The US Government and crude oil. What's a near fact and possible fiction?
In the April of 2008, the U.S. Geological Service issued a report which updated a previous assessment of an area known as The Bakken; areas of North & South Dakota and eastern Montana. The EIA (Energy Information Administration) estimates the Bakken at around 503 billion barrels. Montana's Legislature's financial analyst, Mr Terry Johnson said, 'When I first briefed legislators on this, you could practically see their jaws hit the floor.' This particular reserve is mainly lite sweet oil.
Stansberry Report of 2006.
Beneath the Rocky Mountains, approximately 1000 ft under the surface lies the largest untapped reserve of oil yet discovered anywhere in the world. It is has been estimated to exceed 2 trillion barrels. To put the Rocky Mountain's huge reserves into some kind of perspective: it's 8 times more than Saudi Arabia; 18 more than Iraq; 21 more than Kuwait; 22 times more than Iran. Put another way; the current total reserves of crude oil within the borders of the USA exceed all the currently proven reserves in the rest of the world.
The above has become rather an urban myth, though American does have vast reserves of gas and oil. A case in point: on www.usgs.gov a press release on 23 August 2011 upped the amount of recoverable natural gas in one location from 2 trillion cubic ft in 2002 to 84 trillion now. This is mainly because of the advances in technology...but back to the story. It would seem that there is some kernel of truth buried inside the oil reserve saga, but also a load of doggy facts and sloppy reporting in the first place. It's worth reading if only to see how the plot thickened as it went along and to see what is fact, from the as yet unproven.
Scroll down the page when you locate the story and a big A: at link: http://www.factcheck.org
or go strait to the horses mouth: http://www.usgs.gov/newsroom/article.asp?ID=1911
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| Old oil barrels. (Photo: L.C. Nottaason) |
Stansberry Report of 2006.
Beneath the Rocky Mountains, approximately 1000 ft under the surface lies the largest untapped reserve of oil yet discovered anywhere in the world. It is has been estimated to exceed 2 trillion barrels. To put the Rocky Mountain's huge reserves into some kind of perspective: it's 8 times more than Saudi Arabia; 18 more than Iraq; 21 more than Kuwait; 22 times more than Iran. Put another way; the current total reserves of crude oil within the borders of the USA exceed all the currently proven reserves in the rest of the world.
The above has become rather an urban myth, though American does have vast reserves of gas and oil. A case in point: on www.usgs.gov a press release on 23 August 2011 upped the amount of recoverable natural gas in one location from 2 trillion cubic ft in 2002 to 84 trillion now. This is mainly because of the advances in technology...but back to the story. It would seem that there is some kernel of truth buried inside the oil reserve saga, but also a load of doggy facts and sloppy reporting in the first place. It's worth reading if only to see how the plot thickened as it went along and to see what is fact, from the as yet unproven.
Scroll down the page when you locate the story and a big A: at link: http://www.factcheck.org
or go strait to the horses mouth: http://www.usgs.gov/newsroom/article.asp?ID=1911
