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Good news on the energy frontPosted Saturday, March 29, 2008, at 2:28 PM
If this pans out, we could be seeing the numbers at the gas station fall...
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.
It sure would be nice to stop buying from those who aren't exactly our friends. Also:
...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.
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Brian Mosely is a staff writer for the Times-Gazette.
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