Originally Posted by RaiderH8r
No, I am illustrating that the market does work because the OP implies it doesn't and that there is something more nefarious going on.
And our crude reserve base is ever expanding. The Bakken has been producing for almost 15 years and we still haven't clearly established the width or breadth of the formation, let alone the benches.
Check out the Monterrey shale in CA which is on par with the Bakken as well as Eagle Ford, Utica, Mississippi Lime and we quickly ramp up a tremendous reserve base in these unconventional plays. The basis for calculating reserve estimates is outdated and very conservative. And this is just onshore. America's energy potential to develop these plays is simply stunning. We commit to developing these plays and we will lead the world in crude production within a decade.
Oh, and get bent.
Just because it can be recovered, doesn't make it cheap. But carry on, acting like extracting oil at a loss will lower oil prices is brilliant.