Drake's first oil well is north of me. The McDonald oil field was an amazing find in 1900. One well made 6 billion dollars in oil in it's lifetime, in today's money. They diverted creeks, dammed the water and used the creek bed to transport crude.
This was in my back yard.
At that time, it was common to have a 99 year gas lease.
The 99 year gas lease has loop holes, but, for the most part, when it was instituted, was a good thing for the land owner.
It happened.
I can't go into specifics in a short reply, but it happened.
Now, 100 years later, the gas and oil in this area is so much more.
Flaring wells was a sign of large oil production. You had to burn off the gas in order to get the oil to flow. The gas compressed the oil in the well. So, even today, you have oil wells that won't produce until the gas pressure is relieved.
I'm not sure how to explain the process in short, but, oil floats on water, the water is brine. Brine makes fertilizer. The gas holds the oil and brine down. If you release the gas, the oil and brine will flow. It's a cheap source for the guy who owns the land. When the gas gets let go, you can pump the oil from the top, and then pump the brine. when you get the brine down, the pockets of oil in that formation lowers below the ceiling of the formation, and migrates towards the well. then you can pump the oil out, and as a byproduct, the gas will flow. Get he gas out, and more brine and oil flow.
I live in ground zero of a lot of early gas and oil production which is now ground zero of the modern gas production in Marcellus and Utica.
Imagine 59,000 thousand cubic feet of gas coming out of the ground in one day. That is 59 million cubic feet of gas coming out, against pipe pressure in one day. 59,000 one thousand cubic feet. 59 million cubic feet of gas. In ONE DAY. $180,000 worth of gas in 24 hours~! $5 million, 400 thousand dollars in gas in one month. 5.4 million in one month. 5 million in one month! from 1200 acres of ground... Do the math...
No one has considered the effects on the local economy. Needless to say, this area in general is rich, and land owners are on top.
It doesn't matter what happens with global warming. The gas is sold. That gas is now on the market. That is why oil prices have gone down. You do the math if you owned 200 acres in this region. That farm owner, making 18% royalties is now good for life and so is their children.
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Today's Featured Article - New Hitches For Your Old Tractor - by Chris Pratt. For this article, we are going to make the irrational and unlikely assumption that you purchased an older tractor that is in tip top shape and needs no immediate repairs other than an oil change and a good bath. To the newcomer planning to restore the machine, this means you have everything you need for the moment (something to sit in the shop and just look at for awhile while you read the books). To the newcomer that wants to get out and use the machine for field work, you may have already hit a major roadblock. That is the dreaded "proprietary hitch". With the exception of the
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