The U.S. Is Poised to Hit a New Oil Gusher

Discussion in '2008 Archive' started by carpro, Apr 10, 2008.

  1. carpro

    carpro
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    http://www.kiplinger.com/businessre...U.S._Poised_to_hit_New_Oil_Gusher_080317.html
    The U.S. Is Poised to Hit a New Oil Gusher

    Oil drillers have their eye on a vast oil field in and around North Dakota, which promises a steady flow of domestic crude for years.

    By Jim Ostroff, Associate Editor, The Kiplinger Letter

    A new black gold rush is under way, this time in North Dakota. The potential payoff is huge -- up to 100 billion barrels of oil. That’s twice the size of Alaska’s reserves and potentially enough to meet all U.S. oil needs for two decades.

    Until now, the obstacles to production seemed overwhelming. The crude oil is locked away in rocks that are buried miles underground in the Bakken Play, a field that stretches into Montana and Saskatchewan, Canada.

    But times have changed. High oil prices and new technology make it worth the effort.
     
  2. Rubato 1

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    This would be great!

    Psalm 92:10 :D

    What impact will it have if the oil companies' profits crash because of something like this?
     
  3. webdog

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    With this news, the gas stations will start charging $5.00 a gallon :laugh:
     
  4. KenH

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  5. carpro

    carpro
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    Kiplinger was dead on concerning your source:

    "An official government survey of the Bakken region's oil treasure trove is due out next month. The report is expected to play it very conservatively, because it will confine estimates to the amount of oil that likely can be produced profitably based on last year’s oil prices. It will also not take into account any further technological advances that might make it even easier to extract more oil."

    Take your pick. Considering the model, it will likely end up closer to the Kiplinger figure.

    It's a lot of oil.
     
    #5 carpro, Apr 10, 2008
    Last edited by a moderator: Apr 10, 2008
  6. windcatcher

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    Regardless, the oil cartels of the nations are in charge of this 'precious' resource. Our money is no longer valued by the standard of gold and silver.... it is valued in the price of oil it can buy.
     

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