[i]Massive Oil Deposit Could Increase US reserves by 10x
America is sitting on top of a super massive 200 billion barrel Oil Field that could potentially make America Energy Independent and until now has largely gone unnoticed. Thanks to new technology the Bakken Formation in North Dakota could boost America�??s Oil reserves by an incredible 10 times, giving western economies the trump card against OPEC�??s short squeeze on oil supply and making Iranian and Venezuelan threats of disrupted supply irrelevant.
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. The USGS did an initial study back in 1999 that estimated 400 billion recoverable barrels were present but with prices bottoming out at $10 a barrel back then the report was dismissed because of the higher cost of horizontal drilling techniques that would be needed, estimated at $20-$40 a barrel.
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.
The US imported about 14 million barrels of Oil per day in 2007 , which means US consumers sent about $340 Billion Dollars over seas building palaces in Dubai and propping up unfriendly regimes around the World, if 200 billion barrels of oil at $90 a barrel are recovered in the high plains the added wealth to the US economy would be $18 Trillion Dollars which would go a long way in stabilizing the US trade deficit and could cut the cost of oil in half in the long run. [/i]
[quote]SouthernGypsy wrote:
I don’t know enough about it to call it a hoax, but I find it hard to believe that someone is just now discovering oil.[/quote]
We are just now discovering massive oil reserves in Saskatchewan, when up until now the province was assumed to be completely dry. New technology allowed us to drill deeper and boom! Oil.
Some are predicting it will double our known oil reserves, which means Canada will have nearly twice as much oil as Saudi Arabia.
Given our new reserves and your new reserves, we could set up a NAFTA/SPP oil cartel to take out OPEC.
What with the talks of a new NAFTA/EU trading block, the West could potentially cut out the Middle-East entirely.
If this isn’t a hoax, the future’s looking bright indeed.
ElbowStrike
EDIT: Does anyone know if the State or Federal governments in the USA take resource royalties from oil? If so, now would be a good time to elect leaders dedicated to paying down the debt.
[quote]ElbowStrike wrote:
We are just now discovering massive oil reserves in Saskatchewan, when up until now the province was assumed to be completely dry. New technology allowed us to drill deeper and boom! Oil.
Some are predicting it will double our known oil reserves, which means Canada will have nearly twice as much oil as Saudi Arabia.
Given our new reserves and your new reserves, we could set up a NAFTA/SPP oil cartel to take out OPEC.
What with the talks of a new NAFTA/EU trading block, the West could potentially cut out the Middle-East entirely.
If this isn’t a hoax, the future’s looking bright indeed.
ElbowStrike
EDIT: Does anyone know if the State or Federal governments in the USA take resource royalties from oil? If so, now would be a good time to elect leaders dedicated to paying down the debt.[/quote]
All that would be nice, but I’m afraid we’ve been suckling at the Saudi’s teets for too long. Don’t they own 10% of the US economy? We won’t be quit of those bastards for a long time to come.
[quote]Uncle Gabby wrote:
I think I might have gotten that 10% number from either the movie Network or Fahrenhite 9-11 which makes it suspect at best. [/quote]
[quote]streamline wrote:
If that is true the middle east could be left to sort out their own troubles. What a mess that would turn into. Back to tribal war fare.[/quote]
Sounds like a step up from foreigners invading our countries, toppling our governments, backing dictators and squashing popular revolutions.
[quote]will to power wrote:
streamline wrote:
If that is true the middle east could be left to sort out their own troubles. What a mess that would turn into. Back to tribal war fare.
Sounds like a step up from foreigners invading our countries, toppling our governments, backing dictators and squashing popular revolutions. [/quote]
Look, you are backward goat herders that need to see the light of freedom and democracy even if it kills you.
[quote]will to power wrote:
streamline wrote:
If that is true the middle east could be left to sort out their own troubles. What a mess that would turn into. Back to tribal war fare.
Sounds like a step up from foreigners invading our countries, toppling our governments, backing dictators and squashing popular revolutions. [/quote]
No - you would be blaming us for pulling out, and forcing abject poverty on the poor little jihadist fuckers.
The ME would fold like a cheap lawn chair if the US pulled out. It would, by default, give Israel tons more power than the murderous fucking cowards.
[quote]orion wrote:
will to power wrote:
streamline wrote:
If that is true the middle east could be left to sort out their own troubles. What a mess that would turn into. Back to tribal war fare.
Sounds like a step up from foreigners invading our countries, toppling our governments, backing dictators and squashing popular revolutions.
Look, you are backward goat herders that need to see the light of freedom and democracy even if it kills you.
What is so hard to understand about that?
[/quote]
LOL
Hey, my people are fighting for more democracy in my country, we just want to stop short of war to get it.
[quote]rainjack wrote:
will to power wrote:
streamline wrote:
If that is true the middle east could be left to sort out their own troubles. What a mess that would turn into. Back to tribal war fare.
Sounds like a step up from foreigners invading our countries, toppling our governments, backing dictators and squashing popular revolutions.
No - you would be blaming us for pulling out, and forcing abject poverty on the poor little jihadist fuckers.
The ME would fold like a cheap lawn chair if the US pulled out. It would, by default, give Israel tons more power than the murderous fucking cowards. [/quote]
You’ve pulled out of countries in the middle east before, such as Iran, and I’ve never ever heard one of them complain about that.
[quote]will to power wrote:
rainjack wrote:
will to power wrote:
streamline wrote:
If that is true the middle east could be left to sort out their own troubles. What a mess that would turn into. Back to tribal war fare.
Sounds like a step up from foreigners invading our countries, toppling our governments, backing dictators and squashing popular revolutions.
No - you would be blaming us for pulling out, and forcing abject poverty on the poor little jihadist fuckers.
The ME would fold like a cheap lawn chair if the US pulled out. It would, by default, give Israel tons more power than the murderous fucking cowards.
You’ve pulled out of countries in the middle east before, such as Iran, and I’ve never ever heard one of them complain about that.[/quote]
Our money has never pulled out of the ME. We stop bidding for your oil, and you will start squealing like a stuck pig.
[quote]will to power wrote:
rainjack wrote:
Our money has never pulled out of the ME. We stop bidding for your oil, and you will start squealing like a stuck pig.
And I can only hope it happens sooner than later.
Russia, China, India, Europe, their money is just as good.
But I see we all agree on the last part of your post.[/quote]
You guys will naturally agree until it happens. You have never lived apart from our influence. I can only pray that you get a taste of people that are as selfish and ruthless as you accuse us of being.
At that pint, I hope our gov’t has the balls to tell all of the terrorist countries to fuck off and die.