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Uncle Bill
06-07-2012, 02:39 PM
In Sodak, our prices have dropped below $3.50, which we haven't seen for quite a while.

From the sounds of what is happening on the oil front, our gas prices should even go lower. Newt may have had a heads up on this when he stated we could have $2.50/gallon gas in the near future. This story would also lead us to think that way.

UB

“Eighty Times Bigger Than The Bakken”http://sayanythingblog.com/files/2012/01/Oil_Pu331-300x225.jpg







Written By:
Rob Port (http://sayanythingblog.com/entry/author/admin/)
Jun 6, 2012



That’s how a shale oil play in Russia is being described. It’s not a new discovery; like the Bakken it’s been studied for decades but only recently has the technology and market conditions aligned to make production there profitable.
But the scope of it is mind boggling (http://www.forbes.com/sites/christopherhelman/2012/06/04/bakken-bazhenov-shale-oil/).

It’s in Western Siberia, in Russia. And while the Bakken is big, the Bazhenov — according to a report last week by Sanford Bernstein’s lead international oil analyst Oswald Clint — “covers 2.3 million square kilometers or 570 million acres, which is the size of Texas and the Gulf of Mexico combined.” This is 80 times bigger than the Bakken.

Getting access to the Bazhenov appears to be a key element in both ExxonMobil and Statoil‘s big new joint ventures with Kremlin-controlled Rosneft. Exxon’s recent statement says the two companies have agreed “to jointly develop tight oil production technologies in Western Siberia.”

No wonder. The geology of the Bazhenov looks just as good if not better. Its pay zone averages about 100 feet thick, and as Clint points out, the Bazhenov has lots of cracks and fractures that could make its oil flow more readily. The couple of test wells that he cites flowed at an average of 400 barrels per day. That’s in line with the Bakken average.
Here’s the the mind boggling part:

If Harold Hamm is convinced the Bakken will give up 24 billion barrels, a play 80 times bigger like the Bazhenov would imply 1,920 billion barrels. That’s a preposterous figure, enough oil to satisfy all of current global demand for 64 years, or to do 5 million bpd for more than 1,000 years. Rosneft, says Clint, has already estimated 18 billion barrels on its Bazhenov acreage. Either way, it looks like they’ll still be working the Bazhenov long after Vladimir Putin has finally retired and the Peak Oil crowd realizes there’s more oil out there than we’ve ever imagined.
What does this mean for the Bakken and North Dakota? It means that we aren’t going to have the shale oil boom market to ourselves for much longer. Other shale oil plays here in America have already been ramping up for years, but as people use the Bakken as a guide, more and more shale oil plays are going to open up around the globe.
That’s going to mean a wealth of new oil reserves on the market, and most likely dropping oil prices.

It may be time to re-visit that fix to North Dakota’s too-high, variable oil extraction tax to keep the play here competitive as these other plays open up (something former Governor Ed Schafer was pushing for in the last legislative session). The conventional political wisdom I’ve heard from some quarters is that we’ve got nothing to worry about. The Bakken play will last for decades, at least, so why not get what we can from the oil companies while we can get it?

It’s becoming clear that if we want the play to last for decades, reform will be necessary.

sandyg
06-07-2012, 03:32 PM
In SE MI gas was $3.54 on Tuesday morning and $3.79 by the afternoon. No rhyme nor reason for it. Normally prices go up on Thursdays to get all of the weekend fill-ups.

Dave Farrar
06-07-2012, 08:18 PM
At $3.50 I would be pumping some on the ground...I paid $4.15 yesterday.

Spartazoo
06-07-2012, 08:29 PM
Prices were headed down until they shot back up to $3.79 out of nowhere

HPL
06-07-2012, 09:01 PM
At $3.35 I'm not sure that enjoying is exactly the correct term, perhaps experiencing, would be more accurate. Don't think I'll be using the term enjoying until it breaks $2.75 (so probably no time soon). Heard there was a station in Corpus Christi (abt 45 miles from here) at $3.28.

mudminnow
06-08-2012, 07:26 AM
we are under three in some places here in SC

WRL
06-08-2012, 08:49 AM
Just paid $3.99 gal for diesel. It was $4.49 couple of weeks ago.

WRL

Quackwacker
06-08-2012, 08:53 AM
paid 3.17 yesterday in Macon Georgia, Diesel was 3.65

gmhr1
06-08-2012, 09:55 AM
we are at 3.76

Mark Sehon
06-08-2012, 02:03 PM
$3.17 in Denham Springs, La.

HPL
06-08-2012, 08:53 PM
Was back in Corpus Christi again today and paid $3.29 for regular. Talked to my inlaws in Brownsville (Tx) and they said that there are places in their area at $2.99!! Almost getting down to where I could actually afford to buy it.

luvmylabs23139
06-09-2012, 11:39 AM
We were at $3.29 yesterday. Unfortunately we have one of the highest gas taxes in the nation.

charly_t
06-09-2012, 01:19 PM
Gasoline price Bartlesville, OK yesterday at Murphy station in Wal-Mart parking lot with Wal-Mart card in use $3.219 per gal.. Without card it was $3.249 per gal.

