Yes US, viz the orange bankrupt, has claimed they have more oil than Saudi.
Statistically, it's true but most of that yankee oil is shale oil.
Shale oil is oil trapped in the microscopic pores of shale rock. It cannot flow. The only way to recover it is to frack the rock pump steam into the fracks, and pump the hot water/oil mixture to the surface. It's very expensive and the breakeven oil price to operate such a well is at least USD60/barrel years ago. With inflation, this could be higher now.
Of course in the current crises, it's economical to produce this oil but they'll have to operate tens of thousands of them as the flow rate of these wells is very low, maximum of a few hundred barrels a day for a good well. The bad wells will produce only tens of barrels a day. Compare this to the prolific middle eastern wells that produce up to tens of thousands barrels a day per well.
Now you know why Trump is the orange bankrupt.
Shale oil is oil trapped in the microscopic pores of shale rock. It cannot flow. The only way to recover it is to frack the rock pump steam into the fracks, and pump the hot water/oil mixture to the surface. It's very expensive and the breakeven oil price to operate such a well is at least USD60/barrel years ago. With inflation, this could be higher now.
Of course in the current crises, it's economical to produce this oil but they'll have to operate tens of thousands of them as the flow rate of these wells is very low, maximum of a few hundred barrels a day for a good well. The bad wells will produce only tens of barrels a day. Compare this to the prolific middle eastern wells that produce up to tens of thousands barrels a day per well.
Now you know why Trump is the orange bankrupt.
Anonymous
Sorry Redbean, that comment was put up by Wonkieman in response to a post by Anonymous. A correction would be appropriate with due respect to Wonkieman. Thank you.
ReplyDeleteNo big deal. Who cares who comments as long as it's relevant and informative. Like white or black cat catching mouse.
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