shale oil? seriously? first, you should understand the difference between oil deposits and RECOVERABLE oil deposits....I know that the shills at the daily reckoning would like you to believe there is eleventy gazillion barrels of shale oil in the large formations here in the United States, but a relatively small percentage of that is considered to be "recoverable oil"....don't fall for their sales pitch and stay away from shale oil futures....
there are plenty of areas that are currently available for shale oil production but for some reason the oil companies aren't pursuing those production areas that vigorously.....want to take a guess why?
and no, it has nothing to do with the environmental impacts of shale oil production (although some of the nasty things that result from shale oil mining are acid drainage caused by the exposure and oxidation of materials that were formerly buried, mercury which tends to leech into surface-water and groundwater, erosion, sulfur-gas, not to mention the air pollution caused by particulates which are created during processing and transport).....
no, the reason is economics....next
most geologists believe there is somewhere between 3.7 and 13 billion barrels of recoverable oil in ANWR...so lets say for the sake of argument there are 10 billion barrels....the United States imports about 11.8 million barrels of oil a day, which accounts for about 48% of the US domestic oil use......so, with some simple calculations, the 10 billion barrels would supplant imported oil for all of 2.3 years IF we had exclusive use....but as I pointed out, we don't have a nationalized oil company, so that oil would be offered on the open market....unless of course, you're implying the US government should seize control of that oil (fuggin communist).....next
ah, but that pesky "costs a lot of money to extract it" monkey wrench in the works comes into play again.....and where do you think the massive amounts of water needed for the process of shale oil extraction is going to come from in a state where water is a highly prized commodity?There's more oil in the state of Colorado than the entire Middle East.
oh and btw, don't think that a barrel of shale oil is equivalent to a barrel of sweet crude, because it's not.....not even close...
next....