Posted on 03/21/2008 6:02:12 AM PDT by Renfield
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.
To prevent drilling, the demonrats will get this area declared a national wildlife refuge for the spotted snot flea.
“Hallelujah!!”
As you, I like this good news. But, before we get too excited about this, let’s keep in mind that the “real” choke-point in the oil/gasoline supply-chain is lack of refinery capacity. Wouldn’t it be nice if a huge new refinery could be built in North Dakota to support this new and developing oil find? I know, stupid dreamer me. This will probably never be allowed by the Enviro-Nazis and their Willing Idiot Enablers in Congress. Speaking of Willing Idiot Enablers, wonder when the general electorate will wake up and vote these people out of office? Ans: NEVER...
The good people up here on the Dakota tundra are not swayed much by environmental wackos. The first new oil refinery in decades is moving forward in Elk Point, SD and the wackos haven’t derailed it yet. My only regret is my western South Dakota farm land is not on top of this oil formation. I guess I will have to wait for Ted Turner to make me an offer.
The traitorous imbecile DemoCommunist plague rats of the sicko dead ender Death Culture will soon start their sqealing, screeching, and feces throwing, accusing anyone who want to tap this oil of “species genocide”, and “ecological murder”, and “How dare we consider our own survival when the view for those who conquer us might have their view ruined!”.
Beware the Democrats! They not only want to be herded into death clinics and death camps, they want to drag everyone else in with them that they can.
I will personally go out there and shoot all the endangered species and suffer the consequences myself...
We’d need at least a tarrif on foreign oil sufficient to KEEP this resource cost effective. Ideally we’d want to BAN the importation of oil.
Doesn’t matter - the evniromental nuts won’t let us take advantage.
Great news! Now we can supply the illegals with more work drilling wells.
No brainers are a great mental challenge to the no-brained attitudes of our political overlords/
What a guy. When you get to prison, post us your bunk number and we'll send you pastries every day.
Bling Ping for me
Yes. People don't understand that as long as the Saudis can pump it out of the ground for five bucks a barrel it doesn't matter how much oil we have here. The threat of oil dropping back down to thirty dollars a barrel is enough to give second thoughts to anyone who might want to invest in marginal domestic sources.
A horrible economy is the ONLY way a Dem can win the WH.
Why is there a North and South Dakota, anyway?
The only questions remaining on this oil formation is how much oil is there, how far it extends and how long the wells will produce.
The answers are likely to be 300 billion barrels (20% recoverable), 1,000 miles across (from southern Montana to central South Dakota to southern Manitoba to south central Saskatchewan) and the betting is that each well will last an average 10 years.
So far, the horizontal drilling and fracturing of the oil bearing rock layer has been a guaranteed money maker with returns on investment of 300%.
The Green Kool-Aid has been consumed by Republicans and Democrats alike, including (especially) McCain.
The Media has won this battle.
You could not be more right. Sadly.
You beat me to it.
Does this mean we have to use 10 times as much corn to mix with the new oil? We’re all going to starve!
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