I am not a mathematician or an oil industry person. ...but I can do research.
Tecton Oil estimates high grade oil reserves of 100 million barrels and natural gas reserves of 5 to 10 trillion cubic feet in the Galisteo Basin underneath Santa Fe County.
As of this writing spot crude oil is selling for over $100 per barrel and natural gas is selling for approximately $10 per 1000 cubic feet.
Even if my math below is off by a zero or two we are talking about an enormous reservoir of untapped wealth sitting underneath the Galisteo Basin:
1. 100 million barrels x $100/barrel= $10 billion.
2. 10 trillion cubic feet/1000 [price unit is per 1000 cubic feet] =
10 billion cubic feet.
10 billion x $10 [per 1000 cubic feet]=
$10 BILLION.
$10 BILLION [Estimated value of the oil]
+ $10 BILLION [Estimated value of the gas]=
$20,000,000,000.00
aka:
TWENTY BILLION DOLLARS!
Meanwhile we live in one of the poorest states in the U.S. with a large percentage of residents living in third world poverty conditions. Lately we have endured severe funding cutbacks to the disabled and for other vital services. Yet a well organized group of local elitists, most of whom are first generation New Mexicans based in Santa Fe wants to prevent drilling?
This is the strongest proof yet that insanity and unreality is rampant in Santa Fe.
QUESTIONS: What are the exact dollar figures? How much oil revenue would go to the state of New Mexico's residents and toward an environmental protection bond as a remedy for potential drilling damages?
Preventing the struggling majority of New Mexicans from benefiting from this oil wealth is what one might expect in a totalitarian petro-dictatorship like Nigeria or Russia, NOT from our great North American democracy.
--Peter Ogden
Santa Fe[Abu Dhabi West?]
Tecton Oil estimates high grade oil reserves of 100 million barrels and natural gas reserves of 5 to 10 trillion cubic feet in the Galisteo Basin underneath Santa Fe County.
As of this writing spot crude oil is selling for over $100 per barrel and natural gas is selling for approximately $10 per 1000 cubic feet.
Even if my math below is off by a zero or two we are talking about an enormous reservoir of untapped wealth sitting underneath the Galisteo Basin:
1. 100 million barrels x $100/barrel= $10 billion.
2. 10 trillion cubic feet/1000 [price unit is per 1000 cubic feet] =
10 billion cubic feet.
10 billion x $10 [per 1000 cubic feet]=
$10 BILLION.
$10 BILLION [Estimated value of the oil]
+ $10 BILLION [Estimated value of the gas]=
$20,000,000,000.00
aka:
TWENTY BILLION DOLLARS!
Meanwhile we live in one of the poorest states in the U.S. with a large percentage of residents living in third world poverty conditions. Lately we have endured severe funding cutbacks to the disabled and for other vital services. Yet a well organized group of local elitists, most of whom are first generation New Mexicans based in Santa Fe wants to prevent drilling?
This is the strongest proof yet that insanity and unreality is rampant in Santa Fe.
QUESTIONS: What are the exact dollar figures? How much oil revenue would go to the state of New Mexico's residents and toward an environmental protection bond as a remedy for potential drilling damages?
Preventing the struggling majority of New Mexicans from benefiting from this oil wealth is what one might expect in a totalitarian petro-dictatorship like Nigeria or Russia, NOT from our great North American democracy.
--Peter Ogden
Santa Fe[Abu Dhabi West?]
