Myth: Just drill deeper for more oil
The statement is sometimes made that deeper drilling would find more oil.
Reality:
Oil occurs in sedimentary rocks which are a fairly thin part of the Earth's crust. In the long-time oil-producing State of Kansas, for example, granite or something else besides sedimentary rock exists everywhere at depths of 15,000 feet or less. All over the world, at some depth, non-petroliferous rocks are encountered below which there is no oil. Where there are great thicknesses of sedimentary rocks, 16,000 feet is, with a few exceptions, the limit of oil occurrence. Below that depth, because of the temperature of the Earth, only gas exists.
Myth: Oil companies have capped producing wells to keep up the price of oil
This is one of the oldest and most persistent myths about the oil industry. The idea is that oil companies will drill wells and then cap them, thus withholding production from the market until the price of oil goes up.
Copyright 1997, Walter L. Youngquist -- Posted with permissionfrom GeoDestinies, by Walter Youngquist PhD & Chair Emeritus,Department of Geology, University of Oregon;National Book Company, 1997; ISBN 0894202995
Reality:
Oil occurs in sedimentary rocks which are a fairly thin part of the Earth's crust. In the long-time oil-producing State of Kansas, for example, granite or something else besides sedimentary rock exists everywhere at depths of 15,000 feet or less. All over the world, at some depth, non-petroliferous rocks are encountered below which there is no oil. Where there are great thicknesses of sedimentary rocks, 16,000 feet is, with a few exceptions, the limit of oil occurrence. Below that depth, because of the temperature of the Earth, only gas exists.
Myth: Oil companies have capped producing wells to keep up the price of oil
This is one of the oldest and most persistent myths about the oil industry. The idea is that oil companies will drill wells and then cap them, thus withholding production from the market until the price of oil goes up.
Copyright 1997, Walter L. Youngquist -- Posted with permissionfrom GeoDestinies, by Walter Youngquist PhD & Chair Emeritus,Department of Geology, University of Oregon;National Book Company, 1997; ISBN 0894202995
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