U.S is currently facing a huge current account deficit and with oil as the major imports which is also responsible to a great extent to the weakening of the dollar, this new should come as a great relief to fed…..

But the big question is why is the US trying to hide such reserves if discovered?….

The only plausible expanation is that the current account deficit that US currently possesses is more than funded by inflow of surpluses of other economies…So maybe US doesnt feel the need to reduce the deficit for the time being and wait for the oil resources to deplete worldwide….And then when other gulf economies, which are basically surviving and minting money due to their Oil reserves go bust, US can take charge and again emerge as the strongest nation…

“Under high
growth assumptions, an oil shale production level of 1 million barrels per day is
probably more than 20 years in the future, and 3 million barrels per day is probably
more than 30 years into the future.”

This means in 30 years under the best conditions we could replace less than 20% of today’s daily oil consumption. That’s assuming the technology, which has never been commercially utilized, actually works the way they think it will.

For two most of the technologies needed are new and not as proven to work for such vast amounts of pockets.

For three this shale is deep and needs horizontal drilling in many different areas.

The bottom line is we really don’t know how much is in this formation, and the costs, technology, and extraction methods don’t warrant huge amounts of resources. You can look at the published reports yourself there are major problems with the extraction of this field! I would love to see this true but at this point the bakken formation has many expensive problems that make drilling less desirable than this article suggests.