Also, the area mentioned is in the Newtown area, which is the thickest part of the entire field (Williston Basin) and is not a good example of the overall field’s potential.
Harry? Harry, is that you?
There is no way the Dakota fields will ever yield what we require daily. The estimate of total oil is very much exaggerated in the article. The recovery rate is less than 3% of about 200 billion in potential biomass.
Also, the area mentioned is in the Newtown area, which is the thickest part of the entire field (Williston Basin) and is not a good example of the overall field’s potential.
But it sure sounds good to the uninformed.
A U.S. Geological Survey assessment, released April 10, shows a 25-fold increase in the amount of oil that can be recovered compared to the agency’s 1995 estimate of 151 million barrels of oil.
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.
New geologic models applied to the Bakken Formation, advances in drilling and production technologies, and recent oil discoveries have resulted in these substantially larger technically recoverable oil volumes. About 105 million barrels of oil were produced from the Bakken Formation by the end of 2007.
http://www.usgs.gov/newsroom/article.asp?ID=1911
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Whatever it is, it’s that much less not imported from the Middle East, and thank God for it.
Given that we require about 20 million barrels per day, you are correct. Not much of a stretch to throw that dart toward the barn.
He stupid! There is no one source for our energy independence. That’s why we need to exploit All our resources. I suspect you are one of those enviro-wackos who wants us to return to the good old days. You know. The ones where sanitation, refrigeration, mechanization and medication didn’t help us reach the current expectancy of 78 years of quality life.
I am not in the oil industry, I am just a plain ole American citizen that is sick to death of seeing everything in our country outsourced.
Being naive, I can’t understand how countries to the north of us and south of us have enough oil that they can export it but we, being smack dab in the middle don’t have any.
Nothing is impossible if you want it bad enough. In 3 years we were able to build an atomic bomb which ended WW2 and you’re telling us that with technology today we cannot get oil?
Do we need and alternative sources of energy, of course. Get the government out of it and let individuals develop it. I hate when I hear that we are addicted to oil. Natural human inguenutity will alway find ways to invent and produce. Pulling ethenol out of blue was downright stupid because nobody thought of the ramifications, as usual.
We need to drill and drill now, no matter how hard it will be. You can’t just give up or give in to the globalists that hate our guts.
Being self sufficient is the American Way. The ripple effect of us drilling is enormous, the jobs created, the tax es collected and so on.
But hey, what do I know.
Are you an A$$ from the Daily Kos? Or do you just play one on FR?
I have been following developments, and investing in the Bakken even before EOG hit it big. You have your opinion, and I have mine. I think you are wrong. Only time will tell, but I have made a fortune, how about you?
What is your point? I seriously doubt that anyone has ever asserted that any single source would yield what we require daily.
It makes good since for America to utilize its 500 year supply of oil, gas, and coal prudently.
Also, the area mentioned is in the Newtown area, which is the thickest part of the entire field (Williston Basin) and is not a good example of the overall field’s potential.
Harry? Harry, is that you?
That much money not going to OPEC sounds good to me. Every dollar that stays here helps us.
Well, we tap the Bakken and whatever else is legal and force Congress to open up offshore and ANWR. 150,000 bpd here, a million there, and so on, and pretty soon, you’re talkin’ real oil.