The Biggest Oil Discovery In 50 Years?
By Michael Snyder, on July 23rd, 2013Okay anyone with a few bucks to spare... time to invest in some oil stocks. Do it NOW before they dig because once the volume is confirmed this company will explode
(http://theeconomiccollapseblog.com/wp-content/uploads/2013/07/Coober-Pedy-Photo-by-Thomas-Schoch-300x225.jpg)
QuoteIn a virtually uninhabitable section of South Australia, a discovery has been made which could rock the world. Some are calling it the biggest discovery of oil in 50 years. Earlier this year, a company called Linc Energy announced that tests had revealed that there was a minimum of 3.5 billion barrels of oil equivalent sitting under more than 65,000 square kilometres of land that it owns in the Arckaringa Basin. But that is the minimum number. It has been projected that there could ultimately be up to 233 billion barrels of recoverable oil in the area. If that turns out to be accurate, the oil sitting under that land is worth approximately 20 trillion dollars, and it would be roughly equivalent to the total amount of oil sitting under the sands of Saudi Arabia. In essence, it would be a massive game changer.
If the 233 billion barrel figure is accurate (and some have even suggested that the true number could actually be 400 billion barrels), that would make it nearly 10 times larger than the Bakken formation, 17 times larger than the Marcellus discovery and 80 times larger than the Eagle Ford deposit down in Texas.
It would also mean that Australia now has more "black gold" than the nations of Iran, Iraq, Canada and Venezuela.
The closest town to this oil discovery, Coober Pedy, is in the process of being totally transformed. It normally only has about 1,700 inhabitants, but news of this discovery has drawn in 20,000 additional people already and real estate prices in the town are absolutely skyrocketing.
http://theeconomiccollapseblog.com/archives/the-biggest-oil-discovery-in-50-years
QuoteSo does all of this mean that gas prices will go down soon?
Well, unfortunately that is not likely to be the case.
First of all, the oil in this formation in Australia is going to be quite expensive to extract. It has been estimated that it is going to cost up to 300 million dollars just to get this site ready for production.
In addition, many of our politicians are absolutely determined to greatly punish the use of oil because they believe that it is the primary cause of global warming. So they continue to raise taxes on gasoline consumption.
Today, motorists in the United States pay an average of 49.5 cents of taxes per gallon of gasoline, and in the state of California motorists pay an average of 71.9 cents of taxes per gallon of gasoline.
Hopefully the price of gasoline will come down a bit over the next few years, but even if it does I would not expect it to come down too much.
So to offset your fuel costs... get in on the ground floor NOW :D
We need some 'boots on the ground' in Oz to look into this company and getting shares
Only issue I see is that this is in Coober Pedy, where the rich opal fields are
It's already moving... wish I had some loose cash :P
Stock news...
LNC:AU 1.6250 AUD
Linc Surges on 'Significant' Australian Oil Shale DiscoveryQ
Updated Sep 27, 2011
Linc Says Australian Shale Assets Draw 70 Potential PartnersQ
Updated Mar 07, 2013
Billionaire Abramovich Signs Accord With Linc EnergyQ
Updated Jun 20, 2013
Linc Seeks to Expand Partnership With Billionaire AbramovichQ
Updated Jun 20, 2013
http://www.bloomberg.com/quote/LNC:AU
I am no expert on the stock market but I can smell the occasional good deal
Used to dabble a bit in penny mining stocks... the kind you just toss in a drawer and check 10 years later :D. Back then though you had to have a $5,000 minimum account to deal in stocks. Not so today.
Two times in the past I was aware of a good deal. But I didn't have the $5,000 stake nor did I have the full knowledge of how the system works. I did NOT know that you could buy stocks and pay later :P The problem was I new enough that when I spoke to the agent he assumed I knew more. He was the one who told me AFTER the fact that I could have bought and then resold and paid for them out of the winnings
AARRGGGGG sometimes a little knowledge is dangerous :P
The two time:
1) Spar Aerospace... makers of the Canada Arm for the space shuttle. Shares were 0.56 cents each on Tuesday On a Wed they announced on the news that there was going to be a live test of one arm on the next shuttle mission this coming weekend and if successful they would sell 14 arms total
Thurs shares were .96 friday 1.20. I told my dad on tuesday (but what does a kid know :P) but he did talk to a friend on wed at work and he told him that yeah Spar was one he had been watching and that this was likely going to go big. So my dad sold what share in Hudson Bay Co he had (his boss at Simpsons - employee profit sharing) and bought what he could at 1.20...
The weekend came... the test was a success... Monday morning stocks jumped to 36.00
2) General Motors collapse... shares down to 0.50 each There was NO WAY the government could let GM fail... you KNOW they had to bail them out... they did share soon were back up at 300.00 and split twice
Sucks having the key to the bank but can't get to the vault in time :P
since i grew up in kilgore tex.i can tell you where the money will be.service industries.truck repair.hydraulic repair.tires.lubricants.welding .electrical.
up until the eighties.kilgore had a working population of 50,000.
but only 11,000 lived there.
as the field begins to play out in forty years.the workover rigs will come in.they will milk the last drops.
companies that will be worth investing in.halliburton.dow schlumberger.local tire shops.oilfield supply companies.usually closest companies win.good ol boy network.to get there and set up a business now! is how to get in.then sellout when the first drill rig moves out.
it only took ten years for the rigs to develope ft.worth gas fields.thats about how long north dakota took also.then its oil royalty money that carries the boom .get in then get out.steel toe boots store is something a small guy could make money on.that and mudboots.rain slickers.hard hats.safety glasses and shields.uniforms.
Safety Industry is really big. Any first responders of any kind. And yes the service industry is where it's at.