The History Of The Pennsylvania Oil Boom And Petroleum Industry

It depends on the individual contract unless it is Indian land. On land owned by Native Americans, the land owner gets 1% which is retained by the Federal Government and them "lost". The only exception has been the Cherokee.

I want to know when the renewable energy boom will likely happen, in what year and when I should consider buying into their stocks with options?

so you want us to predict the future for you?

Do you think that decreasing oil reserves world wide will help or hinder the oil industry and those employed by it (eg. engineers)?

increase:
supply and demand, demand will go up and supply down therefore the oil industry will grow and jobs in it will increase.

decrease:

many economies will switch from oil to alternative energy, due to cost and environmental concern, and thus the oil industry will lose power and jobs.

What do u think?

As reserves diminish the price will rise. making hard to get oil profitable, so engineers that work on getting oil from things like tar sands and shale or very deep in the ground and ocean will still have employment. The switch to alternative energy will be slower than most people think unless there is some unexpected breakthrough in the technology that makes it cheap. Even then we will need oil for things like fertilizers and chemicals,

Hard working Americans subsidize the mature oil industry to the tune of $17 BILLION/year.

With this money out of your pockets, oil companies are able to post record profits while charging you record prices.

The Rubberstamp Republicans in the Senate voted today to keep your tax dollars pouring into the coffers of their buddies in the oil industry.

Do you agree with the Rubberstamp Republicans when they say that the oil companies are the best judges when it comes to how to spend your hard earned tax dollars?

Anyone who "rubberstamps" an ok to the oil companies in face of their record profits is a useless (use your own insults here).

What is the difference (or what should be done differently) between doing an oil change on an unleaded fuel truck and doing an oil change on a diesel truck. I have done my own oil changes on my 94 Ford 1/2 ton, but I am looking at getting a 97 Ford diesel and I would like to still be able to do my own oil changes. This is my first diesel truck so I have a lot to learn. Also, do they require any other maintenance that my unleaded truck did not? Thanks in advance for the info!

The process is the same, except later model Ford diesels use canister/cartridge filters instead of spin-ons. Rotella from Shell is a highly respected brand of oil for diesel engines.

Diesel engines use glow plugs, not spark plugs, because diesel engines have compression ignition rather than spark ignition.

This is in the state of Pennsylvania.

My parents received an advertisement in the mail this summer from their heating oil company. The advertisement states "You are protected upside and downside! No other company does that!" (What downside protection means in heating oil is that if the price of oil goes down, the customer gets the difference back.) My parents tore the order form off the bottom of the ad and sent a check for $2000 (for x number of gallons) to prepay for their heating oil this winter (the first time they have ever prepaid), feeling secure because they were protected if the price of oil goes down.

Now of course, the economy has having problems and oil has become much cheaper. X amount of gallons now costs about $1000 instead of $2000. Still, my parents weren’t upset, because the oil company advertisement said that they were protected if oil went down.

Today a letter came in the mail from the oil company. "Dear Sir, we regret to inform you that we cannot lower the price of your oil because it will cost us too much money. In order to help you, we will lower your oil price 25 cents [a small fraction of what is has gone down] a gallon."

So how I’m interpreting it (in the terms of contract law) is that the advertisement was the offer, mailing in the order form was acceptance, and sending the check and beginning to receive oil was consideration. So, it would be a verbal contract, correct?

But, Pennsylvania has accepted the UCC, and I’m assuming the statute of frauds with it. There was no actual written contract signed by the oil company and my parents.

So, my question is, can my parents sue to recover the difference in oil prices?

The order form is a sufficient written contract. Even under the Statute of Frauds, a contract is enforceable under these circumstances, because payment was made and accepted.

UCC 2-201
(3) A contract which does not satisfy the requirements of subsection (1) but which is valid in other respects is enforceable;
…(c) with respect to goods for which payment has been made and accepted or which have been received and accepted.

Richard

I am purchasing five acres in southwest New York State. The land is about 2300 feet in elevation and was part of an oil and gas field during the oil boom. I have checked the USGS website and found approximately 20 oil and gas wells have been drilled on the property and are now capped.

My concern is that I want to drill for water. But, I wonder if the water table has been damaged to the extent that I will not have a good well for a home. Does the table repair itself over time? How would you test for this? What is the most economical way to do this? I close on the property the end of February and would like to know what my options are before the middle of February. Thank you.
Thank you for the information. I will contact the local landowners.

If the oil wells were drilled properly, you’re likely to have no problem. When they drill oil wells, they are required to line the hole with pipe so that when they hit oil, it doesn’t come gushing up and just go straight into the water table. Oil is generally found much deeper than the water table. If oil *has* leaked into the water table, there’s little you can do. It might repair itself, but this would probably take longer than your lifespan. It’s possible that none of the wells ever even found any oil.

I recommend that you talk to all of your neighbors that have land adjoining the parcel you wish to purchase. Ask them about their water quality. Also ask them if they have any oil wells (capped or otherwise) on their property. If they too have wells and their water is fine, I’d say there’s about a 99% chance that yours is too. But…the current owner wants to sell it for a reason…

If it were me, I’d cough up the extra money to hire a professional geologist to come out and determine if you water table is clean. If there are problems, you’ll be glad you spent the money. If there aren’t, keep the documentation for when (or if) you ever want to sell the property to someone like you that asks these kinds of tough (but necessary) questions.

There might even be a NY state service that’ll do it for you for a nominal cost or even for free.

Bottom line: you need professional advice.

This is the real reason why you don’t want to vote for Obama. He just doesn’t understand.

