Is North Dakota shale oil the new "Gull Island"?

[Arctic Dave]

There seems to be spate of "drill, baby, drill" post going around and I was wondering, is this a new meme the repugs are cooking up?

They are promising millions of barrells and 100,000 jobs all paying you 100 grand or more a year. Really.

Gull Island was supposed to be this massive oilfield that wasn't allowed to be drilled because of those darn enviromentalist. Much to my suprise they happened to be talking about the very field in which I and several of my family memebers have worked in for decades so it piqued my curiosity.
Needless to say, I found Gull Island the map using Google Earth and proceeded to laugh my ass off. It just so happens that Gull Island was surrounded by drillsites and production facilities all around it. So the fact that it wasn't be tapped was complete and utter bullshit. I guess Google wasn't thought to be as common of a tool to look these things up and to tell the rest of the world what a total crock the story line was.

I included a link to one of the hits I got from google. Enjoy.

http://www.americanfreepress.net/html/gull_island_oil.html

[Earth_First]

1. It's not just the Repugs cooking up crackpot energy solutions... n/t

[NYC_SKP]

2. People should learn about "Shale Oil" by watching the movie, "Gasland"....

Because both are about extracting tiny amounts of fossil fuel through energy-intensive and environmentally devastating techniques.

They're selling it, baby.

Don't buy it.

[Arctic Dave]

3. This isn't even a good BS story.

They keep changing their numbers every other day.

They remind me of the Pebble mining project they are trying to do up here. Every week they changed their "estimates" to larger and larger finds and of course more and more jobs that would be "created".

[girl gone mad]

4. I think these are pump and dump investment scams.

That's my impression of most of the shale projects I've read about, and the tar sands aren't much better.

[Arctic Dave]

5. Ive heard that also. Nt

[DURHAM D]

10. Yep - remember this.

http://en.wikipedia.org/wiki/Penn_Square_Bank

I had a couple of friends (geologist and pet. engineer) who lost their jobs in the late 70s because they would not put their stamp on inflated estimates (lies) about the projected reserves which allowed their company to borrow more money to stay afloat and keep drilling. The loan paper was total junk but the Oklahoma banks sold it upstream to the greedy/hungry east coast bankers who didn't understand it was all just a shell game.

Everyting old is new again.

[dkf]

6. There is no demand for much else, at least not anything people will buy.

Thus no new jobs.

[Arctic Dave]

8. What?

Not understanding what you are trying to say.

[dkf]

12. Companies aren't hiring new workers because there is no demand.

But there is always demand for energy and people will shell out for it.

[Arctic Dave]

13. Just cut to the chase and go with alternative energies.

Forget all "subsidize with taxes" nonsense and go for the end game.

[FarLeftFist]

14. There will always be demand for funeral homes also.

[Strelnikov_]

7. After throwing massive amounts of resources at it, 1 M bbl/dy tops

We consume 19 M bbl/dy.

Bit of a gap.

[Arctic Dave]

9. Yep.

Less the a drop in the bucket.

[FarLeftFist]

11. Corporate propaganda. The stupid will fall for it.

[Arctic Dave]

15. Kick for the morning crowd.