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The Morning Report — 7/10 /25
Daily Tech News 10 July 2025 Wednesday Overnight Open Thread - July 9, 2025 [TRex] One-Dog Band Cafe Quick Hits Leftwing Podcaster: Kamala Harris Appeared on My Show But It Was So Disastrous I Never Published It, Because I Didn't Want to be Blamed for Her Defeat Supreme Court Overrules Lowly District Court Judge, Okays Trump to Merely Plan for Mass Firings in the Government Bureau of Labor Statistics: Employment of American Citizens Increased by 2,000,000 Since January, While 530,000 Fewer Illegals Have Jobs After Four Men From the Same Syrian Immigrant Family Sexually Assault Women in a German Pool, Germany Unleashes Propaganda Campaign Advising German Women to Stop Groping Jihadis Biden's Corrupt Doctor and Biden, Inc. Business Partner Refuses to Testify to Congress, Citing the Fifth Amendment Right Against Self-Incrimination Absent Friends
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June 18, 2008
"400 Billion Barrel" Bakken Formation an Internet MythNo, really; this isn't just the Democrats talking down the amount of recoverable oil. It's the actual USGS estimate. Conservative bloggers, of course, are guilty of pushing this vicious smear. The "400 billion barrel" figure came from a draft report posted on the internet which 1) has since been debunked and 2) wasn't even talking about what people usually talk about when they talk about the oil capacity of a field (that is, barrels that can actually be recovered with existing technology and at a profit). Reports circulating on the Internet tell of an oil field spanning parts of western North Dakota and eastern Montana where 400 billion barrels of oil supposedly are just waiting to be tapped. However, the U.S. Geological Survey (USGS) tells Cybercast News Service that those huge estimates are "a myth." Further, if you read on, you'll see the formation actually is already being drilled -- so while we could see more drilling and more oil, the idea that this is some untapped resource is also wrong. We do have a lot of untapped oil. Not enough to be nearly self-sufficient, but certainly enough to reduce our dependency on foreign oil (and foreign blackmail) and reduce prices substantially. But there is unfortunately no silver bullet lurking under the Dakotas. Of course we should drill more in Bakken -- the Democrats always claim that any individual site doesn't have enough oil to solve all of our energy problems. Which is a very strange criterion. Goalposts being moved to the next stadium over. Via Hot Air. Meanwhile, Dick Morris discusses the "speculation tax" on oil. It's an informative read, but his conclusions are wrong. He suggests (without quite advocating) that if only speculators were restrained from speculating, oil prices would come down. That's... sort of true, and that sort of bureaucratic response may be useful. (Increasing margins for speculation up from the piddling 5% currently demanded would reduce a lot of this.) But the main reason future oil prices keep getting bid up to the heavens is that there is nothing, nothing but upward pressures on prices visible on the horizon. If there were a more equitable mix of upward and downward pressures (the latter coming from, say, expanding US production, or something patently insane like that), prices would be restrained. You can lose a lot speculating. It's just that, at the moment, there's so little risk of prices actually falling that no one is much afraid of the downside. | Recent Comments
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The Morning Report — 7/10 /25
Daily Tech News 10 July 2025 Wednesday Overnight Open Thread - July 9, 2025 [TRex] One-Dog Band Cafe Quick Hits Leftwing Podcaster: Kamala Harris Appeared on My Show But It Was So Disastrous I Never Published It, Because I Didn't Want to be Blamed for Her Defeat Supreme Court Overrules Lowly District Court Judge, Okays Trump to Merely Plan for Mass Firings in the Government Bureau of Labor Statistics: Employment of American Citizens Increased by 2,000,000 Since January, While 530,000 Fewer Illegals Have Jobs After Four Men From the Same Syrian Immigrant Family Sexually Assault Women in a German Pool, Germany Unleashes Propaganda Campaign Advising German Women to Stop Groping Jihadis Biden's Corrupt Doctor and Biden, Inc. Business Partner Refuses to Testify to Congress, Citing the Fifth Amendment Right Against Self-Incrimination Search
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