Skip to comments.3 to 4.3 Billion Barrels of Oil in North Dakota and Montana’s Bakken Formation
Posted on 08/09/2011 7:56:30 AM PDT by Bigun
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.
A U.S. Geological Survey assessment, released April 10, shows a 25-fold increase in the amount of oil that can be recovered compared to the agency's 1995 estimate of 151 million barrels of oil.
(Excerpt) Read more at usgs.gov ...
We have more oil inside our borders, than all the other proven reserves on earth.. Here are the official estimates:
- 8-times as much oil as Saudi Arabia
- 18-times as much oil as Iraq
- 21-times as much oil as Kuwait
- 22-times as much oil as Iran
- 500-times as much oil as Yemen
- and it’s all right here in the Western United States .
Old news. This oil is hard to get to, but it is there and it is a really good grade of crude.
I realize that this is somewhat dated information but many still do not know the facts so here it is again.
I looked at the Bakken as huge until this came through...
Early last month, the U.S. Energy Information Administration (EIA) estimated in its report, Review of Emerging Resources: U.S. Shale Gas and Shale Oil Plays, that the Monterey/Santos play in southern California holds 15.4 billion barrels of shale resources; the Bakken and Eagle Ford are the next largest shale oil plays at approximately 3.6 billion barrels and 3.4 billion barrels of oil respectively. The Monterey shale is the primary source rock for the conventional oil reservoirs found in the Santa Maria and San Joaquin basins in southern California.
On the upside, if we survive it long enough, one day the Muzzies will run out of oil, we'll have the last of the world's reserves, and we'll have that $hit-scum by the balls for a change.
On the downside, we'll elect another president like Zero who will give it all away for nothing and find a way to punish us all for our good fortune to boot.
If the oil is “undiscovered”; how on earth do they know how much is there????? They're using computer-modeling based on statistical equations—the same technique used by pseudo-science types to promote their agendas! (eg: gorebull warming).
Keep an open mind, but take these forecasts with a big grain of salt.
So why are we still importing oil from countries that don't really like us and thus helping to finance our enemies!
Do you have any other questions?
(1) Not all crude is the same. Some has much more sulfur.
(2)All commodities are traded on the stock market, and oil is just one of them.
(3) Deals where we buy so much oil from country 'x' to help support their economy.
We use 20 million barrels a day. So all the oil would last
us less than a year. More hype.
The hydrocarbon trapped in the shale for the 6~8 time SA numbers are kerogen that can only be released by retorting the shale. Typically, this requires heating up the shale and until the kerogen is released. Then the kerogen can be processed into a synthetic crude that can be refined. But those process are expensive and take significant energy input.
Yeah! I know. But there is no law - at least that I am aware of - that requires anyone to buy oil on the open market. All are free to contract with suppliers directly if they wish.
For whatever reason, we have been lied about since the 1950’s about our real supply of oil.
One has to wonder how many geologists, politicians and other bsers have been paid by the Opecker Princes to lie about our oil supply and the potential.
Of course the Green Economic Terrorists have been banning any production and discovery of new fields for decades. There is no doubt that they are hand puppets of the Opecker Princes.
Check your math, look at post 9.
Sorry, post 8
So why are we still importing oil from countries that don’t really like us and thus helping to finance our enemies!
Good question with lots of possible answers.
Info on US Petroleum production/use.
7,513,000 barrels/day — U.S. Petroleum Production (crude oil, NGPL, and other oils)
19,148,000 barrels/day — U.S. Petroleum Consumption
The amount is 3.0 to 4.3 billion barrels not millions.
A rather narrow view. Add to the Bakken finds in the gulf, Alaska, California, Colorado, etc, etc.... you might find the numbers stunning.
We are discovering new oil all the time. I saw the other day that Norway just confirmed another 250 million barrels in the Barents sea.
I realize that we are not currently producing enough to supply our own needs but that does not mean that we cannot do so. We can and we should!
One point that needs to be mentioned; these figures are before the latest increases in the recoverable oil. Also, it should be noted that the government estimates are historically much lower than the actual oil recovered once drilling starts.
Because the oil is owned by private companies and sold on the open world market.
Did you see this....(I chopped it up a bit but you get the idea)
Chesapeake CEO Aubrey McClendon Details Their Giant New Oil-Weighted Discovery
- The Utica shale is located in Ohio, which sounds strange today as a place for an oil discovery, but Ohio and Western Pennsylvania were the birthplace of the oil industry in the 1850s.
- Could also be transformative for the entire country as they are talking about really big numbers. In the Utica there could be 25,000 wells drilled over several decades which would be over a $200 billion investment,
- In terms of oil and natural gas liquids, there could be 25 billion barrels of oil equivalent and could be one of the biggest discoveries in United States history.
You can also take it to the bank that if estimates are over 10 or 20 years old they are very suspect when compared with the newest methods. Almost always the new ones are much higher.
In some cases that is true but many companies are vertically integrated and buy very little, if any, crude on the open market. Others contract with privately for the stuff ALL the time!
Notice there is a lot of “if”s and “could”s in that announcement.
I read it more as an attempt to bump up a stock than a oil reserve statement.
