RATSwill never allow
a single barrel
to be pumped.
Posted on 04/02/2008 6:32:12 PM PDT by Michael.SF.
The Bakken Formation in North Dakota could boost America’s oil reserves by an incredible 10 times, according to a report Wednesday.
The Bakken Oil Formation, which covers North Dakota and portions of Montana and South Dakota, is believed to have 175 to 500 billion barrels of recoverable oil. The 200,000 square mile reserve that was initially discovered in 1951.
In 2007, EOG Resources of Texas drilled a single well in Parshal N.D. that is expected to have yielded 700,000 barrels of oil. Marathon Oil is investing $1.5 billion and drilling 300 new wells.
In the next 30 days, the U.S. Geological Survey (USGS) will release a new report giving an accurate assessment of the Bakken Oil Formation.
The United States imported about 14 million barrels of oil per day in 2007, which meant U.S. consumers have spent $340 billion dollars in exported oil.
As of Wednesday, the crude oil price is at $104.83 per barrel.
That would be great but hopefully it really recoverable.
I doubt if this oil will ever be refined. America is doing the “slow suicide” and the sheep are sharpening their own death swords.
Yes but the brown mottled earwig population would be immediately endangered by a single 18” piercing of the Earth’s crust.
That’s Billions of Barrels of oil that the Liber Democrats won’t allow us to drill for.
Big Dopes.
You know what this means? Time for the oil companies and OPEC to raise the price of oil.
RATSNo, it will not be drilled because of the “Purple winged field mouse fly”.
Actually, the deposits have been known since the fifties.
It was only when new technology -- like directional drilling -- and higher prices made it economically feasible to exploit the formation. The oil is very deep...and in a very narrow stratum.
-PJ
It is. They have known it was there since '51
Them corn farmers ain’t gonna like this news...
A year or two ago the issue was there was no pipeline capacity to collect this oil and send it to the existing refineries.
I think this garbled apparently Greek past perfect future tense means they have pumped 700 k barrells already from one well.
Peak Oil! Peak Oil!
Obviously, obscene profits would be made here and that can’t be allowed.
Possibly (probably) more than all of Saudi Arabia's reserves (260bln barrels) in this one deposit.
If you don't get active, it is your fault.
For what we have spent on imported fuel we could have built all the pipelines,refineries, and storage need.We have become dependent on foreign enemies of freedom because too many good Americans were and are too lazy to understand the issues and politics,and demand real science from the crazy “save-the-earth-(at the expense of you and your children’s futures)” ec0-socialists.
pluperfect infinitive, passive voice.
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