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Old December 25th, 2009, 09:32 AM   #1
ronprice
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Default Anyone esle see this oil news e-mail

About 6 months ago I was watching a news program on oil and one of the Forbes brothers was the guest. This is the actual question as asked. The host said to Forbes, "I am going to ask you a direct question and I would like a direct answer; how much oil does the U.S . have in the ground." Forbes did not miss a beat, he said, "more than all the Middle East put together." Please read below.
The U. S. Geological Service issued a report in April ('08) that only scientists and oil men knew was coming, but man was it big. It was a revised report (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 sizable 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 we now have 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 2041 years straight.

2. And if THAT didn't throw you on 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. It is more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction. In three and a half years of high oil prices none has been extracted. With this motherload of oil why are we still fighting over off-shore drilling?

They reported this stunning news: We have more oil inside our 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 weNOT BE extracting this? Because the environmentalists and others have blocked all efforts to help America become independent of foreign oil! Again, we are letting a small group of people dictate our lives and our economy.....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.

Don't think 'OPEC' will drop its price - even with this find? Think again! It's all about the competitive marketplace, - it has to. Think OPEC just might be funding the environmentalists?
Got your attention/ire up yet? Hope so! Now, while you're thinking about it .... and hopefully P.O'd, do this:

3. Pass this along. 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.
--------
Now I just wonder what would happen in this country if every one of you sent this to every one in your address book.
By the way...this is all true. GOOGLE it or follow this link. It will blow your mind.http://www.usgs.gov/newsroom/article.asp?ID=1911
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Old December 25th, 2009, 09:32 AM   #2
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3 to 4.3 Billion Barrels of Technically Recoverable Oil Assessed in North Dakota and Montana’s Bakken Formation—25 Times More Than 1995 Estimate—
Released: 4/10/2008 2:25:36 PM

Contact Information:
U.S. Department of the Interior, U.S. Geological Survey
Office of Communication
119 National Center
Reston, VA 20192 Main Contact
Phone: N/A



--------------------------------------------------------------------------------


•Read FAQs about the Bakken Formation.
•Listen to a podcast with the lead scientist on this topic.
Reston, VA - North Dakota and Montana have an estimated 3.0 to 4.3 billion barrels of undiscovered, technically recoverable oil in an area known as the Bakken Formation.
A U.S. Geological Survey assessment, released April 10, shows a 25-fold increase in the amount of oil that can be recovered compared to the agency's 1995 estimate of 151 million barrels of oil.

Related Podcasts

3 to 4.3 Billion Barrels of Oil in North Dakota and Montana

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or subscribe by e-mail.


Technically recoverable oil resources are those producible using currently available technology and industry practices. USGS is the only provider of publicly available estimates of undiscovered technically recoverable oil and gas resources.

New geologic models applied to the Bakken Formation, advances in drilling and production technologies, and recent oil discoveries have resulted in these substantially larger technically recoverable oil volumes. About 105 million barrels of oil were produced from the Bakken Formation by the end of 2007.

The USGS Bakken study was undertaken as part of a nationwide project assessing domestic petroleum basins using standardized methodology and protocol as required by the Energy Policy and Conservation Act of 2000.

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.

USGS worked with the North Dakota Geological Survey, a number of petroleum industry companies and independents, universities and other experts to develop a geological understanding of the Bakken Formation. These groups provided critical information and feedback on geological and engineering concepts important to building the geologic and production models used in the assessment.

Five continuous assessment units (AU) were identified and assessed in the Bakken Formation of North Dakota and Montana - the Elm Coulee-Billings Nose AU, the Central Basin-Poplar Dome AU, the Nesson-Little Knife Structural AU, the Eastern Expulsion Threshold AU, and the Northwest Expulsion Threshold AU.

At the time of the assessment, a limited number of wells have produced oil from three of the assessments units in Central Basin-Poplar Dome, Eastern Expulsion Threshold, and Northwest Expulsion Threshold.
The Elm Coulee oil field in Montana, discovered in 2000, has produced about 65 million barrels of the 105 million barrels of oil recovered from the Bakken Formation.

Results of the assessment can be found at http://energy.usgs.gov.

For a podcast interview with scientists about the Bakken Formation, listen to episode 38 of CoreCast at http://www.usgs.gov/corecast/.



--------------------------------------------------------------------------------

USGS provides science for a changing world. For more information, visit www.usgs.gov.

Subscribe to USGS News Releases via our electronic mailing list or RSS feed.

**** www.usgs.gov ****

Links and contacts within this release are valid at the time of publication.
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Old December 25th, 2009, 09:33 AM   #3
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No Crap The Oil Men Are Getting Rich Off Us Just Because They Can!!!!!!!!!!!!
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Old December 25th, 2009, 09:37 AM   #4
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what else is new^
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Old December 25th, 2009, 10:04 AM   #5
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This is old news. But didn't somebody prove the numbers a little inaccurate?

