Plains oil reserve estimate doubled

McClatchy ^ | 5-1-13 | Sean Cockerham

[TurboZamboni]

WASHINGTON -- The U.S. government has doubled to 7.4 billion barrels its estimate of how much oil might be found and tapped in the booming area of the Dakotas and Montana

"These world-class formations contain even more energy resource potential than previously understood, which is important information as we continue to reduce our nation's dependence on foreign sources of oil," Interior Secretary Sally Jewell said Tuesday, April 30, in a conference call.

The region already is helping to drive the nation's dramatic shift into a role as the world's leading oil producer.

The surge comes primarily because of the Three Forks shale formation, which lies mostly in North Dakota and crosses into South Dakota and Montana.

It was considered to have little potential for productive drilling when federal geologists last launched an estimate of the area four years ago. But advances in drilling techniques and growing activity by oil companies led to the U.S. Geological Survey's closer look.

[TurboZamboni]

time for the EPA to declare it off limits.

[driftdiver]

I thought peak oil theories said we would run out in 1970 or so.

[TArcher]

When is Governor Chickenlooper(D) installing a Halliburton tap down in his 5-points McYuppy brewery?

Got Water?

NO SALE

[VTenigma]

I thought we couldn’t drill our way out. It’ll take 10 years, blah,blah,blah. Are progressives ever right on anything? (No need to answer)

[TurboZamboni]

Now it’s peak fracking theory. silica sand it going to kill us all!

[wayoverontheright]

And Obama can’t stop it from happening-oh, he’d like to pull a Hugo Chavez, but it won’t happen in this country. Thank goodness for private property.

If we can take the Senate in 2014, we may even be able to open up some of the Federal lands. One can dream.....

[txrefugee]

“What difference does it make?” in Hillary’s words, if the climate change religionists in Obama’s EPA refuse to let this oil reach the market.

The EPA should be eliminated, along with the worthless Energy Dept. that has done nothing to increase the development of our domestic energy supply. If oil land gas companies hadn’t contracted with private landowners to bring tracking to life, we would be paying the $5/gal. for gas that was Obama’s dream.

[cripplecreek]

I found a new show I like.

[catfish1957]

Better check the pants of OPEC member leaders.

[Tugo]

Eastern Mediterranean Tamar Oil/Gas field now tapped and piping into Isreal. Isreal is energy independent and a soon net exporter of natural gas.

[TurboZamboni]

I wish I had backyard oil.

[central_va]

7.4 billion barrels, or roughly 1 year of oil at current consumption rate - 20 million bbl/day.

[thackney]

Isreal is energy independent and a soon net exporter of natural gas.

Israel may one day become energy independent, but they are far from it today. Their oil production is about 2~3% of their oil demand.

[TYVets]

I found a new show I like.

A spin off from Duck Dynasty?

[thackney]

7.4 billion barrels, or roughly 1 year of oil at current consumption rate - 20 million bbl/day

Our total Petroleum liquids consumption is almost that high at 18.6 MMBPD, but 2.7 MMBPD is natural gas liquids like propane, ethane, etc.

Our actual crude oil products consumption is ~16 MMBPD and trending down.

PETROLEUM & OTHER LIQUIDS, Product Supplied
http://www.eia.gov/dnav/pet/pet_cons_psup_dc_nus_mbblpd_m.htm

[ASA Vet]

Maybe we need to shoot our way out of it. That worked for Jedd.