America has more oil than the Saudis...

An elusive ocean of crude
Two miles below North American wheat fields is an area that could rival Saudi Arabia

By ANTHONY EFFINGER
Bloomberg NewsJohn Bartelson, who smokes Marlboro Lights through fingers blackened with tractor grease, may look like an average wheat farmer. He isn't. He's one of North Dakota's new oil barons.
Every month, he gets a check for tens of thousands of dollars from Houston company EOG Resources, which drilled two oil wells on his land last year. He says the day his first royalty check arrived was one to remember.
"I smiled to beat hell, and I went to town and had a beer," Bartelson, 65, says.
His new wealth springs from the Bakken formation, a sprawling deposit of high-quality crude beneath the durum wheat fields of North Dakota, Montana and southern Saskatchewan and Manitoba. The Bakken may give the U.S. — the world's biggest importer of oil — a new domestic energy source.
Unlike the tar from Canada's oil sands, Bakken crude needs little refining. Swirl some of it in a Mason jar and it leaves a thin, honey-colored film along the sides. It's light — almost like gasoline — and sweet, meaning it's low in sulfur.
Best of all, the Bakken could be huge. The U.S. Geological Survey's Leigh Price, a Denver geochemist who died in 2000, estimated that the Bakken might hold 413 billion barrels. If so, it would dwarf Saudi Arabia's Ghawar, the world's biggest field, which has produced about 55 billion barrels.

http://www.chron.com/disp/story.mpl/...z/5824026.html

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So why are we paying so much for something we have ourselves? Politicians in the pockets of Big Oil. Control the flow, control the price.

"The challenge is getting the oil out. Bakken crude is locked two miles underground in a layer of dolomite, a dense mineral that doesn't surrender oil the way more porous limestone does. The dolomite band is narrow, too, averaging just 22 feet in North Dakota."

dolomite, as we know, is the tough black mineral that wont cop out when there's heat all about. its a bad mother...

seriously though, its probably that the technology doesnt exist to extract that oil at the same rate as middle eastern oil. its still something that should be invested heavily in...like...NOW, while still persuing alternate fuels for automobiles since we need to stop using combustible fuel so much.

Wiki says Bakken is all shale and has very high extraction costs

and wiki is always right

Originally posted by Schecter
"The challenge is getting the oil out. Bakken crude is locked two miles underground in a layer of dolomite, a dense mineral that doesn't surrender oil the way more porous limestone does. The dolomite band is narrow, too, averaging just 22 feet in North Dakota."

dolomite, as we know, is the tough black mineral that wont cop out when there's heat all about. its a bad mother...

seriously though, its probably that the technology doesnt exist to extract that oil at the same rate as middle eastern oil. its still something that should be invested heavily in...like...NOW, while still persuing alternate fuels for automobiles since we need to stop using combustible fuel so much.

"Last month, the U.S. Senate's Appropriations Committee voted 15-14 to kill a bill that would have ended a one-year moratorium on enacting rules for oil shale development on federal lands (which is where the best oil shale is located). Most maddening of all - at least to someone like myself not steeped in the wacky ways of Washington - the swing vote on the appropriations committee, U.S. Sen. Mary Landrieu, D-La., voted with the majority even though she actually opposes the moratorium."

http://money.cnn.com/2008/06/06/news/economy/birger_shale.fortune/?postversion=2008060617

We're being screwed, bro. Instead of using your ass, they're using your wallet.

Does this really surprise anyone?

geologically, yes

politically, no

Well in Old Western movies there was always oil in the Midwest.

Shrug, I thought they were bs'ing too

lol, I'm not necessarily convinced its the cure to Saudi dependence, but ya, considering the American government is selling enriched uranium to the Saudis for oil, its REALLY strange they aren't developing this.

Originally posted by Robtard
a bill that would have ended a one-year moratorium on enacting rules for oil shale development on federal lands

What would that even mean?

McCain and Obama should stop being **** heads and just commit to drill the oil reserves in Alaska if elected. Figure those can keep the gas prices stable enough until alternate energy is our main source.

Originally posted by Symmetric Chaos
What would that even mean?

It means the government said "no, you can't drill here, not yet. Just wait."

Oh yeah, the Alaskan peninsula has a shit-ton of oil, more than Arabia. The govt is hesitant to drill it because they wanna save it "just in case" something happens. You know, like a back-up weapon. And we if we do decide to drill, will that really effect prices, seeing that the gas titans have monopolized their industry? Maybe, since they don't have deals over their.

A lot if also has to do with respecting the Eskimo's sacred lands.

Originally posted by chithappens
Well in Old Western movies there was always oil in the Midwest.

Shrug, I thought they were bs'ing too

Maybe some redneck will shoot a rabbit, miss, and then bubblin' crude will start flowing out the ground.

Originally posted by Schecter
dolomite, as we know, is the tough black mineral that wont cop out when there's heat all about. its a bad mother...

To Quiero and KidRock: Drilling in ANWR potentially endangers hundreds of species of plants and animals that are only indigenousness to that area. That's why it's called a reserve. To protect it. Instead of finding new ways to guzzle gas, why don't we fund research into renewable energy sources?

I doubt the government gives a shit about the Eskimos, it is a nice pc cover though.

The gold-adjusted price of oil is apparently the same as it was in 2001 - which apparently means it's not that oil has increased in value, due to reduced supply and/or increased demand, but rather the value of currencies has decreased. Increased supply would obviously depreciate the value of oil more in line with the depreciation of the dollar, but it isn't "necessary" per se. (Although the figure I saw doesn't include the last five months)

Originally posted by Strangelove

To Quiero and KidRock: Drilling in ANWR potentially endangers hundreds of species of plants and animals that are only indigenousness to that area. That's why it's called a reserve. To protect it. Instead of finding new ways to guzzle gas, why don't we fund research into renewable energy sources?

I think its inevitable that ANWR will be drilled.

No one takes PETA or Greenpeace seriously anyways.

Originally posted by Robtard
I doubt the government gives a shit about the Eskimos, it is a nice pc cover though.

Probably. They're not very good at caring about their land's natives.

Originally posted by Strangelove
Futurama reference=instant win.

To Quiero and KidRock: Drilling in ANWR potentially endangers hundreds of species of plants and animals that are only indigenousness to that area. That's why it's called a reserve. To protect it. Instead of finding new ways to guzzle gas, why don't we fund research into renewable energy sources?

Same reason why we don't drill here more, because the powers that be want us to stay hooked on oil and they want to control the price.

Why doesn't the government let the private sector find a miracle renewable source? They could offer ridiculous tax cuts to any private company that finds a viable alternative.

Oh, anyone remember back on 2003 (when gas was $1.70 +/-) when the Bush admin gave massive tax breaks on buying the largest most gas hungry SUVs? Makes you wonder if this was set up all along, get them in the gas guzzlers, then make them pay at the pump.

I don't doubt it.

Originally posted by xmarksthespot
The gold-adjusted price of oil is apparently the same as it was in 2001 - which apparently means it's not that oil has increased in value, due to reduced supply and/or increased demand, but rather the value of currencies has decreased. Increased supply would obviously depreciate the value of oil more in line with the depreciation of the dollar, but it isn't "necessary" per se. (Although the figure I saw doesn't include the last five months)

Are you saying everyone is printing to much money?

More that at least from some of what I've read, a poor US and to a lesser extent global economy and resultant weaker buying power of currencies, coupled with a bullish crude oil market is resulting in overinflated oil prices. And that the effect of supply-demand economics is being somewhat exaggerated.