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Massive Oil Deposit Could Increase US reserves by 10x

Discussion in 'Political Discussion' started by Terry Glenn is a cowgirl, Apr 25, 2008.

  1. Terry Glenn is a cowgirl

    Terry Glenn is a cowgirl Banned

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    Massive Oil Deposit Could Increase US reserves by 10x[​IMG]



    [FONT=Verdana, Arial, Helvetica, sans-serif][SIZE=-1]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.[/SIZE][/FONT]

    [FONT=Verdana, Arial, Helvetica, sans-serif][SIZE=-1]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. [/SIZE][/FONT]

    [FONT=Verdana, Arial, Helvetica, sans-serif][SIZE=-1]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. [/SIZE][/FONT]

    [FONT=Verdana, Arial, Helvetica, sans-serif][SIZE=-1]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. [/SIZE][/FONT]

    [​IMG]

    [​IMG]
  2. PressCoverage

    PressCoverage Banned

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    yes... we saw this in another thread... how about a link?
  3. Real World

    Real World Moderator Staff Member

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    It's shale oil. I remember reading about this stuff 20 years ago. It's very difficult to harvest. Experts say their is the world's largest deposit of oil under the Rockies. The problem there is it's also shale. At $120 a barrell, it's more feasable to drill. Tar sand oil had similar issues years ago. Abundant, but costly to harvest. It's made headway cuz the price of a barrell is cost efficient. Hope they can harvest this stuff.

    http://www.iht.com/articles/2008/04/24/business/wildcat.php

    http://www.nytimes.com/2008/04/11/us/11oil.html

    http://www.businessweek.com/ap/financialnews/D8VTDV9G0.htm
  4. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    No RW this is OIL in ADDITION to the shale Oh yeah then there are the tar sands which have more fuel than the shale. Let not forget the deposits in the Arctic Ocean (in addition and far greater than ANWAR), the oil deposits off FL that are being drilled by the Chicoms or the deposits off the coast of NJ, (our senile Senator is bragging about blocking the drilling of these depostits, while we look at $4.50 deisel, WTG F. Lautenberg! ) or all the low sulfur coal that was placed off limits by the last administration...

    http://www.rigzone.com/news/article.asp?a_id=56408

    http://www.kiplinger.com/businessre...U.S._Poised_to_hit_New_Oil_Gusher_080317.html

    http://geology.com/news/2006/12/colorado-oil-shale-leases-green-river.html


    We have more oil than the middle east and our congress blocks development of our resources while we send our dollars overseas. More than enough oil to last us until we can develop renewable biodeisel , like algae as opposed to burning our fuel to make ADM happy...
  5. MrBigglesWorth

    MrBigglesWorth Rookie

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    don't you find it concerning that we are just obsessed with finding more oil rather than different alternatives?

    it's like a drugee trying to find his next fix rather than get off the stuff
  6. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    As long as the oil companies are raking in these huge profits, there will be a very slow dragging of the feet to make this work.. to invest in new infrastructure instead of lining the pockets of the heads of these companies is not the favored way.
  7. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Would you like to drive your car and heat your home while the alternatives are developed to be economically feasible? I like my home heated during the winter.
  8. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Sorry your friends in the dem party have filibustered all attempts over the past 30 yrs to develop our resources (with some help from RINO's) .Look it up.
  9. Real World

    Real World Moderator Staff Member

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    I'll have to check again, but I'm pretty positive this is shale oil, hence the need to drill with 2 new technologies. It being shale is why the size of the reserves is in question. Some say it's hundred of billions of barrels, while others say that even if it were, only a fraction can be successfully extracted. I'd like to think that this would be "breaking news" if it were as simple as a standard drilling of that magnitude.

    I did some posting a couple of years ago, on another forum site, about the issues surrounding an act that prohibits the exploration of oil off our coasts. There was a map at this one site that illustrated the laws, restrictions, and forecasted reserves our shores hold. There was a huge deposit off Cape Cod. The problem is that we can't even look for it, cuz the law states so. I believe it was a law that GH Bush extended in the early 90's. I'll have to see if I can dig up the old stuff.

    We should be trying to find an alternative, but we should also be trying to drill our own. Why give our hard earned cash to foreign nations that dislike us? If OPEC decided that oil was going to be $300 a barrell, what choice would we have? Energy independence is critical. I'm all for drilling our own, while also finding alternatives. The supply will not be endless, and most people know that. Still though, if we have our own, why buy from someone else, and be held hostage?
  10. Run DMC

    Run DMC Rookie

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    Could we like maybe think about other energy alternatives rather than sucking black goo out of the ground and lighting it on fire? We are so effing primitive and we need to get it together quick or we will be toast. The planet is a wreck from burning this muck. It probably is already too late. We're phukked.:eek:
  11. MrBigglesWorth

    MrBigglesWorth Rookie

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    that's the problem. these sourses should ahve been begun development 10-15 years ago. if we follow trend and try to find oil is a temporary relief.

    i am thinking of heating my house with electrical heat and closing some rooms.

    electrical heat might be cheaper than oil next yr
  12. MrBigglesWorth

    MrBigglesWorth Rookie

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    QUOTE]

    let me ask you think... if we drill on our own land and find oil who gets those profits? the american people or will exxon get all of them?

    i think oil should be nationally controlled like they do in china.
  13. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    The Feds and States each make more on gas taxesthan Exxon and the other evil oil companies make in profits....
  14. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Start a company come up with the great perfect energy source and get rich....gee so simple you would think someone would try it :rolleyes:


    Why not you???:singing:
  15. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Don't need to look it up, the current infrastructure supports huge ships and mini towns in foreign countries where quite a few oil execs live... they are not really prepared to give all this up.. develop some new pipelines.. it might cut into some of their profits...
  16. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Yea that makes it ok, more crooks on all levels... difficult to believe that any of this makes any difference.
  17. MrBigglesWorth

    MrBigglesWorth Rookie

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    sounds like a good reason not to stop using oil;)
  18. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Then why do the evil pubbies who are in the pocket of big oil, vote to drill our own oil?
  19. MrBigglesWorth

    MrBigglesWorth Rookie

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    why drive up the supply and lower demand?

    no reason to invade other countries.

    or maybe .....use other countries supplies and drain them dry and we'll have our own when there is no more left??
  20. Holy Diver

    Holy Diver Rookie

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    I love the scientific map:

    http://www.nextenergynews.com/news1/Next2.13s.jpg

    Are these the same people that brought us the drawings of WMD labs in Iraq?


    Oh and according to that scientific map...half the oil is in Canada...

    "I DRINK YOUR MILKSHAKE!"
    Last edited: Apr 25, 2008

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