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I'm an adventurer, writer and bitcoin market analyst.
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Probably because the truck drivers take up a lot of road space, and this often ends up with civilian cars being run off the road. I've seen it a few times delivering newspapers, so I'm not surprised if there's a bit of animosity toward the truck drivers running everyone off the road.
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One reason they are hesitant to build a lot of infrastructure to support the oil boom is that they have been though it before. The area boomed and collapsed again both in the 1960's and the 1980's. It is a viable operation as long as the price of oil stays above a certain point- if the price of oil falls significantly it could collapse again. Another consideration is that a well in a fracking field is not productive nearly as long as a traditional well- they tap out and another one needs to be drilled sooner than conventional oil drilling.
they do it faster, but the same amount of oil comes out of the same well, right? Whether you take 10 years to empty a well or 5 years, you'll need infrastructure for at least 5 years, and even if it's wasted for the the future, you make the same amount from the oil because you get the same volume of oil, right?
Unless they are simply expecting that there isn't enough. How long does a boom last, or how much longer will this one?
More info on the Australian mining gig? That sounds interesting.
ETA: I guess I could have added the little I know about the ND situation. I actually know a guy that went up to ND to make good money as a welder; he said it was a nightmare. There was basically a community set up in a Wal-Mart parking lot for out of town workers, there is no housing and what is available is priced 10x what it's worth...and there are no women! From what he told me (which may be exaggeration,) it wouldn't be worth it to me unless I were to find myself hard up. I can see the appeal to some though.
Last edited by BamaAla; 11-13-2012 at 01:24 PM. Reason: Expand on ND
ROLL TIDE ROLL!!!
[SIGPIC][/SIGPIC]
Generally the pools of oil are a lot smaller as well- that is why they have to use fracking to be able to get enough oil out of the ground to cover their costs. It is a lot more expensive way to get oil than say drilling in Saudi Arabia (where you simply drill down to a pool and pump it to the surface)- which is why it has gone boom and bust in the past as the price of oil moves up and down. At $100 a barrel you can make money. At $50 a barrrel of oil you can't so you shut down. Actually many of the wells are switching over to natural gas production because the price of oil has declined. But now the price of natural gas is also going down due to high supplies.
http://www.minotdailynews.com/page/c....html?nav=5583
The oil boom gravy days of the late 1970s and early 1980s were displaced by depressed oil prices that spurred businesses to shutter. The city was stuck with a pair of abandoned trailer parks that stood as a testament to the people who left town "about twice as fast as they came," Koeser said.
Morale in the city near the confluence of the Missouri and Yellowstone rivers had sunk lower than the deepest of dry oil well holes.
"People wanted hope and pride but they were discouraged and devastated by the bust," Koeser said. "People wanted to believe in the community again."
Koeser, 62, has seen the city's fortunes swing radically in the years since, with a rebound in oil prices and drilling technology that has thrust North Dakota to the nation's No. 2 oil producer behind Texas. Ninety percent of drilling activity in the state is within a 70-mile radius of Williston, which census figures show is the fastest growing city its size in the country.
It is presently being sent to various refinieries across the US. A local Indian tribe just received aproval to build their own refinery in the area though. http://www.businessweek.com/ap/2012-...r-oil-refinery
NEW TOWN, N.D. (AP) — North Dakota's Three Affiliated Tribes will be getting control of land for construction of a proposed new oil refinery, U.S. Interior Secretary Ken Salazar said Wednesday.
Salazar's decision, announced during a news conference at the tribe's headquarters in New Town, means the tribe may begin construction of the $400 million refinery next spring, tribal Chairman Tex Hall said.If constructed, it would be the first refinery built in the United States in more than 30 years, the interior secretary said.
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All of the above - PLUS let's not forget the controversial nature of "fracking" when it comes to environmental impact. I would not be surprised to see an effort made to ban the practice entirely. If anything like that happens, the area is going to give a whole new definition to the term "oil bust."
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