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Thursday, July 31, 2014

About that big oil field...

Posted Friday, April 11, 2008, at 9:32 AM

I blogged recently about this huge oil field under the Dakotas. While the initial estimates were high, this report still contains great news.

North Dakota and Montana have an estimated 3.0 to 4.3 billion barrels of undiscovered, technically recoverable oil in an area known as the Bakken Formation of the Williston Basin, according to a just-released assessment by the US Geological Survey (USGS). This latest assessment shows a 25-fold increase in the amount of oil that can be recovered compared to the agency's 1995 estimate of 151 million barrels of oil.

The assessment also identified 1.85 trillion cubic feet of associated/dissolved natural gas, and 148 million barrels of natural gas liquids.

Drill. Drill. Drill.


Comments
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I agree . . . this should be a top priority for our country to ease our economic woes and to also decrease our dependency on foreign oil.

-- Posted by jaxspike on Fri, Apr 11, 2008, at 9:41 AM

US companies currently have no incentive to go get a large oil deposit. Since the current market is over 110$ a barrel, they are doing quite nicely the way things are. They also don't have the refining capacity to handle any extra crude.

BUT, if the US government were to go the big companies and say"hey guys if you don't go drill we might have subsidize this group of smaller companies that would love to get in there "they may have to drill to kill any smaller competition. Either way the price per barrel would go down. Just a thought.

-- Posted by Tim Baker on Fri, Apr 11, 2008, at 10:34 AM

I really wish there would be a push towards the use of alternative fuels instead of oil. Even if this oil field works to our advantage, which would be great for the economy, sooner or later we are going to need an alternative fuel source.

-- Posted by dooshie69 on Fri, Apr 11, 2008, at 10:36 AM

I just saw in Winchester's paper where an error in programing the gas pumps at one station resulted in fuel going for 33 cents a gallon. Needless ot say, the lines were long until they could fix the "mistake."

-- Posted by Brian Mosely on Fri, Apr 11, 2008, at 11:22 AM

I am surprised that they didnt close the pumps down . . . that is definitely money being lost by that station. I would feel weird taking advantage of that . . . . it is almost like stealing.

-- Posted by jaxspike on Sat, Apr 12, 2008, at 8:47 AM

I feel like it was not stealing really...They should have closed the pumps until it was fixed. Since they were letting people buy it at that price knowing it was 33 cents a gallon it was their fault..

-- Posted by rebelrose on Sat, Apr 12, 2008, at 10:34 AM

I recently brought a hydrogen engine out of rosedale, Ca. to Oshawa Canada for G M and was told by the officals there that production was eight to ten years away, I was also told at this time they seen no unsurpassable problems. The manufactures are working on alternatetive fuel sorces. This man made problem with gas prices is hurting their new car sales.

-- Posted by jesse sellers on Wed, Apr 16, 2008, at 9:32 AM

I recently brought a hydrogen engine out of Rosedale, Ca. to Oshawa, Canada for G M . Was told by the officals there production was eight to ten years away. I was also told at this time they seen no unsurpassable problems with the engine. The manufactures are working on alternatetive fuel sorces. This man made problem with gas prices is hurting their new car sales.So it's one giant after the other.Let them worry one of will win.

-- Posted by jesse sellers on Wed, Apr 16, 2008, at 9:40 AM

Having lived in Texas and Colorado among oil well, coal mines and natural gas I can tell you that some big oil company already owns the mineral rights on these lands and would probably be drilling if not for the environmentalists. I had oil thumpers( sounding devises that detect oil) placed on my ranch in Tx. The oil co will pay to go across your property for any damages that they might make to your fields testing but you own no rights to anything that they find under the surface. The people that I did know that had wells on their place had no real complaints so the green guys need to wise up. We will see what happens in the Dakotas .

-- Posted by Patsy on Thu, May 15, 2008, at 10:45 AM


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