Originally Posted by spokane1200lt
I came across an interesting article surfing on the net. I have heard some oil experts say that Saudi is overstating the amount of oil reserves they have left. If this is true and I am not saying it is, this would make 911 look like a small pot shot at our oil based economy. Sure hope it is not true. Drill now so we can be independent from foreign oil in 10 to 15 years. Maybe by the we will we can re tool our cars to run on coal based fuel.
We have a 50-500 year supply of high quality coal, right here in the USA (depending on what numbers you wanna use). BUT, surprisingly, it doesn't harvest itself!
Back in world war II, the Germans invented a relatively simple process to turn coal into crude. The higher quality coal needs less refining. My point is that we have more than enough readily available fossil fuel to bridge a 10-20 year gap in conversion to non-fossil fuel vehicles.
So, whether the Saudi's are bullshitting or not, should have zero effect on our road to energy independence. BUT, I digress. Cause that would require a little LEADERSHIP. I won't even mention maybe a little national sacrifice, resulting in hardship (you know--I might have 2 give up my 8 MPG Hummer)!
Let that be a lesson to me!
Originally Posted by eljeffe
For those of you who haven't figured it out yet, the US is playing the same foreign oil game that China is. It's a foreign policy strategy of "use theirs first". The thought is that we can save our own reserves for a time when the foreign reserves run out....Between the Gulf of Mexico, Oil Shale in North America, ANWR, and off the California coast, there's more oil than ever was in the Middle East. It's just a matter of COST to recover that oil. Most domestic reserves require a $73/barrel market to break even. The ME has already hit Peak Oil from a production and reserve standpoint. While I hate the idea of sending $700B per year to countries that don't like us, I'd rather tap them out first and have our own reserves for later....
Yes, Jeff I agree with your analysis. BUT, you're playing a dangerous hand sending billions and billions to people that want to kill us--hoping that you can eventually break them--by milking them dry.
I hope we aggressively begin and continue to harvest our own reserves.