Sign Up |  Login

     
 
    My Blog |  Popular Posts |  Top 100 Blogs |  Recent Blogs |  Random Blogs |  Write a Blog |  Manage Categories |  New Members |  Comments  
   View Blog
 
 independence from foreign oil
Massive Oil Deposit Could Increase US reserves by 10x
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 was not until 2007, when EOG Resources of Texas started a frenzy when they drilled a single well in Parshal N.D. that is expected to yield 700,000 barrels of oil that real excitement and money started to flow in North Dakota. Marathon Oil is investing $1.5 billion and drilling 300 new wells in what is expected to be one of the greatest booms in Oil discovery since Oil was discovered in Saudi Arabia in 1938.

The US imported about 14 million barrels of Oil per day in 2007 , which means US consumers sent about $340 Billion Dollars over seas building palaces in Dubai and propping up unfriendly regimes around the World, 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
    Posted by freeoholic836 on 2009-08-30 21:48:42 | Rating: | Views: 34
    Email This to a Friend            Print This Blog Post  

  Bookmark:
Permalink:  
   Blog Comments
  
And buying those Sheiks white gold Mercedes that belong at my house instead. I like the idea of paying off China and maybe buying some of their debt. I really like the idea of being able to pass a meaningful embargo on the mid east's oppressive states. I love the idea of gas going back to $1.50 per gallon. I see the need to tap it before the Canadians drill from their side at it. Mostly it's the idea of eliminating the national debt that gets me all hot, I'm a Libertarian and think the government should have to balance their budget the same as any family.
Posted by  Munkyman  on 2009-08-30 23:27:36 
  
yes i think the government should be balancing their budget also.however i believe in feeding the poor instead of puting their food in cars.also i'm for saving the environment.the dust bowl during the depression days was caused by overtilling the land and drought.when all the farmers realize that crops sold for fuel is many times more profitable than food crops the destruction of the rain forest and all forest world wide will cause more damage than automobile ommissions.the dems have already grown the debt 4 times higher that all the administrations put together since the birth of the nation so i don't see why any one should expect that to get better unless they were to be voted out of office, but will that happen? the next time gas goes to $5,$10,$20, a gallon and our soldiers are all killed in afganistan because the dems fight a war like they balance the budget may be it will happen. if theres still a nation here left to vote.
Posted by  freeoholic836  on 2009-08-31 11:26:13 
  
I don't have to drive the white gold Mercedes, I just want to hug it and squeeze it and call it George. I too am for feeding the poor but they can't eat my dream car. I live in a borderline area for EPA air regulations. I think we made it through this Summer without a single hazzard day a 1st since we started the hazzard warnings. You can see the heat rolling off the highway and smell the car exhaust from farther away than you can hear them, so although removing the air scrubbing plants will cause more harm reducing emmissions is also essential. The main issue I have with anyone's claim as to what the budget is and what deficit it will bring is simply they all use differing assumptions and varying formulas to arrive at their conclusions. This to me is of more immediate concern than what the next deficit number will be. I figure once the numbers can be nailed to a given range depending on circumstances yet to arise. If we have an epidemic we may spend much more on healthcare than we'd expected, if assulted by those militant Canadians we may spend much more on military than we'd expected, if there's a spike in the price of grains we may wind up with a surplus. The nice thing about our system is that as abused as it has been it's had to pervert beyond the free elections of representatives. Sadly most US Citizens are led quickly astray by the flashy campaigns of the big money candidates and in their mass ADD forget the reaming the two partys gave em over the last 2,4, or 6 years. They hear the taunts of kook and wackjob which the two parties use to disenfranchise the other parties Libertarian, Green, even the Communist all lumped in together as laughable wastes of vote by the two with the most to lose should we take their platforms seriously. So as much as I am not afraid of losing my vote I am very doubtful that it'll do any good anytime soom.
Posted by  Munkyman  on 2009-08-31 18:20:58 
  
yes i don't think either of the two major partys care about my vote either.i've voted dem ,independent,and republican.so far we don't have it as bad here in texas because the republicans have been in power for a good while.so we don't have a state income tax and it's not a union run state so although wages are low ,so is housing and other things and we have more freedoms than a lot of the northern states. so i'll vote for whoever has the best chance to beat the dems.[probably,unless they run another mc cain].it would be good to have someone to vote for instead of against.
Posted by  freeoholic836  on 2009-08-31 18:43:35 
Would you like to comment?

    (Maximum characters: 5000)
    You have characters left.
  Blog Information
 

freeoholic836
Texas, United States

Latest Posts

 Isaiah 2 ; 1-4 kjv Bible
 John 5:37---47 k.j.v....
 Ezekiel ch:37 kjv...
 expanding the IRS to...
 how many jobs lost by...

freeoholic836's Links

 No links found

Blog Categories

 Nothing found

Blog Archive

 March 2010 (81)
 February 2010 (61)
 January 2010 (61)
 December 2009 (77)
 November 2009 (40)
 October 2009 (67)
 September 2009 (70)
 August 2009 (71)
 July 2009 (64)
 June 2009 (31)
 May 2009 (29)
 April 2009 (36)
 March 2009 (35)
 February 2009 (23)
 January 2009 (7)
 December 2008 (3)

Comment Archives

 March 2010 (46)
 February 2010 (98)
 January 2010 (48)
 December 2009 (83)
 November 2009 (45)
 October 2009 (50)
 September 2009 (89)
 August 2009 (99)
 July 2009 (126)
 June 2009 (57)
 May 2009 (97)
 April 2009 (113)
 March 2009 (121)
 February 2009 (78)
 January 2009 (71)
 December 2008 (13)

   Bookmarked Bloggers
good_news
View Blogs
faithan...
View Blogs
YWGO
View Blogs
sheryl
View Blogs
   Bookmarked Posts
Politic...
11...
Can You...
My...
Ash...
Warning...
IT'S...
I'M...
turning...
The...
An Open...
Joy To...
Trigger
THOUGHT...
Last...
An...
In His...
What...
UNEXPEC...
Passion...
Bible...
It is...
John 3:16
words...
i want...
The...
Are we...
Evoluti...
New...
The...
Having...
Summer...
Can't...
you...
many...
Beyond...
The...
AMERICA...
Senator...
Page load time: 0.7355170249939 ms