Posted on 06/22/2009 8:19:17 AM PDT by FromLori
This would create new jobs and stop the obama Death Spiral into Depression and China would once again be buying from us! As it is now "Welfare Rolls have seen a SHARP Increase" we have the worse housing market in this generations memory and the Death Spiral continues.
Scientists Confirm U.S. Has World’s Biggest Oil Reserves
It has been more than a year since the Department of Interior announced that North Dakota and Montana have an estimated 3 to 4.3 billion barrels of recoverable oil in an area known as the Bakken Formation, but little is being done about it.
The April 2008, U.S. Geological Survey (USGS) assessment shows a 25-fold increase in the amount of oil that can be recovered compared to the agency’s 1995 estimate of a paltry 151 million barrels of oil. That would be 3,775 million (or 3.775 billion) barrels. New geologic models applied to the Bakken Formation, advances in drilling and production technologies, and recent oil discoveries have resulted in these substantially larger oil volumes.
The USGS Bakken study was undertaken as part of a nationwide project assessing domestic petroleum basins using standardized methodology and protocol as required by the Energy Policy and Conservation Act of 2000, yet only 105 million barrels of oil had been produced from the Bakken Formation by the end of 2007.
At the time of the assessment, a limited number of wells have produced oil from three of the assessments units (AUs) in Central Basin-Poplar Dome, Eastern Expulsion Threshold and Northwest Expulsion Threshold. The Elm Coulee oil field in Montana, discovered in 2000, has produced about 65 million barrels of the 105 million barrels of oil recovered from the Bakken Formation.
The Bakken Formation estimate is larger than all other current USGS oil assessments of the “Lower 48” states and is the largest continuous oil accumulation ever assessed by the USGS. A “continuous” oil accumulation means that the oil resource is dispersed throughout a geologic formation rather than existing as discrete, localized occurrences. The next largest continuous oil accumulation in the U.S. is in the Austin Chalk of Texas and Louisiana, with an undiscovered estimate of 1 billion barrels of technically recoverable oil.
By tapping these domestic resources, rather than remaining dependent upon foreign sources, America could drastically reduce its cost of home heating and vehicular travel.
Technically recoverable oil resources are those producible using currently available technology and industry practices. USGS is the only provider of publicly available estimates of undiscovered technically recoverable oil and gas resources.
“It is clear that the Bakken formation contains a significant amount of oil—the question is, how much of that oil is recoverable using today’s technology?” said Sen. Byron Dorgan (D-N.D.) “To get an answer to this important question, I requested that the U.S. Geological Survey complete this study, which will provide an up-to-date estimate on the amount of technically recoverable oil resources in the Bakken Shale Formation.”
Scientists conducted detailed studies in stratigraphy and structural geology and the modeling of petroleum geochemistry. They also combined their findings with exploration and production analyses to determine the undiscovered, technically recoverable oil estimates.
USGS worked with the North Dakota Geological Survey, a number of petroleum industry companies and independent, universities and other experts to develop a geological understanding of the Bakken Formation. These groups provided critical information for models used in the assessment.
“This sizable find is now the highest producing onshore oil field found in the past 56 years,” said The Pittsburgh Post Gazette.
James Bartis, leading researcher with the study, says America has more oil in this one compact area than the entire Middle East. And the stunning news is that we have more oil inside our borders than all the other proven reserves on Earth, and that it could be extracted at an approximate cost to Americans of only $16 a barrel.
Ever heard of the Bakken Formation?
GOOGLE it or follow this link. It will blow your mind.
http://www.usgs.gov/newsroom/article.asp...
HOW can this BE? HOW can we NOT BE extracting this!? Because the democrats, environmentalists have blocked all efforts to help America become independent of foreign oil.
Rather then let us Spiral into a Depression isn't it about time to say "DRILL BABY DRILL"?
There are enormous reserves offshore the coast of Santa Barbara, CA and in the Gulf of Mexico. The volumes of oil and gas out there is beyond imagination. If we ever get a capitalist government again and they get out the way, our ecomony would go ballistic. The drilling industry is a huge influence on our overall ecomony and for our own national security. If the drilling industry is ever turned loose, there will be much more drilling, more manufacturing of the equipment, more supplies and support for those manufacturers, more jobs, more tax revenue and on and on. It really causes a ripple effect. On the other side, our national socialist government wants to curtail drilling and raise taxes on the oil companies. What a bunch of pinheads. I would love to see the day when we can hold the cards in the oil supply business and be in such a position of strentgh that if the Saudis or Venezuela makes a demand, we tell them to go pound sand.
I know and it makes no sense to let us go into a Depression consider the fact that China is the biggest polluter in the friggin world but no they would rather see us all suffer.
I’m all for it, but it’s not going to happen, not while Obama and the dems are in power.
Unfortunately, America chose black and socialism, over viable energy options, freedom and a strong country.
Until or unless there is an overwhelming revolution that convinces the leadership and politicians of this country that... THEY are going to lose EVERYTHING..... get used to paying more, doing without and leaving it parked.
Heck, the way things are going, I just hope that we are not forced to going back to wiping our rear-ends with leaves, rags or corncobs.
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