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Our own MASSIVE oil supply?

http://www.nextenergynews.com/news1/next-energy-news2.13s.html

Massive Oil Deposit Could Increase US reserves by 10x
America is sitting on top of a super massive 200 billion barrel Oil Field that could potentially make America Energy Independent and until now has largely gone unnoticed. Thanks to new technology the Bakken Formation in North Dakota could boost America’s Oil reserves by an incredible 10 times, giving western economies the trump card against OPEC’s short squeeze on oil supply and making Iranian and Venezuelan threats of disrupted supply irrelevant.

In the next 30 days the USGS (U.S. Geological Survey) will release a new report giving an accurate resource assessment of the Bakken Oil Formation that covers North Dakota and portions of South Dakota and Montana. With new horizontal drilling technology it is believed that from 175 to 500 billion barrels of recoverable oil are held in this 200,000 square mile reserve that was initially discovered in 1951. The USGS did an initial study back in 1999 that estimated 400 billion recoverable barrels were present but with prices bottoming out at $10 a barrel back then the report was dismissed because of the higher cost of horizontal drilling techniques that would be needed, estimated at $20-$40 a barrel.

It was not until 2007, when EOG Resources of Texas started a frenzy when they drilled a single well in Parshal N.D. that is expected to yield 700,000 barrels of oil that real excitement and money started to flow in North Dakota. Marathon Oil is investing $1.5 billion and drilling 300 new wells in what is expected to be one of the greatest booms in Oil discovery since Oil was discovered in Saudi Arabia in 1938.

The US imported about 14 million barrels of Oil per day in 2007 , which means US consumers sent about $340 Billion Dollars over seas building palaces in Dubai and propping up unfriendly regimes around the World, if 200 billion barrels of oil at $90 a barrel are recovered in the high plains the added wealth to the US economy would be $18 Trillion Dollars which would go a long way in stabilizing the US trade deficit and could cut the cost of oil in half in the long run.
 

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You BLOT that schit!
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This article was from Feb. 08, what did the report that was supposed to be released back in March actually state?
 

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From the USGS website: North Dakota and Montana have an estimated 3.0 to 4.3 billion barrels of undiscovered, technically recoverable oil in an area known as the Bakken Formation. 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. 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. 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.
 

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As I have been reading for years, the US has more Oil deposits available then some Mid East countries but there are too many groups that will not allow for the drilling on account of enviromental concerns. In the Gulf of Mexico there are nations drilling and taking oil while the US stands by and watches. Venezuala is one of those nations.

The groups will probably change their tune once gas hits 5$ a gallon. Just my thoughts.
 

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bnboatn said:
As I have been reading for years, the US has more Oil deposits available then some Mid East countries but there are too many groups that will not allow for the drilling on account of enviromental concerns. In the Gulf of Mexico there are nations drilling and taking oil while the US stands by and watches. Venezuala is one of those nations.

The groups will probably change their tune once gas hits 5$ a gallon. Just my thoughts.

nahhh we arent that lucky...

It will probably hit 5.00 then something will happen and it will go back down to 3.50 where it will stay. Then we will all be saying whewww im glad gas is cheap again.... :dead: :dead:
 

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I think the intention is not to begin building the wells but to let OPEC know that we can do things on our own and can no longer allow for them to control the situations. With OPEC thinking that they are in full control we are watching our prices go up. Notice that the prices in the Mid East as still lower than water here. If you prove that you can be independent than others will take action in response to that.
 

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I'll believe it when it happens. Once the "TREE HUGGERS" start thier schitt, the courts will hold up any drilling for years. My 2¢
 

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Rock Steady
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Maybe I need to go over there and start my own geotechnical investigation. Make my Millions...
 
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