From PowerLine: Fossil Fuels Are the Future

That's about all I need to know -- link here for Part I and link here for Part II. 

You can imagine a world in which energy sources like solar, wind and biomass are the best and most efficient available. But here on planet Earth, fossil fuels are our best source of energy. Happily, as a recent Congressional Research Service report concluded, the country that has the largest total fossil fuel resources is not Russia or Saudi Arabia. It is the United States. In fact, the United States and the world have plenty of petroleum and coal to last more or less forever at what would be--absent atrocious government policies--declining prices.

 From Part II:

Oil production in Canada, the largest supplier to the United States, is forecast to jump 68 percent to 4.7 million barrels per day by 2025....

The rise in production from 2.8 billion barrels in 2010, largely in the Athabasca oil sands of Western Canada, reflects an improved investment climate, more robust commodity prices and increased market demand, the association said.

Seeking Alpha on Whiting Trust -- Bakken, North Dakota, USA

Link here.

BOE estimate: 302,500
BOE actual: 310,500

Profits, estimate: $9.7 million
Profits, actual: $11.5 million

... and this was the first quarter when we lost a month or so due to blizzards ... I still think 2H11 is going to be incredible for Bakken oil companies. 

Encana To Add Oil to Its Inventory

Link here.

With natural gas making up 96% of its total production volumes and liquids prices commanding a stout premium over gas, Encana Corp. has begun to position itself to take more advantage of higher-value liquids plays.

The company is directing $1 billion of its 2011 budget towards activities that will increase future liquids recovery in North America, Randy Eresman, president and chief executive officer, told investors on the first quarter conference call in mid-April.

It might have been a year ago, I forget when I posted it, but I said that when natural gas hits $5.00, these natural gas companies will start to show some excitement. We are closing in on $5.00 natural gas. This is a dynamic link with commodity prices, and today natural gas is about $4.79, another recent high, I think.

Vaalco Buys Montana Bakken Acreage

Link here.

Vaalco Energy Inc. is buying a 70% working interest in 5,214 acres of the Bakken play in Sheridan County, Mont., from a privately held company.

The acreage adjoins Flat Lake field, which produces from the Middle Bakken formation.

I assume this is part of the Williston Oil Basin, and not the Alberta Basin. Flat Lake oil field appears to be in the far northeast corner of Montana, just across the border from North Dakota and Canada. Flat Lake is near Westby, Montana, so this has to be the Williston Oil Basin Bakken. 

Another Analyst: $150 Oil Before The Year Is Out

Link here.

Another analyst suggests $150 oil before the year is out. He is promoting his book, of course.

These analysts predicting oil prices are getting to be like the mosquitoes in Williston, North Dakota: guaranteed to show up and very, very irritating.

This may still be my favorite analyst regarding the price of gasoline.