[thackney]

Oil in place, trapped in the shale isn’t the same as recoverable oil by drilling.

North Dakota and Montana have an estimated 3.0 to 4.3 billion barrels of undiscovered, technically recoverable oil in an area known as the Bakken Formation.

http://www.freerepublic.com/focus/f-news/2000937/posts

Lots of threads here discussing this back when USGS released their numbers last year. Click on the keyword “Bakken”.

[prisoner6]

I think it's similar to the situation here in PA. While natural gas is the main find there is still recoverable oil in the shale. We started to recover it but the environmentalwackos and others have nixed that They claim that the water used in the process is harmful to the aquifer and other aspects of the environment.

I can't find the exact article here are a couple of indirect links.

GoErie.com

and

Gotham Gazette

prisoner6

[decimon]

It all comes back to economics. IMO, our free-market realities include rigged, government-fuggled economic policies elsewhere.

I think we should stop trying to effect external factors and let oil find its price. No butt kissing of Saudis or threatening of Russians or whatever. IMO, those actions just postpone the inevitable and distort domestic markets. Individuals make false assumptions when planning which vehicle or house to buy and companies do the same with planning which products to market.

And all the attempts to moderate oil prices have failed. Individuals now don’t know what to do and CEOs don’t know what to do. Going back decades, we should have let oil go where it would and adjusted to the price.