Actually, the report – dated last spring – states there is between 3 billion and 4.3 billion barrels of oil in the Bakken Formation in North Dakota and Montana. The U.S. Geological Survey assessment states the oil is technically recoverable, with current technology.
Hat tip to reader Fred.
We’re not running out of oil. The oil “found” in the Bakken Formation is probably not easy to get at and will cost more to get out of the ground. With oil prices low, it probably does not make much sense for oil companies to request drilling rights since there would not be enough profit available at current market prices.
The real question is if oil prices go up, will the environmental wackos allow companies to drill responsibly to get at the oil when we need it? I don’t have much hope for that.
From the USGS Newsroom…
North Dakota and Montana have an estimated 3.0 to 4.3 billion barrels of undiscovered, technically recoverable oil in an area known as the Bakken Formation.
A U.S. Geological Survey assessment, released April 10, shows a 25-fold increase in the amount of oil that can be recovered compared to the agency’s 1995 estimate of 151 million barrels of oil.
Technically recoverable oil resources are those producible using currently available technology and industry practices. USGS is the only provider of publicly available estimates of undiscovered technically recoverable oil and gas resources.
New geologic models applied to the Bakken Formation, advances in drilling and production technologies, and recent oil discoveries have resulted in these substantially larger technically recoverable oil volumes. About 105 million barrels of oil were produced from the Bakken Formation by the end of 2007.