Peak Oil Lie? US Has Utterly Giant Oil Reserves

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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… 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 - 4-20-6  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/ire up yet?  Hope so.  Now, while you’re thinking about it …. and hopefully angry, 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. Want the hard data?

Go here…


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1. RAY - March 9, 2009

Wow if this isn’t Urban Legend that would be something..why don’t we just solve our Financial Spiral down ward in the us economy..cut of fundng the people who want us dead….this can’t be true, can it? I would love to srat a consummer rebellion …this would be a blessing to our Country…The Oil Boom like we had back in the good old west…

2. Marianne Lonergan - March 29, 2009

Why hasn’t this made the news? Who’s hiding it?

3. eBook Directory - April 11, 2009

This article is nice in theory but extracting that shale oil has huge problems. For one the cost of extraction is much more than conventional well.

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.

4. wow - April 30, 2009

Wow… extremely poor journalism. The fact that the word shale was not not mentioned once really goes to show you how little the author understands the intricacies of the situation. If you want to see the viability of using the Bakken oil shale as the miracle oil supply we have just been ignoring for no good reason, check the 2005 RAND report on it.

“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.

5. Himanshu - September 22, 2009

Well i feel people out here and even the author is looking at a very microview of the scheme of things…If you have an overall macro view from the U.S govt perspective, maybe things might get a little more clear…

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…

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