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Possible $20tr. shale oil find in Australia

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SOUTH Australia is sitting on oil potentially worth more than $20 trillion, independent reports claim - enough to turn Australia into a self-sufficient fuel producer.

Brisbane company Linc Energy yesterday released two reports, based on drilling and seismic exploration, estimating the amount of oil in the as yet untapped Arckaringa Basin surrounding Coober Pedy ranging from 3.5 billion to 233 billion barrels of oil.

http://www.perthnow.com.au/news/national/trillion-shale-oil-find-surrounding-coober-pedy-can-fuel-australia/story-fndo6d4b-1226560401043

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I thought Australia was already self-sufficient in energy production.

It seems as though you get the price high enough for long enough, new technologies and new discoveries will happen everywhere. Yesterday I read about something similar in Cyprus.

For sure the oil will someday run out, but that someday seems to keep getting postponed.

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Until we create the technology to store large amounts of energy in a way that is practical for prolonged, power intensive period of time and mobile use(better batteries essentially), then the internal combustion engine isn't going anywhere.

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Until we create the technology to store large amounts of energy in a way that is practical for prolonged, power intensive period of time and mobile use(better batteries essentially), then the internal combustion engine isn't going anywhere.

More than likely, but predicting what will or will not be discovered is a chancy thing. If nothing to save the car comes along and gasoline gets unavailable, maybe we will all go back to bicycles. Would take some getting use to but I think we would largely survive, and I would no longer need to look for parking spaces.

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More than likely, but predicting what will or will not be discovered is a chancy thing. If nothing to save the car comes along and gasoline gets unavailable, maybe we will all go back to bicycles. Would take some getting use to but I think we would largely survive, and I would no longer need to look for parking spaces.

I believe that if gasoline was ever in a near danger of running out the government would take control of all remaining amounts to last a few decades at least for military purposes. And for politicians to keep their cars/planes running of course.

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I thought Australia was already self-sufficient in energy production.

It seems as though you get the price high enough for long enough, new technologies and new discoveries will happen everywhere. Yesterday I read about something similar in Cyprus.

For sure the oil will someday run out, but that someday seems to keep getting postponed.

We have massive reserves of natural gas but most of the wells have been capped off , and wont be used till much later , AFAIK we don't have huge stocks of oil , untill now .

Hopefully this will bring the price of petrol down , we are getting stung ATM , its around $ 1.50 AUS a litre .

TiP.

Edited by tipotep

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Good thing Bush isn't in office lol.

Edited by CRYSiiSx2

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That's right b****es, it's AUSTRALIA'S turn to be the superpower.

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I don't really like much of Joe Rogan, but I read a funny comment he made about this:

Weapons of mass destruction aka $20 trillion in OIL found in Australia.

These Australian insurgents hate our freedom. Their pro-Iranian people need to be freed. Democracy must be brought to them.

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I don't really like much of Joe Rogan, but I read a funny comment he made about this:

Weapons of mass destruction aka $20 trillion in OIL found in Australia.

These Australian insurgents hate our freedom. Their pro-Iranian people need to be freed. Democracy must be brought to them.

Yeah Australia, stand by to be "liberated" by the USA any day now.

Liberated from your oil, that is.

I wonder what they will call this campaign to feign humanitarian concern? Operation Free The Aboriginals? ;)

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Will be interesting to see how this plays out and what the volume is which we will actually be able to extract.

Would be a nice boost for the economy. And it would be nice to see the price of petrol go back down for a while...

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Yeah Australia, stand by to be "liberated" by the USA any day now.

Liberated from your oil, that is.

I wonder what they will call this campaign to feign humanitarian concern? Operation Free The Aboriginals? ;)

The Auzzies unjustly claim that dingos are eating their babies. As a result dingos are hated and feared, blocked from top government positions and are denied fair representation. We can no longer stand idly by and let these crimes continue!

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I believe that if gasoline was ever in a near danger of running out the government would take control of all remaining amounts to last a few decades at least for military purposes. And for politicians to keep their cars/planes running of course.

The US does have what's known as "strategic reserves" of oil.

See here: http://en.wikipedia.org/wiki/Strategic_Petroleum_Reserve_(United_States)

Edited by pallidin

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The Auzzies unjustly claim that dingos are eating their babies. As a result dingos are hated and feared, blocked from top government positions and are denied fair representation. We can no longer stand idly by and let these crimes continue!

It's all a conspiracy. The dingoes never ate any babies, they just discovered the oil first and the government used the classic smear campaign.

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Shale oil or gas requires Fracking and the practice is yet to be proven safe. Don`t jump the gun as Fracking could prove the saying if it`s to could to be true it usually is.

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Good thing Bush isn't in office lol.

Go to 12:03 of this video

http://www.youtube.com/watch?v=uqALPl2lpzU

Haliburton ceo Dyck Cheney before vise pres invented or rejuvinated the proccess over riding the safty of ground water.

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Well that put a frackin kabosh on our moment of glory. Oh well back to pridefully lauding our Koalas, Emus and Kangaroos.

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Shale oil or gas requires Fracking and the practice is yet to be proven safe. Don`t jump the gun as Fracking could prove the saying if it`s to could to be true it usually is.

It is likely that fracking will turn out doing less damage than normal drilling practices. I would suggest you do a web search for something like "benefits and harms of fracking" so you can get both sides of the story.

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Our country has ABSOLUTELY S***LOADS of Oil, Uranium, Poppyseeds and other resources but our governments are paid to not touch them by the superpowers as we would upset the balance... somehow. This shale oil find as big as it is, I think is a last resort rabbit in the hat trick that Julia Gillard is using to try keep the people on her side as she has pretty much done her dash already and people are starting to listen to Tony Abbott as big of a tool he is. The thing that p***es me off the most about this, is as big as a find as it is Australian Fuel prices would drop from $1.50 a Litre to $1.25 a Litre :@. I think they country needs a complete new political party then the two that control the country.

Ruddy needs his own party of LOYAL supporters.

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please, we knpw that after such a find the petrol price eould fall from $1.50 to $1.70. Afterll al, we'd havr to cover the cost of fracking it up (and fracking up the great arteseasn basin).

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