Given the furor about “Joe the plumber” I’ve written an open letter to Mr.
Obama myself. I think it is worth the read. Maybe if Americans could take a closer look at what a small businessman is, they wouldn’t want politicians penalizing their success. Feel free to forward it if you want…
Cory

Mr. Obama,
Given the uproar about the simple question asked you by Joe the plumber, and the persecution that has been heaped on him because he dared to question you, I find myself motivated to say a few things to you myself.
While Joe aspires to start a business someday, I already have started not one, but 4 businesses. But first, let me introduce myself. You can call me "Cory the well driller". I am a 54 year old high school graduate. I didn’t go to college like you, I was too ready to go "conquer the world" when I finished high school. 25 years ago at age 29, I started my own water well drilling business at a time when the economy here in East Texas was in a tailspin from the crash of the early 80’s oil boom. I didn’t get any help from the government, nor did I look for any. I borrowed what I could from my sister, my uncle, and even the pawn shop and managed to scrape together a homemade drill rig and a few tools to do my first job.
My businesses did not start as a result of privilege. They are the result
of my personal drive, personal ambition, self discipline, self reliance,
and a determination to treat my customers fairly. From the very start my business provided one other (than myself) East Texan a full time job. I couldn’t afford a backhoe the first few years (something every well drilling business had), so I and my helper had to dig the mud pits that are necessary for each and every job with hand shovels. I had to use my 10 year old, 1/2 ton pickup truck for my water tank truck (normally a job for at least a 2 ton truck).
A year and a half after I started the business, I scraped together a
20% down payment to get a modest bank loan and bought a (28 year) old, worn out, slightly bigger drilling rig to allow me to drill the deeper water wells in my area. I spent the next few years drilling wells with the rig while simultaneously rebuilding it between jobs. Through these years I never knew from one month to the next if I would have any work or be able to pay the bills. I got behind on my income taxes one year, and spent the next two years paying that back (with penalty and interest) while keeping up with ongoing taxes. I got behind on my water well supply bill 2 different years (way behind the second time… $80,000.00), and spent over a year paying it back (each time) while continuing to pay for ongoing supplies C.O.D.. Of course, the personal stress endured through these experiences and years is hard to measure. I do have a stent in my heart now to memorialize it all.
I spent the next 10 years developing the reputation for being the most
competent and most honest water well driller in East Texas . 2 years along
the way, I hired another full time employee for the drilling business so
that we could provide full time water well pump service as well as the well drilling. Also, 3 years along the path, I bought a water well screen service machine from a friend, starting business # 2. 5 years later I made a business loan for $100,000.00 to build a new, higher production, computer controlled screen service machine. I had designed the machine myself, and it didn’t work out for 3 years so I had to make the loan payments without the benefit of any added income from the new machine. No government program was there to help me with the payments, or to help me sleep at night as I lay awake wondering how I would solve my machine problems or pay
my bills. Finally, after 3 years, I got the screen machine working
properly, and that provided another full time job for an East Texan in the
screen service business.
2 years after that, I made another business loan, this time for
$250,000.00, to buy anot her used drilling rig and all the support equipment needed to run another, larger, drill rig. This provided another 2 full time jobs for East Texans. Again, I spent a couple of years not knowing if I had made a smart move, or a move that would bankrupt me. For the third time in 13 years, I had placed everything I owned on the line, risking everything, in order to build a business.
A couple of years into this, I came up with a bright idea for a new
kind of mud pump, a fundamentally necessary pump used on water well drill rigs. I spent my entire life savings to date (just $30,000.00), building a prototype of the pump and took it to the national water well convention to show it off. Customers immedi

well it’s good, but it looks like it got cut off at the end. I doubt he will respond though.

i am young invester and making some money from it. i was wondering how can i take advantage from the oil price boom or the oil companies.

Tom Dobell, the highly regarded manager of M&G Recovery Fund, picks stocks for his portfolio based on a corporate recovery and he has highlighted three stocks he think offer decent potential for bumper returns.

One is Tullow Oil, the Anglo-Irish oil & gas exploration and production company, which announced recently that its Jubilee field, off the coast of Ghana, extends over nearly seven miles, well ahead of estimates.

"I am highly enthusiastic about the company’s prospects from here. I believe Tullow’s success has not developed overnight. It has made some very sound capital allocation decisions, acquiring businesses wisely and purchasing attractive businesses that provide it with the cashflow generation to maintain an ambitious exploration and development programme."

Another stock that has caught his eye is the mid-cap engineering group Ivensys.

"This is a great example of a company that is firmly in control of its recovery potential," says Dobell.

"Since the days of over-expansion and excessive debt, it has embarked upon a restructuring programme and improved its finances, paving the way for a recovery to take place. I have great confidence in the management team’s ability to guide the company back to health."

Our list of top funds for the current climate, as recommended by independent financial advisers, is the M&G Global Basics fund. Commodities have enjoyed a sterling run, but the long-term arguments are compelling.

According to the latest World Energy Report World the emerging nations – notably China and India – are going to continue to fuel energy prices for 20 years. The report reveals that the world’s primary energy needs are projected to grow by 55 per cent between 2005 and 2030.

Two oil wells side by side with seperators and heater treaters. Left pumping unit is a Big M 228-246-86 pumpjack and the right pumping unit is a National 228-246-86 pumpjack. Both pumpjacks running on Ford 300 motors. Bryan, Texas. 7/18/2008

Oil Pumper
http://www.oilpumper.com

Derek’s Oilfield Photography
http://www.oilfieldphotos.com

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