Kuwait oil fields are slowly drying up....

[Joe 1320]

We all knew it was going to happen. Perhaps our strategy of using up all the exports first is the correct one.

http://www.ameinfo.com/71519.html

[Red20170]

I think it is good that the tap will dry up over there. When the oil dries up. The money and influence will dry up. Resulting in the majority of the foolishness over there ending.

[Joe K. 99 Zeee!!]

Well, that means they'll just raise the price of crude oil. Supply down, price up means no immediate problem for the Middle East income. The middle men will pass the buck and we'll be stuck paying extra.

Wikipedia has this to say on the subject:

The total oil production capacity of Burgan Field has been somewhat controversial. The US Energy Information Administration estimates that the Greater Burgan field, including the Burgan, Magwa, and Ahmadi structures has a production capacity of around 1.6 million barrels per day. [1] On the other hand, Simmons & Co. estimates Burgan field produces 2.2 mbd. (Matthew R. Simmons "The World's Giant Oil Fields," Research Report of Simmons & Co. International.)

So is this just another chicken little story??

[Joe K. 99 Zeee!!]

Here's some info from a DOE site:
http://www.eia.doe.gov/emeu/cabs/kuwait.html

Greater Burgan field, whose Burgan, Magwa, and Ahmadi structures have production capacity of around 1.6 million bbl/d.

Also, here's an article from Bloomberg.com today that doesn't mention this news at all. It actually states that supplies are adequate and that there's no sign for potential shortage this winter.
http://www.bloomberg.com/news/markets/energy.html

Here are sites that are posting this story:
energybulliten.com
thewatt.com
peakoil.com
theoildrum.com

Smells real fishy.

[94 formula]

There is more crude oil in the shale in Canada than there has ever been in the middle east. When they start to run out and prices really start to rise (not that they haven't enough already) our supply will shift to other sources such as the shale in Canada. Also there looking into getting it out of coal which may make PA a huge oil producer in the future. In my opinion our dependancy on oil is not going to go down a whole lot in the future even with the imergance of hybrids and other gas saving vehicles we'll just find a way to get it other than from the middle east.

[Dave M]

I read an article recently about small oil companies opening old, abandonded wells that were suttered when oil prices were real low. The only produce a couple barrels a day, some even less than that, but with oil at $60/barrel even they can make a profit. There have been thousands of old wells opened in apalachia, and local companies that supply the equipment are making a killing from the sudden surge in investment.

[Dave M]

Here's the article. It was an associated press article, so it appeared in lots of newspapers.


http://the.honoluluadvertiser.com/ar...510300330.html

[DeWynter]

It costs about $150,000 to drill a new well, and so many producers instead reopen old wells abandoned because of low production. That can be done for as little as $5,000 a well.

Holy crap is that cheap. The wells there must be major shallow! Here in alberta wells are commonly over 1500 meters deep and to the west along the mountains its comon to be over 4000 meters. A 1500 meter well takes about three to four weeks to do start to finish ones in the mountains here can take over a year!