wow.......you guys have more oil than the rest of the world. :)

I found this posted on my aussi hotrod forum, thought i would share it with you guys.
cheers barnsey

About 6 months ago I was watching a news program on oil and one of the Forbes Bros. was the guest. This is out of context, but 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 ('0 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. Check it out at the link below!!!
GOOGLE it or follow this link. It will blow your mind.
http://www.usgs.gov/newsroom/article.asp?ID=1911

Before anyone goes nuts over the above, make sure to CLICK HERE for the real world estimates on reserves.

This post brought to you by your humble moderator, who does not work for the government or any energy companies but takes pleasure in burning as much fossil fuels as he can.;)

Bill S.

Quote:

Originally Posted by mrmustang

............. make sure to CLICK HERE for the real world estimates on reserves.

Bill S.

Some of you probably roll your eyes when I point out that terminology is important, even though we usually are able to go through our daily lives just fine being unaware of it's significance.

Actually Bill, that chart represents what is called "proved" reserves. A narrowly defined quantity. The article Barnsey put up is about "estimated" reserves. Here's a good paper on the Bakken (actually linked from the site you posted) http://www.eia.doe.gov/pub/oil_gas/n...ck/ngshock.pdf , that gives an idea of how new the technology to access this potential reserve is, and how future production will depend on continued increase in recovery technology.

This is the sort of stuff that those susceptible to the "hate the oil companies" propaganda often choose to ignore. That technology development takes money, that money comes from (hold your breath) PROFITS. But of course, profits are evil.:rolleyes: I notice that none of our bretheren here who normally rail against oil company profits are saying much about the losses the oil companies are going through now.:HMMM: The refiners, those not associated with fully integrated oil companies, are really hurting and have closed at least 4 domestic refineries this past year. While we're in a recession this doesn't show up in the marketplace.........but when the economy turns back up it will. And of course the oil companies will get blamed. I hold no stock in these companies, and am terminally unemployed by anyone, but I do think about what affects day to day life and especially my favored hobby. Of course there's lots, lots more to this story, but I'm afraid most people would choose to ignore it.