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November 23, 2009
Energy
what considerations go into the categorization of fossil fuel energy sources.
While basic concepts of fossil fuel energy categorization are included here, a full treatment is
provided in the CRS paper. All fossil fuel supply inventory information in this paper is basis
2007, the latest year for which summarized U.S. energy data are reported.
Recoverable Oil Supplies in the United States
Proved reserves of oil in the United States totaled 21.317 billion barrels in 2007 (Figure 1).
Undiscovered reserves of oil totaled 145.5 billion barrels. Total proved and undiscovered oil
reserves for the U.S. were estimated to be 166.7 billion barrels.
“Proved reserves” are those amounts of fossil fuels that have been “discovered and defined,
typically by drilling wells or other exploratory measures, and which can be economically
recovered” (page 4, CRS #R40872). Both on‐land and off‐shore reserves are included in the
proved reserves category. The proportion of “economically recoverable” proved oil reserves is
affected by variations in market prices for oil, as higher prices make it more feasible to
profitably bring higher cost oil supply sources into production. Therefore, as oil prices rise the
proportion of oil supplies qualifying as “economically recoverable” increases, and vice verse.
“Undiscovered resources” are the projected quantities of oil and natural gas that are estimated
to exist in as yet unexplored areas” (page 4, CRS #R40872). The U.S. Geological Survey (USGS)
estimates undiscovered fossil fuel resources on land, while the U.S. Minerals Management
Service (MMS) estimates them off shore. The USGS delineates between “conventional” and
“unconventional” oil supplies whereas the MMS does not. “Conventional” oil and natural gas
supplies are typically more easily recoverable. These conventional supplies usually are
accessible using long‐established common oil drilling methods. “Unconventional” oil and
natural gas supplies can only be recovered using sometimes difficult and/or expensive
extraction processes (beyond traditional lower cost oil drilling and extraction methods). The
USGS and MMS estimates of fossil fuel supplies are based on observations of geological
characteristics in similar oil and natural gas producing areas as well as other factors. The
acronym “UTRR” is used here to refer to “undiscovered technically recoverable resources”.
Undiscovered (i.e., “UTRR”) “on‐land” oil supplies were projected to be 47 bb, of which 41 bb
are available via conventional extraction methods, and 6 from unconventional methods. The
MMS does not delineate between conventional and unconventional in defining off‐shore
supplies. An estimate of 86 bb of undiscovered or UTRR oil was projected to be located off‐
shore in the coastal waters of the United States.
A closer examination of the off‐shore UTRR oil reserves shows that 45 bb are projected to be
available in the Gulf of Mexico, 27 bb near Alaska, 11 bb off of the Pacific Coast, and 4 bb off of
the Atlantic coast (Figure 2).
Proved Reserves,
21
On Land
Conventional
UTRR, 41
On Land
Unconventional
UTRR, 6
Off Shore UTRR,
86
Figure 1. U.S. Oil Reserves
Total: 167 Billion Barrels in 2007 (CRS, 10/28/09)
Billion
Barrels
of …
June 22, 2010
Cash Prices & Marketing Strategies
2019 period are used as a basis for this analysis. United … pound-
for-pound or 1-for-1 basis. It is also assumed that … to be
represented on the basis of 56 pound or “bushel” …
Breakout Sessions
affecting feeder cattle
and crop basis, and machinery costs. One … areas include
measuring basis risk for commodity grains … 61.3% of rented
acres in 2010 were on a cash basis.
Source: KSU and KS Ag Stat – …
Breakout Sessions
http://www.agmanager.info/livestock/marketing/dat
abase/default.asp
• Basis (Cash - Futures) Information
– … http://www.agmanager.info/livestock/marketing/gra
phs/default asp#Basis Charts
Department of Agricultural … Economics
phs/default.asp#Basis Charts
– BeefBasis.com …
April 14, 2015
224.58)
OCT FC: $209.83/cwt
+ Exp. Basis: $ 14.75/cwt
= Exp. Cash … 224.58/cwt
http://www.beefbasis.com/Basis.aspx
Economic Outlook … Cash
– OCT FC: $209.83 & Exp. Basis: $14.75 (Exp. Cash = $224.58)
– …
June 12, 2012
of: 6/11/12
12’ Strong
Basis
=
+/- $5/cwt
miss on … Note historically strong basis on calves…
• Accounting … since 5/27…
Stronger Basis Recently than Historic Patterns… …
September 28, 2011
42
Current Price & Basis Information
• Futures … Slaughter steer prices
• Basis (Cash - Futures) Information … http://www.agmanager.info/livestock/marketing/graphs/default.asp#Basis Charts
– BeefBasis.com …
Breakout Sessions
Cost depletion is calculated by dividing the $400 lease bonus
by the total income of (400+1200= 1600) or 25%. 25% of the
mineral rights basis of $ 500 equals $ 125 per … acre costmineral rights basis of $ 500 equals $ 125 per acre cost
depletion. Joe reports the $ 400 bonus payment less $ 125 of
cost depletion.
Cost …
September 21, 2021
Land Rental
Rates
taken down to the per acre basis for both irrigated and non-
irrigated … approach method on a county basis for Kansas. A
future companion … rental rates on
a county basis in Kansas.
Income
To calculate …
August 22, 2022
Ag Law Issues
continuous, and substantial basis during the tax year
As … most of the losses on the basis that
the taxpayer did not … rental losses in full on the
basis that he was a real estate …