Massive Oil Discovery in Alaska Is Biggest Onshore Find in U.S. in 30 years

ktla.com ^ | 3/10/2017 | unknown

[rktman]

Some 1.2 billion barrels of oil have been discovered in Alaska, marking the biggest onshore discovery in the U.S. in three decades.

The massive find of conventional oil on state land could bring relief to budget pains in Alaska brought on by slumping production in the state and the crash in oil prices.

The new discovery was made in just the past few days in Alaska’s North Slope, which was previously viewed as an aging oil basin.

Spanish oil giant Repsol and its privately-held U.S. partner Armstrong Energy announced the find on Thursday, predicting production could begin as soon as 2021 and lead to as much as 120,000 barrels of output per day.

The oil resources lie in a well, called Horseshoe, that’s 75% owned by Denver-based Armstrong. Repsol owns the rest of this well.

[lacrew]

I would be very curious to know...with all of these ‘official’ agencies predicting an oil shortage, did this manipate the market? And which tree hugging politician became rich over it?

[PapaBear3625]

How much of that $3.00 is federal and state taxes?

Fed tax is 18.4 cents/gal. State taxes vary, with the high being 50.4 cents/gal. Then there's local sales tax, and hidden taxes, environmental fees, etc, related to running a gas station.

[PapaBear3625]

Wholesale gas price is $1.46. Much of the difference between that and your pump price is taxes.

[angry elephant]

Here in Washington state our cheapest appears to be Sam’s Club at 2.43.

But we have the second highest tax in the country right behind Pennsylvania.

[djf]

Yup!!

[Chode]

not really... it's a 378, and every time people declare the push rod engine obsolete Chevy squeezes out another 10% hp gain, go figure

[Oatka]

How much of that $3.00 is federal and state taxes?

Read 'em and weep. :-)

[Blue Highway]

I can’t believe Pennsylvania has the highest state tax on bad even more than NY. Also surprised NJ tax is so low. Did Chris Christie have anything to do with that?

[Blue Highway]

Are there other fees or taxes not in that graphic? I live in Florida and when I visit California is almost $1.00 more per gallon for 93 octane.

[Oatka]

Are there other fees or taxes not in that graphic? I live in Florida and when I visit California is almost $1.00 more per gallon for 93 octane.

Those are just a combo of state and federal taxes - I imagine the CA pols are pretty creative in finding new taxes to add on.

[ebshumidors]

I am actually looking for a 1988 Dodge Daytona C/S. First new car I ever bought. Meantime, I have the nitrous Camaro in the garage that needs to be driven every now and then.

[billphx]

2.15 in Tempe AZ

[gloryblaze]

Thanks for the precise numbers! It is pretty amazing that it gets all the way to my car for the price, really.

[stylin19a]

I don't understand this sentence

The massive find of conventional oil on state land could bring relief to budget pains in Alaska brought on by slumping production in the state and the crash in oil prices.

[Go Gordon]

NJ just increased the state tax by 23 cents per gallon.

[GRRRRR]

Many refineries are switching from winter blends to summer blends.

[Go Gordon]

Also surprised NJ tax is so low. Did Chris Christie have anything to do with that?

Actually, Christie just raised the tax by 23 cents a couple months ago.

[fella]

More proof of climates change.

[vette6387]

“I can see getting a V8 Camaro with the Vette engine, cheap gas means never having to own a slow ass econocar.”

Here you go, the new 2017 650Hp Camaro ZL-1 at the Nurburgring

https://www.youtube.com/watch?v=FrFnrcpBj5k

BTW, you can drive the Nurburgring in whatever you have available to you for about ten bucks! I have, and it’s a blast! It’s about 13 miles around. Germany, America without lawyers.

[vette6387]

"Haha! Challenger Hellcat for me. MOPAR or no car. (I can dream can't I? 😯) " It's fine if all you want to do is go in a straight line. The Challenger has suspension that's a couple of generations behind it's competitors. Yeah, it makes a lot of horsepower, but on a road course, both the Camaro and the Mustang best it by a bunch. The live rear axle went away quite some time ago in the competition.