Don't take this as Gospel, Google Bakken Formation.
Seriously! Go to Google, type in Bakken Formation and read Wikipedia.
1. I did, and it BLEW my mind. The U.S. Geological Serviceissued a report in April ('08) that only scientists and oilmen knew was coming. It's a revised report (it hadn't been updated since '95) on how much oil was in this area of the western 2/3 of North Dakota; western South Dakota; and extreme eastern Montana ... check THIS out:
The Bakken is the largest domestic oil discovery since Alaska 's Prudhoe Bay and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable... at $107 a barrel, we're looking at a resource base worth more than $5.3 trillion.
'When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea.' says Terry Johnson, the Montana Legislature's financial analyst. 'This sizeable find is now the highest-producing onshore oil field found in the past 56 years,' reports The Pittsburgh Post Gazette.
It's a formation known as the Williston Basin but is more commonly referred to as the 'Bakken,' and it stretches from Northern Montana, through North Dakota and into Canada. For years U.S. oil exploration has been considered a dead end. Even the 'Big Oil' companies gave up searching for major oil wells decades ago however a recent technological breakthrough has opened up the Bakken's massive reserves... and this country now has access of up to 500 billion barrels and because this is light, sweet oil those billions of barrels will cost Americans just $16 PER BARREL! That's enough crude to fully fuel the American economy for 41 years straight.
2. If THAT didn't throw you to the floor then this next one should, because it's from TWO YEARS AGO!
U.S. Oil Discovery- Largest Reserve in the World! Stansberry Report Online - 4/20/2006 Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world, and has more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction. What is going on? They reported this stunning news: The United States has more oil inside its borders than all the other proven reserves on earth. Here are the official estimates: -8-times as much oil as Saudi Arabia -18-times as much oil as Iraq -21-times as much oil as Kuwait -22-times as much oil as Iran -500-times as much oil as Yemen and it's all right here in the Western United States .
HOW can this BE? HOW can we NOT be extracting this? Because we have not DEMANDED Legislation out of the Congress in Washington, allowing its extraction, that's why!
James Bartis, lead researcher with the study, says we've got more oil in this very compact area than the entire Middle East, more than 2 TRILLION barrels. Untapped. That's more than all the proven oil reserves of crude oil in the world today, reports The Denver Post.
So, you don't you think 'Big Oil' will drop its price even with this find? Think again! It's all about the competitive marketplace and if they can extract it (here) for less, they can afford to sell it for less - and if they DON'T, others will. It will come down! It has to. ---- Got your attention yet? Hope so! Now, while you're thinking about it ... and hopefully you're pissed off, do this:
3. Take 5-10 minutes and compose an e-mail; fax or write a good old-fashioned letter to the elected officials in Washington D.C. and their respected leaders.
We'll start with them. You can send your elected Congressmen a letter, e-mail or fax, DEMANDING the immediate Legislation for an Energy Plan. Mention that this plan should call for tapping into the U.S. Petroleum Reserves, as well as allowing for drilling in the U.S. offshore waters and U.S. Continental Shelf including Alaska .
Technology is not what it used to be. Have you ever had arthroscopic surgery? They can "surgically" extract the oil, and get us on the way to at least some measure of energy independence.
If you don't take a little time to do this, then you should stifle yourself the next time you want to complain about gas prices because by doing NOTHING you've forfeited your right to complain!
Some links:
http://www.usgs.gov/newsroom/article.asp?ID=1911
http://en.wikipedia.org/wiki/Bakken_Formation
http://www.nd.gov/ndic/ic-press/bakken-form-06.pdf
http://www.foxbusiness.com/story/markets/industries/energy/samson-oil--gas-drill-bakken-formation-north-dakota/
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