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Oil May Be Finite, But U.S. Production Is Ramping Up

Posted by timothy on from the good-to-the-last-drop dept.

Hugh Pickens writes "The WSJ reports that the discovery of the gigantic and prolific Bakken oil fields of Montana and North Dakota have already helped move the U.S. into third place among world oil producers, and according to Harold Hamm, CEO of Continental Resources, the 14th-largest oil company in America, if fully developed the field in Bakken contains 24 billion barrels, doubling America's proven oil reserves. One reason for America's abundant supply of oil and natural gas has been the development of new drilling techniques, including 'horizontal drilling,' which allows rigs to reach two miles into the ground and then spread horizontally by thousands of feet." Not surprisingly, Hamm considers some of the current administration's loans and subsidies for alternative energy ventures to be misplaced.

2 of 745 comments (clear)

  1. Reserves isn't the only reason... by Joce640k · · Score: 0, Flamebait

    Has he never heard of CO2? Why would any sane person want to burn all that and turn it into CO2?

    Oh, yeah, profit. Fuck the Earth and all future generations, there's profit to be made! I can own sixteen mansions instead of twelve and have a bigger yacht.

    --
    No sig today...
    1. Re:Reserves isn't the only reason... by Xenkar · · Score: 1, Flamebait

      He is probably one of those people who don't believe CO2 is responsible for the heating and worships that one graph where solar activity and temperature fluctuations match up, before it is cut off when it stops matching.

      If he does believe in it, he probably sees it as an opportunity for his grandchildren to sell new beachfront property a couple miles back, along with re-breathers. The "bathtub" for their toy boats will become bigger.

      If it becomes unbearably hot, it is a business opportunity to sell more powerful air conditioners. All of those people on those islands that are disappearing will eventually need to buy land, build approved houses, and will need loans from the rich to pay for it all.

      It is win/win from their perspective. If it doesn't happen, they can continue pumping oil out of the ground.