U.S. Oil Discovery – Largest Reserve in the World!

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:

One Man’s Thoughts Has Moved To

http://www.patriotthoughts.com

You can read this article at:

http://www.patriotthoughts.com/2008/09/14/us-oil-discovery-largest-reserve-in-the-world/

Thank You, Vytautas

Advertisements

11 responses to “U.S. Oil Discovery – Largest Reserve in the World!

  1. Hold on. That was a massive leap. You say “HOW can we NOT BE extracting this!?”, and then, without any evidence at all, you accuse the Democrats, environmentalists, and left-wing Republicans of blocking progress. Do I detect a little bias here?

  2. Ahh, so close. Yet untrue.

    The Bakken Formation is, it’s true, a massively huge source of oil. However, it’s kept within hugely tight, difficult reservoirs. Extracting it would be hugely expensive to do, and the return on investment would be small.

    Sorry, but it’s not Marxism to blame for the Bakken not being drilled. It’s good old fashioned capitalism.

    If you can get the damn link to work, http://www.theoildrum.com/node/3868 has the details. If not, try looking for it on google, the cache is usually good.

  3. I suggest that the US Government is saving it – prudently – for the upcoming financial collapse and WWIII, when international trade ends.

  4. The Bakken formation is large in area, covering parts of three states and two Canadian provinces, although the technically recoverable volume is fairly low. Typical wells in the Bakken are flowing at around 1,000 bbl/day after significant well stimulation. The average US oil well in other areas flows at over twice that rate, and many wells on Alaska’s North Slope or the Gulf of Mexico flow at over 5,000 bbl/day. As Sean notes, the Bakken oil is in low-permeability fractured shale formations that are extremely difficult to produce. Low flow rates mean that many wells are needed to recover the oil, and the wells will run to depletion quickly without a lot of workover.
    A number of companies are already producing from the formation, including Bronco, Hess, Slawson, ConocoPhillips, and Marathon Oil. North Dakota’s oil production is increasing as result of recent exploration activity in the Bakken. The latest numbers I’ve seen for North Dakota oil production are in the neighborhood of 150,000 bbl/day, which is causing pipeline problems because production is increasing faster than pipeline construction to carry the oil.
    So yes, there is a large domestic oil resource, but it is very expensive to produce, can only be produced slowly, and the technically recoverable reserves are not that large.

  5. Seems to me the reason it is not utilized has nothing to do with “liberal” Republicans or Democrats, but rather the fact that it would be so expensive to recover and produce, the oil companies don’t WANT to do anything about it.

  6. even if the oil there is expensive and slow, it would have to be profitable to drill there. esp if oil gets back up to 120-130-140$+ right?

  7. “Expensive” “difficult” “return on investment”

    All of these assume that: the price of oil remains about the same in real terms and that there are no major improvements in extraction techniques. Neither of these is likely. Prices are, in fact have been for some time, not determined by pure market forces, but by financial shell games, but even without them, as oil reserves decline, so prices will rise–changing the ROE and redefining “expensive.”

    The fact is, we have vast areas of the planet where we haven’t even looked for oil…between BP’s Gulf of Mexico discoveries and the increase in projected extractable oil from these shale beds, our “known reserves” have increased by at least 1 trillion barrels over the past 2 years.

    Why is the US not exploiting reserves within our country?

    The reasons have more to do with politics than economics.

    First and foremost, since we assume that fossil fuels are finite and non-renewable, it makes sense for ANY country to preserve as much of that resource as they can, barring extreme need for either oil or money.

    The last ones to have oil to sell are in the best positions politically,economically and militarily. If you can, burn oil from other countries for as long as possible.

    Economically, it permits us to purchase foreign oil more cheaply, since it is known that we do not, in fact, rely on it. (Remember, only about 20% of US oil consumption is foreign in origin.)

    Environment is another issue, 50 years ago only biologists talked about environmental issues. Since then we have learned that there are limits to what we can mess up in our environment before we start suffering. (Since we’ve learned this same lesson at least a couple dozen times in the past 5,000 years, you’d think we’d catch on and remember it!)

    While “liberals” conservatives, “Democrats” and “Republicans” are all handy labels we use to help orgnize their thoughts, they do not, in fact, exist as entities. Few Democrats are in full agreement with each other, as are few Republicans. The same goes for the other labels.

    Economically, many of the countries we purchase oil from are also purchasing goods and services from us, in several cases, without the oil revenue, they would be unable to do so….

  8. My problem is I own Mineral rights in North Dakota and they are drilling Gas and Oil off of it but I am getting Nothing out of it, they are stealing
    the Minerals out of the ground and not paying me not one red sent, its a shame they can’t pay me for this oil.

  9. Many years ago, my maternal relitives were recieveing moneys for a capped well in Montana, then the payments stopped, it wasn’t really a big loss, about $8.29 per quarter, per person, yet Ibelieve that the reason was not liberals and “tree huggers” but like the insurance health insurance companies, the reason the payments stopped is because of the greed from the oil companies. On the other hand the oil companies should be made to drill their options in these areas under strick ecological conditions, before they are allowed to drill in areas like the Florida and California Coasts, where they don’t have options.

  10. i am doing a project on if this is real or not. can someone help me?

  11. Perhaps we should conclude our endless ever-
    expanding conflicts abroad, send the illegals home,
    limit foreign aide, and divert this capital
    to finding more effective ways to extract the oil
    from the Bakken deposits. It’s a whole lot easier,
    not to mention safer, than drilling off-shore.
    And not nearly as devistating to the wildlife or
    environment. I tend to agree with AbdulQahhar’s
    theory however, as to why there’s little interest in
    utilizing this vast resource. The gov. could get it
    sorted if they wanted to.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s