Perhaps we’ll soon be able to tell the amir of the Saudi oil ticks to use a $53.99 aluminum rolling walker from Target? I’ll pay for it!
Based upon formal technical reports such as this “Bakken Formation Reserve Estimates,” the lay press is now reporting (hat tip Michael Ledeen):
Massive Oil Deposit Could Increase US reserves by 10x:
Thanks to new technology the Bakken Formation in
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
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.
Pingback: Bruce Stevens: Energy Independence Now Attainable