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Huge Bakken Oil Find Being Blocked

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This topic contains 2 replies, has 2 voices, and was last updated by  Anonymous 12 years, 1 month ago.

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  • #3118

    Freddy Martinez
    Participant

    This will make you angry…………………………………………..

     

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    This is what you get when you let the tree huggers run the nation.
     

     

    Something is not right, read this and see what you think.

     

     
     

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    The U. S. Geological Service issued a report in April (’08) that only scientists and oil men knew was coming, but man was it big.  It was a revised report (hadn’t been updated since ’95) 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 will cost Americans just $16 PER BARREL!

    That’s enough crude to fully fuel the American economy for 41 years straight.

    2. 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!
    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 liv es 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/fired up yet?  Hope so!  Now, while you’re thinking about it …. and hopefully P.O’d, do this:

    3. Pass this along.   If you don’t take a little time to do this, then you should stifle yourself the next time you want to complain about gas prices .. because by doing NOTHING, you’ve forfeited your right to complain.
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    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
     

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

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  • #6141

    Anonymous

    Thank you for inserting the links to Snopes, I find that site to be pretty reliable in sorting out the fact and fiction, and for the USGeological Survey report.
     
    It turns out the article, while partially true, is grossly exaggerated.
    1. The original article came from a tout sheet (http://web.archive.org/web/20060423192820/http://www.stansberryonline.com/OIL/20060405-OIL-COL.asp) to get you to subscribe to an investment magazine.
     
    2. The article says there are 271 to 503 billion barrels of potential resources.  The 2008 USGS report actual estimates only 3.0 to 4.3 billion barrels,  http://www.usgs.gov/newsroom/article.asp?ID=1911, a mean value of 3.65 billion barrels. 
     
    3. That’s still a lot of oil, but the US imports about 10 million barrels a day.  3.65 billion barrels is only 1 year of US imports, even if ALL the oil was extracted.  Not quite the  41 years claimed in the article.
     
    4. A 2005 study describes most of it being in shale oil which has a lot of obstacles to production, “for example shale development requires large expenditures of water and energy, produces air pollution and carbon emissions and leaves toxic byproducts that could endanger the environment.  No work has been done on the impacts of development and ways to mitigate these impacts.”
     
    The snopes explanation is a good read at http://www.snopes.com/politics/gasoline/bakken.asp.
     
     
     
     

  • #6140

    Charles Randall
    Participant

    There is an earlier Post on Bakken Oil find that has similar information and while I agree Snopes is good way to crosscheck and get sort between fiction & real news items, I think you have to “Consider the Source” in this case for its conclusion.
     
    Snoopes is using the USGS study you mentioned – which is the usual extremely conserative government hedge on recoverable reserve size and always use older/conventional recovery technology and so I do not consider it anything more than a minimum for same reason the 500B is probably a maximum.
    Using enhanced secondary oil recovery type technology along with CO2 flooding (a likely case given the potential to use this byproduct from Gasification/Enhanced recovery of the Oil Shale reserves – and which also address it as one of the barriers for developing them). You will note that EIA study & earlier USGS findings had to be increased by 25X factor just to get to current min estimates ….. because they had hugely over-discounted this field.
     
    Additionally the negative view on Oil Shale in second part is from the 2005 Rand study & Bartis definitely leans towards environmentalist feelings that fossil fuels like this shouldnt be developed. Pure Environmentalist BS in my opinion. Nothing Oil industry uses as much water as Ethanol yet not one word is thrown against its unnecessary production. I will take US Clean Gasification technology over China Coal Plant technology any day & no one is stopping China from putting more polluting plants on every week.
     
    The truth on this field (similar to 400Billion Bbls Oil Sands California & +400Billion Bbls Heavy Crude Texas & +???Billion Bbls Offshore US fields) comes down
    to are you really Oil Industry trying to find more US crude or are you one Stupid Environmentalist trying to stop any fossil fuel development and force US into some stupid “Green” solution that we dont have the technology for & will never generate the volume of base support to maintain current standard of living. It would help if there weren’t over 30 parasite states who depend on few states to provide all thier energy while they just pass stupid laws to try to prevent it. 

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