Can anyone validate this article? Your feedback is appreciated!

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ryanvanren's picture
ryanvanren
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Can anyone validate this article? Your feedback is appreciated!

How can this be true and not get the attention and effects of the public. I would think Montana and North Dakota would be awarding $5,000 to every man, woman and child, like Alaska did with their riches, if this is true. The first letter was dated in 2008. Long time to stay hidden.

 

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," reports The 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

land2341's picture
land2341
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Re: Can anyone validate this article? Your feedback is ...

The problem lies in the term "technically recoverable"

 

http://www.theoildrum.com/node/3868

cmartenson's picture
cmartenson
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Re: Can anyone validate this article? Your feedback is ...

Yeah, that's a pump and dump email.  Been making the rounds lately.  Somebody either has some shares to unload or a political axe to grind. 

There are rafts of information about the Bakken, much of which has been discussed here previously, but the OilDrum link above is a very solid place to start.  Short story = the Bakken has a lot of technical issues associated with it.

The basic thing with energy plays is that they are no longer simple.  All the simple stuff is gone.  If the Bakken were simple, it would already have been exploited.  Because it wasn't exploited in the past, ergo it is complex.

Here's the basic rule of thumb for energy plays today - DO YOUR RESEARCH!

I have yet to run across anything that has lived up to recent hype and that includes the NatGas plays in the shale formations.  Even today I read close to one article a day that proclaims that the US has 100+ years of NatGas based on the hype emanating from development companies.  But when one spends even 10 minutes digging into the story we find out that there are serious ground water issues, that not all shale plays are equivalent, that even the same shale plays vary tremendously from well to well, and that many wells have not been economically beneficial.  Worse, forget the money, we don't know what the EROEI is for these plays. 

The bottom line here is very simple - if you hear  outlandish claims about energy plays, please do yourself a big favor and at least spend a few minutes investigating them before internalizing the claims as 'real.'

JAG's picture
JAG
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Re: Can anyone validate this article? Your feedback is ...

Hypothetically. if there was indeed substantial oil in the US, wouldn't it make sense on a national and corporate level to sit on these finds and continue to deplete the rest of world's reserves first?

Damnthematrix's picture
Damnthematrix
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Re: Can anyone validate this article? Your feedback is ...

Hypothetically. if there was indeed substantial oil in the US, wouldn't it make sense on a national and corporate level to sit on these finds and continue to deplete the rest of world's reserves first?

 

NOT if it means your economy can't grow from a lack of cheap abundant energy source.....!

Mike

Subprime JD's picture
Subprime JD
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Posts: 562
Re: Can anyone validate this article? Your feedback is ...

Bargaining phase my friend. Ive been there bro we all have. Its good that your researching though. That way in 1 yr from now when one of your co-workers tells u about Bakken you will know the facts. I too got all excited about Bakken until i read oil drum.

 

Bear

Erik T.'s picture
Erik T.
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Posts: 1234
Re: Can anyone validate this article? Your feedback is ...

Hi Ryan,

Welcome to CM.com! It's great to see so many new posters joining the forums lately.

Chris and others already pointed out that this particular e-mail contains a lot of hype, even though there is basically some real truth behind it.

But another issue to understand is development lead-time. Let's set the Bakken and its "technical issues" aside for a minute. In shallow (relatively low extraction cost) waters off the coast of California, there's a whole lot of oil. Raw crude even washes up on the beach in Santa Barbara from time to time, and in this case, it really is a matter of environmental concerns preventing extraction from being considered.

Let's assume that the California economy continues to deteriorate to the point that unemployment is running 30%+, and the next Peak Cheap Oil shock has hit. Suppose that even the very environmentally sensitive California populace had a change of heart and decided it's time to drill for the oil off California's coastline. It would take at least 5 and probably more like 10 years to build oil rigs and get them online, even if the regulatory process were streamlined due to an energy crisis crippling the economy.

My point is, peak cheap oil is real and it's coming. I do expect a change of national attitude about the balance between environmental and economic concerns, but it won't help avert the financial impact of the next big oil shock because it simply takes too long to get new production projects online and producing oil.

Erik

 

Johnny Oxygen's picture
Johnny Oxygen
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Re: Can anyone validate this article? Your feedback is ...

Speaking of new posters. Chris it would be interesting to see a continuing graph of new people to this site. I would like to see if it will grow exponentially with the exponential implosion of our system.

jpitre's picture
jpitre
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Posts: 366
Re: Can anyone validate this article? Your feedback is ...

I've seen a lot of hype on the Bakken potential and have come to the conclusion (I'm no expert, but have done some research) that while there is a lot of oil in the ground, not much of it is "conventional" and nearly all of it is very expensive to extract -- not to mention the problems of water required, quality of oil/processing and in general the environmental problems. A few companies will make a lot of money there ............ so as an investment opportunity, it may be good, but as far as solving our energy problems -- not likely.

While the Baaken oil field may end up producing a lot of oil, the Wall Street Journal article indicates that it may produce about 1/2  a year of the US current use. That's a lot of oil, but hardly enough to solve our energy problems. When one subtracts the energy required to actually get the oil, the net usable will be considerably less. If we can figure out how to use the gas, Baaken could be much more meaningful
 
 
Quote from article -- " The Bakken Shale could contain up to 4.3 billion barrels of recoverable oil, according to the U.S. Geological Survey. That would make it the biggest oil field discovered in the contiguous U.S. in more than 40 years—and many in the industry believe the amount of recoverable oil could be even greater as new technology allows companies to tap more of it.”
 
 
see this link for the entire article:  http://online.wsj.com/article/SB10001424052748703795004575087623756596514.html?mod=WSJ_article_LatestHeadlines

While the Baaken oil field may end up producing a lot of oil, the Wall Street Journal article indicates that it may produce about 1/2  a year of the US current use (my comment - in the foreseeable term). That's a lot of oil, but hardly enough to solve our energy problems. When one subtracts the energy required to actually get the oil, the net usable will be considerably less. If we can figure out how to use the gas, Baaken could be much more meaningful 

 Quote from article -- " The Bakken Shale could contain up to 4.3 billion barrels of recoverable oil, according to the U.S. Geological Survey. That would make it the biggest oil field discovered in the contiguous U.S. in more than 40 years—and many in the industry believe the amount of recoverable oil could be even greater as new technology allows companies to tap more of it.”  

see this link for the entire article:  http://online.wsj.com/article/SB10001424052748703795004575087623756596514.html?mod=WSJ_article_LatestHeadlines

Jim

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