« Imbalances of Power
Former Prosecutor: ISP Content Filtering Might be a ‘Five Year Felony’ »

Indiana Man Operates Oil Well in Backyard, Producing Three Barrels of Crude a Day

SELMA, Ind. —  It’s just a drop in the global oil bucket, but an eastern Indiana man is operating an oil well in his backyard in an effort to capitalize on soaring crude prices.

Greg Losh’s rig produces three barrels of crude oil a day, though he told FOX News that he hasn’t started selling it yet. For now, he and his partners are keeping it in storage containers.

He declined to say how much oil they’ve collected in the two weeks they’ve been pumping.

But as oil is going for about $127 a barrel on the international market, three daily would yield just under $400 a day for Losh on the global spot market — or 1/100,000 of the daily production increase the Saudis agreed to earlier this month.

More… :arrow:

 

use the icons below to set links to articles you like These icons link to social bookmarking sites where readers can share and discover new web pages.
  • Technorati
  • Digg
  • Reddit
  • del.icio.us
  • NewsVine
  • Slashdot
  • Spurl
  • TailRank
  • BlogMemes
  • StumbleUpon
  • Furl
  • SphereIt

This entry was posted on Thursday, May 22nd, 2008 at 5:21 pm and is filed under And Now for Something Completely Different, CrashBlogging, Peak Oil, The Perfect Storm. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply

Check Spelling
Activate Spell Check while Typing

FAIR USE NOTICE

This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. I am making such material available in my effort to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. I believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml . If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.