But the o will sure put a stop to all of that.
Gotta love the word “technically” before “recoverable’ in the article. The author was making a case with technological drilling advances in the same story.
I haven’t followed this general topic too closely. I have a recollection that Obama has cancelled leases for drilling on the Continental shelf and also limited drilling in Utah. Am I wrong? I can’t imagine that he would allow work to go forward in the Bakken Formation. I mean, allowing that sort of thing would totally work against his effort to destroy the country.
I chased core from the Bakken in 1983. Interesting formation (numerous shale inclusions, IIRC) but the client was drilling through for another play at the time.
Hmmmmmmm, I sense that this area will soon become a “National Monument” and off limits to drilling. The greenies will be working toward that as soon as the Obamatons see this report.
BTT
Shale Oil in Flyover Country
According to a just-released study, the United States has an oil reserve at least three times larger than Saudi Arabia’s. It is locked in oil-shale deposits beneath federal land in Colorado, Utah, and Wyoming. For example, hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world: more than 2 TRILLION barrels!
The new congress will kill has killed the newly approved offshore drilling bill and it will go away so we need to get back to pushing all involved understand that we cannot be dependent on foreign oil and allow a windfall tax on the oil companies. (I got a letter from Boxer and she took pride in the fact that she sponsored that bill)
Save the offshore drilling and Help Sarah open anwr
Its all about National Defense, Drill for Oil Now
Most of the Bakken formation is privately held land!! Obama will have a tough time stopping drilling and production.
Lots of drilling activity in the Bakken. I read a while back that 300 wells are being drilled.
“US needs to start drilling and builing refineraries big time.
But the o will sure put a stop to all of that”
The absolute minimum cost of converting this into a barrel is $60.
Who on Earth funds this kind of massive loss? Because you wont be selling any $60 barrels of oil when the competition is selling for $40, or $30, or $20 ... god knows how low the barrel will drop.
So who would you like to do all this drilling? For the oil so overpriced that no one will buy it?
I guess I’m asking if you’re a socialist (which means you want the government to force private business to do it) or a communist (which means you want the government to own it and do it)?
Because no capitalist on Earth would demand private industry lose billions.
This is impossible because everyone knows Peak Oil occured in 2001.
Smokin’ Joe is the real authority on this.
The problem, as I understand it, is that at current prices of around 40 dollars a barrel this oil is not cost effective to drill. Good reserve, though.