$10/bbl is the Saudi’s lifting (production) cost for getting it out of the ground, which, next to C./S. America, is the lowest cost found on the planet. But the exploration costs are usually more
http://www.eia.gov/tools/faqs/faq.cfm?id=367 <http://www.eia.gov/tools/faqs/faq.cfm?id=367&t=6> &t=6 http://www.businessinsider.com/crude-oil-cost-of-production-2014-5 For explanation of terms: http://www.eia.gov/finance/performanceprofiles/oil_gas.cfm -mark From: Jed Rothwell [mailto:[email protected]] Sent: Tuesday, December 16, 2014 1:40 PM To: [email protected] Subject: Re: [Vo]:OT : $55 oil freaking out stock market Roarty, Francis X <[email protected]> wrote: $55 oil freaking out stock market, So is it really Saudi controlled to bankrupt shale investors or is there some possible relationship to LENR? I do not think that cold fusion has played any role in this. It is caused by fracking in the United States which has lowered the cost and increased supplies of both oil and natural gas. The moment it becomes generally known that cold fusion is real and that it is likely to be commercialized, the price of oil will fall to $10 a barrel. That is approximately what it costs in Saudi Arabia, I believe. It will never rise again. Eventually oil will fall to zero dollars per barrel, and then negative $10 per barrel, when it is synthesized from garbage. That is to say, people will pay you to take their garbage and others will pay you a little for the oil, which will still be needed for plastic feedstock, lubrication and a few other purposes. I hope that eventually people will synthesize teratons of oil from CO2, and pump it back underground, where it belongs. This will reduce the carbon concentration in the atmosphere and prevent global warming. We could pump it underground or ship it off-Earth via a space elevator. If people on Mars have no use for it we can dump it into the sun I suppose. That is what we should do with all of the fission rad-waste left from today's nuclear reactors. The notion that we have to bury that stuff underground here on earth and protect it for the next 10,000 years strikes me as unimaginative. It is silly. This is a problem we should leave to our great-grandchildren to fix. They will be able to do it more easily than we can. It will be a minor expense for them. Some problems are best left for posterity to fix. - Jed
