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It should be good news and I hope the report is reliable and not a hype to spike up land prices in Dakota. Dakota doesn't seem to belong in the No Drilling Zone:

 

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Discussion Starter #3
Marathon already has about 300 wells drilled. There are some who are negative to it but they don't understand the what the USGS report is actually saying. Here is a quote from a person responding to a naysayer on another blog.

Please review the USGS report. The USGS only used 1/3 of the Bakken Formation in their calculation which came to 3,645 MMBO (using new horizontal drilling technology). Another 1/3 they used conventional drilling assumptions (old technology) and calculated only 4 MMBO and the last 1/3 they assigned nothing because of lack of data.

They are probably assuming a conservative 3-4 percent recovery of available 100+ Billion Barrels from the 1/3 that the calculated using new technology. As this technology is refined it may show are MUCH high recovery percentage. The other 2/3 has not been estimated using the new technology.

So basically the USGS is being very conservative and there is somewhere between the 3.6 Billion and about 200 Billion recoverable
 

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Somewhere on this, or perhaps another site, I posted about the Bakkan field. It lies beneath a reservoir, so oil companies drill 2 miles from the reservoirs edge, then snake the drill towards the deposit, preventing any contamination of the reservoir.

It is good news, as every drop helps.
 

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I read a very interesting quote from another article. That Saudi Arabia has about 260 billion in provable reserves. 50 of which they have already pumped. I though it was interesting in 2 respects. One that this Bakken reserve is estimated between 100 billion and 600 billion and 2 that after all this time Saudi Arabia has only pumped 50 billion so far. Does a lot to dissuade peek oil.
 

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The article you linked to said The USGS now estimates the Bakken actually may only have 4.6 Billion barrels that are recoverable with current technology.

Everyone, please remember these two facts:

US daily oil consumption - 21 million barrels
US yearly oil consumption - 7.6 billion barrels.
Worldwide yearly consumption - 31 billion barrels.

Take both ANWR (10.4 billion barrels)
and Bakken (4.6 billion barrels)
This totals about 2 years of US consumption.

About Saudi production and reserves, the last Saudi reserve estimate completed while US geologists were involved was 110 billion barrels in 1979, with a slight chance it could be as high as 168 Gb)

Saudi production to date 81 billion barrels, implying 29 to 87 Gb remaining; Saudi claims 264 Gb remaining (a highly suspect claim, as OPEC rules for production limits encourage overestimating reserves)

Production numbers world-wide are now closely matching those predicted with "Peak oil" theory years ago. Russia production is showing signs of decline. The North Sea peaked in 1988. Mexico is down 30% in one year. The North Slope is less than half peak production. Venezuala down. Indonesia is now a net oil importer. Someone made the astute comment that we have been reduced to the oil equivalent of looking for pennies hidden in the cracks of the sofa. I wasn't a believer before, but I'm becoming one now.
 

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Discussion Starter #8
Here are some interesting numbers.

The United States has been importing oil since at least 1910 (according to DoE statistics), when a mere 557 thousand barrels of oil were brought into the country. Last year, the U.S. imported 3,670,403 thousand barrels of oil. Of those 3.67 billion barrels of oil, the U.S. imported from a total of 42 different countries

http://dunner99.blogspot.com/2006/05/how-much-oil-does-america-import.html
 

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And exactly how are we going to do all this new drilling? Our drilling fleet is 30 years old and most of what is working is being used. So, please wake me when A) we start building enough drilling rigs, and B) when the extracted amount of oil surpasses the amount of decline the US experiences every year. I think I will get at least a good 5 to 10 year nap. Of course if you believe in the drilling fairy or the pumping fairy (keep your minds out of the gutter) then we can start seeing lots new oil this year. ;)
 

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I don't think any of this matters the way some would hope. With this discovery and other known reserves we can boost US production of oil which is super news. But only because it will keep money at home instead of overseas.

It will not drop the price of oil back down to where it was two or three years ago. China and India etc are seeing to that. Oil is sold on the global market so unless every oil producer decided to max out production then we will not see significant drops in the price of oil due to this discovery.

A strong dollar would probably do more to drive down how much we pay for gas than this discovery. So be happy but for another reason. Keeping money at home and taking the edge off of the price of gas. It is still going to cut but maybe just a little bit less. And that is all we need is a stop gap measure to get us through the next decade. By then I will be driving electric.
 

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A strong dollar would probably do more to drive down how much we pay for gas than this discovery. So be happy but for another reason. Keeping money at home and taking the edge off of the price of gas. It is still going to cut but maybe just a little bit less. And that is all we need is a stop gap measure to get us through the next decade. By then I will be driving electric.
Me too, except for summer weekends when I take the hot rod out of the garage to tool around the neighborhood.
:)
 

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Discussion Starter #13
I already read that. It's easy to find negative news. It's just as easy to find a lot of positive news as well.
 

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Between the Bakken formation, Colorado shale and its vast coal deposits, the USA might have more BTUs in the ground than any other country.
 

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Between the Bakken formation, Colorado shale and its vast coal deposits, the USA might have more BTUs in the ground than any other country.
And there is a cost-effective process to convert those gas into very clean liquid gasoline-like fuel.

With the current prices of oil, a process of converting coal into clean liquid fuels is becoming more profitable too.
 

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Discussion Starter #16
http://www.energyandcapital.com/aqx_p/4211?gclid=CPilt4GH6ZMCFQ4hnAodOjZVWA

This guy basically says that the new estimates currently out are only of undiscovered oil in that region and that the old estimates of the known oil deposits are off because they were done at a time when the technology wasn't as great. They are revising the estimates of what we can get out of there into the hundreds of billions of barrels.
 

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Guys I truly believe we are in trouble unless we change are ways.

The Volt should be a start of a revolution, if not I suggest you buy all the vasoline you can, and bend over:eek:
 

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Unfortunately everything is backwards with the Volt. Heavy ground transport should be relying on domestic electric power before the consumers start, since their gas prices trickle down the farthest. Consumer transportation doesn't increase prices of product and services, it just reduces the capacity for the people to buy.

What would be really unfortunate is if consumers adapt to the new technology, but end up paying high prices for food, products, and services because the transportation industry hasn't.

We need to start tapping into domestic oil supply to give consumers and industry the time to make the switch without gas prices killing us. If we can maintain $4/gal by drilling domestically, it will be low enough that we don't all get screwed economically, but high enough that an alternative makes economic sense.

The Hirsch Report (US DoE) estimates that it would take anywhere from 10 to 20 years to make the switch to an alternative. 2010 will be the start (when we start seeing mass-production). That means oil prices have to hold out until at least 2020. Drilling domestically isn't an option, it's a necessity.
 

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North Dakota - New Saudi Arabia?

George Bush and Dick Cheney have already created an America that is drugged-out on oil and ruled by an oil cartel (ExxonMobil and friends). I grant that this has happened over the past 120 years, but accelerated in the last 7 with an administration that promoted war, not conservation.

We need to be done with oil, not looking for new sources that will turn North Dakota into an Appalacia-like environmental disaster to enrich new oil barons.

Let's hope that America becomes sane and rids itself of crack-oil. Isn't that what the Volt is about?
 
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