Wednesday, November 12, 2008

Those who say we have only 3% of the world's oil are lying

Richard Baehr writes "Every time some Democrat says we need to immediately shift to renewable fuels, because we only have 3% of the world's supply of oil in this country, that person is lying." He points us to evidence supplied by the United States Geological Survey earlier this year.

3 to 4.3 Billion Barrels of Technically Recoverable Oil Assessed in North Dakota and Montana’s Bakken Formation — 25 Times More Than 1995 Estimate

...A U.S. Geological Survey assessment, released April 10, shows a 25-fold increase in the amount of oil that can be recovered compared to the agency's 1995 estimate of 151 million barrels of oil...

...The Bakken Formation estimate is larger than all other current USGS oil assessments of the lower 48 states and is the largest "continuous" oil accumulation ever assessed by the USGS. A "continuous" oil accumulation means that the oil resource is dispersed throughout a geologic formation rather than existing as discrete, localized occurrences. The next largest "continuous" oil accumulation in the U.S. is in the Austin Chalk of Texas and Louisiana, with an undiscovered estimate of 1.0 billions of barrels of technically recoverable oil.

But let's not drill, Nancy Reid O'Schumer. That would help the economy improve, reduce our foreign trade deficit and drop overall reliance on Middle East oil.

And maybe if the New York Times reported this kind of news once a decade, they wouldn't be headed into the crapper faster than Michael Moore's Cheesy Double Bean Burrito lunch from Taco Bell.

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