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Linn Energy, LLC (LINE) Message Board

  • rlp2451 rlp2451 Jan 27, 2013 12:01 PM Flag

    $17,000,000,000,000 Worth of Oil in Tar Sands

    I know some here can't wrap their heads around big numbers (or numbers higher than two digits (that means ten, for SOB and Norris)), but trillions of dollars of fossil fuels are located across the globe.

    For example:

    Seventeen trillion dollars. That’s more than a million times the amount of money capitalist big-shots on the golf course finagle, #$%$ and haw-haw about in their most abject studied manners trying to manipulate the success of their passionate desire for their ship to finally come in. It’s a million lottery winners who can finally quit their #$%$ jobs and buy an RV and tour the Southwest as they’ve always dreamed of.

    That’s how much money we’re talking about in the Athabascan Tar Sands - sitting there under all that beautiful boreal forest in the traditional hunting and fishing range of the Dene Nations. Queen Victoria made a treaty with them – Treaty Number 8 – in the interest of protecting the Yukon gold rushers from their ire. It was about money then and it’s about money now.

    At $100 per barrel (there is a current differential between West Texas light crude at $94.02 and Brent crude at $112.24 – this differential has driven a great amount of greedy insanity both in our country and Canada – as an “average” I’ll go with $100), 170 billion barrels of oil is worth seventeen trillion dollars - $17,000,000,000,000.

    The center of the Athabascan Tar Sands is Fort McMurray. Fort McMurray is a boom town. People are making pilgrimages to this desolate, isolated wilderness on the Athabasca river because there are jobs there. Fabulous jobs! Wages are high – even Wendy’s is paying $13.00 per hour (Canadian) and wages for an electrical tradesman run as high as $200,000 per year. And the tar sands employs more than 140,000 people at these kinds of six figure salaries.

    And this - for just the SIX largest oil companies over the past ten years (and the author is talking PROFIT ONLY, not the GROSS REVENUE:

    Times are good for the six largest oil companies, with profits easily surpassing the figures from before the 2008 financial meltdown. In 2011 ExxonMobil led the way with profits of $41.1 billion. Shell was in second place at $28.6 billion, followed by Chevron at $26.8 billion and BP at $23.9 billion. Total was back at $15.9 billion and ConocoPhillips trailed at $12.4 billion. All six showed stronger profits than in 2007.

    Overall it’s been literally a trillion-dollar decade for the oil and gas giants. From 2002 to 2011, ExxonMobil gained $310.6 billion, Shell $203.9 billion, Chevron $151.8 billion and BP $146.9 billion despite its loss year because of the 2010 Gulf of Mexico oil spill.

    So you see, a trillion dollars OVER TIME is easily achievable. Too bad SOB can't understand this simple concept.

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    • Your completely delusional again. The Mad Who almost popped out as result.

      What point are you attempting to make?

      • 2 Replies to norrishappy
      • norris, they are pretty amusing.

        Using the numbers that were posted and based on the reserves sizes that were also posted....if that Australia discovery could be worth $20 Trillion then since the estimate for the Bakken/Three forks was about 9 times larger....that would make the williston basin oil worth about $180 pointed out....that is over time so could it be possible?

        Well, if the resource is there and if you can get out a higher percentage as technology improves then the answer is maybe and closer to probabley....but now the estimate for 2012 for the williston basin is at 903 Billion barrels done by Continental resources.

        ....I think the number above is merely just silly playing with numbers but since he has no grasp of what it all means it is helpful to shoe some comparisons.

        So what is 180 Trillion?

        Only a little more than 4 times the GDP of the entire Planet Earth.

        How much is the market cap of the largest oil co?
        XOM is now about $418 Billion or about $0.418 Trillion.

        Yet he would pretend that the utica & marcellusalone are worth upto $Ten trillion....could it be?

        Maybe, but probably not....

        .............but if the total reserves of the largest oil company is reflected in the value of the market cap.....then all of the reserves of XOM are merelt twenty times smaller than what he thinks the Marcellus & Utica are worth over time....well is it possible even in some fairytale?

        Probably not, but that will not stop him from finding some atricle with some large numbers.

        Then just compare it, to the estimated reserves of whatever he finds to the 903 billion barrels in the Williston basin......and think is $180 trillion nonsense if you use that posted number from the new Australia it a mere fiction or is it possible even over time?

      • SOB says it's impossible for the Marcellus/Utica basin to generate $10T in economic contribution over the next few decades. Do you think that's impossible as well?

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