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Enough Oil In U.S. To Stop Imports For 119 Years

08 Dec

I received an e-mail this morning discussing the Bakken reserve  (Williston Basin).  I disagree with some of the facts of the e-mail pasted below, but based on my own calculations, I believe that the the U.S. could stop importing oil for 119 years (based on current import levels).

According to the e-mail, there are 503 Billion barrels of oil in the Bakken.  It links to this article from the USGS which discusses a reserve of 4.3 Billion barrels (a mere 452 days of import stopping production).

However, it also mentions the Energy Information Administration, so I searched up the Bakken reserve there.  I found this document that informs us that more recent estimates completed by the late Leigh Price based on newer horizontal drilling technology gives us a possibility of 503 BILLION BARRELS of recoverable oil in the basin.

“With new horizontal drilling and completion technology taken into account, the technically recoverable resource base for the entire Bakken Formation is potentially much larger. A draft study by the late organic geochemist Leigh Price6 provides estimates ranging from 271 to 503 billion barrels (mean of 413 billion) of potential resources in place. The study represents Dr. Price’s work as it stood at the time of his death in August 2000. It was conducted while he was working for the USGS, but it did not receive a complete scientific peer review by the USGS and was not published as a USGS product. A new assessment of the entire basin, due out in about a year, will provide an updated USGS estimate of the technically recoverable oil resources in the Bakken Formation. If the formation’s potential bears out, this could (depending on recovery factors) increase the estimate of technically recoverable crude oil resources in the United States by billions of barrels. For perspective, consider that the current estimate of all technically recoverable crude oil resources in the United States, not including Bakken oil resources, is 174.67 billion barrels”

Stunning!

Based on a 9,500,000 bbl daily import of oil, using the 413,000,000,000 bbl ‘mean’ from Dr. Price’s study, I calculate that the daily import could be replaced for 119 YEARS! Assuming the cost of a barrel is $90.00, that’s 37 TRILLION DOLLARS we won’t have to give to the likes of Saudi Arabia, Iran, Iraq, and Venezuela!  And considering the safest place with the least environmental affect on Earth to drill for oil is in the U.S., the Global Warming alarmists may be put at bay simply based on the drilling impact.

I have not verified the discussion of the reserves under the Rocky Mountains, but here’s the original e-mail as I received it:

============================================================

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

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2 Comments

Posted by on December 8, 2010 in Miscellaneous

 

Tags: ,

2 responses to “Enough Oil In U.S. To Stop Imports For 119 Years

  1. Doug Edelman

    December 9, 2010 at 9:20 am

    I’ve been putting forth the theory that we are being prevented from exploiting our own natural resources because they’ve all been used to collateralize our foreign debt. When that story breaks, remember you heard it here first!!

     

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