 05:01 PM	#3
Rockstar In the Brig Join Date: Nov 2002 Location: Zendia Bar & Grill Posts: 12,614 Downloads: 10 Uploads: 0	Granted transportation consumes the vast majority of oil. But even if all cars went electric in twenty years. Oil will still be needed to make the batteries, plastics, paints, insulation, real faux leather interiors, tires and lubricants. In otherwords pretty much everthing needed to build and maintain the wonder car. Oil is always going to be around therefore we will always find a use for it, if you ask me Texas knows this and is preparing for the future. edit: lets not forget the rockets and propulsion systems required to send gps satellites into space for the cars navigation system. Oh ya with public and private transportation nolonger consuming oil think of all that fuel we'll now have to propell our tanks and fighter jets into battle. Last edited by Rockstar; 09-08-16 at 08:15 PM.

09-08-16, 08:43 PM	#5
vienna Navy Seal Join Date: Jun 2005 Location: Anywhere but the here & now... Posts: 7,711 Downloads: 85 Uploads: 0	I wasn't referring to Apache, specifically, just the Texas-based oil industry, in general. The fact Texas-based oil companies are very actively exploiting in, it seems, any other state but Texas has been used to bolster the belief in Texan oil hoarding. Added to the hoarding is the heavy expenditure by those companies to lobby against any of the other states levying fees anywhere near those levied in Texas; California was only one example... (BTW: The main reason I know as much as I do about the CA situation is I worked on the anti-fee increase project for a CA GOP consultant firm; very eye-opening, in may ways...)... True, there will always be a need for oil products, but, as car mileage performance goes up, alternate fuels are developed (hydrogen is most likely to be the next big push), and US consumer taste and awareness of environmental issues increase, the market for oil products as it stands now will be radically changed. Added to the mix is the growing recycling industry; if a previously manufactured petroleum product can be easily recycled, the market for the manufacture of items made from oil will reduce. Where before oil products, and many other products, were seen as fully disposable, the trend is to recycle and reuse rather than continue building up bigger landfills... <O> __________________ __________________________________________________ __

09-09-16, 06:06 AM	#8
Jimbuna Chief of the Boat Join Date: Feb 2006 Location: 250 metres below the surface Posts: 190,500 Downloads: 63 Uploads: 13	So does this make it more probable Texas will now secede from the union __________________ Wise men speak because they have something to say; Fools because they have to say something. Oh my God, not again!!

09-09-16, 08:26 PM	#11
Rockstar In the Brig Join Date: Nov 2002 Location: Zendia Bar & Grill Posts: 12,614 Downloads: 10 Uploads: 0	Well the U.S. may well be on its way to becoming the cleanest fuel burning, solar power producing, trash recycling, environmentalist tree hugging nation in the world. But the rest of the world is far from attaining environmental nirvana and will need oil to function well beyond the foreseeable future. Id wager that once we become independent from foreign and domestic oil. We'll have cornered the market by continuing to produce oil, creating a glut that will keep prices down and other oil producing nations in the poor house. The U.S. and Texas will have the world by the balls. Last edited by Rockstar; 09-09-16 at 08:35 PM.