Saturday, March 11, 2017

A massive oil discovery has been made in Alaska this last week which is considered to be the largest onshore find in 30 years according to CNN Money.

CNN Money reported“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…
Let's sell that to the Chinese, and use the tax money to pay down the debt and fund the government's promises to citizens.
Meanwhile, reaction in the Middle East is muted.  First fracking, then this.


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  2. Howdy, CNN Money ran the same article...after I read it at CNN, I recalled an article I read in Oct of 2016--also at CNN Money, regarding a find of between "6 billion and 10 billion near the North Slope"...the difference between the Oct announcement is regarding a find offshore in Smith Bay, and this recent announcement is onshore...both involve the North Slope:

    So, why would KSA fear a find of 1.2B vs a find of between 06B-10B?

    1. For them, it's just one hit after another.

    2. ...alright, KSA would not worry over either of the above finds...reason being, in two yrs, the US would be back on the Saudi tit, sucking that oil:
      "The U.S. Energy Information Administration (EIA) 2015, the United States consumed a total of 7.08 billion barrels of petroleum products, an average of about 19.4 million barrels per day. [pub. 17 Mar 2016]"