Posted on 05/01/2013 12:27:59 PM PDT by Nachum
Don’t expect the energy boom in Montana and the Dakotas to end anytime soon. According to the United States Geological Survey (USGS), the formations below these three states hold double the amount of oil and triple the amount of natural gas than was believed five years ago. National Journal reports:
The formations, called Bakken and Three Forks, span much of western North Dakota, the northern tip of South Dakota and the northeastern tip of Montana. The last time the United States Geological Survey assessed this area for its oil and gas reserves was in 2008. But that assessment did not include the Three Forks formation, which explains the substantial increase in the estimates. USGS estimates that these two formations together hold 7.4 billion barrels of undiscovered—but technically recoverable—oil and 6.7 trillion cubic feet of natural gas.
Reuters points out that USGS estimates are often conservative. The United States Geological Survey noted that 450 million barrels of oil have already been produced from these formations since 2008. Expect much more to come.
(Excerpt) Read more at freeenterprise.com ...
But not enough grammar to go around.
;-]
Doesn’t it occur to anyone that the earth is still manufacturing oil and that it keeps appearing and being discovered because the earth is always making more of it. So let’s use it! We can’t do anything else with it!
The process continues, but if the earth was making oil at the rate we are using it, and it has been doing so, we would be about 6 miles deep in oil across the entire globe.
Left out an important piece there....
Not when our Betters have so much invested in (our) poverty.
I’ve just never bought the idea that we’re running out of oil. The earth was making it for eons before we started using it. And whenever I hear about these new “finds” it always seems to surprise the scientists but doesn’t surprise me. The benefit of being a layman I guess.
I’m coming around to the notion that the earth does indeed “manufacture” crude oil and gas. There is just too much of it to have been organic deposits of dead animals. This explains to me why we are finding more and more, and gaining the technology to extract it. On the other hand, I don’t think the earth is replacing the oil at anywhere near the pace we are using it. Otherwise, wells in northeastern Ohio and Pennsylvania that started the American oil boom would not have run dry.
But yes, there is a lot of oil out there, and more is extractable every year. Will we eventually reach “peak oil?” Probably. But I’ll be dead, in the ground, converted to oil, and maybe pumped into somebody’s gas tank before that happens.
6 miles wasn’t a guess. I’ve done the math.
Without touching the arguement of the source of the oil, it isn’t producing at our rate of consumption.
I never owned a muscle car in this life so there is my hope for the next! ;^)
I’m also convinced that the earth has accelerated producing idiots and morons who jump on the AlGore bus called “Al’s Snake Oil,” and stymie whatever growth and advances these oil finds will produce.
It isn’t animals it is algae and the like.
Oil is only found in sedimentary basins. It is often found in layers under sealing rock with another layer above that with another layer of sealing rock.
Oil and gas production is a geological process.
Geological processes are continuous (No catastrophism).
Therefore oil and gas production is continuous.
Makes the national debt look like a pittance
—— I never owned a muscle car in this life so there is my hope for the next! ;^) ——
I saw a 65 year old guy driving a blacked out, tricked out Mustang today, so there’s still hope.
I’d stop short of the fully tricked out version, myself. But it would be fun.
Well, when Idiot Generation dies out and kills itself off, the oil will be there for whoever follows.
Develop these resources and the state economies will skyrocket. People will come for work and welfare, cities will spring up, and cities are LIBERAL.
Care should be taken to develop the resource while keeping the Dakotas rural.
While DC diddles Canada will suck all of it out & sell it to China.
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