The U. S. Geological Service issued a report in April ('08) that only scientists and oil men knew was coming, but man was it big. It was a revised report (hadn't been updated since '95) on how much oil was in this area of the western 2/3 of North Dakota ; western South Dakota ; and extreme eastern Montana and check THIS out:
The Bakken is the largest domestic oil discovery since Alaska's Prudhoe Bay, and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels.. Even if just 10% of the oil is recoverable at $107 a barrel, we're looking at a resource base worth more than $5.3 trillion. 'When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea.' says Terry Johnson, the Montana Legislature's financial analyst.
“This sizable find is now the highest-producing onshore oil field found in the past 56 years.” reports The Pittsburgh Post Gazette. It's a formation known as the Williston Basin, but is more commonly referred to as the 'Bakken.' And it stretches from Northern Montana, through North Dakota and into Canada. For years, U. S. oil exploration has been considered a dead end. Even the 'Big Oil' companies gave up searching for major oil wells decades ago. However, a recent technological breakthrough has opened up the Bakken's massive reserves.... and we now have access of up to 500 billion barrels. Because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL! That's enough crude to fully fuel the American economy for 41 years straight.
And if THAT didn't throw you on the floor, then this next one should - because it's from TWO YEARS AGO!
U. S. Oil Discovery- Largest Reserve in the World! Stansberry Report Online - 4/20/2006.
Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world. It is more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction. In three and a half years of high oil prices none has been extracted. With this mother load of oil why are we still fighting over off-shore drilling?
They reported this stunning news: We have more oil inside our borders, than all the other proven reserves on earth. Here are the official estimates:
- 8-times as much oil as Saudi Arabia
- 18-times as much oil as Iraq
- 21-times as much oil as Kuwait
- 22-times as much oil as Iran
- 500-times as much oil as Yemen
- and it's all right here in the Western United States .
HOW can this BE? HOW can we NOT BE extracting this? Because the environmentalists and others have blocked all efforts to help America become independent of foreign oil! Again, we are letting a small group of people dictate our lives and our economy....WHY? James Bartis, lead researcher with the study says we've got more oil in this very compact area than the entire middle east more than 2 TRILLION barrels untapped. That's more than all the proven oil reserves of crude oil in the world today, reports The Denver Post. Don't think 'OPEC' will drop its price - even with this find? Think again! It's all about the competitive marketplace, - it has to. Think OPEC just might be funding the environmentalists? Got your attention/ire up yet? While you're thinking about it, and hopefully more than a little angry, do this:
Pass this along. If you don't take a little time to do this, then you should not complain about gas prices, because by doing NOTHING, you've forfeited your right to complain.
By the way...this is all true. Check it out at the link below!
GOOGLE it or follow this link. It will blow your mind.
http://www..usgs.gov/newsroom/article.asp?ID=1911
or http://www.theoildrum.com/node/3868
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Interesting Find. I still don't think soccer moms need Hummers, but I wouldn't mind paying $1.00 a gallon for petrol. Also, there's no reason we can't extract this oil in a way that has as little impact on the environment as possible.
ReplyDeleteI actually talked with an oil man about this on a bus. Apparently, this is shale-based oil, whose extraction leaves gigantic holes in the ground because so much of the ground is just not there anymore. He was impressed. I was horrified.
ReplyDelete"If daddy wants his hummer mommys got to have hers," says the mommy with the big ass car.
ReplyDeleteAmerica should absolutely drill for this oil, and like the person posting before me said, this can be done in an environmentally responsible way. While utilizing this important find, we should, of course, continue working on technologies to ween us off the oil. But in the mean time, it would be incredibly irresponsible to ignore this oil supply.
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