Posted by Spook on June 05, 2009 at 18:31:07 from (75.45.78.142):
In Reply to: Domestic Oil posted by IndianaRed on June 05, 2009 at 17:42:51:
I have read of it over the years, it is oil shale. It has been talked about since the 50's. Problem is, it is very expensive to recover - $100+ per barrel. ( over $4 per gallon gas ) It is not enviornmental concerns that have kept it off the market for 50+ years, it is cost. The canucks were going after it in the 70's, early 80's, but the price fell, and the projects were mothballed. In Saudia Arabia, the cost in some fields is as low as $1 per barrell. Long term, the price of oil is gonna go up. Some of the new fields in the Carribean need $100 per to be worthwhile, very deep drilling. There is no new, cheap supply.
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