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Thursday, Nov. 27, 2014

Good news on the energy front

Posted 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.

In the next 30 days the USGS (U.S. Geological Survey) will release a new report giving an accurate resource assessment of the Bakken Oil Formation that covers North Dakota and portions of South Dakota and Montana. With new horizontal drilling technology it is believed that from 175 to 500 billion barrels of recoverable oil are held in this 200,000 square mile reserve that was initially discovered in 1951. The USGS did an initial study back in 1999 that estimated 400 billion recoverable barrels were present but with prices bottoming out at $10 a barrel back then the report was dismissed because of the higher cost of horizontal drilling techniques that would be needed, estimated at $20-$40 a barrel.

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.


Comments
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The Bakken field is already being developed. Google "EOG + Bakken" or just "Baken Field" to pick up other oil patch companies developing the Bakken field.

I am running as the conservative Republican against Sheila Jackson Lee for the TX 18 CD. What do you think of SJL up in TN? My distant "cousin" Mike Faulk is running for TN Senate.

Oil is not about profits as much as it about JOBS! Many high school educated workers can make good money working in the oil fields. At $10 a barrel it was not economical to go get the Bakken oil. At a price point above $50, the oil companies like EOG and the others can pay people to work the rigs and sell the oil to the refiners who will hire more workers to turn the oil into useful products.

If China can drill 50 mile from Florida, we will and should be able to drill in ND.

Check out my website

www.faulkforcongress.org

BTW How much is it worth to you to not see Sheila Jackson Lee on TV? ... Make a donation to my campaign.

John Faulk

-- Posted by FaulkForCongress on Wed, Apr 2, 2008, at 5:36 PM

It's not the President and "Big Oil" that would block this development.....It's our left wing Congress and "Big Environmental Wackos" who continually block development of such promising ventures (ANWAR anyone?)....Marathon Oil is already pumping 1.5 billion dollars into this...

http://www.investorvillage.com/smbd.asp?...

"Big Oil" is on your side.....Environmental wackos want you to pay more to continue funding their myth of man made climate change studies.

-- Posted by FrankyB on Wed, Apr 2, 2008, at 12:42 PM

There is no doubt that we need to get weaned from oil and adopt more renewable, clean sources or energy, but this would certainly change the balance of dollars being spent on people who do not value our lives, just our money.

It seems that the environmentalists at one time looked at the high prices in Europe and said that THAT would curb our appetite for oil. Then they blocked our drilling for oil here and scream that the oil companies are raping us.

I agree with sound stewardship of our environment, something has to give. Someone has to balance this crazy seesaw, but I do not see any 'politicians' on either side that hold that kind of promise.

-- Posted by stevemills on Sun, Mar 30, 2008, at 4:30 PM

How can we stop using the products when we need them to get to work and heat our homes and cook with?? You are right we the people need to stand up for what we want. But will they listen to the little people ??? They know they have got us were it hurts the most.

-- Posted by rebelrose on Sun, Mar 30, 2008, at 11:59 AM

Do any of you honestly believe that oil prices will drop? Oil Companies have been trying to get gas prices up to 3/4 dollars since the seventies. They have it where they want it and it won't drop even if you found oil on your own property or gas pumps miraculously appeared in your own driveway. People have to stop using the products in order to get them to drop the prices. Alternative sources will be bought out by these conglomerates and the American people pay through the nose (and I am being kind). People need to stand up and insist that the people we vote for do what we want done to the betterment of this country.

-- Posted by leChat on Sun, Mar 30, 2008, at 12:08 AM

Why don't we begin using our vast amounts of coal? As for Alaska, there is oil there, but at what risk?

Why don't we begin implementing other sources and perfecting them, i.e. solar, wind, and bio-diesel energy?

I hate that oil is the cause for so much controversy in this world. I also hate how anybody can make billions of dollars in the process. My view of oil companies has changed with recent times. Why on earth would they utilize these bountiful supplies of oil in America when their profits would be cut in half?

-- Posted by darrick_04 on Sat, Mar 29, 2008, at 10:29 PM

I dont know a whole lot about this stuff, but I thought we had alot of oil in Alaska already.

-- Posted by greasemonkey on Sat, Mar 29, 2008, at 9:31 PM

Errr...

I haven't checked yet but is the Bakken Formation anywhere near the Lakota territory-or the First Peoples of Canada?

I don't think we'll get much compliance with treaties if there are mineral rights worth stealing..um..utilizing.

If providing oil for an affluent,21st century lifestyle is,in reality,second to human rights,then we might have enough fossil fuels here to husband responsibly until practical alternatives are implemented.

Plus,it help would support the citizens of the native territories while they are getting settled and awaiting reparations for the decades of atrocities and mismanagement.

That'd sure beat having to be dependent on gambling addicts.

-- Posted by quantumcat on Sat, Mar 29, 2008, at 8:26 PM

Honestly Steve you are right I don't think this election will make a big difference regardless of who is elected. Unless some great 3rd party comes out of the woodwork then it is going to be more of the same, possibly worse.

-- Posted by Dianatn on Sat, Mar 29, 2008, at 5:14 PM

Yes, it is optimistic news about the oil reserves on our soil though.

-- Posted by stevemills on Sat, Mar 29, 2008, at 4:41 PM

If oil is there, the oil corporations already know about it and have taken steps to be involved.

Somehow I seem to remember members of another movement (don't they belong to the Democratic party?) who try to stop oil drilling offshore and in Alaska at every chance they get.

NO party is guilt free and EACH party has their good guys and bad guys, depending on what side you take on an issue.

Will this election really make a BIG difference? I believe my optimism is fading.

-- Posted by stevemills on Sat, Mar 29, 2008, at 4:40 PM

Yes it does, which is almost 1 year away and if McCain wins will it be any better?

-- Posted by Dianatn on Sat, Mar 29, 2008, at 4:16 PM

Our current administration ends Jan. 2009.

-- Posted by Brian Mosely on Sat, Mar 29, 2008, at 4:12 PM

I don't want to sound like a pessimist here but do you really think our current administration will allow that to happen? Their big buddies in the oil business will start losing money and so will they.

-- Posted by Dianatn on Sat, Mar 29, 2008, at 3:46 PM

I SURE hope this comes to pass. We need a break from such high gas prices!!

-- Posted by cherylrichardson on Sat, Mar 29, 2008, at 2:53 PM


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Brian Mosely is a staff writer for the Times-Gazette.
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