Oil Reserves.... Why are we paying soo much...

[philw]

[Iam not the person telling this story.]

THIS IS AMAZING ,, WHY ISN'T THIS GETTING MORE ATTENTION ?

READ THIS FOLKS .......

While 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 we NOT 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.

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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

[Swamp Yankee]

Well Phil the answer to this one is simple. Currently the US imports 80% of its crude from Canada . I bet your a little surprised. Any way If we stopped purchasing outside oil our paltry neighbor to the north would experience the greatest economic collaps of the modern world. They being a Soscialistic based Govt would not know what to do.So being a good neighbor  we continue to allow them to exist by purchasing their Oil simple. Besides I don't want to have to pay any new taxes that would be imposed by our Government should we have to support Canada through alternate means.

Mike Mc

[seeker_two]

www.insideautomotive.com

Ed Wallace has been keeping up with this story for years....the biggest reason has been unregulated manipulation of the commodoties markets and refineries....we currently have tankers in the Houston Ship Channel that can't offload because there's no more storage space in our oil reserves....yet most of our refineries are operating at 70% capacity or less.... 

[tombogan03884]

Don't underestimate the "enviroMENTALists.

[twyacht]

The largest shale/oil deposits have been found in the U.S. Upper Rocky Mtn. region, Idaho, Utah, Western Colorado, etc,..

It takes a more expensive method to extract but it is a huge reserve.

Leave it to the Sierra Club and politicians, to "F" it up, and 1 attack on a pipeline in Iraq, will have the speculators ramping oil/gas prices up.

Same crap happened after Hurricane Katrina, plus the limited refineries in the U.S, can manipulate production to keep prices in check.

Not ONE new refinery has been built in 25 years, I think Montana just got a contract for one that won't be complete for a couple more years...
Also called a SNAFU,...(Situation Normal, All ***** Up)

C

[Sponsor]

[Hazcat]

The largest shale/oil deposits have been found in the U.S. Upper Rocky Mtn. region, Idaho, Utah, Western Colorado, etc,..

It takes a more expensive method to extract but it is a huge reserve.

Leave it to the Sierra Club and politicians, to "F" it up, and 1 attack on a pipeline in Iraq, will have the speculators ramping oil/gas prices up.

Same crap happened after Hurricane Katrina, plus the limited refineries in the U.S, can manipulate production to keep prices in check.

Not ONE new refinery has been built in 25 years, I think Montana just got a contract for one that won't be complete for a couple more years...
Also called a SNAFU,...(Situation Normal, All ***** Up)

C

TW,

I read a few years back that at 50 a barrel oil shale and oil sand made profit!

[fightingquaker13]

A lot of the ground based oil leases are not used. Companies buy them and do nothing with them just to keep supply down. A good idea that was floated during the off shore drilling debate was a "use it or lose it" provision. Take out the lease and get in production in 5 years or so, or it will be sold to someone else.
FQ13

[Pathfinder]

TW,

I read a few years back that at 50 a barrel oil shale and oil sand made profit!

It's more like $70 a barrel minimum here in ND, but not hugely expensive - certainly not the $140 it was going for a while back.

[tombogan03884]

A lot of the ground based oil leases are not used. Companies buy them and do nothing with them just to keep supply down. A good idea that was floated during the off shore drilling debate was a "use it or lose it" provision. Take out the lease and get in production in 5 years or so, or it will be sold to someone else.
FQ13

FQ, the reason they do nothing with them is because the attack them through the Courts to prevent each step in the process.

[Badgersmilk]

FQ, the reason they do nothing with them is because the attack them through the Courts to prevent each step in the process.

Just my opinion, but I'd guess your both right.  Also, if our politicians weren't getting rich off this we'd already be using our own oil.  So long as foreign oil companies can line our politicians pockets we'll never be indipendent of them.