Thread: Who would have thunk ??

February 13, 08
Massive Oil Deposit Could Increase US reserves by 10x
America is sitting on top of a super massive 200 billion barrel Oil Field that could potentially make America Energy Independent and until now has largely gone unnoticed. Thanks to new technology the Bakken Formation in North Dakota could boost America's Oil reserves by an incredible 10 times, giving western economies the trump card against OPEC's short squeeze on oil supply and making Iranian and Venezuelan threats of disrupted supply irrelevant.

In the next 30 days the USGS (U.S. Geological Survey) will release a new report giving an accurate resource assessment of the Bakken Oil Formation that covers North Dakota and portions of South Dakota and Montana. With new horizontal drilling technology it is believed that from 175 to 500 billion barrels of recoverable oil are held in this 200,000 square mile reserve that was initially discovered in 1951. The USGS did an initial study back in 1999 that estimated 400 billion recoverable barrels were present but with prices bottoming out at $10 a barrel back then the report was dismissed because of the higher cost of horizontal drilling techniques that would be needed, estimated at $20-$40 a barrel.

It was not until 2007, when EOG Resources of Texas started a frenzy when they drilled a single well in Parshal N.D. that is expected to yield 700,000 barrels of oil that real excitement and money started to flow in North Dakota. Marathon Oil is investing $1.5 billion and drilling 300 new wells in what is expected to be one of the greatest booms in Oil discovery since Oil was discovered in Saudi Arabia in 1938.

The US imported about 14 million barrels of Oil per day in 2007 , which means US consumers sent about $340 Billion Dollars over seas building palaces in Dubai and propping up unfriendly regimes around the World, if 200 billion barrels of oil at $90 a barrel are recovered in the high plains the added wealth to the US economy would be $18 Trillion Dollars which would go a long way in stabilizing the US trade deficit and could cut the cost of oil in half in the long run.

Good, now drill it out and lower gas prices and at the same time we can stop funding regimes that hate us.

They are drill in Alaska and it is kept quite , I have a friend who has been there and was there forthe purpose of exploration.. It is there and it is good crude ..

The calvary is on the way...

Drill it, but tax it enough that we can find ways to get off foreign oil and eventually nearly all of it. I do agree with Clinton that we need to create new jobs in green energy: this would revive the Rust Belt and give us some new products to export. Great! if we could stop importing oil and start exporting products we would be back on track to number One!

I wonder what Obama and Hillary say about this? You would think they would be under pressure from unions to create jobs, even oil drilling ones, especially in such a poverty stricken area (My parents both left it all behind them in North Dakota, and started all over from nothing.) Maybe the uber-Greenies will try to stop it.

Please help the poverty stricken Dakota farmers!

Have you noticed that they raise gas prices just enough so people will pay but not so much that they will start converting their cars to electric or hydrogen?

I'll bet that once the orders for electric hybrid cars are cancelled the gas prices will go up again.

In the 20's they lowered gas prices to the point that people were willing to go out of their way to a fueling station rather than just plug in their car at home to charge and pay the electric bill.

Once the electrics were mothballed or destroyed the gas prices went up again.

Face it petroleum is a dirty, filthy, toxic, dangerous fuel but the infrastructure to use it is there.


You can bet there are some strings attached to this new find that will keep the prices high.

Originally Posted by fmrjarhead

They are drill in Alaska and it is kept quite , I have a friend who has been there and was there forthe purpose of exploration.. It is there and it is good crude ..

Most of the Oil that comes out of Alaska is Owned by British Petroleum.

We already have the reserves. Oil is a biotic

Look up Gull Island Oil
http://www.americanfreepress.net/html/g ... d_oil.html