Will Bakken Oil have a global impact on oil production?
Not in the least. The Bakken formation is estimated to have anywhere from 4 billion (current technology & cost) to max 24 billion barrels (future technology & future price of oil) of recoverable oil. The US alone consumes about 7 billion barrels a year annually. At the low end, Bakken will maybe last us 6 or 7 months. At the very high end Bakken would only provide about a 3 and half year supply for the US.
So, on a global scale, Bakken won't make a dent.
by Sharlee 21 minutes ago
My post is a summary of an article I came across on Fox News. He is coming out running! Day one, President-elect Trump is set to sign over 200 executive actions, marking a major shift in U.S. policy across a range of areas, from border security to energy to cutting costs for...
by Sharlee 16 months ago
"On top of the OPEC+ production cuts, Saudi Arabia announced it would reduce crude oil production by an additional 1 million barrels per day (b/d) for July. These additional voluntary production cuts were extended several times, and Saudi Arabia announced on September 5 that it would extend...
by cindi h 13 years ago
Check out this link regarding the 4.3 billion barrels of oil discovered in the U.S but what are we doing about it? What are your thoughts?http://www.usgs.gov/newsroom/article.asp?ID=1911
by kerryg 13 years ago
Contrary to what has been suggested in several posts here over the last few weeks, Obama's supposed imposition of "regulation after regulation, roadblock after roadblock" is not what's holding up domestic oil drilling, it's the oil companies themselves holding out for higher profits.This...
by David 12 years ago
I knew that our production was up but I wasn't aware that we were right on Saudi Arabia's heals in production per day. Pretty interesting information, here is the link:http://news.yahoo.com/us-may-soon-becom … nance.htmlThe US has been producing about 10.9 million barrels a day so far...
by qwark 13 years ago
There is enuf oil in the "Bakken" oil reserve to fuel the American economy for 2041 years straight!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...
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