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Old 07-24-2013, 07:58 AM
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The Biggest Oil Discovery In 50 Years?

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In a virtually uninhabitable section of South Australia, a discovery has been made which could rock the world. Some are calling it the biggest discovery of oil in 50 years. Earlier this year, a company called Linc Energy announced that tests had revealed that there was a minimum of 3.5 billion barrels of oil equivalent sitting under more than 65,000 square kilometres of land that it owns in the Arckaringa Basin. But that is the minimum number. It has been projected that there could ultimately be up to 233 billion barrels of recoverable oil in the area. If that turns out to be accurate, the oil sitting under that land is worth approximately 20 trillion dollars, and it would be roughly equivalent to the total amount of oil sitting under the sands of Saudi Arabia. In essence, it would be a massive game changer.

If the 233 billion barrel figure is accurate (and some have even suggested that the true number could actually be 400 billion barrels), that would make it nearly 10 times larger than the Bakken formation, 17 times larger than the Marcellus discovery and 80 times larger than the Eagle Ford deposit down in Texas.

It would also mean that Australia now has more "black gold" than the nations of Iran, Iraq, Canada and Venezuela.

The closest town to this oil discovery, Coober Pedy, is in the process of being totally transformed. It normally only has about 1,700 inhabitants, but news of this discovery has drawn in 20,000 additional people already and real estate prices in the town are absolutely skyrocketing.

So does all of this mean that gas prices will go down soon?

Well, unfortunately that is not likely to be the case.

First of all, the oil in this formation in Australia is going to be quite expensive to extract. It has been estimated that it is going to cost up to 300 million dollars just to get this site ready for production.

In addition, many of our politicians are absolutely determined to greatly punish the use of oil because they believe that it is the primary cause of global warming. So they continue to raise taxes on gasoline consumption.
http://theeconomiccollapseblog.com/a...ry-in-50-years

If there is so much fossil oil reserves, why is gasoline so expensive?
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Old 07-24-2013, 10:31 AM
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Yeah its been a great achievement in the oil field industry.
 
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Old 07-24-2013, 10:42 AM
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Originally Posted by peopletrend View Post
Yeah its been a great achievement in the oil field industry.
Why do you say that? The oil industry didn't yet accomplish anything major, they don't even started to extract the crude oil from their new discoveries.
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Old 07-24-2013, 11:02 AM
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Does Australia have a dictator that needs to be removed?
Maybe they need a good healthy dose of democracy?
When do our tanks start rolling in there?
 
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Old 07-24-2013, 11:46 AM
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Originally Posted by Zap View Post
Does Australia have a dictator that needs to be removed?
Maybe they need a good healthy dose of democracy?
When do our tanks start rolling in there?
They are going to influence the politicians willing to favor them with bribery
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Old 07-24-2013, 02:11 PM
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Being an inhabitant of South East Asia, My country perhaps will indirectly benefit from these discovery when production begins, Our oil comes from Saudi Arabia, Transportation cost will be greatly reduced thereby putting down the prices of oil a little bit, I hope. But the indirect effect of this discovery probably will be the reduction of investments in green energy as it is cheaper to run a business using oil than say, solar or wind turbine energy.
 
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Old 07-24-2013, 08:35 PM
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Is there a trusted news source that can validate that blog post?

Now days I don't even believe the major networks without hearing it verified someplace else and even then I take what they say with a huge grain of salt.
 
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Old 07-24-2013, 09:27 PM
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Originally Posted by swedal View Post
Is there a trusted news source that can validate that blog post?

Now days I don't even believe the major networks without hearing it verified someplace else and even then I take what they say with a huge grain of salt.
If you had read the blog and followed the links, you will have verified the trusted sources like this one http://www.telegraph.co.uk/news/worl...n-outback.html

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Old 07-24-2013, 10:25 PM
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Well the telegraph I can trust a bit more. Though they surely they still spin what they report just like every other entertainment - err news source out there. I am pretty jaded about what is put out there as news anymore. It is all spun to support their agendas.

Since blogs came on the scene, then twitter and social media, news has steadily gone downhill fast.

Hopefully Australia has that oil.
 
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Old 07-24-2013, 10:50 PM
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Originally Posted by swedal View Post
Well the telegraph I can trust a bit more. Though they surely they still spin what they report just like every other entertainment - err news source out there. I am pretty jaded about what is put out there as news anymore. It is all spun to support their agendas.

Since blogs came on the scene, then twitter and social media, news has steadily gone downhill fast.

Hopefully Australia has that oil.
All international news come from a few agencies like France Press and Reuters. They are "manipulated" by governments. Now there are some independent new networks that you can use around the world and compare them with others. I found that the best way to know the truth about a specific country is to get the news from another one.
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