When an oil-producing country has trouble--unrest, refinery problems, etc.--the price of gas at the pump immediately jumps. Here's news that just hit this week. Why hasn't the price of oil dropped? Unlike the Alaskan Wildlife Refuge, this one seems to be in an area less environmentally sensitive and NOT in Texas. Of course, this is only 1/2 what the US uses in a year. So, more sustainable options are necessary before we can be independent of Middle-east oil--or our own.
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April 25th, 2008
The U.S. Geological Survey just published its official results of a groundbreaking study.
Its report confirmed a massive oil reserve in an area the locals have nicknamed the "Bakken," which stretches across North Dakota, Montana and southeastern Saskatchewan.
The new USGS study estimates a whopping 3.65 billion barrels of oil in the Bakken... but here's what they didn't mention:
The reported 3.65 billion barrels of oil mean estimate is for 'undiscovered' oil only, and doesn't include known oil, such as reserves.
In fact, the study reports a 25-fold increase in the amount of oil that can be recovered... compared to the agency's estimate back in 1995.
Discovered over 50 years ago, the Bakken deposit--once impossible to extract--is now being hailed as the single largest oil find in US history.
That's because, today, thanks to breakthrough drilling techniques like horizontal drilling, the Bakken's oil shales can be extracted relatively cheaply.
When that happens, this light, sweet oil will cost Americans just $16 per barrel!
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