Bakken Oil Discovery

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trwiley's picture
trwiley
Status: Bronze Member (Offline)
Joined: Aug 11 2009
Posts: 78
Bakken Oil Discovery

I just received this email from an angry relative saying we need to "drill, baby, drill". I did a search here on the Bakken Oil fields, but the discussions were pretty old. Would like to get the updated opinions of the knowledgable folks here.

 

_______

Remember the oil crisis of the early 1970s?  High priced gas, supply shortages, long lines at gas stations, rationing according to the odd / even last digit on your license plate?  It was a travesty then and it's happening again.  Our inept federal government created the Department of Energy to break America's dependence on Middle Eastern Oil.  After more than 45 years of total ineffectiveness and the waste of multiple billions of taxpayer dollars, the DoE is still around, and 60% of our oil comes from the Middle East.

 

Drill, baby, drill.  We have the reserves.  Standing in the way of dramatically easing our energy problems is the village idiot from Kenya we elected to be our president, a Congress that is incompetent beyond imagination, and a bunch of non-elected government bureaucrats hell bent on ruining the oil, gas, and coal industries of America.  Enough is enough.  WE THE PEOPLE need to DEMAND a coherent energy policy for America that makes sense.  Wind, solar, biofuels may have a place in the policy direction, but we need to expand our production of fossil fuels NOW.

You "will" pay $5 a gallon + again and you won't complain loud enough to make a difference, RIGHT!

Here's an astonishing read.  Important and verifiable information :

About 6 months ago, the writer was watching a news program on oil and one of the Forbes Bros. was the guest. The host said to Forbes, "I am going to ask you a direct question and I would like a direct answer;  how much oil does the U.S. have in the ground?"  Forbes did not miss a beat, he said, "more than all the Middle East put together."  Please read below.

The U. S. Geological Service issued a report in April 2008 that only scientists and oil men knew was coming, but man was it big.  It was a revised report (hadn't been updated since 1995) 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," reportsThe Pittsburgh Post Gazette.  It's a formation known as the Williston Basin , but is more commonly referred to as the 'Bakken.'  It stretches from Northern Montana , through North Dakota and into Canada .  For years, 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 2041 years straight.  And if THAT didn't throw you on the floor, then this next one should - because it's from 2006!

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. It is more than 2 TRILLION barrels.  On August 8, 2005 President Bush mandated its extraction. In three and a half years of high oil prices none has been extracted. With this motherload of oil why are we still fighting over off-shore drilling?

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 as 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 ..

HOW can this BE? HOW can we NOT BE extracting this? Because the environmentalists and others have blocked all efforts to help America become independent of foreign oil! Again, we are letting a small group of people dictate our lives and our economy.....WHY?
 
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. Think OPEC just might be funding the environmentalists?

Got your attention yet?  Now, while you're thinking about it, do this:

Pass this along.   If you don't take a little time to do this, then you should stifle yourself the next time you complain about gas prices.  By doing NOTHING, you forfeit your right to complain.

Now I just wonder what would happen in this country if every one of you sent this to every one in your address book.
 
By the way...this is all true. Check it out at the link below!!!
GOOGLE it, or follow this link.  It will blow your mind.
http://www.usgs.gov/newsroom/article.asp?ID=1911

MarkM's picture
MarkM
Status: Platinum Member (Offline)
Joined: Jul 22 2008
Posts: 837
Someone smarter than I will

Someone smarter than I will give a good explanation about Bakken, I am sure.

Until then, http://www.snopes.com/politics/gasoline/bakken.asp

mainebob's picture
mainebob
Status: Bronze Member (Offline)
Joined: Jan 13 2009
Posts: 97
Snopes....

Trwiley, It's a mixed bag of True and False Info... and
these reports are overly optomistic
it will be much harder to extract..
as reported in Snopes:

http://www.snopes.com/politics/gasoline/bakken.asp

 

A. M.'s picture
A. M.
Status: Diamond Member (Offline)
Joined: Oct 22 2008
Posts: 2367
If there is one thing that

If there is one thing that 'Merica knows how to do, it's extract a profit.
You better believe if this "too good to be true" claim was true, they'd be all over it.

I'm particularly wary of any claims or projections, as these calculations almost always lack important ingredients that define the relationship between rates of consumption and increases in use based on growth across a timeline. That's really the only "meaningful" way to get an estimate. It's still not an iron clad guarantee that things will work out as hoped for.

But let's do a quick reality check:

Quote:

HOW can this BE? HOW can we NOT BE extracting this? Because the environmentalists and others have blocked all efforts to help America become independent of foreign oil! Again, we are letting a small group of people dictate our lives and our economy.....WHY?

Really?
Have "environmentalists" ever stopped big oil from doing anything?

You can bet your bottom dollar that this came down to a "cost/benefit" analysis that came up too risky.
Since we know there isn't a whole lot of "low-hanging fruit" left,  I'd bet that the whole thing is sour, or it's been handed off to Strategic Reserve.

It seems as if the only entities that wants to discuss Peak oil solutions are the Navy and Air Force.

Cheers,

Aaron

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