US Has Largest Known Oil Reserves In The World

A while back, a well-known news program was interviewing one of the Forbes Brothers. The host said to Forbes, "I am going to ask you a direct question and I would like a direct answer: “How much oil does the U.S. have in the ground?” Forbes did not miss a beat, he said, "More than all the Middle East put together."

The U.S. Geological Service issued a report in April 2008 that only scientists and oil men knew was coming. It was a revised report (hadn't been updated since 1995) on how much oil was in this area of the western 2/3 of North Dakota, western South Dakota, and extreme eastern Montana. The Bakken is the largest domestic oil discovery since Alaska's Prudhoe Bay, and has the potential to greatly reduce American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at up to 503 billion barrels. Even if just 10% of the oil is recoverable... at $107 a barrel, we're looking at a resource base worth more than $5.3 trillion.

"When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea." says Terry Johnson, the Montana Legislature's financial analyst. "This sizable find is now the highest-producing onshore oil field found in the past 56 years," reports The Pittsburgh Post Gazette. (This was two years before this updated report!) It's a formation known as the Williston Basin, but is more commonly referred to as the 'Bakken.' It stretches from Northern Montana, through North Dakota and into Canada. For years, U.S. oil exploration has been considered a dead end. Even the 'Big Oil' companies gave up searching for major oil wells decades ago. However, a recent technological breakthrough has opened up the Bakken's massive reserves, and 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 BARREL!

Here’s another headline:

U. S. Oil Discovery- Largest Reserve in the World

Stansberry Report Online - 4/20/2006

Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world. It is more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction. In three and a half years of high oil prices none has been extracted. With this motherload of oil why are we still fighting over off-shore drilling?

How can this be? How can we NOT be extracting this? Because the environmentalists and others have blocked all efforts to help America become independent of foreign oil! Again, we are letting a small group of people dictate our lives and our economy.....WHY?

James Bartis, a researcher on a related study says we've got more oil in this very compact area than the entire Middle East - more than 2 TRILLION barrels untapped. That's more than all the proven oil reserves of crude oil in the world today, reports The Denver Post.

Don't think 'OPEC' will drop its price - even with this find? Think again!

It's all about the competitive marketplace, - it has to. Think OPEC just might be funding the environmentalists? Click here to read the USGS article. Let freedom and peace prevail!!