May 16 — The National Petroleum Reserve in Alaska contains far more oil than previously expected, the U.S. Geological Survey estimated Thursday — almost as much as in the Arctic National Wildlife Refuge, a battleground for environmentalists, the oil industry and politicians seeking to reduce U.S. dependence on foreign oil.
THE NEW Geological Survey assessment estimates that the recoverable oil reserves beneath the federally owned part of the reserve, which is the size of the state of Indiana, are between 5.9 billion and 13.2 billion barrels. Perhaps more significant, some 1.3 billion to 5.6 billion barrels would be economically viable at market prices between $22 and $30 a barrel, the agency said.
In its last full-scale assessment, in 1980, the agency estimated oil reserves between 300 million and 5.4 billion barrels.
Recoverable oil reserves beneath ANWR are estimated between 6.7 billion and 16 billion barrels.
... National Petroleum Reserve in Alaska contains far more oil than previously expected, ... THE NEW Geological Survey assessment estimates that the recoverable oil reserves beneath the federally owned part of the reserve, ... are between 5.9 billion and 13.2 billion barrels. ... some 1.3 billion to 5.6 billion barrels would be economically viable at market prices between $22 and $30 a barrel,... In its last full-scale assessment, in 1980, the agency estimated oil reserves between 300 million and 5.4 billion barrels.
Sorry Val, but that is the way Petroleum Geology is.
Every time any formation anywhere has been reevaluated with new methods it has been found to contain far more than originally thought. That is because estimates are made conservatively. It is not a lie, it is just better technology and better estimating methods.
So9