How Exxon is Losing Billions on Oil

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Source: www.angelpub.com --- Sunday, October 06, 2013
ExxonMobil hates one man above all else... His name is Professor Crum Brown. Now, for those of you who aren't up to date with organic chemists from the 19th century, Professor Brown plays an interesting role in the history of the U.S. Oil industry. He coined the term kerogen back in 1906. If that doesn't ring a bell, you might know it by its more recognizable name, Oil shale. Think of it as the first stage in Oil generation... Take a bunch of kerogen, then bury it deep enough in the ground, and let it cook over a long period of time... Voil?! You have crude Oil. As it so happens, the United States has 2.6 trillion barrels of this stuff buried in the Western United States. Fool Me Once, Shame On You... The U.S. government has known about the Green River Formation for nearly a century. In fact, the United States Geological Survey reported on the deposit way back in 1922. (This is one of the reasons this Oil shale deposit rests on government land.) The fact is I have yet to come across an Oil resource in the U.S. that has received more hype than the Oil shale deposits in the Green River Oil shales. Rumor has it there's a sign that hangs from an ancient wooden post right on the outskirts of the Green River Formation that ominously reads: "Abandon all hope, ye who drill." It's all too easy to fall for the Oil shale hype, and some of the biggest Oil companies?? including ExxonMobil and Shell ? were duped into thinking the U.S. Oil shale ...

Source: http://feeds.energyandcapital.com/~r/angel-keith-kohl/~3/PsFUEhUHHkQ/3884

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