Matt McKenzie
06-09-2012, 02:21 PM
Shows how high the taxes are on a gallon of gas in CA. I dread having to deal with that starting in a couple of weeks. But since I won't have a commute, it shouldn't hurt too bad.

Richard Fuquay
06-09-2012, 08:20 PM
Saw a station in Hattiesburg Ms with $3.09 today.

Ken Bora
06-14-2012, 09:55 AM
$3.79 burlington vermont, I can only hope for change

Uncle Bill
06-14-2012, 01:14 PM
Just took a swing through SE Montana for a work project. Gas in Rapid City is far cheaper than in Billings, even though they are a hub in Montana for the industry.

Glendive and Miles City had gas at $3.75/gal. As I came back, I pulled into a service station in the village of Ekalaka. I've always attempted to support many of the small towns whenever I'm out hunting and traveling. Big mistake. $3.99/gal. I only put in $20 worth. Got back to RC and filled with $3.39/gal cash.

UB

HPL
06-14-2012, 10:58 PM
Talked to my in-laws in Brownsville, Tx this evening and they are paying $2.99 & 9/10 but here, 120 miles closer to the refinery, we are still paying $3.34 & 9/10. Just doesn't make sense to me.

paul young
06-15-2012, 06:11 AM
Talked to my in-laws in Brownsville, Tx this evening and they are paying $2.99 & 9/10 but here, 120 miles closer to the refinery, we are still paying $3.34 & 9/10. Just doesn't make sense to me.

Greed doesn't make sense, it just is.............You can be sure that the places selling for $2.99 are making a profit. Nobody sells Gas at a loss, nor should they. The places selling at $3.34 are in the same state, subject to the same Federal and State tax rate on the same product. Fuel prices today have truly become "whatever the traffic will bear" and are a major player in the slow turnaround of our economy.

We have the same thing going on here. Greed knows no boundaries. It pays to shop around.-Paul

ErinsEdge
06-15-2012, 06:52 AM
It's crazy. It's location, location. In my town can be 10 cents cheaper than the city, but its 15 cents cheaper than a little trip north twenty miles. I also have a little town on the way back from training that is the cheapest around, one that the highway now bypasses. Went to Iowa yesterday and I can usually fill up there for much less. Home $3.69-$3.79, Iowa border $3.36

Matt McKenzie
06-15-2012, 07:19 AM
saw $3.25 this morning. Funny how it always looks better on the way down than on the way up.

HPL
07-04-2012, 07:18 PM
Paid $2.85 in Brownsville, Tx. 7/3/12 and $2.83 in Raymondville, Tx. a few hours later. (Have to say that I was sort of hoping gas prices would still be near $4.00 at election. Oh well.)

huntinman
07-04-2012, 08:11 PM
Paid $2.85 in Brownsville, Tx. 7/3/12 and $2.83 in Raymondville, Tx. a few hours later. (Have to say that I was sort of hoping gas prices would still be near $4.00 at election. Oh well.)

Careful what you ask for. I saw some oil expert on tv today predicting that gas & oil price are going back up starting now. The problems with Iran have a lot to do with it...

Mile High Club
07-05-2012, 07:38 PM
$3.50 for Diesel here

Uncle Bill
07-06-2012, 04:29 PM
We are keeping our car's tanks topped off at $3.43/gal in this tourist mecca. We always suffer through high prices during the tourist season...gotta gouge the traveler while the taking is good. Usually the height of the gouge is during biker week...then the hotels and motels get into the fracus. Gotta laugh at one chain that blasts away with a hugemongous electronic billboard that can be seen a 1/2 mile away on I-90..."ROOMS from $39" Those are not in that facility during the summer. Your dog rate runs more than that. ;-)

UB

luvmylabs23139
07-06-2012, 05:09 PM
Odd day gas wise here locally. The cheapie station was 5 cents more than the BP station across the street. BP was at $3.16. There are 6 stations in town, 5 minutes from my house but those are the only 2 a passed grocery shopping. It will be interesting to see what the Hess is at as I just got another 5 cent bonus there from the grocery store.

luvmylabs23139
07-06-2012, 11:08 PM
Well the BP jumped up to 3.22 sometime between 2 pm and 11:45 pm! Note it went up not down!!!

charly_t
07-06-2012, 11:39 PM
Well the BP jumped up to 3.22 sometime between 2 pm and 11:45 pm! Note it went up not down!!!

Some news people in Oklahoma were predicting that it would go up.

gmhr1
07-07-2012, 06:35 PM
3.49. unleaded today

Splash_em
07-07-2012, 07:52 PM
2.97 this morning in Satsuma, AL

helencalif
07-08-2012, 12:19 PM
In the mountains of NE California ... gas prices have dropped some, but not much. Still over $4.

Down East Labs 217
07-08-2012, 02:46 PM
Watching Good Morning America this morning. The average price of gas is on the rise. It has went up nine cents a gallon today in our area

Richard

fetchtx
07-11-2012, 01:23 PM
$3.17 in Giddings, Texas also