As mentioned, the US consumes more oil than it produces on a daily basis, and oil importation has become one of the leading concerns of industries nationwide. However, with the introduction of the Bakken Basin’s estimated capacity of 503 billion barrels of oil, some industry analysts predict freedom from importation for the country for the next 40 years or so. (where does this 503 billion!!!! number come from? it thought the biggest estimate was about 250?
The "503" number is not new; it's been around for awhile, from wiki:
A research paper by USGS geochemist Leigh Price in 1999 estimated that the total amount of oil contained in the Bakken shale ranged from 271 billion to 503 billion barrels with a mean of 413 billion barrels.
And remember, the Madison formation has produced about 10x what the Bakken as produced and the Madison is still active.
The Bakken won't make US energy independent, but as a research laboratory it will do more than most folks ever imagined.
I'd like to comment on this story but my parents raised me better. Please read, it is about a homeless person headed for Williston
ReplyDeletehttp://www.bemidjipioneer.com/event/article/id/100034877/group/homepage/
As mentioned, the US consumes more oil than it produces on a daily basis, and oil importation has become one of the leading concerns of industries nationwide. However, with the introduction of the Bakken Basin’s estimated capacity of 503 billion barrels of oil, some industry analysts predict freedom from importation for the country for the next 40 years or so. (where does this 503 billion!!!! number come from? it thought the biggest estimate was about 250?
ReplyDeleteAlcohol and -40 degree weather: not a good combination.
ReplyDeleteThe "503" number is not new; it's been around for awhile, from wiki:
ReplyDeleteA research paper by USGS geochemist Leigh Price in 1999 estimated that the total amount of oil contained in the Bakken shale ranged from 271 billion to 503 billion barrels with a mean of 413 billion barrels.
And remember, the Madison formation has produced about 10x what the Bakken as produced and the Madison is still active.
The Bakken won't make US energy independent, but as a research laboratory it will do more than most folks ever imagined.