"The U.S. Geological Survey just published today its official results of a groundbreaking study" reports Energy and Capital.
The reported 3.65 billion barrels of oil mean estimate is for 'undiscovered' oil only, and doesn't include known oil, such as reserves. In fact, the study reports a 25-fold increase in the amount of oil that can be recovered... compared to the agency's estimate back in 1995.
Discovered over 50 years ago, the Bakken deposit--once impossible to extract--is now being hailed as the single largest oil find in US history. That's because, today, thanks to breakthrough drilling techniques like horizontal drilling, the Bakken's oil shales can be extracted relatively cheaply. When that happens, this light, sweet oil will cost Americans just $16 per barrel according to the report.
I think this is great news, but I'm not holding my breath on the cheap oil.
Thanks for reading.