The U.S. Geological Service issued a report in April ('08) that only scientists and oilmen knew was coming, but man was it big. It was a revised report (hadn't been updated since '95) on how much oil was in this area of the western 2/3 of North Dakota; western South Dakota; and extreme eastern Montana ... check THIS out:
The Bakken is the largest domestic oil discove ry since Alaska' s Prudhoe Bay, and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable... at $107 a barrel, we're looking at a resource base worth more than $5.3 trillion.
'When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea.' says Terry Johnson, the Montana Legislature's financial analyst.
'This sizable find is now the highest-producing onshore oil field found in the past 56 years,' reports The Pittsburgh Post Gazette. It's a formation known as the Williston Basin, but is more commonly referred to as the 'Bakken.' And it stretches from Northern Montana, through North Dakota and into Canada. For years, U.S.oil exploration has been considered a dead end. Even the 'Big Oil' companies gave up searching for major oil wells decades ago. However, a recent technological breakt hrough ha s ope ned up the Bakken's massive reserves.. and we now have access of up to 500 billion barrels. And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!
That's enough crude to fully fuel the American economy for 41 years straight.
2. And if THAT didn't throw you on the floor, then this next one should - because it's from TWO YEARS AGO, people!
U.S.Oil Discovery- Largest Reserve in the World!
Stansberry Report Online - 4/20/2006 Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world is more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction.
They reported this stunning news: 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 a s Iraq
-21-times as much oil as Kuwait
- 22-times as mu ch oil as Iran
-500-times as much oil as Yemen- and it's all right here in the
Western United States.
HOW can this BE? HOW can we NOT BE extracting this!? Because the democrats, environmentalists and left wing republicans have blocked all efforts to help America become independent of foreign oil.
James Bartis, lead researcher with the study says we've got more oil in this very compact area than the entire Middle East -more than 2 TRILLION barrels. Untapped. That's more than all the proven oil reserves of crude oil in the world today, reports The Denver Post.
Don't think 'OPEC' will drop its price - even with this find? Think again! It's all about the competitive marketplace, - it has to.
[Got your attention/ire up yet? Hope so! Now, while you're thinking about it ... and hopefully P.O'd, do this:
3. Take 10 minutes and compose an e-mail; fax or good old-fashioned letter to all your friends and associates.. Alert them to the fact that democrats and 'liberal' republicans have been and will continue to obstruct all plans to make America independent of foreign oil. The only solution is to vote all democrats and Marxist oriented republicans out of office.
If you don't take a little time to do this, then you should stifle yourself the next time you want to complain about gas prices . because by doing NOTHING, you've forfeited your right to complain.
GOOGLE it or follow this link. It will blow your mind. http://www.usgs.gov/newsroom/article.asp?ID=1911
12 comments:
I don't understand how this can turn into a Marxist debate. But, if you read the study and I quote. "The USGS estimate of 3.0 to 4.3 billion barrels of technically recoverable oil has a mean value of 3.65 billion barrels". We use 21 million barrels of oil per day. So this 3.65 billion barrells would not be a big dent...
Doesn't that actually belong to the Sioux Indians?
This Page, posted 4/10/08
http://www.usgs.gov/newsroom/article.asp?ID=1911
states that the estimated amount of technically recoverable oil in the Bakken Formation at 3.0 to 4.3 billion barrels, with a mean of 3.65 billion.
"Even if just 10% of the oil is recoverable... at $107 a barrel, we're looking at a resource base worth more than $5.3 trillion."
There is actually less than 1% of the figure your post states, so it would be more like $400 million. not much, but we should still go after it. I just wanted to let you know your numbers were wrong.
Anon 901 you are absolutely correct. That land in western SD and eastern Montana is part of the Great Sioux Nation. If you think that will stop the government from drilling think again. The Black Hills belong to the Sioux and they continue to sell it like it belongs to them and mine gold as if it were theirs to mine. The Sioux get nothing but shit and shoved into it. They'll go in there lease the land for pennies from the Sioux and swear they lost the records or their computers are antiquated so they don't have to pay them. There is still a major battle going on in DC over oil leases and the convenient loss of over 2 billion dollars in lost indian lease money. If the Sioux allows the BIA or the DOI to have any part in negotiations or handling of their money they will end up with NOTHING and continue to suffer 86% unemployment on the reservation.
Time to revive AIM.
In addition to the corrected math others have posted, I'd like to see the justification that Democrats, Liberal Republicans and Environmentalists are blocking this domestic exploration.
The article mentions the Austin Chalk and I happen to know for a fact that there are multiple smaller oil companies exploring and tapping the Austin Chalk. There's also a lot of capped wells there being reopened now that technology lets us drill deeper. Some are producing (sometimes as small as 5-20 barrels a day) and others are duds.
These kinds of uninformed posts do nothing but stir sh*t without substantiation. You can't just stick a stick in the ground and go, wahoo, oil!
Bush and Company have to figure out how to steal it from the Indians first, that take time.
It sure would be nice to see some names on these comments. Especially anonymous 9:21.
I logged out and didn't feel like logging back in, I asked the question about the Sioux. I knew Donna would correct me if'n I was wrong. ; )
Tim
1500 new natural gas wells being dug and put online in SteamBoat Springs, CO, 4,400 new gas wells being dug and put online in Pinedale, WY.
There are huge pockets of unexplored oil and gas within our borders. We need to drill and drill now.
The Bakken Oil fields are there and are ready with today's technology to drill and exploit.
Additionally, Cape Charles VA has one of the largest oil reserves on the east cost and in the 1970's the EPA shut down the plans to slant drill there. The reserve in Cape Charles is huge. Don't believe me...Before it was turned into the 'BayCreek' development check and see who owned it first...Lady Bird Johnsons family biz, Texas based Brown and Rute Construction. That would be an oil company folks.
Anon 921 let me tell you about sticking a stick in the ground. In the 70's the government did in fact put a stick in the ground on Sioux land, they found uranium. Knowing they couldn't just take it during these turbulent times, they used indians against indians. Enter Dickie Wilson and his GOON squad. People were beaten, and killed if they bucked up against him during his reign of terror, funded by the feds there was no stopping him. They poisoned the waters to run indians off their land, they killed Annie Mae Aquash, they started a shoot out over a pair of stolen boots, they terrorized elders and children all in the name of the almighty dollar and uranium. Now if you think that ground has not had a stick stuck in it and the government doesn't know how much oil is under the ground then you need your head examined. Just ask any indian, even city raised indians, how much you can trust your government. Ask Leonard Peltier and his family how much you can trust the government. He's been in prison over 30 years for a crime the FBI said "we don't know who killed the agents BUT, SOMEONE HAS TO PAY".
Meanwhile, the Chinese who are not hindered by our sort of sickening & utter idiotic energy bickering, will have their own oil explorations off the coast of Cuba. Hey, we can buy oil from China soon.
honestaby
"It sure would be nice to see some names on these comments. Especially anonymous 9:21."
I would put my name but Joe doesn't like me so my comments don't get approved. Have to go Anon.
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