Did you know USA is estimated to have more oil than Saudi Arabia?
Ever heard of the Bakken Formatio?
The U.S. Geological Service issued a report in April ('08) that only scientists and oilmen knew was coming, but man was it big. It was a revised report (hadn't been updated since '95) on how much oil was in this area of the western 2/3 of North Dakota; western South Dakota; and extreme eastern Montana ... check THIS out:
The Bakken is the largest domestic oil discovery since Alaska's Prudhoe Bay, and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable... at $107 a barrel, we're looking at a resource base worth more than $5.3 trillion.
'When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea.' says Terry Johnson, the Montana Legislature's financial analyst.
'This sizable find is now the highest-producing onshore oil field found in the past 56 years,' reports The Pittsburgh Post Gazette. It's a formation known as the Williston Basin, but is more commonly referred to as the 'Bakken.' And it stretches from Northern Montana, through North Dakota and into Canada. For y ears, U.S.oil exploration has been considered a dead end. Even the 'Big Oil' companies gave up searching for major oil wells decades ago. However, a recent technological breakthrough has opened up the Bakken's massive reserves... and we now have access of up to 500 billion barrels. And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!
That's enough crude to fully fuel the American economy for 41 years straight.
2. [And if THAT didn't throw you on the floor, then this next one should - because it's from TWO YEARS AGO, people!]
U.S.Oil Discovery- Largest Reserve in the World!
Stansberry Report Online - 4/20/2006 Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world is more than 2 TRILLION barrels.
They reported this stunning news: We have more oil inside our borders, than all the other proven reserves on earth. Here are the official estimates:
-8-times as much oil as Saudi Arabia
-18-times as much oil a s Iraq
-21-times as much oil as Kuwait
-22-times as much oil as Iran
-500-times as much oil as Yemen- and it's all right here in the
Western United States.
James Bartis, lead researcher with the study says we've got more oil in this very compact area than the entire Middle East -more than 2 TRILLION barrels. Untapped. That's more than all the proven oil reserves of crude oil in the world today, reports The Denver Post.
Don't think 'OPEC' will drop its price - even with this find? Think again! It's all about the competitive marketplace, - it has to.
Google it. It's true. What do you think about America drilling now?
- 23DragonflysLv 41 decade agoBest Answer
So much for the "media" keeping us informed. This should have been headline news. People are being treated like sheep and the media the herders.
- Bridget DLv 41 decade ago
Yes, the Bakken is way, WAY bigger than Alaska ever thought about having. What took you so long? Several weeks ago, I asked if anyone knew where the non-Alaskan source was? No one seemed to know. I knew. It's in Montana, North Dakota and Saskatchewan. It's HUGE!
Colorado is also sitting on a pretty hefty amount of oil.
Glad you found out. Nevertheless, we still seriously need to explore alternative SUSTAINABLE energy sources.
If you truly believe that “there are more than enough oil reseves in the US and US controlled off shore sands to give us all the oil we need”, you had better do some more research. There ARE things more important than oil, you know. One doesn’t have to be “far left” to believe that we are stewards of our earth. What kind of land do you want to leave to coming generations?
17 years ago I drove through the Texas panhandle. Everywhere there were idle, rusty oil rigs “beautifying” the landscape; I’ve seen the oil pumps in the Oklahoma fields and I doubt very much that you’d be happy to have any of those contraptions near where you live. - And, remember the Alaska oil spill in our own gorgeous Valdez. The devastation remnants are still there.
Let the Arabs use up their oil. That’s all they’ve got. When that’s gone, we’ll have our reserves, OR some smart folks will have found a better fuel. As the old saying goes “If we can put a man on the moon …” John Kennedy said: This is what we are going to do.
“…to hell with the rest of the world” just doesn’t cut it. It’s a global society whether you like it or not. Interdependency is here to stay.
- ndmagicmanLv 71 decade ago
I live in the area of the Bakken formation and there are several important facts you leave out.
This is not a 'new' discovery. The Bakken formation has been known about and DRILLED for the past 40 years. No large scale production has been done prior when oil prices were $20/barrel, it was not cost effective. Now at over $100 per barrel it is.
Most all of the oil in the Bakken formation is oil shale which is soaked into porous rock formations. Plus oil shale is a low quality oil and requires much more refining. To compare this type of oil with the 'sweet crude' type that is produced in areas like Saudi Arabia is deceiving and not a 'apples to apples comparison'.
Most of the oil in the Bakken formation requires fairly deep wells, 8 to 12 thousand feet wells so production costs are high
Most oil industry people claim that the US uses about 25% of the worlds oil resources and the US has only about 3% of the worlds oil resources.
- yetskoLv 43 years ago
Saudi involvement in terrorism and extremism desires to be addressed, yet why does it continuously might want at the beginning bombs? Bombing Saudi Arabia is the suited thank you to start a great conflict. Mecca and Medina are placed in that u . s . a ., so an attack there might almost actually be considered as an attack on Islam. can we actually need yet another conflict between the faiths? have not we had adequate of them? Have any of them ever actually solved something? many countries have great oil reserves. will we get adequate oil from the remainder of the international and depart the Saudis out? that should have an result (if that's a threat).
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- 1 decade ago
People do not have a problem with the U.S. drilling. The problem is with the myth being sold regarding drilling in Anwar and Off Shore. We import 67% of our oil. All the oil in Anwar and Off Shore would reduce our imports by 6%. Meaning we still import 61% of our oil. This hardly leads us to energy independence. The propaganda about drilling is meant to keep us from switching to alternative sources of energy. Which would hurt the oil industry. in 2 years gas will be back to around $2.00 a gallon. Thanks in large part to conservation, alternative energy and more sources of oil.
- Anonymous1 decade ago
Yes, I knew it. Colorado stopped drilling but still has some. I thing we should look anywhere there are mountains.
Also, Alaska was supposed to be folly, but at last it has proving to be an investment.
I think we should drill, anywhere, and do it with care.
I think investing in alterative fuel is an investment in the future.
Although, I belive nuclear power would be a mistake. Like painting a nice big target for our enemies to aim at.
It is controlling supply and demand. Less actual demand will drive prices down, not the idea of it.
- Anonymous5 years ago
COMPLIMENT OF THE DAY
This is to inform companies, and legal businessmen and women, there is an oilwell for sale. land is 200x300.
Note this is for serious companies or business personnels and If you are contacting us for the purchase of the oilwell, be sure you are serious about it because am not here for noise makers.
Email us direct on:email@example.com
Warning, those who are not interested should not contact us.
Sir Peter Ferdinard
- Anonymous1 decade ago
You fell for that again? The oil in the US is very expensive to get too and not good grade by any means. Most of it is not worth to drill, until the barrrel will reach the $200 mark.
Did you know, that the USA has more Gold and Diamonds in its ground then ever have been doug up? Doesn't mean you can get to them or its worth it.
- Anonymous1 decade ago
I have no objection to idea of drilling for oil but what people should need to realize is that we still need to find alternative sources of fuel and energy...oil is a finite resource, so we need to make the right moves now to make sure we're not left floundering for oil when there is none left.
- CurtisLv 61 decade ago
Yeah,,,,, drill here, drill now, drill everywhere.
I know oil is a finite source, but whatever process has been making oil for millions of years, is still going on today.
And we need to find an alternative energy source but, until we do find that miracle energy source, that will replace fossil fuels, we need to pump and refine that domestic light sweet crude Nancy Pelosi.