[brownwill6767]

In short, the numbers reflect the rocks without economics. The Delaware reserves plus the Texas Permian are now there to expand supply over 12 million barrels a day (b/d) in the United States. This writer has warned that world oil demand is sluggish and imprecise with only references to legacy guesswork that the developing world plus China demand will support prices long term or forever. Yet, world oil consumption has increased only 5 percent in the last 10 years. OPEC, with Saudi Arabia as its leader, has expired as the world administrator of the price of crude oil. At its December meeting in Austria, Qatar quit after nearly 70 years and announced concentration in LNG production and world export as the existing market leader. OPEC emerged with a serious factional split between OPEC original and OPEC with Russia. There would have been no agreement without Russia and its old Russian Federation members as producers. Moscow is the new world oil price-setter indirectly while OPEC Original becomes a collaborator in cartel for now. Simply put, Saudi Arabia no longer is the “residual supplier” alone.

[T-Bird45]

Good article and personal comment following. It’s really another example of the media exposing themselves for just how little they know as compared to what they think they “know.” Essentially the same thing happens when it comes to firearms yet they still persist in consuming barrels of ink and billions of electrons to publish stuff that much of their readership knows is complete and utter BS.

[sparklite2]

Tight oil is a unconventional oil that is found in reservoirs with very low permeability.

[prophetic]

Just remember that the young earth had massive forests everywhere and the oxygen content was double what it is today. There was relatively little oceans and after the floods of Noah the entire planet's crust broke up and shifted into war we see today.

So instead of oil being in just a few places, there is actually oil EVERY WHERE as the biomass of the trees and all the air breathing creatures was what created most of the oil, natural gas and coal deposits.

Also there are many ways to synthesize oil from various bio matter. Even Hitler was able to make gasoline from Germany massive coal fields as the Allies bombed out all his external oil sources.