Do You Think We Will See OIL Going For $16 A Barrel In The U.S.A. ?

[deathwind1]

June 5th, 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) !

The next oil boom is already upon us.

 

[Elson(La)]

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[Craig in Alabama]

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[Bobbie]

All political bull crap for the rich to get richer and the working stiff to go down the drain.

 

[Vernon in Virginia~Formerly Alaska]

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[Brian(upstateNY)]

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[therick]

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[brandon]

It seems cars don't get any better gas mileage overall. I upgraded from a 98 to an 01 Subaru and it gets worse gas mileage, so do the new ones. i'm glad to see some more hybrids and crossovers but funny how the older models of cars including the Toyota Camry's got better gas mileage than they do now. I'd like to see more solar power. As far as the oil situation, I talked to an older gentleman last week and he said the government and media were saying the oil was running out then along with similar scare tactics to boost prices of petroleum products. All I know is the sun is free and batteries can be used as a backup and plugged in if need be. I was a mechanic on boom and scizzor lifts that man on batteries. One of the JLG booms was even 4 wheel drive. All I had to do was plug it in and add water to the batteries once in a while.

 

[Craig in Alabama]

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[deathwind1]

Neither One Of Us Has A Over Supply Of That Left !