New Drilling Method Opens Vast U.S. Oil Fields

ap ^ | February 10, 2011

[george76]

A new drilling technique is opening up vast fields of previously out-of-reach oil in the western United States, helping reverse a two-decade decline in domestic production of crude. Companies are investing billions of dollars to get at oil deposits scattered across North Dakota, Colorado, Texas and California. By 2015, oil executives and analysts say, the new fields could yield as much as 2 million barrels of oil a day -- more than the entire Gulf of Mexico produces now.

...

In the Bakken formation, production is rising so fast there is no space in pipelines to bring the oil to market. Instead, it is being transported to refineries by rail and truck... Unemployment in North Dakota has fallen to the lowest level in the nation...

The Bakken and the Eagle Ford are each expected to ultimately produce 4 billion barrels of oil. That would make them the fifth- and sixth-biggest oil fields ever discovered in the United States. The top four are Prudhoe Bay in Alaska, Spraberry Trend in West Texas, the East Texas Oilfield and the Kuparuk Field in Alaska.

[SunkenCiv]

Thanks george76.

• GAO: Federal oil and gas management at high risk for failure
• White House proposes new oil and gas taxes
• Obama's FY2012 Budget: Taxes, Taxes and More Taxes
• Judge rules against Chevron in Ecuador lawsuit
• For small businesses, a hesitancy to hire (fearing taxes, discimination lawsuits)

-down with Democrats-

• The rich will be hit with higher taxes on luxury services [Connecticut]
• Budget Puzzle: You Fix the Budget
• Robert Rubin Warns New Deficits Could Result In A Crisis At Any Moment
• Obama budget reduces border agents overtime pay
• Obama Government Shutdown: Every Article Should Have This Title
• VIDEO: Chris Christie on Government Shutdown Threats
• Overview of $1.9 Trillion in Tax Increases in the President 2012 Budget
• THE INSANITY OF THE INCOME TAX
• Jack Daniels Explains The Budget Deficit
• CALL7: Welfare Cash Withdrawn In Top Vacation Spots

-the Deficitocratic Party-

• Obama Budget Doubles National Debt to $26.3 Trillion in 10 Years
• Obama's 2012 Budget Proposal: How $3.7 Trillion Is Spent (great chart)
• Debt Now Equals Total U.S. Economy
• Obama sends Congress $3.73 trillion budget
• Obama plans to cut deficit by $1.1 trillion
• January deficit grows by $50B, on pace for $1.5T (.. but there is 'Hope for Change' in trend ahead.)

-NPR, for example-

• NPR calls Washington 'Chocolate City': Report focusing on racial make-up leaves bitter
• EDITORIAL: Welfare for public radio--It's time to pull the plug on NPR subsidy
• Obama cuts off VOA funding for China; gives it to NPR
• President Obama's Budget Proposal Doesn't Cut Funds to NPR ($15 million increase!)
• Groups Fight Republican Budget That Zeroes Out NPR Funding
• Taxpayer money promotes 'gay' Valentine's cards

[thackney]

I do not think it is YET perfected ...

We've only been doing hydraulic fracturing of wells for 60 years. It is not specific to shale production. About 90% of all oil and gas US onshore wells will have it done sometime in their useful life.

[Smokin' Joe]

Someone is late to the party. We've been drilling horizontal wells in the Bakken since the '80s, and the current boom started in 2000. It is still going strong, especially since the discovery that there was even more oil in the Three Forks formation, right below the Bakken.

Currently, though, the Interior Department (through the 'wildlands' edict--Secretarial Order 3310) and the EPA (through the intended regulation of hydrofracking--which is not a problem here) are doing their best to shut things down.

In addition, the EPA is refusing refinery permits, and there is always the 'cap and trade' model in the wings.

So far, the ability to wreck Bakken/Three Forks drilling has been limited because most of the land in the area is either privately owned (as are the mineral rights), or owned by the State. Thankfully, the Federally Owned portion of the area is relatively small.

Presently, the Federal Government is doing plenty to shut down the domestic oil industry, it just hasn't completely worked so far.

[2harddrive]

“Frackling is a big bone of contention around here.. many farmers have allowed this and had flammable “water” coming out their faucets from their well water. .”

BUT: Upon further investigation, it was found out that that water had ALWAYS had some methane in it, and was flammable for YEARS before-hand!