The United States, the world's largest consumer of oil, is ramping up its own energy production in a way that looks likely to add some ballast to a still lackluster recovery. U.S. oil production is at its highest levels in a generation, with the boom greased by new technologies and more streamlined industrialization.And again, the Bakken is emphasized:
Energy sector watchers often cite EOG Resources and Hess, both of which are very active in the Bakken region of North Dakota and Montana - a hotbed of U.S. energy development. Over the last year, EOG has surged about 13 percent, while Hess is up about 18 percent.
"EOG is obviously a leader in oil shale, and one of the first companies to invest quite a bit" in the alternative energy source, said Brian Youngberg, senior energy analyst at Edward Jones. The firm maintains a buy rating on both EOG and Hess.
Oddly enough, "the larger companies are not necessarily the big players" in emerging U.S. regions, said Fadel Gheit, senior energy analyst at Oppenheimer. He said that energy giant ExxonMobil is still a largely peripheral player in Bakken.This still remains one of my favorite posts. Jane Nielson says:
Frequent Internet users are getting emails about the Bakken Formation in North Dakota and Montana, supposedly a great oil bonanza just waiting to be tapped if only nasty enviros would let it happen. The emails and websites say that Bakken would solve all our petroleum “needs.” (What, me worry about global warming?)
Don’t believe it. There’s some oil to be gotten out of Bakken, and it’s going to be exploited. But the “bonanza” is nothing but hype.Jane has not updated this post. Jane must have given up. Her last post was dated July 23, 2012.
Disclaimer: this is not an investment site. Do not make any investment decisions based on what you read, or what you think you read, at this blog. Having said that, I think the milliondollarway has been more accurate than Jane Nielson over the years.
Snopes is not much better than Jane Nielson.