Friday, May 17 2013 8:05 PM EDT2013-05-18 00:05:13 GMT
LAS VEGAS -- When Randy Kleiner stopped to help an injured driver, he didn't expect to become injured himself. But on Thursday morning, as he was assisting someone who had crashed their car, anotherMore>>
When Randy Kleiner stopped to help an injured driver, he didn't expect to become injured himself.More>>
Friday, May 17 2013 9:02 PM EDT2013-05-18 01:02:54 GMT
LAS VEGAS -- A volunteer basketball coach at Shadow Ridge High School has been arrested, Clark County Schools Police Lt. Ken Young said. According to the Clark County Detention Center, the volunteer coach,More>>
A volunteer basketball coach at Shadow Ridge High School has been arrested, Clark County Schools Police Lt. Ken Young said.More>>
Friday, May 17 2013 8:56 PM EDT2013-05-18 00:56:00 GMT
LAS VEGAS - Metro Police says a preteen who was assaulted Thursday during an attempted robbery has died. Investigators said the preteen was walking near Charleston Boulevard and Torrey Pines Drive withMore>>
Marcos Arenas, a Bonanza High School student who was assaulted Thursday during an attempted theft, has died, Metro Police said.More>>
Friday, May 17 2013 8:39 PM EDT2013-05-18 00:39:56 GMT
LAS VEGAS -- Metro Police are investigating two people found dead in an apartment complex near Desert Inn Road and Maryland Parkway. According to police, the bodies were found around 3 p.m. Friday atMore>>
Metro Police are investigating the deaths of a man and a woman whose bodies were found in an apartment Friday afternoon near Desert Inn Road and Maryland Parkway.More>>
Friday, May 17 2013 8:17 PM EDT2013-05-18 00:17:28 GMT
LAS VEGAS -- Clark County firefighters are responding to reports of an explosion and fire at a facility located at North Las Vegas Boulevard and Sloan Lane. This is a developing story. 8NewsNOW. com willMore>>
One person is reported dead following an explosion and fire at a facility located at North Las Vegas Boulevard and Sloan Lane.More>>
Friday, May 17 2013 8:03 PM EDT2013-05-18 00:03:09 GMT
LAS VEGAS -- The theft of iPads, iPhones and other Apple devices is becoming commonplace, earning it the nickname, "Apple-picking," the police said. Bonanza High School student Marcos Arenas died ThursdayMore>>
The theft of iPads, iPhones and other Apple devices is becoming commonplace, earning it the nickname, "Apple-picking," the police said.More>>
Friday, May 17 2013 6:42 PM EDT2013-05-17 22:42:38 GMT
LAS VEGAS -- The Federal Election Commission had found that the parents of disgraced former Sen. John Ensign of Nevada made excessive in-kind contributions to a former political action committee staffMore>>
The Federal Election Commission had found that the parents of disgraced former Sen. John Ensign of Nevada made excessive in-kind contributions to a former political action committee staff member.More>>
Friday, May 17 2013 6:21 PM EDT2013-05-17 22:21:11 GMT
LAS VEGAS (AP) -- The lawyer who unsuccessfully defended O.J. Simpson against armed robbery charges in Las Vegas says his client knew two companions had guns in a 2007 confrontation with memorabilia dealers. MiamiMore>>
The lawyer who unsuccessfully defended O.J. Simpson against armed robbery charges in Las Vegas says his client knew two companions had guns in a 2007 confrontation with memorabilia dealers.More>>
Friday, May 17 2013 2:08 PM EDT2013-05-17 18:08:48 GMT
LAS VEGAS -- Eight hundred new teachers will head into Clark County classrooms, as the Clark County School board approved its $2.1 billion dollar budget for the 2013-2014 school year. For the first timeMore>>
Eight hundred new teachers will head into Clark County classrooms next year based on the $2.1 billion budget the Clark County school board approved Wednesday night.More>>
Those prices at the pump could make any of us wish we had an oil goldmine in our backyards, but that wish may not too far off the mark in Nevada. Geologists think there could be billions of gallons of oil under Nevada's deserts. If so, why hasn't anyone found it? Eyewitness News has reported in past years about Nevada's petroleum potential.
As the price of crude has passed $60 and then $70 a barrel, companies have been gobbling up the mineral rights to vast tracts of government land here. So, when are they going to start drilling?
On certain outcroppings in central Nevada, you can pick up a rock, bust it open, and literally smell petroleum, or something like it. Deposits of chainman shale are thicker there than anywhere outside of Saudi Arabia and Kuwait. As far back as 1905, Nevadans were touting our state's oil potential.
Alan Coyner, with the Nevada Commission on Mineral Resources, said, "We have an established track record for oil production in this state and people know that."
State minerals chief Alan Coyner is bullish on Nevada's oil potential, and with good reason. The single most productive oil well in the nation sits in Nevada's Railroad Valley. The Grant Canyon well peaked at 4,000 barrels per day -- more than 40 million barrels overall -- and is still pumping decades later.
Other pools of oil have been found in Railroad Valley but nothing like Grant Canyon, and as it's output has lessened, so has the state's, dropping from more than 3.5 million barrels per year to less than 500,000 barrels today.
In spite of this trend, the buzz has never been bigger. Last year's discovery of a billion-barrel field in neighboring Utah has would-be oil barons licking their chops. Four times each year, the Bureau of Land Management holds public auctions where wannabe wildcatters can be for the mineral rights on government land. The minimum bid is 2 bucks per acre, but spirited competition can drive the price much higher.
It's a fascinating process, for the gamesmanship if nothing else. Bidders play their cards close to their chests. Since anyone can nominate a parcel to the auction, cagey oilmen have been known to pad the auction list with less desirable parcels as distractions for the competition.
Of all the bidders during this recent auction, only one was willing to talk about his plans. "This is a fun hobby. It's a grown-up treasure hunt," said Curt Rosen, a Michigan oil investor.
Rosen got the oil bug many years ago and when a $360 investment ended up paying him 7 figures per year for several years, he was hooked. On the day we saw him, he picked up 300 acres of BLM land.
George Knapp: "What's next with your parcels?"
Curt Rosen: "I'm going to sit on them and accumulate more."
Oil speculators lease the rights to large chunks of land in hopes that someone bigger will come along and buy them out or cut them in. Few of them are interested in the risks of paying to drill themselves. Only three new drilling permits have been approved by the state this year. None of the three has started drilling. One reason is geology.
Nevada's twisted and fractured geology makes it very tough to find the oil that everyone believes is down there, and far more expensive than drilling somewhere else. Although the potential is enormous, the big oil companies find it cheaper to drill in, say, Indonesia.
Alan Coyner continued, "It's tough to explore for oil here. The faulting and geothermal activity creates a difficult situation in the search for oil."
So it's left to the little guys, the dreamers, to roll the dice and hope for a score. And if one of these Rockefellers-in-waiting does find oil, the big companies will come calling.
Curt Rosen added, "It's a poker game without the house taking a percentage. Mother Nature is the house."
Another factor in a lack of drilling here is a shortage of drilling rigs. With so much new drilling elsewhere, Nevada doesn't have enough rigs since we're a long way from the centers of oil productions. These rigs can cost up to $100,000 a day to lease. The same rigs are needed for geothermal exploration. One of these days, though, someone will hit a pool here and the shortage will vanish.
Higher prices for crude have sparked something off an oil boom here. As the I-Team has reported over the past three years, many oil experts think Nevada has almost unimaginable potential as an oil source. More>>