Friday, November 4, 2016

Note Newfield's High-IP Well In Lost Bridge Oil Field, Bakken -- November 4, 2016

Newfield's nice well: in case you missed this, posted earlier:
  • 31735, 2,143, Newfield, Lost Bridge Federal 148-96-9-4-10H,  Lost Bridge, API: 33-025-02984; t9/16; cum 8K over 6 days, that's more than 1,000 bopd; a Three Forks well; 50.5% drilled in 15' target zone; 17.3% drilled in TF C facies; 14% drilled in TF A facies; 5.9% drilled in TF B facies; frack data not yet available, and no info over at FracFocus, either.
Headline story over at Yahoo!Finance: New Jersey raises its gasoline tax by 159%. OMG. I posted this on October 7, 2016:
There's a lot more to this bill than simply an increase in oil prices. What little I know of it suggests this is a very, very good bill. It will raise $32 billion for highway infrastructure for the state of New Jersey over the course of 8 years, and half of that will come from the US government on a 1-for-1 matching grant. That is huge.

In addition, it eliminates New Jersey's "death tax." Right now, New Jersey has an estate tax that kicks in at a measly $625,000. That "death tax" is eliminated in this bill.

Finally, let's see what this costs an average commuter in New Jersey:
  • annual mileage: 20,000 miles
  • average mpg: 30 mpg
  • gallons of gasoline/year: 750 gallons (rounded up generously)
  • additional cost in gasoline tax: $0.23 x 750 = $175/year or $3.50/week -- about the cost of a Starbucks coffee one day each week on the commute 
I don't have a dog in this fight, but it seems any whining over this increased gasoline tax is ill-placed, considering that it simply brings New Jersey in line with other states' gasoline tax. 
By the way, the "new" tax simply brings New Jersey in line with what neighboring states charge. Oh, I guess I already said that. This is a non-story. As usual. 
Note To The Granddaughters 

The Chinese were the only people who knew the secret of the moment when to destroy the larvae of the silkworm so that the filament would form a continuous length which could be woven into thread. It was a secret that only smuggled to the west in the sixth century AD.

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