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| Topic: Massive Oil Deposit Could Increase US reserves by 10x | |
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America is sitting on top of a super massive 200 billion barrel Oil Field that could potentially make America Energy Independent and until now has largely gone unnoticed. Thanks to new technology the Bakken Formation in North Dakota could boost America’s Oil reserves by an incredible 10 times, giving western economies the trump card against OPEC’s short squeeze on oil supply and making Iranian and Venezuelan threats of disrupted supply irrelevant.
In the next 30 days the USGS (U.S. Geological Survey) will release a new report giving an accurate resource assessment of the Bakken Oil Formation that covers North Dakota and portions of South Dakota and Montana. With new horizontal drilling technology it is believed that from 175 to 500 billion barrels of recoverable oil are held in this 200,000 square mile reserve that was initially discovered in 1951. The USGS did an initial study back in 1999 that estimated 400 billion recoverable barrels were present but with prices bottoming out at $10 a barrel back then the report was dismissed because of the higher cost of horizontal drilling techniques that would be needed, estimated at $20-$40 a barrel. It was not until 2007, when EOG Resources of Texas started a frenzy when they drilled a single well in Parshal N.D. that is expected to yield 700,000 barrels of oil that real excitement and money started to flow in North Dakota. Marathon Oil is investing $1.5 billion and drilling 300 new wells in what is expected to be one of the greatest booms in Oil discovery since Oil was discovered in Saudi Arabia in 1938. The US imported about 14 million barrels of Oil per day in 2007 , which means US consumers sent about $340 Billion Dollars over seas building palaces in Dubai and propping up unfriendly regimes around the World, if 200 billion barrels of oil at $90 a barrel are recovered in the high plains the added wealth to the US economy would be $18 Trillion Dollars which would go a long way in stabilizing the US trade deficit and could cut the cost of oil in half in the long run. http://www.nextenergynews.com/news1/next-energy-news2.13s.html |
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Yup. Just like the brakes was put on nuclear energy development in this country so has it been put on oil exploration. One can clearly see the consequences of those two decisions now. It is indeed ironic now that those who once opposed nuclear development now support it. I imagine offshore drilling will turn 360 degrees too someday.
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America is sitting on top of a super massive 200 billion barrel Oil Field that could potentially make America Energy Independent and until now has largely gone unnoticed. Thanks to new technology the Bakken Formation in North Dakota could boost America’s Oil reserves by an incredible 10 times, giving western economies the trump card against OPEC’s short squeeze on oil supply and making Iranian and Venezuelan threats of disrupted supply irrelevant. In the next 30 days the USGS (U.S. Geological Survey) will release a new report giving an accurate resource assessment of the Bakken Oil Formation that covers North Dakota and portions of South Dakota and Montana. With new horizontal drilling technology it is believed that from 175 to 500 billion barrels of recoverable oil are held in this 200,000 square mile reserve that was initially discovered in 1951. The USGS did an initial study back in 1999 that estimated 400 billion recoverable barrels were present but with prices bottoming out at $10 a barrel back then the report was dismissed because of the higher cost of horizontal drilling techniques that would be needed, estimated at $20-$40 a barrel. It was not until 2007, when EOG Resources of Texas started a frenzy when they drilled a single well in Parshal N.D. that is expected to yield 700,000 barrels of oil that real excitement and money started to flow in North Dakota. Marathon Oil is investing $1.5 billion and drilling 300 new wells in what is expected to be one of the greatest booms in Oil discovery since Oil was discovered in Saudi Arabia in 1938. The US imported about 14 million barrels of Oil per day in 2007 , which means US consumers sent about $340 Billion Dollars over seas building palaces in Dubai and propping up unfriendly regimes around the World, if 200 billion barrels of oil at $90 a barrel are recovered in the high plains the added wealth to the US economy would be $18 Trillion Dollars which would go a long way in stabilizing the US trade deficit and could cut the cost of oil in half in the long run. http://www.nextenergynews.com/news1/next-energy-news2.13s.html OLD NEWS! I reported this 9 months ago madman. |
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Edited by
Fanta46
on
Wed 01/28/09 08:53 PM
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To make it economically feasible to drill for, oil must be over $80.00 a barrel.
The good thing is that the major oil companies have no rites to the oil. Exxon never believed it was there and sold their rites to the man who kept telling them it was. He used to work for them. When oil got high enough for him to drill, Exxon and Company started lobbying Bush and Cheney to authorize opening up more coastal drilling. Seems they were about to lose a lot of money to the Bakken oil. I kept trying to tell people but they refused to believe it. Oh well! |
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Bah...lets see if the Lord and Savior Barack Obama let you drill for it EVER with the Eviro Cronies at his ear....
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Edited by
Fanta46
on
Wed 01/28/09 08:59 PM
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Who wants to drill, besides those Republicans who are in the Oil Companies pockets? Like Bush and Cheney. They'd just as soon see you dependent on Exxon and Chevron forever. They get rich off Americans staying naive and eager to continue buying their oil. No matter what the price.
The technology exists for the US to become energy Independent within 10 years. |
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