No oil of that magnitude in Colorado
Dinosaur didn’t make any oil, ancient algae did
Titan indeed rains hydrocarbons and they indeed have methane lakes even oceans, but that hydrocarbon is not organically generated
Currently there is no market for Venezuelan crude
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I appreciate the courtesy of your concise reply. I don't understand #4, except possibly as 'there is no market for it in the US'? I wondered about refining capacity in the US for heavy sour crude, and lack of that capacity could be why there isn't market for it here. There does seem to be international market for heavy sour crude since it is being bought and shipped, particularly to China, I have read. I'd appreciate any clarity you might provide.
I shouldn't laugh :)
There are refineries to refine heavy sour crude in US, in Texas and California, all the capacity is taken by San Joaquin Valley Heavy crude, and Bakken Sour Crude.
You can't build additional refinery capacity overnight, last big refinery constructed in the US was 1990s. No one wants to build refinery. It's impossible to get permits, and it's billions of dollars in upfront cost even if you get a permit by some miracle.
You don't build refinery capacity for sour crude when you have plenty of regular crude that you can refine for cheap.
You don't build additional refinery capacity at $60 oil.
There is no market for Venezuelan crude anywhere in the world
PS: the crude Venezuela currently ships is better, lighter crude. Closer to light crude that we have here. They have some of that regular stuff, about 800K-900K b/d of production. This they sell some to US about 30K b/d and rest internationally.
That completely clarifies my lack of understanding. I am a carpenter, and have only cursory knowledge of petroleum geology and industry, so appreciate very much you sharing your expertise regarding these issues most people that have other specialty knowledge and skills don't have.
Thank you.
No worries at all. I am happy to share. This is a topic a lot of people lack understanding and yet forms strong opinions. That was my purpose of writing the post.
Oil politics is 100 years old (constantly evolving) and most politicians of the world are clueless about how this game is played and yet they play it and rally the people for or against the cause.