Monday, December 24, 2007

US has largest oil reserves in the world thanks to Israel

Israel sees shale replacing oil

HAIFA, Israel, Nov. 7 (UPI) — The Israeli process for producing energy from oil shale will cut its oil imports by one-third, and will serve as a guide for other countries with oil shale deposits, according to one company.[..]

It would cost about $17 to produce a barrel of synthetic oil at the Hom Tov facility, meaning giant profit margins in a world of $45 to $60 per barrel crude. The US has been developing technolgy that is competetive at $30 per barrel and get this,

Oil Shale Development in the United States

Estimates of the oil resource in place within the Green River Formation range from 1.5 trillion (Smith, 1980; Dyni, 2003) to 1.8 trillion barrels
(Culburtson and Pitman, 1973; Federal Energy Administration, 1974). 2 About 1 trillion barrels 3 (Smith, 1980; Pitman, Pierce, and Grundy, 1989) are located within the Piceance Basin, meaning that this 1,200 square mile area in western Colorado holds as much oil as the entire world’s proven oil reserves (BP Statistical Review, 2005).

2 comments:

Alan said...

There was a lot of talk about oil shale back in the 1970's and nothing much came of it then, but with the price of oil as exorbitant as it's gotten, thanks to the type of manipulation that would be illegal in a free market, it seems inevitable the use of oil shale will become commercially feasible. This would not just bee a boon to American consumers, but would be a mortal blow to the oil extorters (that's correct; it's not a misspelling) and could end the way our dependence on foreign oil has held our foreign policy hostage.

Yiddish Steel said...

I just can't understand why all the anti-fossil fuel zealots waste so much time and energy crying about "alternative" or "renewable" forms of energy that are so damn costly. This knowledge of oil shale and its benefit to our country has been around for 30 years and capitalists, entrepreneurs, and of course the bureaucratic largess that is our government continue to sit on their collective hands instead of pushing for this?! If this oil shale is the answer and the aforementioned have been apathetically ambivalent to do anything about it, that's unforgivable. It's an absolute waste of time and an insult to our economy to say that hydrogen or ethanol or another lesser form of fuel is our only road to Arab oil independence.