Friday, March 21, 2008

Jed Clampett did a bit more shooting

Found through Rodger:
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.

Now, the first Sierra Club weenie or left-wing politician who gets in the way should be tarred & feathered. Rail optional.

1 comment:

Windy Wilson said...

I'm waiting for news that drilling there is becoming worthwhile and the envirodorks will say that the estimated reserves will only last X years, so it isn't worth drilling at all.

Kind of like saying, "well, if we feed you today that will only last a day or two until you will want food again, so we've decided not to feed you."