The Bakken Oil Formation

[Sharon]

http://www.energyandcapital.com/aqx_p/5472?gclid=CNf2r5DoyZMCFQVfFQodbV1Nhg

Does anyone know anything about this Bakken Oil Formation?

[Issachar]

Some estimates of oil at Bakken are up to 180 billion barrels; about 20-22 years worth for the U.S. at it's current rate of consumption. Not much considering how long it will likely take for a practical change to some other technologies. Plus, I'd forget the $16/bl mentioned in the link you provided. Any oil coming out is going to sell on the world markets for the going rate. Plus, a lot of the oil there is shale oil. That is very expensive to extract and it still being experimented with as far as how best to extract it.

Issachar, currently believing that the world is peaked or near peak of easily (read: "cheap") accessed oil

[Purplelinny]

Yes, dh and I have been researching this after learning about the Gull Island oil well #3 that has been drilled, capped and is now confidential. There is a lot of oil out there, but we are not allowed access to it or the technology hasn't been in place to access it. The Bakken Oil formation has been known about for decades but it is only now that there is the technology to recover it.

With all due respect Issachar, the peak oil theory is bogus. I used to believe it too, but I learned about the oil that is out there, did some research and found it to be true. There are government docs that detail confidential oil wells on Gull Island. I haven't got time to post details now, but will try and get back to this later. Google is your friend, the information is out there :nod

[Purplelinny]

Here is the government doc that details the wells in Gull Island, para 18 detailing the well that was found, classified and abandoned.
http://www.alaska.gov/local/akpages/ADMIN/ogc/orders/co/co300_399/co329add.htm

The USGS surveyed the area and estimate that there is 4.3 billion barrels of oil that could be recovered from the Bakken formation in North Dakota and Montana, using current technology. The current technology being that they can now drill sideways...

Here's current news on a deal that has been struck for the mineral rights,
http://www.grandforksherald.com/ap/index.cfm?page=view&id=D90UU1BG0

[Kerusso02]

drill sideways....sounds like something israel should employ...

[Issachar]

Purplelinny, peak oil is not bogus and it is not a fact. I say this because there are very technical, very well positioned folks on both sides. I could post info that is legit that totally shows why peak oil is bogus but I can also post info showing just the opposite. But, I can also post info that shows where the only difference between the two camps is timing.

The world is currently using about 88 MILLION barrels of oil per day. There is about 42 US gallons in a barrel. That comes to about 31.2 BILLION barrels per year. The only problem is, the amount consumed is going up every year; something like 2 billion barrels? We're talking a serious amount of cavities in the earth. :)

It would seem at some point, which is what peak oil theory is about, that easily accessed oil is running low. Some folks, and I don't know if you do or not, think that peak oil theory is about running out of oil. That is not accurate. There is plenty of oil to last a long, long time. Problem is, most of that is hard to access .... hard, meaning expensive.

Issachar

[windtalker]

Here is the government doc that details the wells in Gull Island, para 18 detailing the well that was found, classified and abandoned.
http://www.alaska.gov/local/akpages/ADMIN/ogc/orders/co/co300_399/co329add.htm

The USGS surveyed the area and estimate that there is 4.3 billion barrels of oil that could be recovered from the Bakken formation in North Dakota and Montana, using current technology. The current technology being that they can now drill sideways...

Here's current news on a deal that has been struck for the mineral rights,
http://www.grandforksherald.com/ap/index.cfm?page=view&id=D90UU1BG0

Goggle this (Lindsey Williams)

[Issachar]

drill sideways....sounds like something israel should employ... Ok, now you are added to my list of posters to not read when taking a drink of water! :aha

Issachar

[Issachar]

Windtalker, I read Mr. Lindsey's book, The Energy Non-Crisis, the year it came out. I never thought that he might be on youtube. He certainly is. I like how he does what I do with most everything; ties it all to economics. I believe just about everything "of the world" has mammon as the bottom line.

If he is accurate, then no one can deny that there is a conspiracy going on in the world of economics on a global scale. He has a 8 part video on youtube. I just started part 2. He is saying exactly what I just said about mammon. :)

I think listening to him may put some here in a quandary. They believe that there is plenty of oil and they think anyone that talks of conspiracy is whacko. I hope they listen to him here (http://www.youtube.com/watch?v=NbakN7SLdbk&feature=related).

Issachar

[Issachar]

Who lies? Lindsey or the EIA? Read this (http://www.usnews.com/articles/news/national/2008/05/23/arctic-drilling-wouldnt-cool-high-oil-prices.html).

Issachar