U.S. Says 400-Billion Barrel Bakken Oil Field a 'Myth'

CNSNews ^ | June 18, 2008 | Keriann Hopkins CNSNews.com Correspondent

[Mr. Pumblechook]

for later

[Ernest_at_the_Beach]

News ping!

[kcm.org]

All President Bush really has to do is sign an Executive Order calling the CTFC to investigate the oil futures market and the manipulators will flee causing the oil bubble to explode!

[mgc1122]

Who gives a rat’s ass if it is NOT 400? Drill here, drill anywhere there’s oil. Put a rig in my backyard if you think there’s a couple of hundred barrels down there.

[Huck]

All President Bush really has to do is sign an Executive Order calling the CTFC to investigate the oil futures market and the manipulators will flee causing the oil bubble to explode!

That's what I've read as well. Oil man president presiding over free for all of deregulated opaque speculation by the big banks and hedge funds. Don't see a lot of talk about it here on FR, though. Just the standard mantra about drilling.

[Redbob]

"Moreover, drillers are utilizing directional drilling in the Bakken fields, a way of drilling at an angle to tap previously unrecoverable reservoirs."

When this was known as "slant drilling" in the early years of oil exploration, this was how you drilled into deposits under your neighbor's land without paying royalties, and it led to more than one shooting...

[gathersnomoss]

Hmmm, now why would the POTUS not want to protect the US interests? Why would the POTUS delay for 7 years, and not use his bully pulpit to take action on such a security threat to the US?

Hmmm. Think Global.

[gathersnomoss]

Huck, you get it.

[gjones77]

“I drank your milkshake!”

[Ernest_at_the_Beach]

President Bush mentioned the Oil shale Field in Colorado , Utah and Wyoming this morning in his request to Congress to open up restricted areas off shore and in Alaska for Oil exploration.

FR Thread

Bush: Lift ban on offshore drilling (Pelosi, where's the lower gas prices you promised?)

[Antoninus]

That's what I've read as well. Oil man president presiding over free for all of deregulated opaque speculation by the big banks and hedge funds. Don't see a lot of talk about it here on FR, though. Just the standard mantra about drilling.

Yes you do see talk about it. Where have you been? I'm not convinced the bubble is completely speculation driven, but I do give some credence to the notion that the prime speculators are troubled financial institutions who need a place to park money to make profits to offset their losses from bad loans. The government is happy to let them do this as high gas prices are a small price to pay to keep these institutions afloat considering what would happen nationally and globally if a bunch of them keeled over.

[PrairieRoot]

I’m calling BS on the reasoning behind this article. Otherwise, why would these oil companies be spending millions in leases, millions in drilling, millions in related infrastructure, if their wasn’t much oil to be had?

[bpjam]

What is the bigger lie?? The democrat lie that Bakken held a mealy 4B barrels (which makes it economically worthless to pursue since by the time you spend billions getting the drills operating, you are empty within 5 years and barely made back your investment)????

Or the ‘lie’ that a field which actually hold AT LEAST 151BILLION barrels (more than 30 TIMES what the democrats said) or that it might hold as much as 400B?

Considering that without an actual oil company using modern technology to do a survey (which gets better once there is a drill into the field), we don’t likely know whether there is 151B or 400B or somewhere in between or even somewhere OVER those two estimates.

But the one thing we can be absolutely, positively, metaphysically certain about is that the DNC and all the liberal carbon-crusaders will lie about the subject. It’s the only thing you can always bank on.

[Young Werther]

My wife's family farn is 800 acres and the bidding is fierce. It's up to $350 per acre for the mineral rights and between 15 - 20% royalties!

Pelosi is Bakken up the wrong tree!

[Tallguy]

Otherwise, why would these oil companies be spending millions in leases, millions in drilling, millions in related infrastructure, if their wasn’t much oil to be had?

I can't answer that, but my in-Laws have a farm in northcentral Pennsylvania where they leased the mineral rights to an natural gas driller for a number of years. There is no indication that the property will be, or will ever be, drilled. But the mere fact that the lease was purchased suggests that it is worth it to them to get it under contract.

[colorado tanker]

There is a lot of oil to be had up there, just not 400 billion barrels. It’s a very tight formation from what I’ve read.

[kcm.org]

... but I do give some credence to the notion that the prime speculators are troubled financial institutions who need a place to park money to make profits to offset their losses from bad loans. The government is happy to let them do this as high gas prices are a small price to pay to keep these institutions afloat considering what would happen nationally and globally if a bunch of them keeled over.

Bingo! A winner!!! YES!

Although called a troll for saying so, high oil and gas prices are good for America. as is--man I hate to say this:

Ethanol--for the farmers...flame away I'm first in line///

[Cletus.D.Yokel]

Yep. Heard the old “must hit some chert or dolomite and got off-line” excuse a lot (in the way-back days).

[ANGGAPO]

Since “timely” information released by congressional Democrats (Sen. Byron Dorgan (D-N.D.)is usually suspect, how can we believe this is not another load of BS for the public?