It would seem to me to be largely irrelevant how much oil we have available. Some environMENTAL group or Obama’s EPA will tie it up in court making our resources unavailable and unusable. That is what they do.
What do you call a country that doesn’t allow the use of their natural resources?
What is 4.3 billion divided by 20 million?
Granted, we won’t shut off our other sources and it would last longer than a year if you could actually get it out that fast.
But 4.3 billion barrels equals about 2.6 years of our OPEC imports.
The important word in this sentence is "technically."
There is often a HUGE difference between the amount of oil that is "technically recoverable" and the amount "economically recoverable."
Of course the equation between technically and economically recoverable oil constantly changes with fluctuation of oil prices and development of new technology that makes more oil recoverable at lower cost. Which is why changes in fracking technology have changed things so much recently.
I think if you look at the actual numbers, you would be surprised. For example, ExxonMobil buys more crude oil than the produce themselves.
Part of the reason for this is the large world production by National companies where most of the worlds refining is done by investor owned companies.
I suspect your figures on amount of recoverable oil in other countries is based on “old” technology. It is likely other areas of the world will find additional oil reserves, using the new technology, similar to those in the USA. There is nothing particularly notable about North American geology relative to other parts of the world.
What this means, of course, is that the world probably has a significant multiple of the recoverable oil that we thought we did a few years ago. Which blows a pretty big hole in the “peak oil” hypothesis.
Hope springs eternal!!!
I worked for them for years and know that they do this for all sorts of technical reasons not because they have to.
It is, for the most part, a wash in terms of dollars and cents.
All of which goes to the point of this thread which is that we can and should be developing ALL of our energy resources in this country and would be absent POLITICAL considerations.
This is welcome news but the US uses 6.8 billion barrels a year. It needs to be kept in perspective.
Actually, they do have to buy more oil than they produce. They have more than twice the refining capacity they have compared to production capacity.
They produce about 2.4 million barrels per day of liquids.
They refine about 5.3 million barrels per day.
Even if they refined 100% of what they produced, which they don’t, they still would have to buy even more than that amount to keep the refineries running.
It has nothing to do with their cash flow, but rather the business they own. Like most of the majors, rarely is the production of crude balanced with the refining quantities.
Witness the Austin Chalk in which most of the in place liquids were technically not recoverable in the 1930s when the discovery was made but certainly are today.
We are advancing the technology every day and no one can know what might be possible just a few years down the road.
Cars will be running on water before Muslim countries run out of oil in 100 years. We need to drill here, and drill now.
I did not post this thread to discuss the ins and outs of how Exon Mobile conducts it's business so this will by my last post on that subject.
I find the liberal response to this phenomenon highly amusing.
It hasn’t yet hit the public mind, but the “energy crisis” we have all known and loved for the last 40 years has just gone bye-bye.
The only limitation on the amount of oil and gas produced in this country are environmental and other regulations. There is absolutely no reason North America could not be completely energy-independent in a decade.
And AFAIK it all was a result of private companies developing new technology in the pursuit of profit, rather than of a massive government program to “solve the energy crisis.”
Liberals have not yet admitted to themselves that the near-future world of energy scarcity they lust after has just gone away. The only way they’ll be able to maintain it is to artificially cause shortages through regulations, which is likely to cause a real backlash.
You are exactly right! It already is causing a real backlash and I intend to keep throwing fuel on that fire!
One would think if we would open up those areas for drilling and build new refiners it would help the economy
My dad dabbled in oil and gas leases and said the reason we slowed our production/consumption of our own oil/gas after WWII was because of the belief that one reason we were able to defeat Hitler was his troops ran out of fuel at critical times and we were able to get it. My dad said the idea was to save our resources and use other countries resources so in time of war we would not need outside sources. It sounds like a good idea- but then like everything else we ended up dependent on other countries anyway because of environmental whackos and now we don’t have enough refineries...so here we are.
None of this has even considered the high paying jobs oil production brings into the economy. Full production would put a nice dent in the unemployment rate.
All you need to do is to elect someone who will “Drill Baby, Drill”.
YEP! I’m all for it!
We need to tell the environmental whackos to sit down and shut up and we need to build refineries, open oil fields, coal mining, timber, reopen steel mills- get back to the basics and if we did all this and cut spending we could work our way out of debt using our natural resources. We also need to do away with many government regulations and fees that choke businesses so they will bring their companies back to the U.S. and hire workers.
We need to assess the government ownership of so much land, especially in the West and determine what land could be put into production of some sort- agriculture, mining, timber. That land needs to be sold or even traded for some land that we might want to protect for people to enjoy. As it is now the government owns far too much land, more than they can possibly manage which is why we have dopers taking over some areas for pot growing. Between marijuana farming and dangerous illegal traffic on a lot of government lands the public cannot use it now anyway.
Of course we also need to round up all the illegals and deport them, we are broke and don’t need the parasites. We need to also cut social programs to the point that even a minimum wage job will pay far more than anyone can get on the dole to get our citizen slackers back to work.
There are ways to get this country back on its feet, we will have to stand up to the politicians and whackos that put us where we are today.