Full Version: Massive Oil Deposit Could Increase US reserves by 10x

Massive Oil Deposit Could Increase US reserves by 10x

[font=Verdana, Arial, Helvetica, sans-serif][color=#5e5e5e]Americais sitting on top of a super massive 200 billion barrel Oil Field thatcould potentially make America Energy Independent and until now haslargely gone unnoticed. Thanks to new technology the Bakken Formationin North Dakota could boost America’s Oil reserves by an incredible 10times, giving western economies the trump card against OPEC’s shortsqueeze on oil supply and making Iranian and Venezuelan threats ofdisrupted supply irrelevant.[/color][/font]
      [font=Verdana, Arial, Helvetica, sans-serif][color=#5e5e5e]Inthe next 30 days the USGS (U.S. Geological Survey) will release a newreport giving an accurate resource assessment of the Bakken OilFormation that covers North Dakota and portions of South Dakota andMontana. With new horizontal drilling technology it is believed thatfrom 175 to 500 billion barrels of recoverable oil are held in this200,000 square mile reserve that was initially discovered in 1951. TheUSGS did an initial study back in 1999 that estimated 400 billionrecoverable barrels were present but with prices bottoming out at $10 abarrel back then the report was dismissed because of the higher cost ofhorizontal drilling techniques that would be needed, estimated at$20-$40 a barrel. [/color][/font]
     [font=Verdana, Arial, Helvetica, sans-serif][color=#5e5e5e]It was not until 2007, when EOG Resources of Texas started a frenzy whenthey drilled a single well in Parshal N.D. that is expected to yield700,000 barrels of oil that real excitement and money started to flowin North Dakota. Marathon Oil is investing $1.5 billion and drilling300 new wells in what is expected to be one of the greatest booms inOil discovery since Oil was discovered in Saudi Arabia in 1938. [/color][/font]
[font=Verdana, Arial, Helvetica, sans-serif][color=#5e5e5e]    TheUS imported about 14 million barrels of Oil per day in 2007 , whichmeans US consumers sent about $340 Billion Dollars over seas buildingpalaces in Dubai and propping up unfriendly regimes around the World,if 200 billion barrels of oil at $90 a barrel are recovered in the highplains the added wealth to the US economy would be $18 Trillion Dollarswhich would go a long way in stabilizing the US trade deficit and couldcut the cost of oil in half in the long run. [/color][/font]

[[i] Last edited by Diana at 3-24-2008 21:23 [/i]]