The U.S. Geological Service issued a report in April 2008 that only scientists and oilmen 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". And 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 would cost Americans just $16 PER BARREL!
That's enough crude to fully fuel the American economy for 41 years straight.
And if THAT didn't throw you on the floor, then this next one should because it's from TWO YEARS AGO!
U.S. Oil Discovery - Largest Reserve in the World!
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 3.5 years of high oil prices none has been extracted. With this mother lode of oil, why are we still fighting over offshore 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
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?
By the way, this is all true. Check the USGS' own website.
Also read Why War Over Oil?