U.S. has more oil than rest of world combined
I’m perplexed again. We were told the price at the pump was to decrease quite drastically once Labor Day had passed. So what happened? A few days ago the price jumped 15 cents.
I got an interesting email the other day about the state of the oil industry in America. I don’t think many of us realize, we really do not need to import oil from the Middle East. We have more oil reserves here than all of the Middle East put together.
A lot of those reserves are in the ground underneath North Dakota. If you don’t already know, a lot of our young men are leaving Clare County for the Dakotas, where oil is plentiful and lots of money is to be made. They call Williston, ND, an oil rush town. Workers have to live tent camps because the rooms have been rented. Unemployment in North Dakota is the lowest in the nation at 3.4%.
Called the Bakken, the Dakota discovery, has the potential to eliminate all American dependence on foreign oil. It is estimated to be 503 billion barrels. If only 10% of the Bakken oil is recoverable, at $107 a barrel, we’re looking at a $5.3 trillion resource. The discovery is enough oil to fuel the American economy for 2000 years- did you read? 2000 years!
But wait. Incredibly enough there is a bigger oil reserve underneath the surface of the Rocky Mountains. This reserve, the biggest in the world, is estimated at 2 trillion barrels. In 2005 President Bush mandated its extraction. To this day nary a barrel has been extracted.
Here is a comparison of the oil reserves inside the United States (not including off-shore drilling) versus reserves in other countries:
8 times as much as Saudi Arabia
18 times as much as Iraq
22 times as much as Iran
500 times as much as Yemen
Okay so we have the reserves to sustain the United States for thousands of years. So why are we still dependent on Middle East oil? Are the crazy environmentalists holding up extraction? Are we letting a small group of people dictate our lives and economy? It appears that’s what’s happening.
It is an election year. As concerned citizens we should be making the price of gas a bigger issue than it is. It doesn’t have to be $4.09 a gallon. It could easily be $2.09 or less if we were to upset the status quo and actually extract most of our own oil. Oh my God, though, Mobil and BP profits would diminish. Gasoline taxes would not bring in the gargantuan amounts of money for the feds and state. It would be a whole new world but one that started with a $2.09 gas price. Frankly a world I would love to get to know.