Eastern Indiana Man Taps Into Backyard Oil Well
SELMA, Ind. -- An eastern Indiana man is capitalizing on high crude oil prices with a backyard oil well that produces three barrels of crude a day.
Greg Losh said the oil his well produces comes from the Trenton oil field that fueled the growth of east-central Indiana cities more than a century ago.
He said it costs about $100,000 to drill an oil well, but that at today's oil prices, it's worth it.
There goes the neighborhood.
Okay, let’s do the math: three barrels a day at $129/barrel is about $14,000 a year, which means he’ll have paid off his well in .... a little more than
seven years a year.
I guess that’s not too terribly bad, considering the well also produce natural gas which he uses to heat his home. Oh, wait:
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.
Geez, dude, what are you waiting for? Some “Max Max”-dystopia where it's kill or be killed for the juice? And you have partners? So that $14G isn't even all yours? Yikes. Doesn't seem worth it to me.
This story got me thinking, though. I have an oil well in my backyard. Well, technically, it’s on my roof. I could put a solar array on my roof, power my home, and sell what’s left to NES. There’s already a framework in place to buy this energy through NES’ Generation Partners program. I may not get $14,000 a year for my troubles, it’s true, but then it wouldn’t cost me anywhere near $100,000 to install, either. Plus, I wouldn’t have to look at this out my kitchen window.
On top of that, I’d be generating clean energy and helping build the new energy economy. I don’t have to pay to store or haul barrels of crude, and I don’t ever have to worry about my well running dry.
I think if I were our friend Greg I'd leave the oil in the ground and invest in solar panels on the roof. Just sayin' ....