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2018-06-21 Economy

US Oil Production likely to hit 11 M b/day by Labor Day

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Posted by lord garth 2018-06-21 00:00|| || Front Page|| [1 views ] Top

#1 'Peak oil'? The first time the US Govt voiced concern over dependence on ground based hydrocarbon use was 10 yrs before the 1st oilwell was even drilled, or what many people would identify as the mid point of the Mexican War 1847.

Then, in the mid-1880's a stock transaction so enormous that it took years to complete was undertaken by the number 3 guy at Standard Oil. He sold his entire holdings in the company because a noted expert told him that inasmuch as the Earth was finite it stood to reason oil was too and it was only a matter of time for Standard Oil.

Then in 1898 the most renowned geologist (if such a thing is even possible) of his day told a group of prominent industrialists that he could say with absolute confidence there would be and in fact could be NO economically viable petroleum finds West of the Mississippi.

Then in 1900 or 1901 a long and long winded article appeared warning of the extreme dangers of drilling into salt domes. It intoned darkly that the only thing to be gained from such a profoundly dangerous practice was the ruination of your tools and the death and disfigurement of your crew. Not long afterwards Spindletop came in. Land surrounding the well head had sold for $7/ac, lock stock water mineral and surface rights. Aftwr they got the well in hand and were figuring out what to do with the newly formed 50 ac lake, land leased for $10,000/ac for 1 month.

You can go on like that. There is a variety of human that lives from crisis to crisis and in a dark age of lack and misery, mostly self created. I would prefer to get to drilling and leave the socialists to whine and soak their heads.

Posted by Cesare 2018-06-21 10:34|| 2018-06-21 10:34|| Front Page Top

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