Good news for a change

**Sarge** · 02-09-2011, 03:12 PM

http://news.yahoo.com/s/ap/20110209/...us_shale_oil_3

Within five years, analysts and executives predict, the newly unlocked fields are expected to produce 1 million to 2 million barrels of oil per day, enough to boost U.S. production 20 percent to 40 percent. The U.S. Energy Information Administration estimates production will grow a more modest 500,000 barrels per day.
By 2020, oil imports could be slashed by as much as 60 percent, according to Credit Suisse's Morse, who is counting on Gulf oil production to rise and on U.S. gasoline demand to fall.
At today's oil prices of roughly $90 per barrel, slashing imports that much would save the U.S. $175 billion a year. Last year, when oil averaged $78 per barrel, the U.S. sent $260 billion overseas for crude, accounting for nearly half the country's $500 billion trade deficit. "We have redefined how to look for oil and gas," says Rehan Rashid, an analyst at FBR Capital Markets. "The implications are major for the nation."

**bluehawk2000** · 02-09-2011, 03:17 PM

I am hoping this means gas prices won't shoot up to 4 bucks a gallon!!

**Knight** · 02-09-2011, 03:21 PM

Too good to be true.....

**Sarge** · 02-09-2011, 03:23 PM

Originally Posted by Knight

Too good to be true.....

We haven't had much good news have we? This is real.

**Knight** · 02-09-2011, 03:25 PM

Originally Posted by Sarge

We haven't had much good news have we? This is real.

I'm thinking the taxes imposed on this will negate any savings on the consumer's end.

**Sarge** · 02-09-2011, 03:43 PM

Not if we vote correctly everytime.

**67CamaroRSSS** · 02-09-2011, 04:00 PM

Awaiting the "Green" response (and inevitable injunction) to this...

**0rion** · 02-09-2011, 04:14 PM

Originally Posted by Knight

I'm thinking the taxes imposed on this will negate any savings on the consumer's end.

I agree.....either that or the oil companies will find other reasons to keep the price high. " Some arab stubbed their toe this morning so there's a $1/gallon increase."

**ButtHoleSurfer** · 02-09-2011, 04:43 PM

won't happen. US prefers to hoard reserves. If there was a spot to get a trillion gallons a day here in the US we would still buy from overseas with the idea of drying them up first and then falling back to what we always had.

**CJREX** · 02-09-2011, 06:04 PM

Digging up the shale may interrupt the nesting cycle of the yellow-bellied swamp guinea, therefore it cannot be allowed.

It will also increase Global Warming by having to run all those trucks.

Or some other stupid reason that will be dropped on us by the EPA.