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.
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.
Wouldn't you just love to tell OPEC to kiss our shiny metal V8 ass??
I'd sure love to tell OPEC where to stick their crude...but even if these reserves are everything they say they are they too will run dry, and we're right back where we started from...in need of a new, less finite, way to power our cars and make our plastics.
ReplyDeleteI'm fine with more domestic drilling...let's just try and preserve some of the natural landscape and not go all willy-nilly, and also save some of the reserves for when oil really gets hard to come by...like when it hits 500 a barrel or more.
-kdog
By that time -kdog, I'm sure we'll have figured something out.
ReplyDeleteRight now we don't really have a good, cheap,reliable source of energy available. That's the problem.
The Libs all want to force us to use some kind of exotic and expensive fuel that isn't nearly as reliable as petroleum.
There's a gas station on almost every corner today. When and how much would it cost to get nearly the coverage with something else-and as (reletively) cheap?
By that time we might be living like Mad-Max...lol.
ReplyDeleteIt's definitely one tough to solve too....without serious changes in how we live and conduct business.
Unfortunately, the D's are too beholden to enviromental extremists, and R's are too beholden to Big Oil for either party to get motivated to start thinking out the box. It's up to the people to figure something out.
-kdog