It seems the US Government and Congress are keeping something from us.
The US Geological Survey recently reported new oil discoveries in the United States. They've found 3.65 BILLION barrels of oil in N. Dakota and Montana -- a field that stretches into Canada. Those billions of barrels of oil are not included in the present U.S. oil count.
That's a 25-fold increase in the amount of recoverable US oil compared to the Survey's last estimate, published in 1995.
It's called the Bakken Oil Formation. Google it and see what you find.
If oil companies would begin, using modern horizontal drilling techniques they could easily retrieve the oil and drive the price of oil down to $16 a barrel.
Of course that would cut into the oil company's high profits so it's pretty unlikely they'll do it without being forced by Congress. And Congress is solidly in the pocket of oil lobbyists UNLESS we kick them all out and replace them. See more here: "The Bakken Formation estimate is larger than all other current USGS oil assessments of the lower 48 states and is the largest "continuous" oil accumulation ever assessed by the USGS. A "continuous" oil accumulation means that the oil resource is dispersed throughout a geologic formation rather than existing as discrete, localized occurrences. The next largest "continuous" oil accumulation in the U.S. is in the Austin Chalk of Texas and Louisiana, with an undiscovered estimate of 1.0 billions of barrels of technically recoverable oil.
"It is clear that the Bakken formation contains a significant amount of oil - the question is how much of that oil is recoverable using today's technology?" said Senator Byron Dorgan, of North Dakota. "To get an answer to this important question, I requested that the U.S. Geological Survey complete this study, which will provide an up-to-date estimate on the amount of technically recoverable oil resources in the Bakken Shale formation."
The USGS estimate of 3.0 to 4.3 billion barrels of technically recoverable oil has a mean value of 3.65 billion barrels. Scientists conducted detailed studies in stratigraphy and structural geology and the modeling of petroleum geochemistry. They also combined their findings with historical exploration and production analyses to determine the undiscovered, technically recoverable oil estimates."
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