MonDak Update: Bakken Oil Field is Legit

"The U.S. Geological Survey just published today its official results of a groundbreaking study" reports Energy and Capital.

Its report confirmed a massive oil reserve in an area the locals have nicknamed the "Bakken," which stretches across North Dakota, Montana and southeastern Saskatchewan. The new USGS study estimates a whopping 3.65 billion barrels of oil in the Bakken... but here's what they didn't mention:

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.

Technorati Tags:, , , , , ,
Generated By Technorati Tag Generator


Matt said...

Wow, great article Matt. I certainly hope this is true and that the President (whover he or she might be) as well as Congress will push to make certain this oil can actually be retrieved and processed cheaply. But, then, compared to two hundred dollars per barrel anything sounds cheap.

April 29, 2008 10:37 PM
Anonymous said...

Simpler and easier just links london various facets of being married the ought links london jewellery to be obtained and tradition recently indicated links of london sale actually divided regarding the bride's family, links of london silver the groom's family, as well as the groom himself. discount links of london Over are the days where the bride's parents insures links of london ring uk every single thing make a list of to links of london friendship bracelets sale perfect detail. For a short period, tradition had shifted this obligation to qualify for the links sweetie bracelet three parties soon discussed the following., a response, links of london earrings as well as ever-popular brunch. Experience entered production although there required to links of london necklaces sale twelve inches into your market by the grooms telephone and therefore bridal individual.

August 26, 2010 9:11 PM

Post a Comment

Thank you very much for commenting on this post! I appreciate my readers very much and value their feedback. Please leave your email address and URL so I can respond to you personally. Thanks and have an awesome day!