------------------------------ *Story #4: Great News: Massive Oil Deposit in North Dakota<http://www.kiplinger.com/businessresource/forecast/archive/The_U.S._Poised_to_hit_New_Oil_Gusher_080317.html> *
RUSH: Now, the oil price, the gasoline price, we had a great call in the last hour from somebody who said, "We're not cynical. We're outraged at the government because it's the government that's leading to high gasoline prices because we won't drill for our own oil." Here is a story, this is from RigZone.com. "'Massive Oil Deposit Could Increase US reserves by 10x' -- America is sitting on top of a super massive 200 billion barrel Oil Field that could potentially make America energy independent and until now has largely gone unnoticed. Thanks to new technology the Bakken Formation in North Dakota could boost America's Oil reserves by an incredible 10 times, giving western economies the trump card against OPEC's short squeeze on oil supply and making Iranian and Venezuelan threats of disrupted supply irrelevant. In the next 30 days the USGS (US Geological Survey) will release a new report giving an accurate resource assessment of the Bakken Oil Formation that covers North Dakota and portions of South Dakota and Montana. With new horizontal drilling technology it is believed that from 175 to 500 billion barrels of recoverable oil are held in this 200,000 square mile reserve that was initially discovered in 1951. The USGS did an initial study back in 1999 that estimated 400 billion recoverable barrels were present but with prices bottoming out at $10 a barrel back then the report was dismissed because of the higher cost of horizontal drilling techniques that would be needed, estimated at $20-$40 a barrel. "It was not until 2007, when EOG Resources of Texas started a frenzy when they drilled a single well in Parshal, ND, that is expected to yield 700,000 barrels of oil that real excitement and money started to flow in North Dakota. Marathon Oil is investing $1.5 billion and drilling 300 new wells in what is expected to be one of the greatest booms in oil discovery since oil was discovered in Saudi Arabia in 1938. The US imported about 14 million barrels of oil per day in 2007, which means US consumers sent about $340 billion dollars overseas building palaces in Dubai and propping up unfriendly regimes around the World, if 200 billion barrels of oil at $90 a barrel are recovered in the high plains, the added wealth to the US economy would be $18 trillion dollars, which would go a long way in stabilizing the US trade deficit and could cut the cost of oil in half in the long run." North Dakota ... holds big potential. In fact, here's even more on this, and this is from Minnesota Public Radio. "There's an oil boom in western North Dakota. Oil companies large and small are investing millions of dollars in new wells. The North Dakota oil industry has boomed and busted many times in the past 50 years. But some believe new technology and high oil prices will bring long-term stability to the North Dakota oil patch. Steve Guidry from Marathon Oil, 'All indications are that we are going to be challenged to meet the world demand for oil and gas.'" So there's a whole bunch of it up there and people are starting to move in and get it, which, my friends, is great news. "North Dakota officials estimate they will approve permits for 500 new oil wells this year. All that activity means more oil revenue, which means a healthy surplus for state government. The oil tax brought in $170 million last year. Oil revenue is expected to be at least $300 million next year." _______________________________________ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