Or am I thinking of another Forum?
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Old December 25th, 2009, 10:14 AM   #6
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It was in an e-mail, so it must be true.


While I agree that environmentalists often throw a giant monkey wrench into things, something this huge would be hard for them to block. Even a disaster like the Exxon Valdez didn't shut down Alaskan oil.
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Old December 25th, 2009, 10:19 AM   #7
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I got that e-mail before too Ron. Some truth to it, but not nearly what they'd have you believe in the e-mail. It's supposedly about 1 years worth of oil, not 41 years worth.

http://www.snopes.com/politics/gasoline/bakken.asp
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Old December 25th, 2009, 10:36 AM   #8
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Old December 25th, 2009, 08:03 PM   #9
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i wanna know how they figure out exactly how much oil is there? did someone go in the ground and measure it? highly doubtful. what they should be spending money on is figuring out how to make a renewable fuel source that works.
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Old December 26th, 2009, 06:13 AM   #10
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Originally Posted by Kodiak450r View Post
what they should be spending money on is figuring out how to make a renewable fuel source that works.
Oh really? So, let's say they figure out that there's enough oil to support the entire world for the next lets say........ 500 years........ we should ignore it?
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Old December 26th, 2009, 07:43 AM   #11
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Oh really? So, let's say they figure out that there's enough oil to support the entire world for the next lets say........ 500 years........ we should ignore it?
what he said^
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Old December 26th, 2009, 08:07 AM   #12
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I would hope the world largest oil supply would last more than 41 years!!!
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Old December 26th, 2009, 08:46 AM   #13
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That's enough crude to fully fuel the American economy for 2041 years straight.


I don't see 41 years there, it says "2041" years, not the date
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Old December 26th, 2009, 11:03 AM   #14
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what they should be spending money on is figuring out how to make a renewable fuel source that works.
"Ok, so I've been hearing about this thing man, it's this car that runs on WATER man!"
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Old December 27th, 2009, 02:46 PM   #15
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I make a living working in the oil field. fuck all of you haters, if you dont like it walk and donty use plastic by the ton or use fossil fuels to heat your house or blah blah blah blah. suck it.
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Old December 27th, 2009, 03:25 PM   #16
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Oh really? So, let's say they figure out that there's enough oil to support the entire world for the next lets say........ 500 years........ we should ignore it?
considering they didnt, and wont, yes, we should ignore it, stick to the facts of the situation, and leave the "what if there were 500 years of oil" to dreamy kids.

i have a bunch of friends drilling in that area, its not even close to the "gold mine" this makes it out to be, even the adjusted "recoverable" numbers are at best inaccurate, and 20 years away given our ever aging fleet of out dated drilling rigs, and shale processing tech.
the drilling company's are unwilling to invest in new tech (rightly so) on what will be very short lived, and diminishing return.
there is a reason that oil company's are increasingly getting out of oil, and moving to natural gas, solar, and wind research
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Old December 27th, 2009, 03:29 PM   #17
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Originally Posted by sglide View Post
considering they didnt, and wont, yes, we should ignore it, stick to the facts of the situation, and leave the "what if there were 500 years of oil" to dreamy kids.

i have a bunch of friends drilling in that area, its not even close to the "gold mine" this makes it out to be, even the adjusted "recoverable" numbers are at best inaccurate, and 20 years away given our ever aging fleet of out dated drilling rigs, and shale processing tech.
the drilling company's are unwilling to invest in new tech (rightly so) on what will be very short lived, and diminishing return.
there is a reason that oil company's are increasingly getting out of oil, and moving to natural gas, solar, and wind research
Fuck your still alive?
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Old December 27th, 2009, 03:50 PM   #18
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Fuck your still alive?
hahaha maybe
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Old December 27th, 2009, 07:28 PM   #19
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Quote:
Originally Posted by sglide View Post
considering they didnt, and wont, yes, we should ignore it, stick to the facts of the situation, and leave the "what if there were 500 years of oil" to dreamy kids.

i have a bunch of friends drilling in that area, its not even close to the "gold mine" this makes it out to be, even the adjusted "recoverable" numbers are at best inaccurate, and 20 years away given our ever aging fleet of out dated drilling rigs, and shale processing tech.
the drilling company's are unwilling to invest in new tech (rightly so) on what will be very short lived, and diminishing return.
there is a reason that oil company's are increasingly getting out of oil, and moving to natural gas, solar, and wind research
My point is that we at least need to know what resources we have before we throw in the towel just to make the greenies feel good. If we know, great, if we don't, we should still do the research.
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