"ALL CAPS IN DEFENSE OF LIBERTY IS NO VICE."

Friday, March 28, 2008

MASSIVE OIL FIELD FOUND IN MONTANA/DAKOTAS

It is a little known fact that the United States was the world's #1 oil-producing nation until about twenty years ago. We are still in the top five, although we do import approximately half the oil we use.

We are sitting on a tremendous amout of oil now. The question is, will we find the means and the motivation to take it out of the Earth, or will we continue to bow to environmentalist pressure? Without the environmentalists, we would still be the #1 oil-producing nation in the world, and with this new discovery, we would be for years to come.

A massive oil field has been found in the area of Montana and the Dakotas. It is distinctly possible that this find increases known American reserves by 10 times the current known amount.

From Next Energy News:


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.

Add all that to the fact that it was recently discovered that there is three times more oil in the Rocky Mountains than in all of Saudi Arabia, and you can see that the United States could easily do without oil from the Middle East.

Why is it that environmentalists want to shut down our capacity to supply our own oil? Do they want us to do business with the medieval regimes of Saudi Arabia, Iran, Sudan, and Nigeria? Do the environmentalists want Islamofascist dictators to have more power, and for the West to have less power?

Really, what do you think is the answer?

1 comment:

Shea said...

I linked to this. Great post. Why doesn't more people know about this and why are we not tapping into it?