North Dakota the next Saudi Arabia?

Posted by Tim Hope on 6/3/08 10:14 am

While estimates differ on the exact quantity of oil available, the Bakken formation in North Dakota may hold the largest deposit of oil in the lower 48 states.  The USGS believes that 4.3 billion barrels of the easily refinable low sulfur oil can be recovered with existing drilling technology.  However, some believe that the oil deposit might be as much as 413 billion barrels.  In contrast, the reserves in the politically controversial Alaska Arctic National Wildlife Refuge are estimated to be about 10.4 billion barrels.  Yet drilling in the wheat fields of North Dakota presents few objections.  How does Bakken stack up against Saudi Arabia? At present, the world biggest oil field, Saudi Arabia’s Ghawar, has produced about 55 billion barrels and it is estimated to have about 71 billion barrels in proven reserves remaining.  Obviously, the prospect of having such a large high quality oil field in the “backyard” of the United States is a major long term positive for consumers. Click here to read more on the Bakken formation.

To receive email updates from Navellier All Cap Blog, click here.

• 
• Email
• Print
• Comments (0)

No comments have been posted for this entry.

Post a Comment

You must register and log in in order to post comments.